Form 8-K LINCOLN NATIONAL CORP For: Jun 09

 Dennis Glass | President and Chief Executive Officer   Strategic overview   2016 Conference for Analysts, Investors and Bankers 

 Will Fuller | President, Annuities, Lincoln Financial Distribution and Lincoln Financial Network  Distribution  2016 Conference for Analysts, Investors and Bankers 

 2  Distribution    Wholesalers provide specialized expertise in Lincoln’s target marketsOur Distribution franchise is differentiated and in demand by our partnersIndependent distribution offers multiple ways to win   Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview  THE POWER OF OUR DISTRIBUTION FRANCHISE IS OUR COMPETITIVE ADVANTAGE 

 3  1 Source: U.S Census Bureau, Income and Poverty in the United States: 2014, September 2015; Joint Center for Housing Studies of Harvard University, Baseline Household Projection for the Next Decade and Beyond, March 27, 2014. 2 Source: McKinsey Life insurance Trends and Implications, 2016.  Delivering expertise in our target markets                 Retirement saving  Retirement income  Healthcarecosts  Estate planning  61% of income held by those age and younger1  54  80% of all wealth will be held by consumers near or in retirement2  Employee benefitsRetirement plansTerm insurance   By 2025:  Advisors are generalists serving a variety of consumer needs  Over 800 wholesalers provide specialized expertise    620wholesalers    Lincoln Financial Distributors  Annuities  Life insurance  MoneyGuard®  Small market RPS    160wholesalers   Group Protection    Variable annuitiesFixed annuitiesMoneyGuard®Universal life insurance  Insurance  Mid-large RPS  25wholesalers  

 Scalable national market presence  Channelized distribution  Specialized expertise  Broad product portfolio  ProductWithin partner firms  Rank2Within industry    RankWithin 4+ firms  Variable annuity  #3  <  #1  Fixed annuity  #9  <  #4  Life insurance  #3  <  #1  MoneyGuard®  #1  =  #1  National footprint; large wholesale force provide coverage in local markets  Wholesalers aligned with various industry business models  Partnering with advisors to solve specific client needs  Multiple solutions to serve wide variety of consumer needs    Our wholesaler franchise is in Demand By our partners  Majority of sales from partners offering 4+ Lincoln products1  ■ Sell 4+ Lincoln products■ Sell 1-3 Lincoln products  1 2015 Normalized Sales excluding Life Brokerage (Includes: Life, MoneyGuard®: paid annualized premiums; Annuity, small market RPS: at 5% of total).2 Source: VA - Morningstar YTD 4Q15 Asset Flows U.S. Variable Annuity Retail Policies Report; FA - LIMRA 4Q15 Individual Annuities Sales Report; Life insurance - 4Q15 Retail Individual Life Insurance Sales, Participant Report (excludes Whole Life); and MoneyGuard® - LIMRA 2014 US Individual Life Combination Product Sales.  Our rank within those firms is greater than our rank within the industry  4  +  +  + 

   RETENTION    We have a large active producer base  With room to grow  Add new producers in our core marketsExpansion to new markets    of total sales from repeat producers   74%  1/4  selling multiple types of Lincoln products    Demonstrated ability to pivot and add new producers  Life non-guarantee pivot  VA non-living benefit pivot  7,200Already selling pivot products  2,300Shift of GUL producer to pivot products  6,400New to Lincoln through pivot  3,400Already selling non-living benefit  5,400Shift of VA producer to non-living benefit  6,400New to Lincoln though non-living benefit  +  +  +  +  CROSS SELL    90K        110K    Active Lincoln producers  Prospects with attributes like our best active producers  Targeted producers  Success driven by 15,900 producers1  Success driven by 15,200 producers1  1 Life producer counts from January 2012 to December 2013; VA producer counts from October 2013 to September 2015.   Independent Distribution offers multiple ways to win  200K  Driven by access to a broad and diverse producer universe  5 

   $  Producer segmentation on 76 attributes like:   Predictive analytics identify producers most likely to sell Lincoln   Digital tools enable wholesalers to target, acquire and develop those producers    750 wholesalers  $12.8B sales  2008  2015  $14.6B sales    Behavioral  Demographic  Tenure  Licensing  Asset under management  Business model  Productivity enhanced by Analytics and Digital   Over 35% increase in LFD wholesaler productivity1  Attributes that predict sales  Home value  Net worth  Income  Spending habits   Education  620 wholesalers  Digital marketing tools scale our outreach  Producer analytics in wholesaler’s hands  6  1 Sales includes: Life, MoneyGuard® - paid annualized premiums; Annuity - total deposits; small market RPS - first year deposits.  

 7  We are generally encouraged by constructive changes to the final rule  Dedicating our full energy to DOL transition  Department of Labor Fiduciary Standards  Key highlights  Commissions acceptable and may be in clients best interestCommissions and fees held to the same standardLifetime income and guarantees recognizedFIA and group variable annuities included in final ruleGrandfather provision through 4/10/2017 Full implementation by 1/1/2018  Distribution partners reactions  Most intend to use BIC1May need to rationalize product menu and partnersPrivate right of action a concern  LFN position  Intend to use BICHold commissions and fees to same standardDistinguish lifetime income from traditional investments  1 Best interest contract exemption is abbreviated as BIC.  

