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

Copyright ©2005 Ibbotson Associates, Inc.

Government bondsSmall company stocksTreasury billsLarge 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

19391929 1930 1931 1932 1933 1934 1935 19371936 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

Endingwealth

Hypothetical value of $1 invested at year-end 1929. Assumes reinvestment of income and no transaction costs or taxes.

Copyright ©2005 Ibbotson Associates, Inc.

1939 1940 1941 1942 1943 1944 1945 19471946 1948

Small company stocksLarge company stocksInflation Government bondsTreasury 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

Endingwealth

$.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.

Copyright ©2005 Ibbotson Associates, Inc.

$.9

$1

Large company stocks Small company stocksInflation Treasury bills Government bonds

The 1950s

1949 1950 1951 1952 1953 1954 1955 19571956 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

Endingwealth

$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.

Copyright ©2005 Ibbotson Associates, Inc.

$4.24

$2.12

$1.15

$1.46

$1.28

Small company stocksLarge company stocks Treasury billsInflation Government bonds

15.5%

7.8%

3.9%

2.5%

1.4%

Avg.return

Endingwealth

The 1960s

$1

$.8

$3

$6

1959 1960 1961 1962 1963 1964 1965 19671966 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.

Copyright ©2005 Ibbotson Associates, Inc.

1969 1970 1971 1972 1973 1974 1975 19771976 1978

The 1970s

$2.97

$2.04

$1.71

$1.84$1.77

$1

Small company stocksInflation Treasury bills Large company stocks Government bonds

11.5%

7.4%6.3%5.9%5.5%

Avg.return

Endingwealth

$.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.

Copyright ©2005 Ibbotson Associates, Inc.

1979 1980 1981 1982 1983 1984 1985 19871986 1988 1989

The 1980s

$5.04

$4.35

$1.64

$3.28

$2.34

Large company stocks Small company stocksGovernment bondsTreasury billsInflation

17.5%

15.8%

12.6%

8.9%

5.1%

Avg.return

Endingwealth

$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.

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

Endingwealth

1989 1990 1991 1992 1993 1994 1995 19971996 1998 1999

Large company stocks Small company stocksGovernment bondsTreasury billsInflation

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.

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

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

$5

$3

$4.56

$2.54

$1.28

$3.13

$1.47

16.4%

9.8%

12.1%

3.9%

2.5%

Avg.return

Endingwealth

$1

Small company stocks Large company stocksGovernment bondsTreasury billsInflation

Hypothetical value of $1 invested at year-end 1994. Assumes reinvestment of income and no transaction costs or taxes.