1. Copyright ©2005 Ibbotson Associates, Inc. Taxes and 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. CRN200510-1003360

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. Returns before and after taxes 1926–2004 Compound annual return 10.4% 5.5% 3.7% 0% 2% 4% 6% 8% 10% 12% Stocks after Taxes BondsBonds after Taxes CashInflationCash after Taxes Before taxes 8.0% 3.7% 2.1% After taxes 3.0% Inflation

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 $10,000 invested at year-end 1984. Assumes reinvestment of income and no transaction costs. Average return Ending wealth Cash 4.8%$ 25,682 0.1%$10,233 Cash after taxes and inflation Year-end 1984–2004 Effects of taxes and inflation on cash 3.2%$ 18,611 Cash after taxes $0 $10,000 $20,000 $30,000 $40,000 19841989199419992004

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 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

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. Year-end 1925–2004 Hypothetical value of $1 invested at year-end 1925, with taxes paid monthly. No capital gains taxes are assumed for municipal bonds. Assumes reinvestment of income and no transaction costs. Stocks, Bonds, and Bills after taxes 2.1% Average return Ending wealth $5.35 Treasury bills $.10 $1 $10 $100 $1,000 192519351945195519651975198519952004 3.0%$10.69 Inflation 3.7%$17.27 Government bonds 4.4%$29.24 Municipal bonds 8.0%$439 Stocks

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. Stocks, Bonds, and Bills after taxes and inflation Year-end 1925–2004 Hypothetical value of $1 invested at year-end 1925, with taxes paid monthly. No capital gains taxes are assumed for municipal bonds. Assumes reinvestment of income and no transaction costs. Average return Ending wealth -0.9% Treasury bills $0.50 0.6% Government bonds $1.62 $.10 $1 $10 $100 192519351945195519651975198519952004 1.3% Municipal bonds $2.74 Stocks 4.8%$41.10

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. Assumes an 8% contribution. Taxes are calculated for a single individual with the standard deduction and the individual as the only dependent using 2004 tax rates. 74% Taxable investor Gross income = $75,000 Take-home Pay = $55,494 18% Paid in taxes 76% 8% Tax-deferred investor Gross income = $75,000 Take-home Pay = $56,994 Invested 16% Paid in taxes 2% lost to taxes, paid $1,500 Invested 8% 2% taken home, saved $1,500 Pre-tax savings

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. Benefits of deferring taxes End value after taxes Value of taxable account Value of tax-deferred account $0 $50,000 $100,000 $150,000 $200,000 $250,000 51015202530354045 Years to retirement Hypothetical value of $10,000 invested in large company stocks. This hypothetical example is for an investor in the 25% bracket using the 2004 tax code. Assumes an 8% annual total return. Estimates are not guaranteed. The above illustration does not reflect the different fees and charges associated with investing. If these charges were taken into account, they would reduce the level of performance.