 1 Lincoln Financial and Hanover Research, Wealth Protection Survey, 2015. 2 Hearing before U.S. Senate Special Committee on Aging, 111th Congress, Lifetime Income Options for Retirement, 2010. 3 Based on Annuity Valuation Mortality 2012 Individual Annuity Reserve Table.  $4,500  $11,750  $30,000  $1,000  $100,000 variable annuity4.5% up front and 0.25% ongoing  $100,000 investment product1% annual compensation  Commissions and fees held to the same best interest standard  Lifetime income and guarantees provide retirement security Almost 50% of consumers are worried they will outlive their savings in retirement1 Lifetime income guarantees solve longevity riskDeath benefits solve survivorship risk  Commissions and Solutions in clients’ best interest  Probability of outliving retirement assets2    Annuity saver  Mutual fund saver  0%  50%  Retirement survivor risk (Male and female age 65)    Age  % at least one survivor3  85  93%  95  53%  8  Commissions are best option for long-term buy and hold savers  

 Shelf space expansionSales force growth (MoneyGuard® and RPS)Analytics to drive productivityDigital tools for selling and servicing   Fee-based annuitiesRegistered investment advisor channelOnline term insurance   Lifetime income guaranteesTax-advantaged investing and incomeAlternatives to traditional LTCHigh net worth estate planning and wealth transferRetirement plans in target marketsIncome protection  9  Leveraging our DISTRIBUTION strengths   Industry leading distribution     800+ Offering advisors’ specialized expertise  Large advisor base   90,000With room to grow   active producers  wholesalers  Core markets  New markets  Capability enhancements 

 10  Our Distribution franchise is differentiated and in demand by our partners  Wholesalers provide specialized expertise in Lincoln’s target markets  Independent distribution offers multiple ways to win  Distribution  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 Mark Konen | President, Insurance and Retirement Solutions  Life Insurance  2016 Conference for Analysts, Investors and Bankers 

 2  Life Insurance    CONSISTENT MARKET LEADERSHIP THROUGH DISCIPLINED RISK MANAGEMENT AND SUSTAINABLE AND COMPELLING WEALTH PROTECTION SOLUTIONS  Scale, diversification, and innovation distinguishes Lincoln in the marketplaceMortality provides reliable long-term earnings despite volatilityNew business and in-force actions will overcome headwinds  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 45% of clients want to minimize amount of taxes paid1Guaranteed universal lifeVariable universal lifeIndexed universal life  59% of clients want to put money away for retirement1Indexed universal lifeVariable universal life  60% of clients want to protect their wealth or assets1MoneyGuard®Guaranteed universal lifeVariable universal life  3  Power of Distribution and Broad product portfolio  Industry leading distribution     265Proven ability to pivot  Large advisor base   55,000With room to grow   active producers  wholesalers  Wealth protection  Retirement accumulation  Tax planning  Indexed universal lifeTerm  1 Source: 2015 M.O.O.D. of America, Lincoln Financial Group (fielded by Whitman Insights) 

 4  4  Positioned for Sustainable market leadership  Meeting generational insurance needs through innovative products and streamlined processes  Growing while expanding into Generation X and millennial markets   Leading the industry in existing baby boomer and mature markets  LincXpressSMStreamlined submission and delivery process paired with predictive analytics for portfolio of products  TermAccel®Completely electronic process utilizes additional predictive analytics and automated underwriting  Leading insurance modelData and technology leveraged to improve experience and risk assessment for high-touch business model  Comprehensive portfolioScale and diversification allow us to remain competitive across markets and build strong distribution partnerships  117M Americans1  137M Americans1  1 Source: U.S. Census Bureau.  

 Only company to have all products represent between 10% and 30% of total sales  5  Product  Rank  VUL  #1  Linked benefit  #1  UL  #9  Term  #10  GUL  #3  Executive benefits  #3  Total life  #3  Total life ex. whole life  #1  1 Source: LIMRA U.S. Retail Individual Life Insurance Sales Participant Report - Fourth Quarter 2015 Year to Date and LIMRA 2015 U.S. Individual COLI BOLI Sales Participant Report.  Superior product scale and diversification 

 6  franchise driving growth on our terms  Emphasizing sales without long-term (LT) guarantees  Key drivers support long-term growth  48%  2010 sales:$637M  2015 sales:$725M  ■ With LT guarantee■ Without LT guarantee  48%  52%  67%  33%  Sales+3% CAGR  Account values +5% CAGR  In-force face amount+3% CAGR 

 2010  2011  2012  2013  2014  2015  2016  7  Mortality: long-term consistency, Short-Term Volatility  Underlying risk profile remains strong with long-term earnings power  Average daily claim counts by month since 2010  Seasonality  Volatility  % of total net claims from claims $5M+  1 Mortality results have been normalized to 100% expectation from previously communicated low-to-mid 80% range.  Larger policy size combined with increased retention levels leads to more volatility             

 8  Product   2015 Sales mix  Expected IRR            Best estimate    Scenarios            Forward curve1  Mortality110%  VUL  27%  ●    ●  ●  MoneyGuard®  26%  ●    ●  ●  UL  13%  ●    ●  ●  Term  12%  ●    ●  ●  GUL  11%  ●    ●  ●  Executive benefits  11%  ●    ●  ●  TOTAL  100%  ●    ●  ●  8  Attractive new business Profitability & risk profile  ● Above 12%● 10 -12%● Below 10%  New business franchise provides diversified earnings power  Main sensitivities to profitability results:Interest rates: forward curve = IRR > 12% Mortality: 10% unfavorable = IRR > 12%Both forward curve and 110% mortality = 10% IRR  1 Forward curve: 1Q16 average. 

