INVESTOR PRESENTATION

Investor presentation

March 23, 2021

Al Copersino VP, Investor Relations 203-257-4493 Albert.Copersino@

This document may not be accurate after its date, and LNC does not undertake to update or keep it accurate after such date.

?2021 Lincoln National Corporation 1

Lincoln story

?2021 Lincoln National Corporation 2

Lincoln strategy

OUR PURPOSE Provide financial peace of mind to everyday consumers across the United States

Where we play

Focus on the fastest growing U.S. markets

Annuities Life Insurance Group Protection Retirement Plan Services

ENTERPRISE STRATEGY

How we win

Our capabilities

Invest in our powerful distribution network and product breadth

Maintain industryleading risk management

Remain focused on manufacturing retail and worksite products

Actively direct capital to the highest

and best uses

Our tools

Utilize digital to drive a differentiated customer experience

Integrated business, financial and talent planning

OUR FOUNDATIONAL DRIVERS

Best interest of our customers

Best for our employees

?2021 Lincoln National Corporation 3

Maintaining strong position during this crisis

2008

2020

Holding company cash

$(602)M

$754M

Capital and balance sheet1

Statutory capital

$5.1B

$10.2B

RBC ratio

393%

451%

Below investment-grade assets2

6.1%

4.1%

Goodwill3 Greater management focus

38%

2013

7 businesses

Strategic1

% of sales with long-term guarantees

36%

Mix of capital market sources of earnings4

54% spread 46% fee

% of earnings from mortality/morbidity4

24%

1 Time periods for comparison selected because 2008 was pre-financial crisis and 2013 shows progress on strategic initiatives over the medium term.

Unfavorable

2 Does not include commercial mortgage loans (CMLs).

3 Represents goodwill as a % of end-of-period equity, excluding AOCI.

4 Excludes notable items and pandemic-related claims experience, which represent pre-tax impact to business segment adjusted income from operations. See appendix for reconciliation.

13%

2020

4 businesses

15%

37% spread 63% fee

29%

Neutral

Favorable

?2021 Lincoln National Corporation 4

Solid underlying operating earnings results in 2020

Strong underlying earnings

Item Reported adjusted operating EPS1

Less Annual review of DAC and reserve assumptions

Pandemic-related mortality/morbidity

Other items

FY20 $4.45

(2.81) (2.36)

0.32

Poised to deliver 8-10% EPS growth over the long term

Average account values

$258B

$275B

Category 1

2019

2020

G&A expenses,

net of amounts capitalized

$2,118M

$2,018M

Category 1

2019

2020

Book value per share,

excluding AOCI1

$71.27

$71.59

2019 2020 Category1

1 See Appendix for a reconciliation of non-GAAP measures to their most comparable GAAP measures.

?2021 Lincoln National Corporation 5

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