<SEC-DOCUMENT>0001140361-21-037637.txt : 20211112
<SEC-HEADER>0001140361-21-037637.hdr.sgml : 20211112
<ACCEPTANCE-DATETIME>20211112160241
ACCESSION NUMBER:		0001140361-21-037637
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20211112
DATE AS OF CHANGE:		20211112
EFFECTIVENESS DATE:		20211112

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-261018
		FILM NUMBER:		211403276

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-3ASR
<SEQUENCE>1
<FILENAME>ny20001278x1_s3asr.htm
<DESCRIPTION>FORM S-3ASR
<TEXT>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;As filed with the Securities and Exchange Commission on November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">File No. 333-</p>
  <hr style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center">
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  <p style="font: 10pt Times New Roman,Times,serif; margin: 0pt 0px; text-align: center;"><b>UNITED STATES&#160;</b></p>
  <p style="font: 10pt Times New Roman,Times,serif; margin: 0pt 0px; text-align: center;"><b>SECURITIES AND EXCHANGE COMMISSION</b>&#160;</p>
  <p style="font: 10pt Times New Roman,Times,serif; margin: 0pt 0px; text-align: center;"><b>Washington, D.C. 20549</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM S-3</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>REGISTRATION STATEMENT</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNDER</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>THE SECURITIES ACT OF 1933</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Lincoln National Corporation</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>Indiana</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or Other Jurisdiction of Incorporation or Organization)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>35-1140070</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer Identification No.)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>150 N. Radnor Chester Road</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Radnor, PA 19087</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>(484) 583-1400</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address, Including Zip Code, and Telephone Number, Including&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Area Code, of Registrant&#8217;s Principal Executive Offices)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>LNL Agents&#8217; 401(k) Savings Plan</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><u>(Full Title of Plan)</u>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Nancy A. Smith</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Senior Vice President and Secretary</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Lincoln National Corporation</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>150 N. Radnor Chester Road</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Radnor, PA 19087</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>(484) 583-1400</u></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address, Including Zip Code, and Telephone Number, Including&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Area Code, of Agent for Service)</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Approximate date of commencement of proposed sale to the public</b>: From time to time after the effective date of this registration statement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. &#9744;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities
    offered only in connection with dividend or interest reinvestment plans, check the following box. &#160;&#9746;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act
    registration statement number of the earlier effective registration statement for the same offering. &#160;&#9744;</p>
  &#160;
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
    earlier effective registration statement for the same offering.&#160; &#9744;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
    Rule 462(e) under the Securities Act, check the following box.&#160; &#9746;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of
    securities pursuant to Rule 413(b) under the Securities Act, check the following box. &#9744;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See
    the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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        <td style="width: 69%; padding-right: 5.4pt; padding-left: 0.5in"><font style="font-size: 10pt">Large accelerated filer &#9746;&#160;&#160;</font></td>
        <td style="width: 31%; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Accelerated filer &#9744;<b>&#160;&#160;&#160;</b></font></td>
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        <td style="padding-right: 5.4pt; padding-left: 0.5in"><font style="font-size: 10pt">Non-accelerated filer &#9744;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt; font-weight: normal">Smaller reporting company</font> <font style="font-size: 10pt">&#9744;</font></td>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt; font-weight: normal">Emerging growth company</font> <font style="font-size: 10pt">&#9744;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
    standards provided pursuant to Section 7(a)(2)(B) of Securities Act. &#9744;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td colspan="5" style="border-bottom: black 1.5pt solid; padding-right: 4.8pt; font-size: 10pt; text-align: center"><b>CALCULATION OF REGISTRATION FEE</b></td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Title of&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Securities to be&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><u>registered&#160;</u></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Amount to be&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><u>registered</u>&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Proposed Maximum&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">offering price&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><u>per share</u>&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Proposed maximum&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">aggregate&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><u>offering price</u>&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Amount of&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><u>registration fee</u>&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">Common Stock&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center">(no par value)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup>&#160;</p>
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        <td style="padding-right: 0.8pt; font-size: 10pt; text-align: center">2,802,000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></td>
