The Lincoln Director SM Performance Update (Monthly hypothetical performance) November 30, 2018 The performance data quoted below represents past performance; past performance does not guarantee future results. Investment return and principal value will fluctuate so your account balance, when redeemed, may be worth more or less than your original cost. Current performance may be lower or higher than the performance data quoted. Prospectuses are available for the mutual funds that are underlying options of the group variable annuity. The prospectus contains information on the fund's investment objectives, risks, charges and expenses, and may be obtained from the plan sponsor. The prospectus should be read carefully before investing or sending money. An investor should consider the investment objectives, risks, charges and expenses of the group variable annuity and the underlying funds carefully before investing. Not all investment options are available in all plans because some accounts may not be offered by your employer. The performance shown reflects the deduction of the average operating expense of the underlying mutual fund or collective investment trust, as well as the investment management fees that are charged by Lincoln under the group variable annuity contract. All other contract fees, including the asset charge, have not been deducted. Asset charges vary by contract but typically range from 0.00% to 1.50% of a participant's account (percentages are annual). If these fees had been deducted, this performance would have been lower. More information about your contract's asset charge or any other contract charges can be obtained by speaking with your Plan Sponsor. Instances of high double-digit investment returns are highly unusual and cannot be sustained. Investors should be aware that returns vary due to market conditions. These portfolios may contain different investments than similarly named mutual funds offered by the same money manager. Investment results may be higher or lower. Refer back to this website (www.lfg.com) for current peformance. Monthly hypothetical performance is based on the fund inception date which predates the inclusion of the fund in the product. The Lincoln Morningstar Insight Series is a select subset of the investment options from the Lincoln Director full lineup. These investment options are selected by Morningstar Investment Management LLC, a registered investment advisor, from the investment options that Lincoln makes available. For a list of all Lincoln Director investment options and their profile sheets, please contact a Lincoln representative. Morningstar Investment Management LLC is not a member of Lincoln Financial Group. Fund Listing by Risk Classification Average Annual Returns as of November 30, 2018 Subaccount Name (Fund Inception Date) SA One Three Year to One Three Five Ten Evaluation Benchmark Number Month Month Date Year Year Year Year Bonds aged beaton Vance Income Fund of Boston (6/15/1972) 6, 8 SA#F9-0.99-2.03-0.88-0.77 5.02 3.41 10.47 7.92 aged bfederated Gvt Ultrashort Duration (9/30/1999) 6, 16 SA#14 LXVI 0.14 0.33 1.26 1.38 0.64 0.33 0.07 4.00 aged blvip BlackRock Inflation Protected Bond Fund (5/3/2010) 6 SA#92 LXXXIX 0.25-0.71-0.12 0.27 1.30 0.70 3.34 2.99 aged blvip SSGA Bond Index (4/30/2008) 4, 6 SA#L6 0.54-1.00-2.36-1.95 0.68 1.42 2.84 2.66 aged bamerican Funds Bond Fund of America (5/28/1974) 6 SA#1E 0.57-0.72-1.87-1.65 1.04 1.69 4.30 7.15 U.S. Stock aged binvesco Growth and Income (10/19/2004) SA#28 1.61-4.84-2.22-0.79 9.11 7.92 11.83 7.28 aged blvip SSGA S&P 500 Index (1/29/1999) 4, 12 SA#27 IV 2.00-4.53 4.58 5.70 11.60 10.56 13.69 5.39 aged bmfs VIT Growth (7/24/1995) SA#65 1.45-6.97 11.12 11.44 13.77 12.46 15.91 9.13 aged bstate Street Russell Small Cap Growth Index Non-Lending Series (9/4/2009) 2, 4 SA#LC 1.48-13.44 2.16 2.16 9.33 7.59 N/A 12.93 aged bstate Street Russell Small Cap Value Index Non-Lending Series (9/4/2009) 2, 4, 1 SA#LB 1.58-9.91-1.31-2.29 9.50 6.13 N/A 10.95 aged bstate Street S&P MidCap Index Non-Lending Series (6/30/2009) 2, 4, 17 SA#LA 3.08-7.88-0.25-0.09 9.88 8.67 N/A 14.41 International Stock aged bamerican Funds EuroPacific Growth (4/16/1984) 1 SA#1I 1.41-8.49-10.72-9.76 4.57 2.80 8.52 10.13 aged blvip Clarion Global Real Estate (4/30/2007) 1, 5, 9 SA#55 IX 3.39-2.85-3.87-2.14 2.63 3.87 9.37 6.24 aged blvip SSGA International Index (4/30/2008) 1, 4, 20 SA#L5 0.26-6.95-9.23-8.12 3.69 1.33 6.75 0.62 aged boppenheimer Developing Markets (5/24/2004) 1, 10 SA#94 XCI 4.94-6.01-9.36-6.71 8.46 1.40 8.77 8.30 Since Inception LXVI LXXXIX Performance stated is the performance of SA#14, which began on 1/8/1982. Performance is a blend of the previous