1. Copyright ©2005 Ibbotson Associates, Inc. Decades of 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. CRN200510-1003359

2. Copyright ©2005 Ibbotson Associates, Inc. Government bonds Small company stocks Treasury bills Large company stocks Inflation The 1930s 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 193919291930193119321933193419351937 1936 1938 $.2 $3 $1 $1.61 $1.15 $1.06 $0.99 $0.81 4.9% 1.4% 0.6% -0.I% -2.0% Avg. return Ending wealth Hypothetical value of $1 invested at year-end 1929. Assumes reinvestment of income and no transaction costs or taxes.

3. Copyright ©2005 Ibbotson Associates, Inc. 19391940194119421943194419451947 1946 1948 Small company stocks Large company stocks Inflation Government bonds Treasury bills The 1940s $6.55 $2.40 $1.04 $1.69 $1.38 $2 $4 $1 20.7% 9.2% 5.4% 3.2% 0.4% Avg. return Ending wealth $.7 $8 1949 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 Hypothetical value of $1 invested at year-end 1939. Assumes reinvestment of income and no transaction costs or taxes.

4. Copyright ©2005 Ibbotson Associates, Inc. $.9 $1 Large company stocks Small company stocks Inflation Treasury bills Government bonds The 1950s 19491950195119521953195419551957 1956 1958 1959 $5.87 $4.77 $0.99 $1.24 $1.20 $3 19.4% 16.9% 2.2% 1.9% -0.1% Avg. return Ending wealth $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 Hypothetical value of $1 invested at year-end 1949. Assumes reinvestment of income and no transaction costs or taxes.

5. Copyright ©2005 Ibbotson Associates, Inc. $4.24 $2.12 $1.15 $1.46 $1.28 Small company stocks Large company stocks Treasury bills Inflation Government bonds 15.5% 7.8% 3.9% 2.5% 1.4% Avg. return Ending wealth The 1960s $1 $.8 $3 $6 19591960196119621963196419651967 1966 1968 1969 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 Hypothetical value of $1 invested at year-end 1959. Assumes reinvestment of income and no transaction costs or taxes.

6. Copyright ©2005 Ibbotson Associates, Inc. 19691970197119721973197419751977 1976 1978 The 1970s $2.97 $2.04 $1.71 $1.84 $1.77 $1 Small company stocks Inflation Treasury bills Large company stocks Government bonds 11.5% 7.4% 6.3% 5.9% 5.5% Avg. return Ending wealth $.5 $2 $4 1979 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 Hypothetical value of $1 invested at year-end 1969. Assumes reinvestment of income and no transaction costs or taxes.

7. Copyright ©2005 Ibbotson Associates, Inc. 19791980198119821983198419851987 1986 1988 1989 The 1980s $5.04 $4.35 $1.64 $3.28 $2.34 Large company stocks Small company stocks Government bonds Treasury bills Inflation 17.5% 15.8% 12.6% 8.9% 5.1% Avg. return Ending wealth $3 $6 $1 $.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 Hypothetical value of $1 invested at year-end 1979. Assumes reinvestment of income and no transaction costs or taxes.

8. Copyright ©2005 Ibbotson Associates, Inc. $6 $.7 The 1990s $3 $1 $5.32 $4.08 $1.33 $2.32 $1.62 18.2% 15.1% 8.8% 4.9% 2.9% Avg. return Ending wealth 19891990199119921993199419951997 1996 1998 1999 Large company stocks Small company stocks Government bonds Treasury bills Inflation 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 Hypothetical value of $1 invested at year-end 1989. Assumes reinvestment of income and no transaction costs or taxes.

9. Copyright ©2005 Ibbotson Associates, Inc. The last 10 years 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 19941995199619971998199920002001200220032004 $5 $3 $4.56 $2.54 $1.28 $3.13 $1.47 16.4% 9.8% 12.1% 3.9% 2.5% Avg. return Ending wealth $1 Small company stocks Large company stocks Government bonds Treasury bills Inflation Hypothetical value of $1 invested at year-end 1994. Assumes reinvestment of income and no transaction costs or taxes.