        <td style="padding-right: 0.8pt; font-size: 10pt; text-align: center">72.06<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></td>
        <td style="padding-right: 0.8pt; font-size: 10pt; text-align: center">$201,912,120</td>
        <td style="padding-right: 0.8pt; font-size: 10pt; text-align: center">$18,717.25</td>
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        <td style="border-bottom: black 1.5pt solid; padding-right: 0.8pt; height: 5.75pt; font-size: 10pt">&#160;</td>
        <td style="border-bottom: black 1.5pt solid; padding-right: 0.8pt; height: 5.75pt; font-size: 10pt">&#160;</td>
        <td style="border-bottom: black 1.5pt solid; padding-right: 0.8pt; height: 5.75pt; font-size: 10pt">&#160;</td>
        <td style="border-bottom: black 1.5pt solid; padding-right: 0.8pt; height: 5.75pt; font-size: 10pt">&#160;</td>
        <td style="border-bottom: black 1.5pt solid; padding-right: 0.8pt; height: 5.75pt; font-size: 10pt">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1) Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), there are being registered such additional shares as may be issuable pursuant to the
    anti-dilution provisions of The Lincoln National Life Insurance Company (&#8220;LNL&#8221;) Agents&#8217; Savings and Profit-Sharing Plan (the &#8220;Plan&#8221;), by reason of stock splits, stock dividends, recapitalizations or similar transactions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2) Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h)(1) under the Securities Act based upon the average of the high and low sale
    prices of LNC&#8217;s Common Stock on November 9, 2021 as reported on the New York Stock Exchange composite transactions tape. <font style="background-color: white">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3) Pursuant to Rule&#160;429 under the Securities Act, the prospectus included in this registration statement is a combined prospectus, which also relates to Lincoln National Corporation&#8217;s
    Registration Statements on Form S-3, Registration Nos. 333-163672, 333-185105, 333-208110 and 333-228471 and the Registration Statement on Form S-1 of LNL Agents&#8217; 401(k) Savings Plan, formerly known as The Lincoln National Life Insurance Company
    (&#8220;LNL&#8221;) Agents&#8217; Savings and Profit-Sharing Plan, Registration No. 333-163855 (together, the &#8220;Prior Registration Statements&#8221;). This Registration Statement also constitutes the fourth post-effective amendment to the Prior Registration Statements. Such
    post-effective amendment shall hereafter become effective concurrently with the effectiveness of this Registration Statement in accordance with Section 8(a) of the Securities Act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which
      specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as amended, or until the Registration Statement shall become effective on such date as the
      Commission, acting pursuant to said Section 8(a), may determine.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;" align="center">
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal"></font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><u>EXPLANATORY NOTE</u></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The prospectus included in this Registration Statement is a combined prospectus pursuant to Rule 429 of the Securities Act of 1933, as amended. The combined prospectus relates to this
    Registration Statement as well as a Registration Statement on Form S-1 registering the interests in LNL Agents&#8217; 401(k) Savings Plan, formerly known as The Lincoln National Life Insurance Company Agents&#8217; Savings and Profit Sharing Plan. The portions of
    the prospectus relating to each Registration Statement are being combined into a single prospectus as a matter of convenience for the participants in LNL Agents&#8217; 401(k) Savings Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal"></font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information included in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange
    Commission is effective. This prospectus is not an offer to sell these securities, in any state where the offer or sale is not permitted.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Subject to Completion, Dated November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2,802,000 Shares</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LINCOLN NATIONAL CORPORATION&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">COMMON STOCK&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(No Par Value)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">And</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RELATED PLAN INTERESTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Offered as set forth in this Prospectus pursuant to the</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LNL AGENTS&#8217; 401(k) SAVINGS PLAN</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus relates to 2,802,000 shares of the Common Stock of Lincoln National Corporation to be offered and sold to eligible agents of The Lincoln National Life Insurance Company
    and certain of its affiliated entities under the LNL Agents&#8217; 401(k) Savings Plan, which we refer to in this prospectus as the &#8220;Plan.&#8221; This prospectus also relates to an indeterminate number of Plan interests in LNL Agents&#8217; 401(k) Savings Plan, which
    are referred to as &#8220;Plan Interests&#8221; in this prospectus. The Plan Interests do not carry separate voting rights.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Our Common Stock is listed on the New York Stock Exchange under the symbol &#8220;LNC.&#8221; On November 9, 2021, the last reported sale price of our Common Stock on the New
    York Stock Exchange composite transaction tape was $72.21 per share. The Plan Interests are not listed for trading on any securities exchange or included in any automated quotation system. We will not apply to list the Plan Interests on any securities
    exchange or to include the Plan Interests in any automated quotation system.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each investment option offered to participants under the Plan, referred to as investment options or separate accounts, has its own investment objectives or goals and strategies for
    meeting those objectives. Investing in each option involves risks, including possible loss of principal, and there is no guarantee that an option will achieve its stated investment objectives. If an option&#8217;s investment manager makes incorrect judgments
    about the markets, the economy, or companies, the return on a participant&#8217;s investment may be adversely affected. Investments in any of these options are not bank deposits and are not endorsed, insured, or guaranteed by the Federal Deposit Insurance
