GOLDMAN SACHS U.S. FINANCIAL SERVICES CONFERENCE 2016

GOLDMAN SACHS U.S. FINANCIAL SERVICES CONFERENCE 2016 New York, NY Dennis R. Glass President and Chief Executive Officer Chris Giovanni 484-583-1793 Christopher.Giovanni@LFG.com December 7, 2016 2016 Lincoln National Corporation

LINCOLN STORY 2

U.S. RETAIL-CENTRIC; TARGETING SELECT HIGH-GROWTH AREAS Clear and consistent focus on retail products in the United States Highly Integrated Four Core Businesses High Growth Segments Centralized Distribution Retail Focused Products Risk Management Strong Capital Position Annuity Group Protection (GP) Life Retirement Plan Services (RPS) Mass affluent Annuity Employee-paid Group Protection High end Life Gen X / millennial markets Broad shelf space Wholesale Retail Worksite Comprehensive Innovative Diversified Multi-solution Rigorous planning Active monitoring Centralized Integral to product design Free cash flow generation Steady growth in dividends and buybacks Appropriate leverage Small employers and government 3

CONTINUING TO DIVERSIFY THE COMPANY S RISK PROFILE 100% Achieved long-term guarantee sales mix goal 1 75% 50% 25% 0% 60% 40% 71% 29% 2009 2015 With long-term guarantee Without long-term guarantee 70% Target 30% Without long-term guarantee With long-term guarantee which supports increasing mortality/morbidity as a source of earnings 2 3Q16 Long-term goal 73% 27% 67% 33% All nonmortality/morbidity Mortality/morbidity 1 Sales mix: Life, MoneyGuard and Group Protection: Paid Annualized Premiums as reported; Annuity/Retirement Plan Services at 5% of Deposits. 2 Pre-Tax, excludes Other Operations. 4

TRACK RECORD OF STRONG AND CONSISTENT PERFORMANCE Steady revenue growth with controlled expenses Strong EPS growth $15B $12B $9B $6B 13% 12% 11% 10% $8 $6 $4 $2 $3B 9% 2009 2015 Operating revenue 1 2009 2015 G&A as a % of operating revenue 1 BVPS growth and ROE expansion $0 2009 2015 Operating EPS 1 Strong capital levels $60 12% $9B 550% $50 10% $8B 500% $40 8% $7B 450% $30 6% $6B 400% $20 4% $5B 2009 2015 2009 2015 BVPS ex. AOCI 1 ROE 1 Statutory capital RBC ratio 350% 1 See Appendix for a reconciliation of non-gaap measures to their most comparable GAAP measures. G&A as a percent of operating revenue represents general and administrative expenses, net of amounts capitalized, as a percent of operating revenue. 5

KEY DRIVERS CONTINUE TO SUPPORT SOLID FINANCIAL RESULTS Target annual EPS growth of 8 to 10% +2-4% +2-3% Target ~8-10% +1-2% +0-1% (2-3)% +4-5% Net flows/ premiums In-force margin improvement Expense efficiency Equity market growth Spread compression Buybacks Targeted EPS appreciation Organic earnings Equity markets 6-8% total return Capital markets Capital market assumptions Interest rates Remain at current levels Capital management 6

Lincoln FINANCIAL RESULTS COMPARE FAVORABLY TO PEERS Better growth 7% EPS CAGR 12% 8% BVPS CAGR 5% Lower volatility More ROE expansion 0.2 260bps Earnings volatility 2 0.6 130bps Strong capital 25% 26% ROE Growth in TAC Peers 1 Valuation Outperformance not reflected in valuation P/B ex 1.13x 1.43x AOCI 9.3x P/E 11.4x 1 Financial measures compare 2015 to 2009 and peers include AFL, CNO, MET, PFG, PRU, TMK and UNM. Valuation as of 11/25/2016. 2 Source: SNL Financial; Volatility, represented by the variation coefficient, is calculated as the standard deviation of quarterly income from 1Q09 to 4Q15, divided by the average quarterly income to normalize for size differences. 7