   Inforce management  Product diversification  9  2010  2011  2012  2013  2014  2015    Key economic headwind:interest rates  PROACTIVE actions to address HEADWINDS  Demonstrated ability to respond to market conditions while protecting and growing the franchise      Crediting rates  Other actions  1 Potential prospective re-pricing considerations for in-force business: investment income, mortality, reinsurance costs, policyholder persistency, expenses (including taxes), and other contractual considerations.   Post-level term premium optimizationIn-force exchange optionsProactive retention actions  Base spread  1.71%  1.71%  1.77%  1.62%  1.46%  1.40%  10-yearU.S. Treasury rates  Disciplined expense managementIn-force repricing1  Other actions 

 10  Positioned For Earnings Growth  ~$80M     ~$(70)M  ~$(5)M  Restoring growth  Earnings growth through new business franchise and in-force management   1 Life unlocking for 2012 is $47M and for 2015 is $(117)M. Capital redeployment impact of $(45)M.   $482M 

 11  Life Insurance  New business and in-force actions will overcome headwinds   Scale, diversification, and innovation distinguishes Lincoln in the marketplace  Mortality provides reliable long-term earnings despite volatility  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 Mark Konen | President, Insurance and Retirement Solutions   Group Protection  2016 Conference for Analysts, Investors and Bankers 

 2  Group Protection    CONTINUING LOSS RATIO IMPROVEMENT AND ACCELERATING PREMIUM GROWTH WILL RESTORE PROFITABILITY TO OUR TARGET MARGIN RANGE OF 5-7%  Embedding pricing and claims management discipline to sustain loss ratio improvementGrowing target markets by leveraging distribution and investing in capabilities and technologyIncreasing sales and improving renewal persistency will drive premium  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 3  Loss Ratio improvement Driven by Disciplined Pricing  Focus on new and renewal pricing strategyRun-off of unprofitable business Reduce magnitude of renewal rate actions leading to improved persistency  Recent renewal results reduced loss ratios and drove margin improvement  Future renewal strategy will continue to embed margin in the business  2015 and 1Q16 renewal results: life and disability(Employer and employee-paid)    Total renewal premium  $1.2B  Premium retained  $0.7B  Average rate action on retained  ~8%      Pricing margin on $0.5B of terminated business  ~(3)%  Pricing margin improvement  ~6%~$45M 

 4  Loss Ratio improvement Driven by Claims Management  Optimize new claims management technologyLeverage analytics and predictive modeling  Strengthen talentImprove examiner proficiencyReduced LTD claim examiner caseload by 15% 2015 vs. 2014  Claims management process reengineeringInvest in medical and rehabilitation expertise   Technology  People  Processes  Ongoing claims management improvement  LTD claim resolutions 

 5  RECENT record of Loss Ratio and Earnings Improvement   Path to recovery continuesImproved loss ratio driven by pricing discipline and effective claims management Success led to significant earnings growth; progress towards target marginContinue to drive loss ratios to long-term levels in the low 70% range  Significant growth in earnings  Up 87%  Improvement in loss ratio  Down 300 bps 

 6  Targeting Fast Growing Market Segments  1 Source: LIMRA, market share and industry growth rates based on industry sales data.  Ranked #9 in 2015Sales grew from 37% of total in 2011 to 49% in 201511% industry growth  Expand on strength of core 100-1,000 employee market capabilitiesIncrease penetration on 1,000 -5,000 employee market capabilities  Total Group Protection market  Lincoln’s target markets  Small and mid-size businesses   Total group  Top 10 leader in core products1LifeDisabilityDental6% industry growth  Employee-paid   Strategic initiatives  Consumer marketing, education and adviceEnrollment and fulfillment processes/technologyVoluntary products Accident and critical illness  Broker development to broaden reachValue-added services FMLA/absence managementWeb and mobile capabilities 

 7  Resilient Distribution positioned to drive growth   Consumer marketingData and analyticsEducation and adviceCustomer buying experience   Service deliveryOnboarding process and data exchangeSelling and renewal processesValue added services – absence management      2   Pricing actions adversely affected sales and persistency  Large and highly regarded distribution platformpoised to restore growth  1    5 to 7%  Sales growth  Renewal persistency recovery  70 to 75%  Return to premium growth driven by:  Sales declined  Renewal persistency  Prior to repricing  70 to 75%  Post repricing  60 to 65%                                                                    160 wholesalers  Net Promoter Score®    1 Net Promoter Score® derived from Group Protection 2015 broker satisfaction study. (Net Promoter Score, is a registered trademark of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.).2 Competitors include Cigna, Colonial, Guardian, HIG, and UNM.  

 8  Positioned for Margin Expansion  Loss ratio improvement  Premium growth  Target markets  Disciplined pricingClaims management  Employee-paid productsSmall and mid-sized businessesStrategic initiatives  Leveraging distributionSales growth reemergingImproved renewal persistency  Margin expansion 

 9  Group Protection  Growing target markets by leveraging distribution and investing in capabilities and technology  Embedding pricing and claims management discipline to sustain loss ratio improvement  Increasing sales and improving renewal persistency will drive premium  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 Will Fuller | President, Annuities, Lincoln Financial Distribution and Lincoln Financial Network  Annuities  2016 Conference for Analysts, Investors and Bankers 