underlying investment option - Short Termand the current underlying investment option - Federated Government Ultrashort Duration, which has been the underlying investment option of SA#14 since Performance stated is the performance of SA#92, which began on 5/24/2004. Performance is a blend of the previous underlying investment option - American Century VP Inflation Protection - and the current underlying investment option - LVIP BlackRock Inflation Protected Bond, which has been the underlying investment option of SA#92 since Performance stated is the performance of SA#28, which began on 8/2/1993. Performance is a blend of the previous underlying investment option - Value Equityand the current underlying investment option - Invesco Growth and Income, which has been the underlying investment option of SA#28 since IV IX XCI Performance stated is the performance of SA#27, which began on 1/29/1999. Performance is a blend of the previous underlying investment option - DWS Equity 500 Index VIP - and the current underlying investment option - LVIP SSGA S&P 500 Index, which has been the underlying investment option of SA#27 since 6/22/2007. Performance stated is the performance of SA#55, which began in 8/20/2001. Performance is a blend of the previous underlying investment option - Delaware VIP REIT Series - and the current underlying investment option - LVIP Clarion Global Real Estate, which has been the underlying investment option of SA#55 since 6/22/2007. Performance stated is the performance of SA#94, which began on 5/24/2004. Performance is a blend of the previous underlying investment option - Delaware VIP Emerging Markets - and the current underlying investment option - Oppenheimer Developing Markets, which has been the underlying investment option of SA#94 since LCN-1801183-051817 Page 1 of 5
Average Annual Returns as of November 30, 2018 Subaccount Name (Fund Inception Date) SA One Three Year to One Three Five Ten Since Evaluation Benchmark Number Month Month Date Year Year Year Year Inception Balanced/Allocation aged bblackrock Global Allocation (10/21/1994) 1, 7 SA#LE 1.28-3.88-3.71-3.14 3.85 2.90 6.86 8.29 aged blvip T. Rowe Price 2010 (4/30/2007) 11, 19, 28 SA#L1 0.81-3.04-2.04-1.50 3.35 2.92 7.05 3.70 aged blvip T. Rowe Price 2020 (4/30/2007) 11, 19, 28 SA#L2 1.12-3.94-2.04-1.37 4.05 3.21 7.41 3.55 aged blvip T. Rowe Price 2030 (4/30/2007) 11, 19, 28 SA#L3 1.40-4.74-2.58-1.85 4.03 3.11 7.72 3.44 aged blvip T. Rowe Price 2040 (4/30/2007) 11, 19, 28 SA#L4 1.61-5.33-2.69-1.84 4.32 3.11 8.16 3.05 aged blvip T. Rowe Price 2050 (4/29/2011) 11, 19, 28 SA#LL 1.66-5.41-2.14-1.20 5.41 3.62 N/A 3.74 aged bvanguard Target Retirement 2020 (6/7/2006) 11, 19 SA#V2 1.10-3.48-1.43-0.55 5.47 4.84 8.67 5.41 aged bvanguard Target Retirement 2030 (6/7/2006) 11, 19 SA#V3 1.33-4.38-1.59-0.54 6.69 5.64 9.90 5.77 aged bvanguard Target Retirement 2040 (6/7/2006) 11, 19 SA#V4 1.51-5.23-1.74-0.53 7.80 6.32 10.75 6.19 aged bvanguard Target Retirement 2050 (6/7/2006) 11, 19 SA#V5 1.58-5.52-1.83-0.60 8.01 6.44 10.82 6.27 aged bvanguard Target Retirement 2060 (1/19/2012) 11, 19 SA#EF 1.60-5.49-1.84-0.58 8.00 6.43 N/A 9.16 aged bvanguard Target Retirement Income (10/27/2003) 11, 19 SA#EG 0.72-2.20-1.15-0.58 3.45 3.17 5.90 4.48 aged bvanguard LifeStrategy Conservative Growth (9/30/1994) 7, 11 SA#30 LXXX 0.94-2.76-1.45-0.75 4.23 3.98 7.39 5.96 aged bvanguard LifeStrategy Growth (9/30/1994) 7, 11 SA#32 LXXXI 1.43-4.98-1.76-0.65 7.23 5.98 10.26 6.88 aged bvanguard LifeStrategy Income (9/30/1994) 7, 11 SA#ER 0.69-1.65-1.36-0.85 2.72 2.94 4.91 5.50 aged bvanguard LifeStrategy Moderate Growth (9/30/1994) 7, 11 SA#21 LXXIV 1.21-3.86-1.57-0.63 5.77 5.01 9.11 8.09 LXXX LXXXI LXXIV Performance stated is the performance of SA#30, which began on 8/17/1994. Performance is a blend of the previous underlying investment option - Conservative Balanced- and the current underlying investment option - Vanguard LifeStrategy Conservative Growth, which has been the underlying investment option of SA#30 since Performance stated is the performance of SA#32, which began on 8/17/1994. Performance is a blend of the previous underlying investment option - Aggressive Balanced- and the current underlying investment option - Vanguard LifeStrategy Growth, which has been the underlying investment option of SA#32 since Performance stated is the performance of SA#21, which began on 6/22/1983. Performance is a blend of the previous underlying investment option - Balancedand the current underlying investment option - Vanguard LifeStrategy Moderate Growth, which has been the underlying investment option of SA#21 since LCN-1801183-051817 Page 2 of 5
