1. Copyright ©2005 Ibbotson Associates, Inc. Investing for Retirement 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. CRN200510-1003369

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. Advantages of 401(k) investing  Participant control Amount invested Asset mix Ownership of assets  Pre-tax investing  Tax deferral  Tailored investment plan

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. Pension includes all defined benefit and defined contribution plans. Estimates are not guaranteed. Other Earned income Pension Social Security Investment income Sources of retirement income 38.4% 20.4% 19.8% 18.9% 2.5%

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. Assumes reinvestment of income and no transaction costs or taxes. Stocks Hypothetical value of $100 invested at the end of each month 1984–2004 Enhancing your wealth: employer match $85,147 Stocks with a 50% employer match $127,720 $0 $50,000 $100,000 $150,000 $200,000 198419881992199620002004

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. 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

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. 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

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. 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

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. 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

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. 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.

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. Each bar shows the range of compound annual returns for each asset class over the period 1926–2004. 1-year holding periods Small company stocks Large company stocks Government bonds Treasury bills -75% -50% -25% 0% 25% 50% 75% 100% 125% 150% 20-year holding periods 5-year holding periods 10.4% 12.7% 5.4% 3.7% Compound annual return 1926–2004 Reduction of risk over time

11. 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. Risk is measured by standard deviation. Return is the compound annual return. Risk and return are based on annual data over the period 1970–2004. Portfolios presented are based on modern portfolio theory. Fixed income portfolio Bonds 85% Cash 15% Potential to reduce risk or increase return Return8.5% Risk5.7% Bonds 37% Stocks 21% Cash 42% Lower risk portfolio 1970–2004 Return8.5% Risk7.7% Higher return portfolio Bonds 50% Stocks 30% Cash 20% Return9.4% Risk7.7%

12. 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. $1,000 Diversified portfolio: 35% stocks, 40% bonds, 25% Treasury bills. Hypothetical value of $1,000 invested at month-end December 1972 and June 2000, respectively. Early-2000s bear market Dec 2003 $500 $1,500 Jun 2000 Jun 2001 Jun 2002 Mid-1970s recession $1,149 $1,014 Jun 1976 $500 $1,500 Dec 1972 Dec 1973 Dec 1974 Diversified portfolio Stocks Diversified portfolios and bear markets $1,000 $806 $1,101

13. 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 $500,000 invested at year-end 1972. Portfolio: 50% large company stocks, 50% intermediate-term bonds. Assumes reinvestment of income and no transaction costs or taxes. $100,000 $300,000 $500,000 $600,000 $0 $400,000 $200,000 1976198019841996198819921972 5% withdrawal rate Annual inflation-adjusted withdrawal as a % of initial portfolio wealth Potential shortfall: The risk of high withdrawal rates 9% withdrawal rate 8% withdrawal rate 7% withdrawal rate 6% withdrawal rate