Lincoln Financial Group
Available For Sale (AFS) by Industry Classifications
Amounts in Millions
	As of 6/30/2009												As of 3/31/2009
	Amortized		Unrealized		Unrealized			Fair		% Fair			Amortized		Unrealized		Unrealized			Fair		% Fair
AFS - Fixed Maturities	Cost		Gains		(Losses)			Value		Value			Cost		Gains		(Losses)			Value		Value
Corporate
Financial Services	$	8,420	$	80	$	(827	)	$	7,673	$	13.8	%	$	8,144	$	33	$	(1,403	)	$	6,774		14.0	%
Basic Industry		2,262		40		(179	)		2,123		3.9	%		2,200		11		(348	)		1,863		3.8	%
Capital Goods		2,899		67		(124	)		2,842		5.2	%		2,703		35		(220	)		2,518		5.2	%
Communications		2,924		99		(109	)		2,914		5.3	%		2,634		39		(208	)		2,465		5.1	%
Consumer Cyclical		2,891		75		(189	)		2,777		5.0	%		2,854		25		(360	)		2,519		5.2	%
Consumer Non-Cyclical		5,351		206		(79	)		5,478		10.0	%		4,838		86		(166	)		4,758		9.8	%
Energy		4,134		137		(87	)		4,184		7.6	%		3,086		40		(247	)		2,879		5.9	%
Technology		1,100		33		(19	)		1,114		2.0	%		1,038		13		(65	)		986		2.0	%
Transportation		1,165		24		(75	)		1,114		2.0	%		1,214		14		(119	)		1,109		2.3	%
Industrial Other		712		18		(19	)		711		1.3	%		704		9		(32	)		681		1.4	%
Utilities		8,618		230		(273	)		8,575		15.6	%		8,340		94		(544	)		7,890		16.2	%
ABS
CDO / CLN [1]		749		3		(444	)		308		0.6	%		796		4		(625	)		175		0.4	%
CRE CDO		56		-		(29	)		27		0.0	%		57		-		(31	)		26		0.1	%
Credit Card		180		-		(20	)		160		0.3	%		160		-		(34	)		126		0.3	%
Home Equity		1,166		-		(588	)		578		1.0	%		1,193		1		(588	)		606		1.2	%
Manufactured Housing		142		1		(30	)		113		0.2	%		145		-		(35	)		110		0.2	%
Auto Loan		122		1		-			123		0.2	%		-		-		-			-		0.0	%
Other		197		8		(10	)		195		0.4	%		192		9		(15	)		186		0.4	%
CMBS
Non-Agency Backed		2,520		16		(542	)		1,994		3.6	%		2,517		11		(621	)		1,907		3.9	%
CMOs
Agency Backed		4,712		248		(27	)		4,933		9.0	%		4,866		286		(24	)		5,128		10.5	%
Non-Agency Backed		1,865		3		(663	)		1,205		2.2	%		1,954		2		(756	)		1,200		2.5	%
Pass Throughs
Agency Backed		1,644		50		(7	)		1,687		3.1	%		1,374		65		-			1,439		3.0	%
Non-Agency Backed		133		-		(33	)		100		0.2	%		139		-		(41	)		98		0.2	%
Municipals
Taxable		809		11		(13	)		807		1.5	%		109		3		(1	)		111		0.2	%
Tax-Exempt		3		-		-			3		0.0	%		3		-		-			3		0.0	%
Government/Gov Agencies
United States		1,052		91		(28	)		1,115		2.0	%		1,047		131		(29	)		1,149		2.4	%
Foreign		1,177		38		(81	)		1,134		2.1	%		1,138		50		(123	)		1,065		2.2	%
Preferred Stock Redeemable & Hybrids		1,564		8		(509	)		1,063		1.9	%		1,564		3		(802	)		765		1.6	%
																					.
AFS - Fixed Maturities		58,567		1,487		(5,004	)		55,050		100.0	%		55,009		964		(7,437	)		48,536		100.0	%
AFS - Equities		400		9		(173	)		236					426		4		(254	)		176
Total AFS Securities		58,967		1,496		(5,177	)		55,286					55,435		968		(7,691	)		48,712
Trading Securities [2]		2,294		199		(176	)		2,317					2,279		222		(255	)		2,246
Total AFS & Trading Securities	$	61,261	$	1,695	$	(5,353	)	$	57,603				$	57,714	$	1,190	$	(7,946	)	$	50,958

[1]  Includes amortized cost of $600 million as of 6/30/09 and 3/31/2009 respectively, related to Credit-Linked Notes.  For additional information, see "Credit-Linked Notes (CLN)" disclosure starting on page 122 of the 2008 Form 10K.

[2] The trading securities support our Modco reinsurance agreements and the investment results are passed directly to the reinsurers.

