Copyright ©2005 Ibbotson Associates, Inc. Global Investing Securities offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton Street, Fort Wayne, IN , Phone Insurance offered through Lincoln affiliates and other fine companies. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. CRN

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Why invest globally?  Investment opportunities  Market history  Growth potential  Diversification benefits  Expand efficient range

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Capitalization calculated at year-end Estimates are not guaranteed. United States Other Pacific Japan United Kingdom Other Europe Canada World stock market capitalization $33.0 trillion 4% 3% 50% 12% 8% 23% Year-end 2004

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Each bar shows the range of annual total returns for each region over the period 1970–2004. Global stock market returns Highest and lowest historical annual returns for each region 1970–2004 Annual ranges of returns United States International Europe Pacific 37.4% 69.9% 79.8% 107.5% -26.5% -23.2% -22.8% -34.3% -40% -20% 0% 20% 40% 60% 80% 100% 120% 11.8% 11.1% 11.3% Average return 10.8%

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Hypothetical value of $1 invested at year-end All values in U.S. dollars. Assumes reinvestment of income and no transaction costs or taxes. Ending wealth 4.8% Average return Year-end 1969–2004 Global investing $5.08 U.S. inflation 9.1%$21.30 U.S. government bonds $0 $1 $10 $ %$30.73 International bonds 11.1%$39.66 International stocks 11.3%$42.18 U.S. stocks

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Returns expressed in U.S. dollars. Growth through global investing Annual returns of top-performing developed global stock markets United States -22% United States -12% United States 11% New Zealand 26% New Zealand 9% Austria 72% Austria 17% Australia 2% Norway 55% Australia -0.3% Ireland -3% Greece 46% United States 29%Greece 69%Sweden 65%Germany 64%Spain 59% Italy -6% Austria -5% Belgium 45%

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. U.S. stocks Based on data from 1971–2004. Calculated using rolling 10-year average returns. Average returns over 10-year holding periods Comparing U.S. and international stock performance 0% 5% 10% 15% 20% 25% International stocks

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Hypothetical value of $1,000 invested at year-end Global portfolio represents an equal investment (1/3) in each asset class. Benefits of global diversification 1969–2004 Pacific stocks 10.8% Average return $36,674 Ending wealth European stocks 11.3%$42,179 U.S. stocks 11.8%$49,069 $100 $1,000 $10,000 $100, Global portfolio 11.9%$50,811

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Risk is measured by standard deviation. Risk and return are based on annual data over the period 1970–2004. Domestic portfolio Average return Risk11.2% 10.5% 40% U.S. bonds 60% U.S. stocks Domestic versus global Global portfolio Average return Risk10.0% 10.5% 33% U.S. stocks 21% Int’l stocks 46% U.S. bonds 1970–2004

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Risk is measured by standard deviation. Risk and return are based on 1970–2004 data. Data in U.S. dollars. Risk Return Domestic portfolios International regions 1970–2004 International enhances domestic portfolios U.S. bonds U.S. stocks Global portfolios Japanese stocks U.K. stocks Canadian stocks European stocks Pacific stocks 9% 10% 11% 12% 13% 14% 15% 16% 17% 5%10%15%20%25%30%35%40%

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Healthcare Merck & Co (US) GlaxoSmithKline (UK) Novartis (Switzerland) Roche (Switzerland) Bayer Healthcare (Germany) Automobiles Daimler Chrysler (Germany) Ford (US) Honda (Japan) Toyota (Japan) Volkswagen (Germany) Technology Microsoft (US) Samsung (Korea) Fujitsu (Japan) Nokia (Finland) LG Electronics ( Korea ) Telecoms AT&T (US) Deutsche Telekom (Germany) British Telecom (UK) NTT (Japan) Financial services Citigroup (US) HSBC Holdings (UK) Allianz (Germany) ABN AMRO Holding (Netherlands) Consumer non-durables Proctor & Gamble (US) Nestle (Switzerland) L’Oreal (France) Colgate-Palmolive (US) Unilever (UK) Global household names

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. The risks of international investing  Currency risk  Economic/political risk  Market liquidity risk  Differences in accounting standards  Costs of investing internationally

This is for illustrative purposes only and not indicative of any investment. An investment cannot be made directly in an index. Past performance is no guarantee of future results. 3/1/2005 Copyright ©2005 Ibbotson Associates, Inc. Return to local investors International composite Return to U.S. investors 13.1%20.7% Currency impact Pacific region14.4%19.3%4.9% Japan 10.9%16.2%5.3% European region 12.7%21.4%8.7% United Kingdom11.5%19.8%8.3% 7.6% United States10.9% 0.0% 2004 The impact of currency fluctuation