CONFRONTED BY INDUSTRY OR COMPETITOR SPECIFIC ISSUES Persistently low interest rates Low rates remain manageable EPS headwind; Strong reserve adequacy VA policyholder behavior assumptions² Assumptions in line with actual experience; Severe sensitivities produce modest impacts Spread Compression Statutory Balance Sheet Total reserve adequacy 1 2012 $8B Lapses Utilization Mortality 6.8% 6.8% 3.4% 3.6% 12.5 12.0 2015 2018E: 2-3% range vs. 2013 2014: 4-5% range 2015 $11B RBC impact of SGUL subtests in low rate scenarios 1.5% 10-yr UST - 1.0% 10-yr UST ~20% pts 0.5% 10-yr UST ~40% pts Actual Expected Scenario Unlocking 3 50% drop in lapse rates $(50)M Full utilization 4 1 Excludes financed reserves; assumes no regulatory or other assumption changes. 2 Lapses: Rate of full surrenders for VA living benefit policies from 2013-2015; Utilization: Average percent of VA guarantee withdrawal benefit policyholders initiating income in each year from 2013-2015; Mortality: Deaths per 1,000 policies for VA living benefit policies from 2012-2014. 3 Net income unlocking estimates based upon 9/30/2016 reserve and DAC models. Reflects sensitivities applied to the full variable annuity book. 4 Not all policyholders utilize their guarantee withdrawal benefits. This sensitivity assumes all policyholders utilize guarantees by policy year 20. $(160)M 20% reduction in mortality $(90)M 8

PROACTIVE STEPS TO ADDRESS INDUSTRY HEADWINDS Key economic headwind: interest rates 10-year U.S. Treasury rates 4% 3% 2% 1% 2010 2011 2012 2013 2014 2015 Life: base spread 1.71% 1.71% 1.77% 1.62% 1.46% 1.40% RPS: base spread 2.21% 2.21% 2.01% 1.85% 1.74% 1.63% Actions to date Crediting rates Product diversification Other actions Additional levers to respond to headwinds In-force actions Proactive retention actions In-force repricing 1 Expense management Disciplined expense management Enterprise expense assessment Demonstrated ability to respond to market conditions while protecting and growing the franchise 1 Potential prospective re-pricing considerations for in-force business: investment income, mortality, reinsurance costs, policyholder persistency, expenses (including taxes), and other contractual considerations. 9

DRIVE FURTHER MARGIN IMPROVEMENT IN GROUP PROTECTION Loss ratio improvement Disciplined pricing Claims management 8% Target markets Employee-paid products Small and mid-sized businesses Strategic initiatives Margin expansion Premium growth Leveraging distribution Sales growth reemerging Improved renewal persistency 4% 0% 2015 margin Claims management Pricing discipline Top-line growth Target margin 10

EXPAND AND SELECTIVELY REPRICE PRODUCT PORTFOLIO Broad product portfolio 2016 YTD Group Dental Group 4% VA with GLB Disability 8% 10% VA without GLB 6% Group Life 7% Director 3% Alliance 3% VUL 1% Executive Benefits 2% IUL 6% Term 8% MoneyGuard 14% Annuities 1 Life RPS 1 Group VA with reinsurance 6% GUL/GVUL 15% FA 7% 1 Annuities and RPS are based on 5% of deposits. RPS deposits include only first-year sales. Changes to accelerate growth and assure appropriate returns Product and capability expansion/development Annuities Fee-based VA and FIA Passive investment options Innovative lifetime income Group Accident and critical illness Absence management Life LincXpress SM TermAccel RPS Small market Director SM Digital and mobile capabilities Product repricing GUL Review of other products with long-duration guarantees 11

ENSURE DISTRIBUTION REMAINS COMPETITIVE ADVANTAGE Predictive analytics and digital tools to target, acquire, and develop producers Producer segmentation on 76 attributes like: Business model Tenure Licensing AUM Attributes that predict sales Demographic Behavioral $ Home value Income Education Net worth Spending habits Independent distribution offers multiple ways to win 200K Targeted producers We have a large active producer base With room to grow 90K Active Lincoln producers 110K Attributes like our best active producers of total sales from 74% repeat producers 1/4 selling multiple types of Lincoln products Add new producers in our core markets Expansion to new markets RETENTION CROSS SELL 12

STRONG CAPITAL GENERATION AND FLEXIBILITY $6.6B of capital generation (2011 2016 YTD) 1 Free cash flow continues to be robust 2 $0.3B 4% $0.8B 13% $1.7B 26% Timeframe Target Prior long-term target 45-50% Current long-term target 50-55% $3.8B 57% 2016 target Expect to exceed 50-55% Share repurchases Retained in life company Dividends Deleveraging 1 2016 results for capital retained in life company are estimated. 2 Free cash flow is defined as the percent of operating earnings deployed through share repurchases and common stock dividends. Market cap as of 11/2/16 13

