Copyright ©2005 Ibbotson Associates, Inc. Long-Term Investment Performance 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. Long-term market performance  Stocks Large company stocks Small company stocks International stocks  Bonds Government bonds Corporate bonds Municipal bonds International bonds  Cash Equivalents Money market funds Treasury bills Certificates of deposit  Real assets Real estate Commodities Gold

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 Assumes reinvestment of income and no transaction costs or taxes. $11 Ending wealth 3.0% Average return Year-end 1925–2004 Stocks, Bonds, Bills, and Inflation Inflation $183.7% Treasury bills $.10 $1 $10 $100 $1,000 $10,000 $20, %$66 Government bonds 12.7%$12,968 Small company stocks 10.4%$2,533 Large company 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 invested at year-end Assumes reinvestment of income and no transaction costs or taxes. Year-end 1984–2004 Stocks, Bonds, Bills, and Inflation $1.82 Ending wealth Average return 3.0% Inflation Treasury bills $ % $ % Government bonds $0 $1 $10 $ $ % Small company stocks $ % Large company 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. One-year growth and value trends 1969–2004 Growth versus value stocks Data calculated using rolling 12-month returns. Annual premiums Large growth Large value 0% 10% 20% 30% 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. Growth and value investing Ending wealth Average return Large value Large growth Hypothetical value of $1 invested at year-end Assumes reinvestment of income and no transaction costs or taxes. Year-end 1927–2004 $5,642 $859 $.10 $1 $10 $100 $1,000 $10,000 $100, % Small growth $1,1659.6% 9.2% 2004 Small value $43, %

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. Average return Ending wealth 3.7%$17.87 Bond market performance Year-end 1925–2004 Hypothetical value of $1 invested at year-end Assumes reinvestment of income and no transaction costs or taxes. $.10 $1 $10 $100 $1,000 $10, Treasury bills %$29.24 Municipal bonds Government bonds 5.4%$ %$94.40 Corporate bonds %$2,553 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. Stocks, commodities, real estate, and gold Year-end 1984–2004 Ending wealth Average return 1.7% 11.8% 13.2% 7.6% 10.1% Gold International stocks U.S. stocks Real estate Commodities Hypothetical value of $1 invested at year-end Assumes reinvestment of income and no transaction costs or taxes. $9.24 $11.99 $6.86 $4.30 $1.41 $.10 $1 $10 $