 2  annuities    OUR BUSINESS MODEL DELIVERS CONSISTENT AND IMPRESSIVE RESULTS THROUGH A DISCIPLINED APPROACH TO THE ANNUITY BUSINESS  Quality book of business resulting from our strategy of consistency and selling on our termsIndustry leading end-to-end risk management with proven resultsLeveraging our best-in-class distribution and diverse product portfolio to win    Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 3  Track record of consistent financial results  Consistent earnings growth with limited volatility  Achieving excellent returns through a cycle  2007  2009  2011  2013  2015  2007  2009  2011  2013  2015  Annuity operating earnings   1 Return on equity, excluding goodwill.2 Includes operating earnings and VA net derivative results, excluding impact of non-performance risk (NPR).   20% ROE average, 2007-2015¹~19% if including VA hedge results²  Impressive results attributable to consistent market presence, disciplined pricing, and proven hedging capabilities 

 4  Executing our strategy of consistency  Avoided the “arms race”Introduced patented i4LIFE®Leveraged living benefit reinsuranceCreated LFD  2007 and prior  Stayed the course; sold through the cycleLowered living benefitsIncreased fee for guaranteesAdded investment restrictions  2008 to 2011  Introduced risk managed fundsIncreased fee for guaranteesPivoted to non-guaranteed 10% 2012  28% 2015Living benefit reinsurance  2012 to 2015  Consistently taking strategic management actions  Consistently a market leader on our terms  1  4  5  3  2  Prudential  Jackson  MetLife  Lincoln  SunAmerica  MetLife  AXA  ING  Lincoln  Prudential  MetLife  AXA  Hartford  Lincoln  Prudential  MetLife  Prudential  Jackson  Lincoln  SunAmerica  Jackson  Lincoln  SunAmerica  Transamerica  Prudential  Jackson  Lincoln  SunAmerica  Prudential  MetLife  Prudential  MetLife  Jackson  Lincoln  AXA  Prudential  MetLife  Jackson  Lincoln  AXA  Jackson  Lincoln  SunAmerica  Prudential  AXA  2007  2008  2009  2010  2011  2012  2013  2014  2015  1 Source: Morningstar. Rankings exclude TIAA-CREF due to the captive nature of their distribution model.  VA rank¹ 

 Total Annuities account values $122B as of YE2015  5  Annuity account values are diverse by product and risk  Fixed annuities VA without GLB² VA with GLB: risk-managed fundsVA with GLB: non-risk-managed funds          1 Guaranteed living benefits.2 Includes reinsured portion of VA with GLBs. 

 Sorted by range of VA sales as % of beginning account value, 2008-20151  6  Consistency and discipline lead to a high quality book  Tight range mitigates market timing risk  Consistent relationships with distribution partnersDollar cost averaging across market cyclesDisciplined pricing and management actions limit our risk exposure  GLB net amount at risk as % of AV2  We have a low risk VA book  Lincoln 0.9%  Peer average36.1%  1 Source: Morningstar. 2 Total Annuities account values and net amounts at risk as of 12/31/2015.3 Peers include AIG, AXA, Aegon, AMP, HIG, Jackson, MET, PRU and VOYA.  

 7  Proven ability to manage economic risks  Hedge program protects the balance sheet  Recognized as industry leading programProven results, with minimal impact on ROE over time  Steady FIA hedge results1   2014  2013  2015  1 Fixed indexed annuities is abbreviated as FIA.  Straightforward approachCall option payoffs offset interest credited expense with known timing  2010  2011  2012  2013  2014  2015 

 ■ Actual ■ Expected   8  Industry leading assumption setting practices  Long history of setting reasonable assumptionsRobust annual assumption reviewsEnhanced assumption analytics applied to entire in-force VA book in 2012Leverages Lincoln experience combined with third party expertise (Oliver Wyman, Towers Watson)Factor-based dynamic modeling with 1% lapse floor  1 Rate of full surrenders for VA living benefit policies from 2013-2015.2 Average percent of VA guarantee withdrawal benefit policyholders initiating income in each year from 2013-2015.3 Deaths per 1,000 policies for VA living benefit policies, from 2012-2014.4 Net income unlocking estimates based upon 3/31/2016 reserve and DAC models. Reflects sensitivities applied to the full variable annuity book.5 Not all policyholders utilize their guarantee withdrawal benefits. This sensitivity assumes all policyholders utilize guarantees by policy year 20.  Utilization²  Lapses¹  Mortality³  Scenario  Unlocking⁴  50% drop in lapse rates  $(50)M  Full utilization⁵  $(160)M  20% reduction in mortality  $(90)M  Assumptions in line with actual experience  Severe sensitivities produce modest impacts 

 Value of new business consistently above peer average  Oliver Wyman: Lincoln consistently sells VA business with above average profitability¹   Relative profitability for VA with living benefits  9  ● Lincoln ■ Peer group Average  1 Oliver Wyman calculations, based on market‐consistent valuation of one or more guaranteed living benefits (GLB) riders sold by each company, using a consistent set of capital market and policyholder behavior assumptions at each valuation date. Peer group consists of the six leading sellers of VA GLB product since 2008. 