ANNUITIES 14

2009 2010 2011 2012 2013 2014 2015 YTD15 YTD16 ANNUITIES BUSINESS REMAINS A HIGH QUALITY SOURCE OF EARNINGS $1,200M $1,000M $800M $600M $400M $200M $0M Without GLB 37% Diversified sales mix continues 24% Consistent earnings growth 2015 YTD 2016 YTD 13% 27% 36% With GLB 63% Without GLB 45% 24% 21% 20% 35% With GLB 55% High quality franchise Track record of strong earnings Earnings strength continues in 3Q with $240M, up sequentially for the second straight quarter Continued focus on sales diversification Fixed annuity sales of $1.6B YTD, up 28% 45% of sales without GLB, up 8 percentage points 1 Operating ROE of 21% in the quarter, consistent with long-term average Key takeaways Quality book of business Industry leading risk management Best-in-class distribution and diverse products 1 Guaranteed Living Benefits is abbreviated as GLB. 15

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 ANNUITIES DIFFERENTIATED AND UNDERVALUED BUSINESS LNC AMP AIG AXA Aegon VOYA MET PRU Jackson $3B $2B $1B $0B $(1)B $(2)B $(3)B Consistent sales, lower risk VA book 1 8% GLB NAR 6% as % of AV 4% 2% 0% LNC 0.9% 0% 10% 20% 30% 40% 50% Change in hedge target Peer avg 2 6.1% 40% 30% 20% 10% 0% Minimal historic hedge breakage Achieving excellent returns through a cycle Hedge program performance (net breakage) 20% ROE average, 2007-2015 3 ~19% if including VA hedge results 2007 2009 2011 2013 2015 2010 2011 2012 2013 2014 2015 3Q16YTD 1 Source: Morningstar; Total Annuities account values (AV) and net amounts at risk as of 12/31/2015. Sorted by range of VA sales as % of beginning AV, 2008-2015 2 Peers include AIG, AXA, Aegon, AMP, HIG, Jackson, MET, PRU and VOYA. 3 Return on equity, excluding goodwill; returns including VA hedge results contain VA net derivative results, excluding impact of non-performance risk (NPR). 16

Standard deviations from mean ANNUITIES VALUE OF BUSINESS CONSISTENTLY ABOVE PEER AVERAGE Oliver Wyman: Lincoln consistently sells VA business with above average profitability¹ 4 3 2 1 0 (1) (2) (3) (4) Relative profitability for VA with living benefits 2008 2009 2010 2011 2012 2013 2014 2015 Lincoln Peer group Average 1 Oliver Wyman calculations, based on market consistent valuation of one or more guaranteed living benefits (GLB) riders sold by each company, using a consistent set of capital market and policyholder behavior assumptions at each valuation date. Peer group consists of the six leading sellers of VA GLB product since 2008. 17

ANNUITIES DOL RULE IS MANAGEABLE We are the non-qualified sales leader; 57% of VA and FIA sales not impacted by DOL 60% 50% 40% 30% 2012 2013 2014 2015 2016 YTD 57% 35% 2 Industry Non-qualified Sales LNC Non-qualified Sales LNC Non-qualified Inforce AV 1 Constructive changes to final rule Recognized both commissions and fees can serve a client s best interest Acknowledged value of lifetime income VA and FIA on level playing field Grandfathering of existing contracts Our plan to transition and pivot Continue to focus on non-qualified sales Provide both fee-based and commission product designs, with opportunity to reach new fee-based advisors and registered investment advisors (RIAs) Use capital from lower sales levels for share buybacks as we pivot the business 1 YTD values through 6/30/16; 9/30/16 industry data not yet available. 2 Source: Morningstar for VA data and LIMRA for FA/FIA data. 18

