1. Copyright ©2005 Ibbotson Associates, Inc. Growth and Value Investing 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. CRN200510-1003366

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. What are growth and value stocks?  Growth stocks High growth rate of earnings, sales Low book-to-price, high price-to-earnings ratios Paying lower or no dividends  Risks Future growth does not occur as expected Book-to-price ratios rise unexpectedly, price-to- earnings ratios decline unexpectedly  Value stocks Slower growth of earnings and sales High book-to-price, low price-to-earnings ratios Higher dividend yields Turnaround opportunities  Risks Evaluation of stock as good value is misread Difficult to stick to value policy when prices are beaten down

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. 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%

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. Growth and value investing Average return Ending wealth Small growth Hypothetical value of $1 invested at year-end 1994. Assumes reinvestment of income and no transaction costs or taxes. Year-end 1994–2004 $2.39 Large growth $2.7710.7% 9.1% 19941995199619971998199920002001200220032004 $.9 $1 $6 $5 $4 $3 $2 Large value $3.1912.3% Small value $4.6816.7%

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. Growth and value stocks 1969–2004 Risk versus return Standard deviation Compound annual return Large growth Large value Small growth Small value Mid growth Mid value 3% 5% 7% 9% 11% 13% 15% 17% 15%17%19%21%23%25%27%29%

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. *Based on the years 1928–1929. **Based on the years 2000–2004. Compound annual rates of return by decade Growth and value by decade 2000s**1920s*1930s1940s1950s1960s1970s1980s1990s Growth stocks Value stocks -15% -10% -5% 0% 5% 10% 15% 20% 25%

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. 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

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. Data calculated using rolling 36-month returns. Three-year growth and value trends 1969–2004 Growth versus value stocks Annual premiums Large growth Large value 0% 5% 10% 15% 20% 25% 19711976198119861991199620012004

9. 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. 12-month excess returns relative to the S&P 500 1969–2004 Excess returns Growth and value excess returns Large growth Large value -30% -20% -10% 0% 10% 20% 30% 19691974197919841989199419992004

10. 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. Diversified portfolio represented by 50% growth stocks and 50% value stocks. Large value Large growth Year-end 1997–2004 Growth and value diversification benefits $1,213 $1,387 $700 $1,000 $1,300 $1,600 $1,900 $2,200 19971998199920002001200220032004 Diversified portfolio $1,315