 10  consumer needs and demographics support growth  1 Source: 2016 McKinsey & Company, Life Insurance Trends and Implications; ages 55+ included.2 Source: 2013 Gallup Organization Survey.  Near-term headwinds  Long-term fundamental tailwinds  2014  2015      S&P 500  30yr treasury  Variable annuity sales pressured by combination of low rates and volatile equity markets  Retirees underestimate life expectancy; longevity is risk to retirement security  As near-term headwinds subside, increasing emphasis on retirement security and need for guaranteed lifetime income will drive future growth  80% of annuity owners purchase for guaranteed lifetime income²  Retirees’ ownership of investable assets to grow to 80% by 2025¹  2016  Low rates 

 11  Expanding sales beyond variable annuity living benefits  11  Significant tailwinds in select markets  500%+ increase in sales since 2012  Fixed income annuities  Fixed indexed annuities  Expanded portfolio; consumer-friendly product design  Non-guaranteed variable annuities  Nearly one-third of variable annuity sales  VA living benefits  #2 rank in industry; industry sales pressured  Total annuity sales   Expected industry sales growth 2015-2020¹    Investment-only VAs  +123%  RIA assets   +89%  Fixed indexed annuities  +31%  Fixed income annuities  +86%  1 Source: Cerulli Annuities and Insurance 2015 Study. Sales growth from 2015-2020, except for registered investment advisors (RIA), which represents asset growth from 2014-2019 and Cerulli Lodestar: Intermediary, Total and Projected Advisor-Sold Assets by Channel, 2005-2019E.  Gaining momentum in growth markets  75% growth  $11.6B  $12.7B 

 12  DOL rule is manageable   Constructive changes to final ruleRecognized both commissions and fees can serve a client’s best interestAcknowledged value of lifetime incomeVA and FIA on level playing fieldGrandfathering of existing contractsOur plan to transition and pivotContinue to focus on non-qualified sales Provide both fee-based and commission product designs, with opportunity to reach new fee-based advisors and RIAsUse capital from lower sales levels for share buybacks as we pivot the business  We are the non-qualified sales leader; 62% of sales not impacted by DOL 

 Investor Advantage® - successful investment oriented VAFee-based for American Legacy® & ChoicePlus VA & FIAExpanded FIA - shorter surrender periods and new indices  Fixed indexed - consumer friendly indexed annuitySPIA -highest lifetime income opportunityDeferred income annuity - QLAC1 endorsement for IRA’s  American Legacy® - low cost, only single manager VAChoicePlus - multiple investor manager VAi4LIFE® - patented income with tax advantage  13  Leveraging our strengths   Industry leading distribution     300Proven ability to pivot  Large advisor base   49,000+9% 2010-2015  active producers  wholesalers  Core VA  Core FA  New products  Compelling solution for fee-based advisors and RIAPassive investment optionsInnovative lifetime income guarantees  Upcoming product innovation  1 Qualified longevity annuity contract is abbreviated as QLAC. 

 14  annuities  Industry leading end-to-end risk management with proven results  Quality book of business resulting from our strategy of consistency and selling on our terms  Leveraging our best-in-class distribution and diverse product portfolio to win  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 Mark Konen | President, Insurance and Retirement Solutions  Retirement Plan Services  2016 Conference for Analysts, Investors and Bankers 

 3  Government: 457  Healthcare: 403(b)  Small market: 401(k)  Focused on the fastest growing markets that provide consistent, profitable returns and value our high-touch service offering  Fastest growing provider in market1  Leveraging leading market position (#3)1  Sales growth outpacing overall industry (16% vs. 10%)1  Growing Sales in our Target Markets   3  1 Source: LIMRA Not-for-Profit Retirement Market Report: 2015 vs. 2014 for government market asset growth and healthcare ranking based on total assets; LIMRA 401(k) Scorecard Report 2015 vs. 2014 asset growth for 401(k) plans with less than 250 participants for small market sales.2 Source: The Cerulli Report: Retirement Markets 2015 estimated annual asset growth 2015 to 2020. 3 Source: Sterling Resources: 2014 Profit 2000TM Benchmark Study; ranking based on profit per participant.  Growing new sales in target markets  ■ Mid-large government and healthcare ■ Total small market■ Other mid-large market    91% in target markets    75% in target markets  14% CAGR  Industry growth rankings2  Industry profitability rankings3  Fast growing and profitable markets   457: Government  403(b): Healthcare  403(b): Healthcare  Micro/small 401(k)  Large 401(k)  Mid 401(k)  Mid 401(k)  457: Government  Micro/small 401(k)  Large 401(k)  Mega 401(k)  Mega 401(k)      Indicates Lincoln target market 

 4  Impact of DOL Fiduciary Rule Manageable   1 Best interest contract exemption is abbreviated as BIC.  

 5  Actions to Grow Sales And Drive Positive Flows   Shifting mix of business to drive more consistent positive flows  Accelerating growth with targeted strategic actions  Expansion  Strategic partners   Product development  Customer experience  Expanding and upgrading distribution force across all markets30% growth since 2011  Deepening strategic partnerships to support small market growth 53% of 2015 sales versus 25% in 2011  Launch of enhanced small market Lincoln DirectorSM product   Owning and investing in the customer experience 

 Participants who meet 1-on-1 with our retirement consultants    30% 2X  Larger increases in their contribution rate More likely to increase contributions  Increases in the advisors and consultants doing repeat business  6  Driving Results Through our Customer Experience  Participants   Plan sponsors  Intermediaries  1 Source: Sterling Resources 2014 Profit 2000TM; based on average lapse rates for 2011 to 2014.  Lower termination rates compared to the marketplace1  In-person relationships    Research and analytics    Digital and mobile capabilities    Engaging participants with: retirement consultants  Gaining insight from: participant engagement study  Driving activity through: an action oriented website   Customer experience 

 7  Enhancing the digital experience  Mobile optimized - consistent experience on any deviceStreamlined design and intuitive navigation“Retirement income” snapshot that includes an income estimate and planning tool“Click-to-contribute” functionality, which makes it easier for participants to take action   Improving our customer experience by investing in our digital and mobile capabilities  New website designed to improve engagement with participants – leading to new enrollments, higher contribution rates, and more deposits  