RETIREMENT PLAN SERVICES 19

RETIREMENT PLAN SERVICES POSITIONED WELL FOR FUTURE GROWTH $8B $6B $4B $2B 15% 10% 5% Consistent growth in deposits 2009 2010 2011 2012 2013 2014 2015 Moderating expense growth 12% 5% 2% 2-4% Consistent earnings Steady earnings and positive net flows Average quarterly earnings of $32M in LTM 1 Net flows remain positive Positive net flows in 6 of last 7 quarters Continue to expand in target markets: government, healthcare, small market 401(k) Expect 2016 flows to exceed prior year Expense discipline helping to offset spread compression Expense growth below prior years Expect 10-15 bps of spread compression Key takeaways 0% 2009-2011 2011-2013 2013-2015 Annual target Infrastructure investments 1 Last twelve months is abbreviated as LTM Focused investments and expense efficiency Growing and gaining scale in target markets Differentiated customer experience attracts new business and grows in-force Actions to reduce impacts of low interest rates 20

RETIREMENT PLAN SERVICES GROWING SALES IN OUR TARGET MARKETS Government: 457 Healthcare: 403(b) Small market: 401(k) Fastest growing provider in market 1 Leveraging leading market position (#3) 1 Sales growth outpacing overall industry (16% vs. 10%) 1 Industry growth rankings 2 Fast growing and profitable markets 457: Government 403(b): Healthcare 403(b): Healthcare Micro/small 401(k) Large 401(k) Mid 401(k) Mid 401(k) 457: Government Micro/small 401(k) Large 401(k) Mega 401(k) Mega 401(k) Indicates Lincoln target market Industry profitability rankings 3 $2.8B $2.1B $1.4B $0.7B $0.0B Growing new sales in target markets 75% in target markets 2011 2015 91% in target markets Mid-large government and healthcare Total small market Other mid-large market 1 Source: LIMRA Not-for-Profit Retirement Market Report: 2015 vs. 2014 for government market asset growth and healthcare ranking based on total assets; LIMRA 401(k) Scorecard Report 2015 vs. 2014 asset growth for 401(k) plans with less than 250 participants for small market sales. 2 Source: The Cerulli Report: Retirement Markets 2015 estimated annual asset growth 2015 to 2020. 3 Source: Sterling Resources: 2014 Profit 2000 TM Benchmark Study; ranking based on profit per participant. 21

New sales RETIREMENT PLAN SERVICES ACTIONS TO GROW SALES AND DRIVE POSITIVE FLOWS Accelerating growth with targeted strategic actions Shifting mix of business to drive more consistent positive flows Expansion Expanding and upgrading distribution force across all markets 30% growth since 2011 $2.8B $2.1B Strategic partners Deepening strategic partnerships to support small market growth 53% of 2015 sales versus 25% in 2011 $1.4B $0.7B Product development Launch of enhanced small market Lincoln Director SM product $0.0B 2011-2013 Average 2014 2015 Customer experience Owning and investing in the customer experience Under $25M $25M-$100M $100M-$400M Over $400M 22

RETIREMENT PLAN SERVICES GROWING EARNINGS IN TARGET MARKETS Target growth area Manageable but expected to continue $43M $40M $37M $36M $5M Growth reemerging in 2017 and beyond Sales growth Expense management In-force optimization $34M $(6)M $31M $(4)M $31M $28M Avg quarterly earnings 1 Growth in midlarge and small markets Spread compression Multi-Fund Multi-Fund and and Other other runoff Run-off YTD16 average quarterly earnings Headwinds from low rates continue to persist Growing small and mid-large market earnings to combat impact from interest rates Future earnings growth driven by asset growth and in-force optimization 1 Average quarterly earnings from 2012 through 2015 excluding unlocking, which averaged $0.3M over the period. 23

LIFE INSURANCE 24

LIFE INSURANCE SCALE AND DIVERSIFICATION TO DRIVE LONG-TERM GROWTH Tilt to products without long-term guarantees 2015 YTD 2016 YTD Without long-term guarantees 68% 11% 13% 13% 5% 26% 32% With guarantees 32% Without long-term guarantees 68% 5% 17% 13% 3% 30% 32% Key drivers support long-term growth With guarantees 32% Momentum in strategic objectives Maintain sales diversification 68% of sales without long-term guarantees No single product more than 30% of sales Key drivers support earnings growth Account values: +5% CAGR Total in-force amount: +3% CAGR Disciplined risk management and product pricing Pricing changes on both in-force and new business where needed Key takeaways $34B $44B 2010 2015 $563B $662B 2010 2015 Superior product scale and diversification Mortality provides reliable L-T earnings New business and in-force actions will overcome headwinds 25