Quarterly Standardized Performance Average annual returns** September 28, 2018 Inception date 10 Years (first offered through One Five or Since Subaccount Name variable annuity) Year Years Inception American Funds EuroPacific Growth 1 9/5/2006 0.95 5.67 6.33 American Funds Bond Fund of America 6 9/5/2006-1.93 1.81 3.51 BlackRock Global Allocation 1, 7 6/15/2009 2.13 4.37 6.51 Eaton Vance Income Fund of Boston 6, 8 5/22/2017 1.59 N/A 5.65 Federated Gvt Ultrashort Duration 6 1/8/1982 LXVI 1.29 0.31 0.08 Invesco Growth and Income 8/2/1993 7.79 10.36 9.65 LVIP BlackRock Inflation Protected Bond Fund 6 5/24/2004 LXXXIX 1.07 0.61 2.64 LVIP Clarion Global Real Estate 1, 5, 9 8/20/2001 IX 2.13 4.08 4.76 LVIP T. Rowe Price 2010 11, 19, 28 6/25/2007 3.02 4.06 5.40 LVIP T. Rowe Price 2020 11, 19, 28 6/25/2007 4.62 4.67 5.70 LVIP T. Rowe Price 2030 11, 19, 28 6/25/2007 5.19 4.84 5.85 LVIP T. Rowe Price 2040 11, 19, 28 6/25/2007 6.18 5.10 5.99 LVIP T. Rowe Price 2050 11, 19, 28 6/20/2011 7.59 5.73 5.51 LVIP SSGA Bond Index 4, 6 6/16/2008-1.83 1.54 3.03 LVIP SSGA S&P 500 Index 4, 12 1/29/1999 IV 17.29 13.37 11.36 MFS VIT Growth 8/20/2001 29.05 15.93 13.95 Oppenheimer Developing Markets 1, 10 5/24/2004 XCI 0.09 2.97 5.04 State Street Russell Small Cap Growth Index Non-Lending Series 2, 4, 17 9/4/2009 20.25 11.49 14.71 State Street Russell Small Cap Value Index Non-Lending Series 2, 4, 17 9/4/2009 8.85 9.32 12.13 State Street S&P MidCap Index Non-Lending Series 2, 4, 17 6/30/2009 13.57 11.29 15.58 Vanguard Target Retirement 2020 11, 19 11/11/2013 5.32 N/A 6.00 Vanguard Target Retirement 2030 11, 19 11/11/2013 7.11 N/A 7.10 Vanguard Target Retirement 2040 11, 19 11/11/2013 8.83 N/A 8.06 Vanguard Target Retirement 2050 11, 19 11/11/2013 9.30 N/A 8.27 Vanguard Target Retirement 2060 11, 19 5/22/2017 9.27 N/A 13.39 Vanguard Target Retirement Income 11, 19 5/22/2017 2.80 N/A 4.03 Vanguard Lifestrategy Conservative Growth 7, 11 8/17/1994 LXXX 3.61 5.06 6.52 Vanguard LifeStrategy Growth 7, 11 8/17/1994 LXXXI 8.11 8.10 8.46 Vanguard LifeStrategy Income 7, 11 10/26/2018 N/A N/A N/A Vanguard Lifestrategy Moderate Growth 7, 11 6/22/1983 LXXIV 5.87 6.61 7.74 Represents 10 years LXVI ** In addition to the average operating expense of the underlying mutual fund, investment management fees that are charged by Lincoln under the group variable annuity contract have been deducted. All other contract fees, including the asset charge, have not been deducted. Asset charges vary by contract but typically range from 0.00% to 1.50% of a participant's account (percentages are annual). If these fees had been deducted, this performance would have been lower. More information about your contract's asset charge or any other contract charges can be obtained by speaking with your Plan Sponsor. Performance stated is the performance of SA#14, which began on 1/8/1982. Performance is a blend of the previous underlying investment option - Short Termand the current underlying investment option - Federated Government Ultrashort Duration, which has been the underlying investment option of SA#14 since Performance stated is the performance of SA#28, which began on 8/2/1993. Performance is a blend of the previous underlying investment option - Value Equityand the current underlying investment option - Invesco Growth and Income, which has been the underlying investment option of SA#28 since LXXXIX IX IV XCI LXXX LXXXI LXXIV Performance stated is the performance of SA#92, which began on 5/24/2004. Performance is a blend of the previous underlying investment option - American Century VP Inflation Protection - and the current underlying investment option - LVIP BlackRock Inflation Protected Bond, which has been the underlying investment option of SA#92 since Performance stated is the performance of SA#55, which began in 8/20/2001. Performance is a blend of the previous underlying investment option - Delaware VIP REIT Series - and the current underlying investment option - LVIP Clarion Global Real Estate, which has been the underlying investment option of SA#55 since 6/22/2007. Performance stated is the performance of SA#27, which began on 1/29/1999. Performance is a blend of the previous underlying investment option - DWS Equity 500 Index VIP - and the current underlying investment option - LVIP SSGA S&P 500 Index, which has been the underlying investment option of SA#27 since 6/22/2007. Performance stated is the performance of SA#94, which began on 5/24/2004. Performance is a blend of the previous underlying investment option - Delaware VIP Emerging Markets - and the current underlying investment option - Oppenheimer Developing Markets, which has been the underlying investment option of SA#94 since Performance stated is the performance of SA#30, which