 8  Moderating expense growth  Profitable actions to drive the bottom line  Disciplined focus on modest expensegrowthShifting investment from infrastructure investments to growth-oriented areas like distribution and client facing teams    Infrastructure investments    Focused investments and expense efficiency  In-force optimizationActively repricing clients focused on lowering guaranteed minimum interest rates (GMIR)Since 2013: 128 clients repriced $7M increase to annual earnings   Growing low GMIR business  % of mid-large and small market business at 1% GMIR 

 9  Growing Earnings in Target Markets  Headwinds from low rates continue to persistGrowing small and mid-large market earnings to combat impact from interest rates Future earnings growth driven by asset growth and in-force optimization  Multi-Fund® and other runoff  1 Average quarterly earnings from 2012 through 2015 excluding unlocking, which averaged $0.3M over the period.       Target growth area  Manageable but expected to continue   Growth reemerging in2017 and beyondSales growthExpense managementIn-force optimization  1 

 10  Retirement Plan Services  Our differentiated customer experience attracts new business and grows our in-force  Growing and gaining scale in target markets: government, healthcare and small market  Taking profitable actions to reduce impacts of continued low interest rates  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 ©2016 Lincoln National Corporation  June 9, 2016  Ellen Cooper | Executive Vice President and Chief Investment Officer  General Account Investments  2016 CONFERENCE FOR ANALYSTS, INVESTORS AND BANKERS 

 *  GENERAL ACCOUNT INVESTMENTS   DISCIPLINED ALM AND RISK MANAGEMENT DRIVELINCOLN’S INVESTMENT APPROACH  Proactive strategies to improve investment income and diversificationPace of portfolio yield decline continues to moderateActively reduced energy exposure to mitigate potential losses  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 1 Includes all rated securities and CMLs.2 Full-year 2015.  Newmoney yield4.2%  ALM15%  Avg.10-yrUST2.1%  PublicIG51%  34%  CMLsPrivate IGMid market loansNon-agency RMBSCorporate BIG  +210 bps  *  NEW MONEY FIXED INCOME STRATEGY  New money yields consistently 1.8-2.0% over the average 10 Yr. US Treasury and 1Q is even higherStrong new money spreads have helped offset the headwinds from the low rate environment  Higher quality purchase mixIncrease in CML allocationHigh qualityImproved diversification  Consistent and strong investment spread…  …and from diversified sources2   …trending upward in quality1  CMLs (15%)  Private IG (11%)  Middle market loans (4%)  Non-agency RMBS (2%)  Corporate BIG (2%)  Other strategies  Other strategies  CMLs  15%  Private IG  11%  Middle market loans  4%  Non-agency RMBS  2%  Corporate BIG  2% 

 DISCIPLINED COMMERCIAL MORTGAGE LOAN STRATEGY  Growing the CML portfolio  *  Debt service coverage  1.98x  Loan-to-value  51%  Average loan size  $7M  Debt yield  15%  Highly diversified  High quality  Portfolio attributes  Achieving an incremental 30-40 basis points in new money yield1Disciplined underwriting and higher quality portfolio than peers  1 Relative to equivalently rated corporates.2 Peer data from Mortgage Bankers Association as of 12/31/2015.   Commercial mortgage ratings2  % of total invested assets 

 *  GROWING THE ALTERNATIVES PORTFOLIO AND SHIFTING THE MIX  Historical performance1  Shift the mix towards private equity  2015  2016E  2018E   Hedge funds  Private equity   (% of alternatives portfolio)  Achieved a 10% annualized return since 2012  1 Annualized quarterly data from 1Q12 through 1Q16.    Income yield  Volatility  Private equity  12.6%  4.7%  Hedge funds  4.4%  3.4%  Alternatives portfolio  10.0%  3.6%  Growing the alternatives portfolio from 1.3% to long-term target of 1.5% of total invested assets  

 WELL DIVERSIFIED AND HIGH QUALITY PORTFOLIO  Average quality rating is A- Below investment grade assets: 5.6% of fixed income assets   $98.1B total invested assetsNet unrealized gain of $5.5B on AFS assetsPortfolio is well diversified across sectors, issuers and asset classes  *  Asset class1  Credit quality1,2  Corporates  Other asset classes  1 As of 3/31/2016.2 Includes AFS, trading, and credit linked notes; does not include CMLs.  Mortgage loans  9%  Municipals   4%  Other structured  4%  Cash and collateral  3%  Agency RMBS   2%  Quasi-sovereign  2%  Alternatives   1%  UST/agency  1%  Other  1% 

 *  LOWER RISK ASSETS THAN PEERS PROVIDES FLEXIBILITY  1 Source: J.P. Morgan - Risk assets consist of high yield bonds, unaffiliated equity, real estate, mortgages overdue 90 days, mortgages in foreclosure, and schedule BA assets (including alternative investments) compiled from 12/31/2015 statutory statements. Peer group: Aegon, AMP, Manulife, MET, PFG, PRU, Sun Life, TMK, UNM and VOYA.   Risk assets / assets1  Risk assets / capital and surplus1  Lincoln Peer average  Lincoln Peer average 

 PACE OF PORTFOLIO YIELD DECLINE CONTINUES TO MODERATE  Projections based on 4% new money yield  *  1 Projection period assumes 4% annual portfolio growth, consistent with historical experience.  2010 to 2014  2015 to 2019  2020 to 2024  ~10bps yield decline per year  ~3bps yield decline per year  ~20bps yield decline per year 

