1. 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 46802-3506, Phone 800-454-6265. Insurance offered through Lincoln affiliates and other fine companies. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. CRN200510-1003365

2. 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

3. 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 1925. 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 $20,000 192519351945195519651975198519952004 5.4%$66 Government bonds 12.7%$12,968 Small company stocks 10.4%$2,533 Large company stocks

4. 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 1984. 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 $2.574.8% $7.8010.8% Government bonds $0 $1 $10 $100 19841989199419992004 $13.0213.7% Small company stocks $11.9913.2% Large company stocks

5. 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% 19691974197919841989199419992004

6. 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 1927. 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 $100,000 19271937194719571967197719871997 11.9% Small growth $1,1659.6% 9.2% 2004 Small value $43,60514.9%

7. 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 1925. Assumes reinvestment of income and no transaction costs or taxes. $.10 $1 $10 $100 $1,000 $10,000 1925193519451955196519751985 Treasury bills 1995 4.4%$29.24 Municipal bonds Government bonds 5.4%$65.72 5.9%$94.40 Corporate bonds 2004 10.4%$2,553 Stocks

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. 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 1984. Assumes reinvestment of income and no transaction costs or taxes. $9.24 $11.99 $6.86 $4.30 $1.41 $.10 $1 $10 $100 198419881992199620002004