began on 8/17/1994. Performance is a blend of the previous underlying investment option - Conservative Balanced- and the current underlying investment option - Vanguard LifeStrategy Conservative Growth, which has been the underlying investment option of SA#30 since Performance stated is the performance of SA#32, which began on 8/17/1994. Performance is a blend of the previous underlying investment option - Aggressive Balanced- and the current underlying investment option - Vanguard LifeStrategy Growth, which has been the underlying investment option of SA#32 since Performance stated is the performance of SA#21, which began on 6/22/1983. Performance is a blend of the previous underlying investment option - Balancedand the current underlying investment option - Vanguard LifeStrategy Moderate Growth, which has been the underlying investment option of SA#21 since LCN-1801183-051817 Page 3 of 5
1 2 3 4 5 6 7 8 9 10 11 12 Investing internationally involves risks not associated with investing solely in the United States, such as currency fluctuation, political or regulatory risk, currency exchange rate changes, differences in accounting and the limited availability of information. Funds that invest in small and/or midsize company stocks may be more volatile and involve greater risk, particularly in the short term, than those investing in larger, more established companies. You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share (or, for the LVIP Government Money Market Fund, at $10.00 per share), it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. An index is unmanaged, and one cannot invest directly in an index. Indexes do not reflect the deduction of any fees. Funds that target exposure to one region or industry may carry greater risk and higher volatility than more broadly diversified funds. The return of principal in bond funds is not guaranteed. Bond funds have the same interest rate, inflation, credit, duration, prepayment and market risks that are associated with the underlying bonds owned by the fund or account. Asset allocation does not ensure a profit or protect against loss in a declining market. High yield funds may invest in high-yield or lower rated fixed income securities (junk bonds) or mortgage-backed securities, with exposure to subprime mortgages, which may experience higher volatility and increased risk of nonpayment or default. A real estate investment trust (REIT) involves risks such as refinancing, economic conditions in the real estate industry, declines in property values, dependency on real estate management, property taxes, changes in interest rates and other risks associated with a portfolio that concentrates its investments in one sector or geographic region. Investing in emerging markets can be riskier than investing in well-established foreign markets. International investing involves special risks not found in domestic investing, including increased political, social and economic instability, all of which are magnified in emerging markets. Each fund is operated as a fund of funds that invests primarily in one or more other funds rather than in individual securities. A fund of this nature may be more expensive than other investment options because it has additional levels of expenses. From time to time, the fund s advisor may modify the asset allocation to the underlying funds and may add new funds. A fund s actual allocation may vary from the target strategic allocation at any point in time. Additionally, the fund s advisor may directly manage assets of the underlying funds for a variety of purposes. The Index to which this fund is managed to is a product of S&P Dow Jones Indices LLC ( SPDJI ) and has been licensed for use by one or more of the portfolio s service providers (licensee). Standard & Poor s and S&P are registered trademarks of Standard & Poor s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the licensees. S&P, S&P GSCI and the Index are trademarks of S&P and have been licensed for use by SPDJI and its affiliates and sublicensed for certain purposes by the licensee. The Index is not owned, endorsed, or approved by or associated with any additional third party. The licensee s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, or their third party licensors, and none of these parties or their respective affiliates or third party licensors make any representation regarding the advisability of investing in such products, nor do they have any liability for any errors, omissions, or interruptions of the Index. 