 Sub-sectordiversification2  *  Reduced fixed income energy exposure1  Credit quality2  1 As a percent of total invested assets.2 As of 3/31/2016.  Proactively reduced our energy exposure primarily through sales~50% of securities sold are now rated below investment grade2  Energy portfolio remains diversified across sub-sectors  86% of energy exposure is investment grade  18%  PROACTIVELY REDUCED ENERGY EXPOSURE 

 *  Stress scenario assumptions  Stress scenario projected losses1  Our sales targeted securities most likely to be at risk of a credit loss in a sustained period of low prices  Name-by-name fundamental analysis to project losses in stress scenarios  1 Stress scenario projected losses are best estimates based on information available at the time of analysis.  ■ Projected stress losses prior to de-risking■ Projected stress losses as of 4/30/16   Energy and metals and mining assumptions  4/30/16 price  Stress scenario  WTI oil ($/barrel)  $46  $30  Iron ore ($/ton)  $65  $30  Projection period  -  4 years  ENERGY AND METALS & MINING STRESS LOSSES ARE MANAGEABLE 

 *  GENERAL ACCOUNT INVESTMENTS   Pace of portfolio yield decline continues to moderate  Proactive strategies to improve investment income and diversification  Actively reduced energy exposure to mitigate potential losses  Distribution  Life Insurance  Group Protection  Annuities  Retirement Plan Services  General AccountInvestments  Financial overview 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Appendix  2016 Conference for Analysts, Investors and Bankers 

 2  2  Forward Looking Statements – Cautionary Language  Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "project," "will," "shall" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements include, among others:Deterioration in general economic and business conditions that may affect account values, investment results, guaranteed benefit liabilities, premium levels, claims experience and the level of pension benefit costs, funding and investment results; Adverse global capital and credit market conditions could affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures;Because of our holding company structure, the inability of our subsidiaries to pay dividends to the holding company in sufficient amounts could harm the holding company’s ability to meet its obligations;Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries' products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on revenue sharing and 12b-1 payments; and the potential for U.S. federal tax reform and the effect of the Department of Labor’s regulation defining fiduciary; Actions taken by reinsurers to raise rates on in-force business;Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses, estimated gross profits and demand for our products;Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses, and reduced hedge performance related to variable annuities;  

 3  3  Forward Looking Statements – Cautionary Language (cont.)  Uncertainty about the effect of rules and regulations to be promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act on us and the economy, and financial services sector in particular; The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings;A decline in the equity markets causing a reduction in the sales of our subsidiaries' products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; an acceleration of the net amortization of deferred acquisition costs, or "DAC;" value of business acquired, or "VOBA;" deferred sales inducements, or "DSI;" and deferred front end sales loads, or "DFEL;" and an increase in liabilities related to guaranteed benefit features of our subsidiaries' variable annuity products;Ineffectiveness of our risk management policies and procedures, including various hedging strategies used to offset the effect of changes in the value of liabilities due to changes in the level and volatility of the equity markets and interest rates; A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries' products, in establishing related insurance reserves and in the net amortization of DAC, VOBA, DSI and DFEL, which may reduce future earnings; Changes in accounting principles generally accepted in the United States, or "GAAP," including convergence with International Financial Reporting Standards (IFRS), that may result in unanticipated changes to our net income;Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity; Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain investments in our portfolios as well as counterparties to which we are exposed to credit risk requiring that we realize losses on investments; Inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others;Interruption in telecommunication, information technology or other operational systems, or failure to safeguard the confidentiality or privacy of sensitive data on such systems from cyberattacks or other breaches of our data security systems; 

 4  The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items; The adequacy and collectability of reinsurance that we have purchased;Acts of terrorism, a pandemic, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance; Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; The risks included here are not exhaustive. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors which could impact our business and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.Further, it is not possible to assess the impact of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation.The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities.   Forward Looking Statements – Cautionary Language (cont.) 

 5  Explanatory notes on use of non-gaap measures  Management believes that income from operations, return on equity and operating revenues better explain the results of the company’s ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company’s current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments. Management also believes that using book value excluding accumulated other comprehensive income (AOCI) enables investors to analyze the amount of our net worth that is primarily attributable to our business operations. Book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. For the historical periods, reconciliations of non-GAAP measures used in this presentation to the most directly comparable GAAP measure may be included in this Appendix to the presentation materials and/or are included in the Statistical Reports for the corresponding periods contained in the Earning section of the Investor Relations page on our website: www.LincolnFinancial.com/investor.The non-GAAP measures do not replace the most directly comparable GAAP measures.The company uses its prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in its financial statements and federal income tax returns when reconciling non-GAAP measures to the most comparable GAAP measure. 