    Corporation (FDIC), any government agency, or bank.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Investing in our Common Stock involves risks. See &#8220;<u>Risk Factors</u>&#8221; beginning on page 3 of this prospectus.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or
      complete. Any representation to the contrary is a criminal offense.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this Prospectus is November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>ABOUT THIS PROSPECTUS</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">This prospectus also constitutes a Summary Plan Description, and highlights the key features of the Plan. <b>This prospectus does not describe all the details of the
      Plan. The Plan Document explains your benefits, rights and responsibilities in more detail, and is the controlling document in the case of any discrepancy between this prospectus and the Plan Document.</b> It is important for you to read and consider
    all information contained in this prospectus in making your investment decision. You should also read and consider the additional information under the caption &#8220;Where You Can Find More Information.&#8221; You should rely only on information in this
    prospectus, the Plan Document or information to which we have referred you. We have not authorized anyone to provide you with information that is different. We are not making an offer of these securities in any state or jurisdiction where the offer is
    not permitted. The information contained or incorporated by reference in this prospectus is accurate only as of the respective dates of such information. Our business, financial condition, results of operations and prospectus may have changed since
    those dates.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions about the Plan that are not answered in this Prospectus, or if you would like a copy of the Plan Document, such additional information can be obtained (without
    charge) from:&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in">Lincoln National Corporation Benefits Committee<br>
    c/o Jonmichael Daly, Chair<br>
    150 N. Radnor Chester Road<br>
    Radnor, PA 19087-5238</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 137.4pt">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>IRS CIRCULAR 230 NOTICE</b>: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S tax advice contained in this Prospectus was not intended or written
    to be used or referred to, and cannot be used or referred to for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this
    Prospectus.&#160; Individuals should seek tax advice based on their own particular circumstances from an independent tax advisor.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Unless otherwise indicated, all references in this prospectus to &#8220;LNC,&#8221; &#8220;we,&#8221; &#8220;our,&#8221; &#8220;us,&#8221; or similar terms refer to Lincoln National Corporation together with its
    subsidiaries and affiliates.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
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    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal"></font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <!--PROfilePageNumberReset%LCR%1%%%-->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">TABLE OF CONTENTS</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: bottom">
        <td style="width: 95%; padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a001_v1"><font style="font-size: 10pt">General Information</font></a></td>
        <td style="width: 5%; padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">1</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a002_v1"><font style="font-size: 10pt">Forward-Looking Statements &#8211; Cautionary Language</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">1</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a003_v1"><font style="font-size: 10pt">Risk Factors</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">3</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a004_v1"><font style="font-size: 10pt">Summary of the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">17</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a005_v1"><font style="font-size: 10pt">Eligibility and Participation</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">17</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a006_v1"><font style="font-size: 10pt">Participant Contributions</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">19</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a007_v1"><font style="font-size: 10pt">Company Contributions</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">21</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a008_v1"><font style="font-size: 10pt">Account Statements</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">22</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a009_v1"><font style="font-size: 10pt">Limitations on Contributions</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">22</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a010_v1"><font style="font-size: 10pt">Expenses of the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">23</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a011_v1"><font style="font-size: 10pt">Vesting</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">23</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a012_v1"><font style="font-size: 10pt">In-service Withdrawals from the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">24</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a013_v1"><font style="font-size: 10pt">Participant Loans</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">26</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a014_v1"><font style="font-size: 10pt">Lump Sum Distributions</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">26</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a015_v1"><font style="font-size: 10pt">Periodic Payments of Distributions</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">27</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a016_v1"><font style="font-size: 10pt">Fractional Shares</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">29</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a017_v1"><font style="font-size: 10pt">Beneficiary Designation</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">29</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a018_v1"><font style="font-size: 10pt">Assignment and Qualified Domestic Relations Orders</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">29</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a019_v1"><font style="font-size: 10pt">Amendment or Termination of the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">30</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a020_v1"><font