Lincoln Financial Group
AFS - Exposure to Residential MBS ("RMBS") and Related Collateral
As of 6/30/2009
Amounts in Millions
	Total				Prime/Agency				Prime/Non-Agency				Alt-A				Subprime
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Type	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
CMOs, Pass Throughs	$	7,925	$	8,354	$	6,549	$	6,263	$	886	$	1,343	$	490	$	748	$	-	$	-
ABS - Home Equity		578		1,166		-		-		-		-		219		414		359		752
Total	$	8,503	$	9,520	$	6,549	$	6,263	$	886	$	1,343	$	709	$	1,162	$	359	$	752
Rating
AAA	$	7,227	$	7,148	$	6,526	$	6,239	$	342	$	397	$	163	$	210	$	196	$	302
AA		233		346		5		6		82		117		114		162		32		61
A		115		157		18		17		38		45		46		60		13		35
BBB		112		222		-		-		39		70		37		66		36		86
BB and below		816		1,647		-		1		385		714		349		664		82		268
Total	$	8,503	$	9,520	$	6,549	$	6,263	$	886	$	1,343	$	709	$	1,162	$	359	$	752
Origination Year
2004 and prior	$	3,817	$	3,972	$	3,031	$	2,889	$	322	$	388	$	276	$	375	$	188	$	320
2005		1,420		1,717		916		877		183		269		196		307		125		264
2006		755		1,165		387		370		124		238		198		389		46		168
2007		1,618		1,785		1,322		1,246		257		448		39		91		-		-
2008		381		364		381		364		-		-		-		-		-		-
2009		512		517		512		517		-		-		-		-		-		-
Total	$	8,503	$	9,520	$	6,549	$	6,263	$	886	$	1,343	$	709	$	1,162	$	359	$	752

Note:  This table does not include the fair value of trading securities totaling $165 million which support our Modco reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.  The $165 million in trading securities consisted of $139 million prime, $15 million Alt-A, and $11 million subprime.

Lincoln Financial Group
AFS - RMBS and Related Collateral
As of 6/30/2009
Amounts in Millions
Prime
	Total				AAA				AA				A				BBB					BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior	$	3,353	$	3,277	$	3,308	$	3,210	$	23	$	32	$	19	$	18	$	2	$	4	$	1	$	13
2005		1,099		1,146		943		913		38		49		37		42		4		7		77		135
2006		511		608		401		389		6		11		1		1		33		58		70		149
2007		1,579		1,694		1,321		1,246		20		31		-		-		-		-		238		417
2008		381		364		381		364		-		-		-		-		-		-		-		-
2009		512		517		512		517		-		-		-		-		-		-		-		-
Total	$	7,435	$	7,606	$	6,866	$	6,639	$	87	$	123	$	57	$	61	$	39	$	69	$	386	$	714
Alt-A
	Total				AAA				AA					A			BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior	$	276	$	375	$	129	$	156	$	81	$	113	$	44	$	58	$	9	$	22	$	13	$	26
2005		196		307		25		43		10		16		2		2		29		44		130		202
2006		198		389		9		11		23		33		-		-		-		-		166		345
2007		39		91		-		-		-		-		-		-		-		-		39		91
Total	$	709	$	1,162	$	163	$	210	$	114	$	162	$	46	$	60	$	38	$	66	$	348	$	664
Subprime
	Total				AAA				AA					A			BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior	$	188	$	320	$	127	$	184	$	20	$	37	$	9	$	29	$	23	$	53	$	9	$	17
2005		125		264		69		118		12		24		1		1		4		7		39		114
2006		46		168		-		-		-		-		4		5		8		26		34		137
Total	$	359	$	752	$	196	$	302	$	32	$	61	$	14	$	35	$	35	$	86	$	82	$	268

Lincoln Financial Group
AFS - Asset-Backed Securities - Consumer Loan
As of 6/30/2009
Amounts in Millions
	Total				Credit Card [1]				Auto Loans
	Fair		Amortized		Fair		Amortized		Fair		Amortized
	Value		Cost		Value		Cost		Value		Cost
Rating
AAA	$	260	$	276	$	137	$	154	$	123	$	122
BBB		24		26		24		26		-		-
Total	$	284	$	302	$	161	$	180	$	123	$	122

[1] Additional indirect credit card exposure through structured securities is excluded from this table.

See "Credit-Linked Notes (CLN)" disclosure starting on page 122 of the 2008 Form 10K.

Note: This table does not include the fair value of trading securities totaling $2.5 million which support our Modco

reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.

The $2.5 million in trading securities consisted of $2.3 million credit card securities and $0.2 million of auto loans.