 6  Definitions of Non-GAAP Measures used in this presentation  Income (loss) from operations, operating revenues and return on equity (including and excluding average goodwill within average equity), excluding AOCI, using annualized income (loss) from operations are financial measures we use to evaluate and assess our results. Management believes that these performance measures explain the results of the company's ongoing businesses in a manner that allows for a better understanding of the underlying trends in the company’s current business because the excluded items are unpredictable and not necessarily indicative of current operating fundamentals or future performance of the business segments, and, in most instances, decisions regarding these items do not necessarily relate to the operations of the individual segments.Income (loss) from operationsIncome (loss) from operations, operating revenues and return on equity (ROE), as used in the presentation, are non-GAAP financial measures and do not replace GAAP revenues, net income (loss) and ROE. We exclude the after-tax effects of the following items from GAAP net income (loss) to arrive at income (loss) from operations, which we also refer to as operating earnings: realized gains and losses associated with the following (“excluded realized gain (loss)”): sale or disposal of securities; impairments of securities; change in the fair value of derivative investments, embedded derivatives within certain reinsurance arrangements and our trading securities; change in the fair value of the derivatives we own to hedge our guaranteed death benefit (GDB) riders within our variable annuities, which is referred to as “GDB derivatives results”; change in the fair value of the embedded derivatives of our guaranteed living benefit (GLB) riders within our variable annuities accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) (“embedded derivative reserves”), net of the change in the fair value of the derivatives we own to hedge the changes in the embedded derivative reserves, the net of which is referred to as “GLB net derivative results”; and changes in the fair value of the embedded derivative liabilities related to index call options we may purchase in the future to hedge contract holder index allocations applicable to future reset periods for our indexed annuity products accounted for under the Derivatives and Hedging and the Fair Value Measurements and Disclosures Topics of the FASB ASC (“indexed annuity forward-starting option”); change in reserves accounted for under the Financial Services - Insurance - Claim Costs and Liabilities for Future Policy Benefits Subtopic of the FASB ASC resulting from benefit ratio unlocking on our GDB and GLB riders (“benefit ratio unlocking”); income (loss) from the initial adoption of new accounting standards; income (loss) from reserve changes (net of related amortization) on business sold through reinsurance; gain (loss) on early extinguishment of debt; losses from the impairment of intangible assets; and income (loss) from discontinued operations.Operating revenuesOperating revenues represent GAAP revenues excluding the pre-tax effects of the following items, as applicable: excluded realized gain (loss); amortization of deferred front-end loads (DFEL) arising from changes in GDB and GLB benefit ratio unlocking; amortization of deferred gains arising from the reserve changes on business sold through reinsurance; and revenue adjustments from the initial adoption of new accounting standards. 

 7  Definitions of Non-GAAP Measures used in this presentation (cont.)  Return on equity, excluding AOCI Return on equity measures how efficiently we generate profits from the resources provided by our net assets. Return on equity is calculated by dividing annualized income (loss) from operations by average equity, excluding accumulated other comprehensive income (loss) (AOCI). Management evaluates return on equity by both including and excluding average goodwill within average equity.Book value per share, excluding AOCIBook value per share excluding AOCI is calculated based upon a non-GAAP financial measure. It is calculated by dividing (a) stockholders’ equity excluding AOCI by (b) common shares outstanding. We provide book value per share excluding AOCI to enable investors to analyze the amount of our net worth that is primarily attributable to our business operations. Management believes book value per share excluding AOCI is useful to investors because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Book value per share is the most directly comparable GAAP measure. A reconciliation of book value per share to book value per share excluding AOCI as of September 30, 2014 and 2013 is set forth below. Income (loss) from operations, excluding notable itemsIncome (loss) from operations, excluding notable items is a non-GAAP measure that excludes items which, in management’s view, do not reflect the Company’s normal, ongoing operations. The company highlights notable items included in income (loss) from operations so that investors better understand the fundamental trends in its results of operations and financial condition.  

 Corporate federal tax fateThe company uses its prevailing corporate federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in its financial statements and federal income tax returns when reconciling non-GAAP measures to the most comparable GAAP measure.SalesSales as reported consist of the following:MoneyGuard®, our linked-benefit product – 15% of total expected premium deposits;Universal life (UL), indexed universal life (IUL), variable universal life (VUL) – first year commissionable premiums plus 5% of excess premiums received, including an adjustment for internal replacements of approximately 50% of commissionable premiums;Executive Benefits - single premium bank-owned UL and VUL, 15% of single premium deposits, and corporate owned UL and VUL, first year commissionable premiums plus 5% of excess premium received, including an adjustment for internal replacements of approximately 50% of commissionable premiums;Term – 100% of annualized first year premiums;Annuities – deposits from new and existing customers; andGroup Protection – annualized first year premiums from new policies.  8  Special notes 

 9  Reconciliation of net income to income from operations  1 The numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans if the effect of equity classification would result in a more diluted EPS.2 We use our prevailing federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns when reconciling our non-GAAP measures to the most comparable GAAP measure.  

 10  Reconciliation of Book Value per share 

 11  notable items reconciliation: income from operations and operating eps  1 The income used in the calculation of our diluted operating earnings per share is our operating income, reduced by preferred stock dividends and accretion of discount. Preferred stock dividends and accretion of discount totaled $34 million for the year ended December 31, 2009. 

 12  Reconciliation of return on average equity  1 Excludes AOCI. 

 13  Reconciliation OF ANNUITIES RETURN ON EQUITY TO ANNUITIES PRO-FORMA RETURN ON EQUITY  1 Excludes AOCI. 2 Not adjusted for tax restatement as data is not available. 3 Estimates were required to produce 2007 - 2008 data.  

 Calculations of net amount at riskCalculations of net amount at risk, especially GLB, vary from company to company, as described in sources. Sources: GLB: Ameriprise, 2015 10-K; Lincoln, 2015 10-K and internal report for associated account values; Hartford, 4Q 2015 Financial Supplement; AIG, 2015 10-K; MetLife, 2015 10-K; Prudential, 2015 10-K; Jackson, 2015 Consolidated Financial Statements; AXA, 4Q 2015 Financial Supplement; VOYA, 4Q 2015 Financial Supplement; AEGON, 2015 Form 20-F  14  Annuities Disclosures