13 14 This fund operates under a master-feeder structure. The fund invests all its assets in a separate mutual fund (the master fund) that in turn purchases investment securities. Funds of this nature may be more expensive than other investment options. Performance shown is from the inception date of each master fund, that was purchased by the applicable LVIP American Fund (i.e., the feeder fund in the master-feeder fund structure). Performance information shown is that of each master fund as adjusted for the feeder fund expenses, including the fees and expenses of the Service Class II shares and product fees. The performance information shown is not the feeder fund's own performance, and it should not be considered as indicative of past or future performance or as a substitute for the fund's performance. For those funds that employ a multimanager structure, the fund s advisor is responsible for overseeing the subadvisors. While the investment styles employed by the fund s subadvisors are intended to be complementary, they may not in fact be complementary. A multimanager approach may result in more exposure to certain types of securities risks and in higher portfolio turnover. 15 16 Exposure to the commodities markets may subject the fund to greater volatility than investments in traditional securities, particularly if the investments involve leverage. This fund will typically seek to gain exposure to the commodities markets by investing in commodity-linked derivative instruments, swap transactions, or index- and commodity-linked "structured" notes. These instruments may subject the fund to greater volatility than investments in traditional securities. A commodities fund may be nondiversified, which means it may incur greater risk by concentrating its assets in a smaller number of issuers than a diversified fund. During periods of extremely low short-term interest rates, the fund may not be able to maintain a positive yield and, given a historically low interest rate environment, may experience risks associated with rising rates. 17 18 19 Collective trusts are non-deposit investment products, which are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the FDIC, the Federal Reserve Board, or any other government agency. Exchange-traded funds (ETFs) in this lineup are available through collective trusts or mutual funds. Investors cannot invest directly in ETFs. The target date is the approximate date when investors plan to retire or start withdrawing their money. Some target-date funds make no changes in asset allocations after the target date is reached; other target-date funds continue to make asset allocation changes following the target date. (See the prospectus for the fund's allocation strategy.) The principal value is not guaranteed at any time, including at the target date. An asset allocation strategy does not guarantee performance or protect against investment losse. A "fund of funds" may be more expensive than other types of investment options because it has additional levels of expenses. 20 21 22 23 24 The fund described herein is indexed to an MSCI index. It is not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such fund or to an index on which a fund is based. The prospectus and statement of additional information contain a more detailed description of the limited relationship MSCI has with Lincoln Investment Advisors Corporation and any related funds. Floating rate funds should not be considered alternatives to CDs or money market funds, and should not be considered as cash alternatives. Investments in Delaware Investments VIP Series, Delaware Funds, LVIP Delaware Funds or Lincoln Life accounts managed by Delaware Investment Advisors, a series of Macquarie Investments Management Business Trust, are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in prepayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the series or funds or accounts, the repayment of capital from the series or funds or account, or any particular rate of return. The fund s risk management style is not a guarantee, and the fund's shareholders may experience losses. The fund employs hedging strategies designed to provide for downside protection during sharp downward movements in equity markets. The use of these hedging strategies could limit the upside participation of the fund in rising equity markets relative to other unhedged funds, and the effectiveness of such strategies may be impacted during periods of rapid or extreme market events. The fund's managed volatility strategy is not a guarantee, and the fund's shareholders may experience losses. The fund employs hedging strategies designed to reduce overall portfolio volatility. The use of these hedging strategies may limit the upside participation of the fund in rising equity markets relative to unhedged funds and the effectiveness of such strategies may be impacted during periods of rapid or extreme market events. LCN-1801183-051817 Page 4 of 5