LIFE INSURANCE SUPERIOR PRODUCT SCALE AND DIVERSIFICATION Top 10 companies based on 2015 life insurance sales 1 1 2 Lincoln 4 5 6 7 8 Product Rank VUL #1 Linked benefit #1 UL #9 Term #10 GUL #3 Executive benefits #3 Total life #3 Total life ex. whole life #1 9 10 VUL Linked benefit UL Term GUL Executive benefits Whole life Only company to have all products represent between 10% and 30% of total sales 1 Source: LIMRA U.S. Retail Individual Life Insurance Sales Participant Report - Fourth Quarter 2015 Year to Date and LIMRA 2015 U.S. Individual COLI BOLI Sales Participant Report. 26

LIFE INSURANCE POSITIONED FOR EARNINGS GROWTH Earnings growth through new business franchise and in-force management ~$80M ~$(70)M ~$(5)M $482M $487M 2012 operating income excluding unlocking and capital redeployment Organic growth Spread compression Other 2015 operating income (w/o unlocking) 1 Life unlocking for 2012 is $47M and for 2015 is $(117)M. Capital redeployment impact of $(45)M. 27

GROUP PROTECTION 28

3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 1 GROUP PROTECTION EARNINGS IMPROVEMENT CONTINUES $55M $45M $35M $25M $15M 85% 80% 75% 70% 65% 60% 55% Strong earnings and sales growth YTD15 YTD16 Non-medical LR $225M $200M $175M $150M $125M YTD15 YTD16 Loss ratio improvement continues TTM Non-medical LR 1 3Q2016 Non-medical loss ratio excludes favorable disability reserve refinements. Positioned well to improve profitability Continued improvement in loss ratio Trailing-twelve-month loss ratio of 71.9%, lowest since 2010 Pricing and claims management to sustain loss ratio improvement Increasing sales and persistency Market disruption from aggressive renewal repricing strategy has subsided YTD sales of $208M, up 16%; persistency recovering Targeted margin of 5-7% Key takeaways Continue pricing and claims management discipline Leveraging distribution to grow target markets Increasing sales and improving renewal persistency to drive premium 29

Actual to expected GROUP PROTECTION LOSS RATIO IMPROVEMENT DRIVEN BY CLAIMS MANAGEMENT Ongoing claims management improvement People Processes Technology Strengthen talent Improve examiner proficiency Reduced LTD claim examiner caseload by 15% 2015 vs. 2014 Claims management process reengineering Invest in medical and rehabilitation expertise LTD claim resolutions Optimize new claims management technology Leverage analytics and predictive modeling 160% 150% 140% 130% 120% 2014 2015 30

GROUP PROTECTION RESILIENT DISTRIBUTION POSITIONED TO DRIVE GROWTH $550M $450M $350M Pricing actions adversely affected sales and persistency Sales declined Renewal persistency Prior to repricing 70 to 75% Large and highly regarded distribution platform Consumer poised to marketing restore growth Data and analytics 160 wholesalers Net Promoter Score Education and advice Customer buying experience 30 20 +29 $250M $150M 2014 2015 Return to premium growth driven by: Post repricing 60 to 65% Service delivery Onboarding process and data exchange Sales growth Selling and renewal Renewal processes persistency recovery Value added services absence management 5 to 7% 10 0 1 +1 LNC Peers 2 70 to 75% 1 Net Promoter Score derived from Group Protection 2015 broker satisfaction study. (Net Promoter Score, is a registered trademark of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.). 2 Competitors include Cigna, Colonial, Guardian, HIG, and UNM. 31

APPENDIX 32

FORWARD LOOKING STATEMENTS CAUTIONARY LANGUAGE Certain statements made in this presentation and in other written or oral statements made by Lincoln or on Lincoln's behalf are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like: "believe," "anticipate," "expect," "estimate," "project," "will," "shall" and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, trends in Lincoln's businesses, prospective services or products, future performance or financial results, and the outcome of contingencies, such as legal proceedings. Lincoln claims the protection afforded by the safe harbor for forward-looking statements provided by the PSLRA. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the results contained in the forward-looking statements. Risks and uncertainties that may cause actual results to vary materially, some of which are described within the forward-looking statements include, among others: Deterioration in general economic and business conditions that may affect account values, investment results, guaranteed benefit liabilities, premium levels, claims experience and the level of pension benefit costs, funding and investment results; Adverse global capital and credit market conditions could affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it matures; Because of our holding company structure, the inability of our subsidiaries to pay dividends to the holding company in sufficient amounts could harm the holding company s ability to meet its obligations; Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries' products; the required amount of reserves and/or surplus; our ability to conduct business and our captive reinsurance arrangements as well as restrictions on revenue sharing and 12b-1 payments; and the potential for U.S. federal tax reform and the effect of the Department of Labor s regulation defining fiduciary; Actions taken by reinsurers to raise rates on in-force business; Declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses, estimated gross profits and demand for our products; Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses, and reduced hedge performance related to variable annuities; 33

