ex99-2.htm

We are currently in our “quiet period” regarding second quarter results, which means that we are currently
analyzing our results for the second quarter 2008. Therefore, we will not be discussing our second
quarter results, which we will release on July 29, 2008. You should not rely on the information in this
presentation as being indicative of actual second quarter results, and we do not hereby undertake any
obligation to provide such information during this presentation or to update such information except
through our public earnings release.

Important Note

This presentation and certain oral statements made on LNC’s behalf may contain information that
includes or is a “forward-looking statement” within the meaning of the Private Securities Litigation Reform
Act of 1995 (“PSLRA”). A forward-looking statement is a statement that does not strictly relate to a
historical fact. A forward look statement 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. LNC 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, and include but are not limited to,
legislative and regulatory changes and proceedings, changes in interest rates, sudden or prolonged
declines in the equity markets, 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; and changes in general economic or business
conditions. These risks and uncertainties, as well others, are described in LNC’s recent Forms 10-K, 10-
Q, 8-K, and other documents filed with the Securities and Exchange Commission. Moreover, LNC
operates 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 LNC’s business 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 undo
reliance on forward-looking statements as a prediction of actual results. In addition, LNC disclaims any
obligation to update any forward-looking statements to reflect events or circumstances that occur after the
date of this presentation.

Safe Harbor

* Represents account values of riders on individual annuities as of March 31, 2008

Rider	Positioning	Rider Fee	Restrictions	Account Value*
Guaranteed Withdrawal Benefits
SmartSecurity 5 year SmartSecurity 1 year (Lifetime feature)	Protection feature with upside opportunity from market performance. Protection feature with upside opportunity from market performance.	45 bps (max 95 bps, change possible on reset after year 5) 65 bps (max 150 bps, change possible on reset after year 10)	Withdrawal rate limited to 7%. Withdrawal rate limited to 5%.	$18.1 billion
Lifetime Income Advantage Plus option	Protection feature with upside from market performance and a guaranteed enhancement (5%) when withdrawals are delayed. 7-year money back option with Plus.	75 bps (max 150 bps, change possible on reset) 90 bps for Plus option (max 150bp, possible on reset)	Withdrawal rate limited to 5%; “nursing home” provision can double withdrawal. Has investment restrictions. Enhancement encourages delay in withdrawals.	$155 million
Guaranteed Income Benefits
i4LIFE Advantage with Guaranteed Income Benefit	Immediate income solution with downside protection.	40 bps (for i4LIFE) 50 bps (max 150 bps for Guaranteed Income Benefit)	Less behavior risk versus a withdrawal benefit - know when and how much income will come out.	$5.6 billion
4Later	Protection feature with upside from market performance and a guaranteed enhancement (every 3 years, 15%) when income is delayed.	50 bps (max 150 bps, change possible on reset after year 3)	i4LIFE is the income solution. Qualifying for the roll-up feature requires policyholder to delay income.	$3.0 billion

Current VA Living Benefit Rider Designs

55%

14%

31%

VA Account Value

VA Deposits

$2.5

$2.7

24%

43%

33%

31%

44%

25%

Account Value = $58 billion*

($ billions)

* As of March 31, 2008

No Living Benefit

Guaranteed Withdrawal Benefits

Guaranteed Income Benefits

Individual Variable Annuity
Living Benefits Profile

Years

VA Living Benefit Pricing

Variables driving potential living benefit claims:

Product features - benefits, restrictions, etc.

Policyholder behavior - withdrawal rates, resets, lapses, mortality, etc.

Capital markets - interest rates, equity volatility and correlations

The same considerations used to calculate Net Valuation Premium

* Expected Run Rate = ongoing cost of the hedge program representing option premium amortization and implied borrowing costs on hedge instruments.

Increase in Living Benefit Reserve

Net Income Impact Above/Below Expected Run Rate*

($ millions)

1Q
2005

1Q
2006

1Q
2007

1Q
2008

-$100

$100

$200

$300

VA Living Benefit Hedging

Historically focused on protecting against GAAP income movements

SFAS 157 created disconnect between GAAP and economics

Greater focus on hedging economics going forward

VALB Rider Fees

- Net Valuation Premiums

Income from Operations

Revised VA Living Benefit Income from
Operations

	Financial Statement Line Items	Current Financial Reporting	Revised Financial Reporting
Income from Operations	Expense assessments	Rider fees	Rider fees - Attributed fees
	Operating realized gains (losses)	N/A	Attributed fees - NVP
	Benefits	“Hedge performance”	N/A
	VALB operating margin	Rider fees +/- “Hedge performance”	Rider fees - NVP
Net Income	Realized gains (losses)	N/A	NVP +/- “Hedge performance”

SFAS 157 Attributed Fee Definition: The Net Valuation Premiums (NVP) plus a
margin for risk/profit, including a non-performance risk factor related to the credit quality
of the “selling” company, that a “willing buyer” would apply to assume the risk for the
current period issues

VALB Financial Statement Presentation
SFAS 157

Mechanics - Current to Revised:

Attributed fee calculated under SFAS 157 and recorded in realized gains (losses)

The difference between NVP and attributed fee pulled back into income from
operations and recorded in “operating realized gains and losses”

“Hedge performance” moved from income from operations to realized gains (losses)

($ millions)

1Q07

$ 121

(1)

$ 117

2Q07

$ 130

$ 123

3Q07

$ 107

(15)

(4)

(19)

$ 126

4Q07

$ 90

(24)

(5)

(29)

$ 119

1Q08

$ 129

(3)

$ 117

Reported Income from Operations:

Changes in Definition:

VALB

GMDB

Indexed Annuities

Revised Income From Operations:

Individual Annuities Segment Reporting

Change In Income From Operations:

VALB - hedge performance moved to realized gains (losses): Rider fees less
net valuation premium = VALB operating margin.

Guaranteed Minimum Death Benefits (GMDB) - hedge performance moved
to realized gains/losses: Rider fees less benefits and hedge costs = GMDB
operating margin.

Indexed Annuities (IA) - forward starting option valuation moved to realized
gains/losses: Spreads and net option values = IA operating margin.

Disclosures

Expanded disclosure on realized gains/losses:

VALB and GMDB hedge performance

Indexed Annuity Forward starting option impact.

Expanded disclosure on components of attributed fee

Expanded disclosure on types of guarantees sold and
account value by VALB type.