Lincoln Financial Group Prices Common Stock Offering

PHILADELPHIA, June 16 /PRNewswire-FirstCall/ -- Lincoln Financial Group (NYSE:
LNC) today announced that it has priced a public offering of 40 million shares
of its common stock at a public offering price of $15.00 per share to raise
approximately $600 million. The underwriters will have a 30-day option to
purchase up to an additional 6 million shares of common stock. The offering is
expected to close on June 22, 2009, subject to customary closing conditions.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050830/LFLOGO )

Lincoln intends to use the net proceeds from the offering, which are expected
to be approximately $566 million (without giving effect to any exercise of the
underwriters' option to purchase additional shares), for general corporate
purposes, including, but not limited to, contributions of capital to our
insurance and other subsidiaries.

J.P. Morgan Securities Inc. and Merrill Lynch & Co. served as Global
Coordinators and Goldman, Sachs & Co. and Morgan Stanley & Co. Incorporated
served as joint book-running managers for the offering.

This announcement does not constitute an offer to sell or the solicitation of
any offer to buy the common stock, nor shall there be any offer or sale of the
common stock in any jurisdiction in which such offer, solicitation or sale
would be unlawful. A registration statement relating to these securities has
been filed with the SEC and is effective.
A written prospectus and prospectus supplement relating to the common stock
being offered may be obtained from J.P. Morgan Securities Inc., 4 Chase
Metrotech Center, CS Level, Brooklyn, New York 11245, Attn: Chase Distribution
and Support Service Northeast Statement Processing, telephone (718) 242-8002
and from Merrill Lynch & Co., 4 World Financial Center, New York, NY 10080,
Attn: Prospectus Department, telephone: (212) 449-1000. You may also get these
documents for free by visiting the SEC website at www.sec.gov. Before you
invest, you should read the prospectus and the prospectus supplement, the
registration statement and other documents that Lincoln has filed with the SEC
for more complete information about Lincoln and this offering.

Lincoln Financial Group is the marketing name for Lincoln National Corporation
(NYSE: LNC) and its affiliates. With headquarters in the Philadelphia region,
the companies of Lincoln Financial Group had assets under management of $171
billion as of March 31, 2009. Through its affiliated companies, Lincoln
Financial Group offers: annuities; life, group life and disability insurance;
401(k) and 403(b) plans; savings plans; mutual funds; managed accounts;
institutional investments; and comprehensive financial planning and advisory
services. Affiliates also include: Delaware Investments, the marketing name
for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK.

Forward-Looking Statements--Cautionary Language

Certain statements made in this release are "forward-looking statements."
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, continued deterioration in
general economic or business conditions; continued credit market illiquidity;
lowering of one or more of Lincoln's debt ratings issued by nationally
recognized statistical rating organizations; lowering of one or more of the
insurer financial strength ratings of Lincoln's insurance subsidiaries;
legislative and regulatory changes and proceedings; changes in interest rates;
sudden or prolonged declines in the equity markets; and deviation in actual
experience regarding future persistency, mortality, morbidity, interest rates
or equity market returns from Lincoln's assumptions used in pricing its
products, in establishing related insurance reserves, and in the amortization
of intangibles that may result in an increase in reserves and a decrease in
net income. The risks included here are not exhaustive. Lincoln's quarterly
report on Form 10-Q for the quarter ended March 31, 2009, annual report on
Form 10-K, current reports on Form 8-K and other documents filed with the SEC
include additional factors which could impact Lincoln's business and financial
performance.

SOURCE Lincoln Financial Group

Jim Sjoreen, Investor Relations, +1-484-583-1420, investorrelations@LFG.com;
or Laurel O'Brien, Media Relations, +1-484-583-1735, mediarelations@LFG.com,
both of Lincoln Financial Group