Lincoln Financial Group Appoints State Street Global Advisors for Broad-Ranging Sub-Advisory Relationship

State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), announced today that it has been selected by Lincoln Financial Group (Lincoln) (NYSE: LNC) for an extensive sub-advisory relationship.* This new relationship will include the management of eight investment portfolios that will be available as subaccounts within Lincoln’s variable annuity, variable life insurance, COLI, 403(b) and 401(k) products1. These new investment portfolios, though available as individual subaccounts, will also be used as building blocks for a series of low cost, risk-based asset allocation strategies within Lincoln’s Choice Plus variable annuity product suite. The relationship also includes the use of SSgA’s SPDR® family of exchange-traded funds in PMFM’s 401(k) Toolbox offered through Lincoln Financial Group affiliates. "We selected State Street Global Advisors because of their considerable scale, pricing power, expertise and experience in a broad range of investment and asset allocation strategies,” said Kevin Adamson, director of Funds Management at Lincoln Financial Group. "We look forward to a very productive working relationship with SSgA and remain committed to continually enhancing the investment offerings within our suite of annuity, insurance and retirement plan products.” The eight new investment strategies include four rules-based portfolios and four capital weighted index portfolios. The four rules-based strategies aim to capture the traditional value and small-capitalization premium while creating appropriate levels of diversification at both the stock and sector levels. The four new rules-based funds are: Lincoln Variable Investment Product (LVIP) SSgA Large Cap 100 Fund; LVIP SSgA Small/Mid Cap 200 Fund; LVIP SSgA Developed International 150 Fund; and LVIP SSgA Emerging Markets 100 Fund. "New forms of indexing, including rules-based strategies, are gaining interest among investors” said Eric Brandhorst, senior portfolio manager at State Street Global Advisors. "In an effort to achieve their investment objectives, the rules-based strategies are rebalanced annually and invested proportionately amongst the sectors represented in each investment universe.” The four capitalization-weighted strategies will be offered both on a stand-alone basis and as components of two new series of risk-based asset allocation models. These four capitalization-weighted strategies are: LVIP SSgA S&P 500® Index Fund; LVIP SSgA Small-Cap Index Fund; LVIP SSgA International Index Fund; and LVIP SSgA Bond Index Fund. "We are delighted to be selected for this strategic relationship with Lincoln Financial,” said Michael Dalis, Managing Director at SSgA. "We are helping Lincoln Financial make available to its clients some of the most innovative and cost-effective approaches to investing. In addition, the availability of State Street’s SPDR ETFs in the 401(k) Toolbox offered by LFG affiliates will help to address growing investor demand for ETFs inside defined contribution plans.” State Street manages $159 billion in ETF assets worldwide (as of March 31, 2008) and is one of the largest ETF managers in the United States and globally.** SSgA’s U.S. Sub-Advisory Group seeks to help a wide range of asset gatherers build and strengthen their businesses. Backed by the breadth of SSgA’s asset class capabilities and global reach, SSgA’s U.S. Sub-Advisory Group also leverages State Street’s investment servicing and transition management resources with the aim of delivering high-quality cost effective solutions for financial services companies. SSgA manages sub-advisory assets for a diverse client base which includes mutual fund and insurance companies, defined contribution record keepers, and other distributors of investment advisory services. About Lincoln Financial Group Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in Philadelphia, the companies of Lincoln Financial Group had assets under management of $237 billion as of December 31, 2007. Through its affiliated companies, Lincoln Financial Group offers: annuities; life, group life and disability insurance; 401(k) and 403(b) plans; savings plans; mutual funds; managed accounts; institutional investments; and comprehensive financial planning and advisory services. Affiliates also include: Delaware Investments, the marketing name for Delaware Management Holdings, Inc. and its subsidiaries; and Lincoln UK. For more information, including a copy of Lincoln’s most recent SEC reports containing our balance sheets, please visit www.LincolnFinancial.com. About State Street Global Advisors State Street Global Advisors, the investment management arm of State Street Corporation (NYSE: STT), delivers investment strategies and integrated solutions to clients worldwide across every asset class, investment approach and style. With $2 trillion in assets under management at March 31, 2008, State Street Global Advisors has investment centers in Boston, Hong Kong, London, Montreal, Munich, Paris, Singapore, Sydney, Tokyo, Toronto and Zurich, and offices in 27 cities worldwide. For more information, visit State Street Global Advisors at www.ssga.com 1 Not all of the new funds will be available in every Lincoln product by June 2008. * Investment management services for each fund will be provided by SSgA Funds Management, Inc., a registered investment adviser and wholly owned affiliate of State Street Corporation. ** Source: Strategy & Research at SSgA’s Intermediary Business Group Variable products are sold by prospectus. Consider the investment objectives, risks, charges, and expenses of the variable product and its underlying investment options carefully before investing. The prospectus contains this and other information about the variable product and its underlying investment options. A prospectus is available on LFG.com or you may request one from your registered representative. Read it carefully before investing. Lincoln ChoicePlus products are annuities issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and, in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. 401k Toolbox is a fee based investment advisory and account management service owned by PMFM Inc., a registered investment advisor. PMFM Inc. is not an affiliate of Lincoln Financial Group. Small company issues can be subject to increased volatility and considerable price fluctuations. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets. ETFs trade like stocks, are subject to investment risk and will fluctuate in market value. Diversification/Asset Allocation does not ensure a profit or guarantee against loss. The "SPDR” trademark is used under license from The McGraw-Hill Companies, Inc. ("McGraw-Hill”). No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by McGraw-Hill. S&P® is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by State Street Bank and Trust Company. Before investing in mutual funds, consider the funds’ investment objectives, risks, charges and expenses. A prospectus which contains this and other information about the fund can be obtained by calling 1-866-787-2258, downloading a prospectus at www.ssgafunds.com, or talking to your financial advisor. Read it carefully before investing. State Street Global Markets, LLC, member FINRA, SIPC is distributor for all SPDRs products and SSgA Funds.