FORWARD LOOKING STATEMENTS CAUTIONARY LANGUAGE (CONT.) Uncertainty about the effect of rules and regulations to be promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act on us and the economy, and financial services sector in particular; The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business practices common in businesses in which we compete; adverse decisions in significant actions including, but not limited to, actions brought by federal and state authorities and class action cases; new decisions that result in changes in law; and unexpected trial court rulings; A decline in the equity markets causing a reduction in the sales of our subsidiaries' products; a reduction of asset-based fees that our subsidiaries charge on various investment and insurance products; an acceleration of the net amortization of deferred acquisition costs, or "DAC;" value of business acquired, or "VOBA;" deferred sales inducements, or "DSI;" and deferred front end sales loads, or "DFEL;" and an increase in liabilities related to guaranteed benefit features of our subsidiaries' variable annuity products; Ineffectiveness of our risk management policies and procedures, including various hedging strategies used to offset the effect of changes in the value of liabilities due to changes in the level and volatility of the equity markets and interest rates; A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries' products, in establishing related insurance reserves and in the net amortization of DAC, VOBA, DSI and DFEL, which may reduce future earnings; Changes in accounting principles generally accepted in the United States, or "GAAP," including convergence with International Financial Reporting Standards (IFRS), that may result in unanticipated changes to our net income; Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital and on our liquidity and financial condition; Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention, profitability of our insurance subsidiaries and liquidity; Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain investments in our portfolios as well as counterparties to which we are exposed to credit risk requiring that we realize losses on investments; Inability to protect our intellectual property rights or claims of infringement of the intellectual property rights of others; Interruption in telecommunication, information technology or other operational systems, or failure to safeguard the confidentiality or privacy of sensitive data on such systems from cyberattacks or other breaches of our data security systems; 34

FORWARD LOOKING STATEMENTS CAUTIONARY LANGUAGE (CONT.) The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items; The adequacy and collectability of reinsurance that we have purchased; Acts of terrorism, a pandemic, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance; Competitive conditions, including pricing pressures, new product offerings and the emergence of new competitors, that may affect the level of premiums and fees that our subsidiaries can charge for their products; The unknown effect on our subsidiaries' businesses resulting from changes in the demographics of their client base, as aging baby-boomers move from the asset-accumulation stage to the asset-distribution stage of life; and Loss of key management, financial planners or wholesalers. The risks included here are not exhaustive. Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC include additional factors which could impact our business and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors. Further, it is not possible to assess the impact of all risk factors on our businesses or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, Lincoln disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this presentation. The reporting of RBC measures is not intended for the purpose of ranking any insurance company or for use in connection with any marketing, advertising or promotional activities. 35

RECONCILIATION NET INCOME TO INCOME FROM OPERATIONS (dollars in millions, except per share data) For the Three Months Ended For the Years Ended September 30, June 30, September 30, December 31, 2015 2016 2016 2009 2015 Total Revenues $ 3,716 $ 3,307 $ 3,525 $ 8,473 $ 13,572 Less: Excluded realized gain (loss) (18) (89) (7) (1,229) (329) Amortization of DFEL on benefit ratio unlocking (2) - 1 (4) (2) Amortization of deferred gains arising from reserve changes on business sold through reinsurance 1 1 1 3 3 Total Operating Revenues $ 3,735 $ 3,395 $ 3,530 $ 9,703 $ 13,900 Net Income (Loss) Available to Common Stockholders - Diluted $ 220 $ 325 $ 467 $ (639) $ 1,150 Less: Preferred stock dividends and accretion of discount - - - (34) - Adjustment for deferred units of LNC stock in our deferred compensation plans (1) (7) - - - (4) Net Income (Loss) 227 325 467 (605) 1,154 Less (2) : Excluded realized gain (loss) (11) (57) (4) (800) (214) Benefit ratio unlocking (51) 9 30 90 (29) Income (loss) from reserve changes (net of related amortization) on business sold through reinsurance - - - 2 2 Gain (loss) on early extinguishment of debt - - - 42 - Impairment of intangibles - - - (710) - Income (loss) from discontinued operations - - - (73) - Income (Loss) from Operations $ 289 $ 373 $ 441 $ 844 $ 1,395 Earnings (Loss) Per Common Share - Diluted Net income (loss) $ 0.87 $ 1.35 $ 2.00 $ (2.23) $ 4.51 Income (loss) from operations 1.11 1.56 1.89 2.83 5.46 1 The numerator used in the calculation of our diluted EPS is adjusted to remove the mark-to-market adjustment for deferred units of LNC stock in our deferred compensation plans if the effect of equity classification would result in a more diluted EPS. 2 We use our prevailing federal income tax rate of 35% while taking into account any permanent differences for events recognized differently in our financial statements and federal income tax returns when reconciling our non-gaap measures to the most comparable GAAP measure. 36