25 Certain funds (sometimes called "alternative funds" expect to invest in (or may invest in some) positions that emphasize alternative investment strategies and/or nontraditional asset classes and, as a result, are subject to the risk factors of those asset classes and/or investment strategies. Some of those risks may include general economic risk, geopolitical risk, commodity-price volatility, counterparty and settlement risk, currency risk, derivatives risk, emerging markets risk, foreign securities risk, high-yield bond exposure, index investing risk, exchange-traded notes risk, industry concentration risk, leveraging risk, real estate investment risk, master limited partnership risk, master limited partnership tax risk, energy infrastructure companies risk, sector risk, short sale risk, direct investment risk, hard assets sector risk, active trading and "overlay" risks, event-driven investing risk, global macro strategies risk, temporary defensive positions and large cash positions. If you are considering investing in alternative investment funds, you should ensure that you understand the complex investment strategies sometimes employed, and be prepared to tolerate the risks of such asset classes. For a complete list of risks, as well as a discussion of risk and investment strategies, please refer to the fund's prospectus. The fund may invest in derivatives, including futures, options, forwards and swaps. Investments in derivatives may cause the fund s losses to be greater than if it invested only in conventional securities and can cause the fund to be more volatile. Derivatives involve risks different from, or possibly greater than, the risks associated with other investments. The fund s use of derivatives may cause the fund s investment returns to be impacted by the performance of securities the fund does not own and may result in the fund s total investment exposure exceeding the value of its portfolio. 26 27 28 29 Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). The trademark has been licensed to S&P Dow Jones Indices LLC and has been sublicensed for use for certain purposes by First Trust Advisors L.P. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of purchasing the product. Standard & Poor s, S&P, Standard & Poor s Equal Weight Index, S&P EWI, S&P 500, Standard & Poor s 500 and 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by the Invesco V.I. Equally-Weighted S&P 500 Fund. The fund is not sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation regarding the advisability of investing in the fund. Subject to approval of the fund s board, Lincoln Investment Advisors Corporation (LIAC) has the right to engage or terminate a subadvisor at any time, without a shareholder vote, based on an exemptive order from the Securities and Exchange Commission. LIAC is responsible for overseeing all subadvisors for funds relying on this exemptive order. The fund is subject to certain underlying risks that affect the listed private equity companies in which the fund invests. These underlying risks may include, but are not limited to, additional liquidity risk, industry risk, non-u.s. security risk, currency risk, valuation risk, credit risk, managed portfolio risk and derivatives risk. There are inherent risks in investing in private equity companies, little public information generally exists for private and thinly traded companies, and there is a risk that investors may not be able to make fully informed investment decisions. Listed private equity companies may have relatively concentrated portfolios which may lead to more volatility. Certain fund investments may be exposed to liquidity risk due to low trading volume, lack of a market maker or legal restrictions limiting the availability of the fund to sell particular securities at any given price and/or time. As a result these securities may be more difficult to value. Lincoln Director SM, a group variable annuity contract, is issued on variations of contract form 19476 and state variations and amendment forms AR-450A and AR-451A by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., Radnor, PA, a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contractual obligations are subject to the claims-paying ability of The Lincoln National Life Insurance Company. Contracts sold in New York are issued on variations of contract form 19476NY and amendment forms AR-450A and AR-451A by Lincoln Life & Annuity Company of New York, Syracuse, NY. Contractual obligations are subject to the claims-paying ability of Lincoln Life & Annuity Company of New York. LCN-1801183-051817 Page 5 of 5