X0201 4 2004-03-11 0 0000059558 LINCOLN NATIONAL CORP LNC 0001245127 AVERY WILLIAM J CENTRE SQUARE - WEST TOWER 1500 MARKET STREET, STE 3900 PHILADELPHIA PA 191022112 1 0 0 0 DVSP Incentive Phantom Stock 0.00 2004-03-11 4 A 0 315 47.58 A Common Stock 315.00 533.70 D 1-for-1 In accordance with the terms of the Lincoln National Corporation Directors' Value Sharing Plan, phantom stock credited under the Plan can be settled in cash only, such cash will begin to be paid as soon as practicable following the date that the non-employee director ceases to be a director of Lincoln National Corporation By: /S/ C. Suzanne Womack, POA for William J. Avery 2004-04-15