RECONCILIATION BOOK VALUE PER SHARE AND RETURN ON EQUITY (millions of dollars, except per share data) As of September 30, As of December 31, 2015 2016 2009 2015 Book value per share, including AOCI $ 58.19 $ 71.43 $ 34.90 $ 55.85 Per share impact of AOCI 6.72 14.78 (0.87) 3.47 Book value per share, excluding AOCI 51.47 56.65 35.77 52.38 (millions of dollars, except per share data) For the Three Months Ended September 30, For the Years Ended December 31, 2016 2009 2015 Average equity including goodwill 1 $ 12,836 $ 10,001 $ 12,693 Income from operations 441 844 1,395 Return on average equity - reported including goodwill 1 13.7% 8.4% 11.0% Average equity including goodwill 1 $ 12,836 $ 10,001 $ 12,693 Net income 467 (605) 1,154 Return on average equity - reported including goodwill 1 14.5% -6.0% 9.1% 1 Excludes AOCI. 37

RECONCILIATION NOTABLE ITEMS For the Three Months Ended September 30, 2015 2016 Operating EPS, as reported $ 1.11 $ 1.89 Less notable items: - Unlocking/Reserve adjustments (0.45) - Legal expenses (0.12) - Tax adjustments 0.02 0.06 Total notable items (0.55) 0.06 Operating EPS, excluding notable items $ 1.66 $ 1.83 38

RECONCILIATION ANNUITIES RETURN ON EQUITY TO ANNUITIES PRO-FORMA RETURN ON EQUITY (dollars in millions) For the Years Ended December 31, 2007 2 2008 2009 2010 2011 Average equity including goodwill 1 $ 3,304 $ 3,489 $ 2,719 $ 2,711 $ 2,954 Income from operations 440 197 324 471 573 Return on average equity - reported including goodwill 1 13.3% 5.6% 11.9% 17.4% 19.4% Average goodwill $ 1,043 $ 1,041 $ 515 $ 440 $ 440 Average equity less goodwill 1 2,261 2,448 2,204 2,271 2,514 Return on average equity - reported excluding goodwill 1 19.5% 8.0% 14.7% 20.7% 22.8% Net derivative results, excluding GLB NPR 3-38 (60) (10) (194) Average equity less goodwill 1 2,261 2,448 2,204 2,271 2,514 Pro-forma return on average equity - excluding goodwill 1 19.5% 9.6% 12.0% 20.3% 15.1% 2012 2013 2014 2015 Average Average equity including goodwill 1 $ 3,493 $ 3,451 $ 3,950 $ 4,579 Income from operations 595 750 925 996 Return on average equity - reported including goodwill 1 17.0% 21.7% 23.4% 21.8% Average goodwill $ 440 $ 440 $ 440 $ 440 Average equity less goodwill 1 3,053 3,011 3,510 4,139 Return on average equity - reported excluding goodwill 1 19.5% 24.9% 26.4% 24.1% 20% Net derivative results, excluding GLB NPR 3 97 1 (24) (150) Average equity less goodwill 1 3,053 3,011 3,510 4,139 Pro-forma return on average equity - excluding goodwill 1 22.7% 24.9% 25.7% 20.4% 19% 1 Excludes AOCI. 2 Not adjusted for tax restatement as data is not available. 3 Estimates were required to produce 2007-2008 data. 39