Lincoln Financial Group
AFS - Commercial Mortgage-Backed Securities
As of 6/30/2009
Amounts in Millions
	Total				Multiple Property				Single Property				CRE CDOs
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Type	Value		Cost		Value		Cost		Value		Cost		Value		Cost
CMBS	$	1,994	$	2,520	$	1,911	$	2,376	$	83	$	144	$	-	$	-
CRE CDOs		27		56		-		-		-		-		27		56
Total	$	2,021	$	2,576	$	1,911	$	2,376	$	83	$	144	$	27	$	56
Rating
AAA	$	1,503	$	1,615	$	1,444	$	1,548	$	51	$	52	$	8	$	15
AA		259		353		259		353		-		-		-		-
A		133		260		91		179		24		44		18		37
BBB		96		195		89		162		6		29		1		4
BB and below		30		153		28		134		2		19		-		-
Total	$	2,021	$	2,576	$	1,911	$	2,376	$	83	$	144	$	27	$	56
Origination Year
2004 and prior	$	1,398	$	1,612	$	1,317	$	1,519	$	68	$	75	$	13	$	18
2005		349		500		327		424		14		61		8		15
2006		129		261		122		230		1		8		6		23
2007		145		203		145		203		-		-		-		-
Total	$	2,021	$	2,576	$	1,911	$	2,376	$	83	$	144	$	27	$	56

Note: This table does not include the fair value of trading securities totaling $78 million which support

our Modco reinsurance agreements since investment results for these agreements are passed

directly to the reinsurers.  The $78 million in trading securities consisted of $77 million CMBS

and $1 million CRE CDOs.

Lincoln Financial Group
AFS - Commercial Mortgage-Backed Securities
As of 6/30/2009
Amounts in Millions
	Total				AAA				AA				A				BBB				BB & Below
	Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized		Fair		Amortized
Origination Year	Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost		Value		Cost
2004 and prior	$	1,398	$	1,612	$	1,036	$	1,073	$	216	$	274	$	98	$	147	$	25	$	58	$	23	$	60
2005		349		500		289		324		21		37		15		44		20		44		4		51
2006		129		261		66		82		20		31		15		59		25		47		3		42
2007		145		203		113		135		2		11		4		10		26		47		-		-
Total	$	2,021	$	2,576	$	1,504	$	1,614	$	259	$	353	$	132	$	260	$	96	$	196	$	30	$	153

Lincoln Financial Group
Commercial Mortgage Loan Portfolio, Net of Reserves
As of 6/30/2009
Amounts in Millions
LNC MORTGAGE LOAN DISTRIBUTION
Property Type	Amt		%			State	Amt		%
Office Building	$	2,570		34	%	CA	$	1,561		21	%
Industrial		1,960		26	%	TX		637		9	%
Retail		1,756		24	%	MD		433		6	%
Apartment		670		9	%	FL		332		4	%
Hotel/Motel		280		4	%	VA		330		4	%
Mixed Use		133		2	%	TN		314		4	%
Other Commercial		99		1	%	AZ		308		4	%
Total	$	7,468		100	%	WA		292		4	%
						IL		274		4	%
						NC		268		4	%
						GA		246		3	%
Geographic Region	Amt		%			PA		229		3	%
Pacific	$	1,990		27	%	NV		206		3	%
South Atlantic		1,756		23	%	OH		198		2	%
East North Central		765		10	%	IN		180		2	%
Mountain		719		10	%	MA		157		2	%
West South Central		678		9	%	MN		154		2	%
Middle Atlantic		502		7	%	NJ		143		2	%
East South Central		447		6	%	SC		132		2	%
West North Central		398		5	%	NY		130		2	%
New England		213		3	%	Below 2%		944		13	%
Total	$	7,468		100	%		$	7,468		100	%

Lincoln Financial Group
Additional Disclosure of Insured Bonds and Direct Exposure
As of 6/30/2009
Amounts in Millions
	Direct		Insured		Total		Total		Total			Total
Monoline Name	Exposure [1]		Bonds [2]		Amortized Cost		Unrealized Gain		Unrealized (Loss)			Fair Value
AMBAC	$	-	$	262	$	262	$	-	$	(81	)	$	181
ASSURED GUARANTY LTD		30		-		30		-		(16	)		14
FGIC		-		90		90		1		(37	)		54
FSA		-		67		67		1		(6	)		62
MBIA		12		149		161		3		(33	)		131
MGIC		12		7		19		-		(4	)		15
PMI GROUP INC		27		-		27		-		(9	)		18
RADIAN GROUP INC		19		-		19		-		(9	)		10
XL CAPITAL LTD		72		70		142		-		(23	)		119
Total	$	172	$	645	$	817	$	5	$	(218	)	$	604

[1] Additional direct exposure through Credit Default Swaps with a notional totaling $98 million is excluded from this table.

[2] Additional indirect insured exposure through structured securities is excluded from this table.   See

"Credit-Linked Notes (CLN)" disclosure starting on page 122 of the 2008 Form 10K.

Note: This table does not include the fair value of trading securities totaling $27 million, which support our Modco

reinsurance agreements since investment results for these agreements are passed directly to the reinsurers.

The $27 million in trading securities consisted of $9 million of Direct Exposure and $18 million of Insured Exposure.

This table also excludes insured exposure totaling $14 million for a guaranteed investment tax credit partnership.