Lincoln Retirement is the marketing name for the annuities operation of The Lincoln National Life Insurance Company and Lincoln Life & Annuity Company of New York. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

Lincoln Retirement variable annuities are issued by, and securities offered through, The Lincoln National Life Insurance Company, Fort Wayne, Indiana and Lincoln Life and Annuity Company of New York, Syracuse, New York (California certificate of authority #0585-0). Securities also distributed by other broker/dealers with selling agreements. Guarantees are based on the claims-paying ability of the insurer.

Not a deposit. Not FDIC insured. Not insured by any federal government agency. Not guaranteed by a bank or savings association. May go down in value.

LINCOLN, LINCOLN RETIREMENT(SM), LINCOLN CHOICEPLUS, DIRECTOR and LINCOLN ALLIANCE are service marks of Lincoln. LINCOLN LIFE and INCOME4LIFE are registered service marks of Lincoln. The LINCOLN SILHOUETTE DESIGN, LINCOLN FINANCIAL GROUP®, CLEAR SOLUTIONS IN A COMPLEX WORLD and MULTI-FUND are registered service marks of Lincoln National Corporation. LINCOLN FINANCIAL ADVISORS is a registered service mark of Lincoln Financial Advisors Corporation. All service marks and trade names are proprietary to Lincoln, its parent and affiliates. Lincoln enforces its intellectual property rights. THE AMERICAN LEGACY and AMERICAN LEGACY III are registered service marks of American Funds Distributors, Inc. and are licensed to Lincoln.

© 2005 Lincoln National Corporation. All rights reserved.