style="font-size: 10pt">Administration of the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">30</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a021_v1"><font style="font-size: 10pt">Federal Income Tax Consequences</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">31</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a022_v1"><font style="font-size: 10pt">Your Rights and Protections Under ERISA</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">33</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a023_v1"><font style="font-size: 10pt">ERISA Claims Procedures</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">34</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a024_v1"><font style="font-size: 10pt">Important Information About the Plan</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">37</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a025_v1"><font style="font-size: 10pt">Valuation of Investments</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">38</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a026_v1"><font style="font-size: 10pt">Your Investment Options</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">39</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a027_v1"><font style="font-size: 10pt">Plan Interests are Securities</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">56</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a028_v1"><font style="font-size: 10pt">Lincoln National Corporation Common Stock and Preferred Stock</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">56</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a029_v1"><font style="font-size: 10pt">Experts</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">58</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a030_v1"><font style="font-size: 10pt">Legal Matters</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">58</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a031_v1"><font style="font-size: 10pt">Where You Can Find More Information</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">58</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="padding-right: 5.05pt; padding-left: 5.05pt; text-indent: -5.05pt"><a href="#a032_v1"><font style="font-size: 10pt">Documents Incorporated By Reference</font></a></td>
        <td style="padding-right: 2.35pt; padding-left: 2.35pt; text-align: right"><font style="font-size: 10pt">59</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&#160;</div>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;REQUIRED DISCLOSURE FOR NORTH CAROLINA RESIDENTS </b>&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THE COMMISSIONER OF INSURANCE OF THE STATE OF NORTH CAROLINA HAS NOT APPROVED OR DISAPPROVED OF THIS OFFERING NOR HAS THE COMMISSIONER PASSED UPON THE ACCURACY OR ADEQUACY OF THIS
    PROSPECTUS.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 1pt solid; width: 100%">&#160;</div>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">i</font>&#160;</div>
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      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a001_v1"></a>GENERAL INFORMATION</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Lincoln National Life Insurance Company&#8217;s (&#8220;LNL&#8221;) Board of Directors first adopted the Plan on May 11, 1978 for the benefit of eligible participants and those of participating
    affiliates. The Plan became effective January 1, 1979.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan provides eligible participants serving as independent contractors to us with a convenient and systematic method of saving. Under the Plan, there are currently sixteen (16)
    investment accounts, one of which is the LNC Stock Fund (see the section entitled &#8220;Your Investment Options&#8221;). Lincoln Financial Group Trust Company, Inc. is the Plan Trustee (see &#8220;Plan Trustee&#8221; in the section entitled &#8220;Administration of the Plan&#8221;).</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lincoln National Corporation (&#8220;LNC,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) is a holding company that operates multiple insurance and retirement businesses through subsidiary companies. We sell a wide
    range of wealth protection, accumulation, retirement income and group protection products and solutions. These products primarily include fixed and indexed annuities, variable annuities, universal life insurance (&#8220;UL&#8221;), variable universal life
    insurance (&#8220;VUL&#8221;), linked-benefit UL and VUL, indexed universal life insurance (&#8220;IUL&#8221;), term life insurance, employer-sponsored retirement plans and services, and group life, disability and dental. LNC was organized under the laws of the state of
    Indiana in 1968. We currently maintain our principal executive offices at 150 N. Radnor Chester Road, Radnor, Pennsylvania 19087, and our telephone number is (484) 583-1400. &#8220;Lincoln Financial Group&#8221; is the marketing name for LNC and its subsidiary
    companies. As of December 31, 2020, LNC had consolidated assets of $365.9 billion and consolidated stockholders&#8217; equity of $22.7 billion. For the year ended December 31, 2020, LNC had total revenues of $17.4 billion and net income of $499 million.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We provide products and services and report results through the following four business segments:&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Annuities, Retirement Plan Services, Life Insurance and Group Protection.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also have Other Operations, which includes the financial data for operations that are not directly related to the business segments.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description of the Plan is a summary of its key terms and provisions. The statements contained in this prospectus concerning the Plan are qualified in their entirety by
    reference to the terms of the Plan itself, which is the legally controlling document. Eligible participants and their beneficiaries may obtain copies of the Plan upon request, or review them at our principal executive office.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>
  <!-- Field: Rule-Page -->
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a002_v1"></a>FORWARD-LOOKING STATEMENTS &#8211; CAUTIONARY LANGUAGE</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0">This prospectus may contain or incorporate by reference information that includes or is based upon &#8220;forward-looking statements&#8221; within the meaning of the Private Securities
    Litigation Reform Act of 1995 (&#8220;PSLRA&#8221;). A forward-looking statement is a statement that is not a historical fact and, without limitation, includes any statement that may predict, forecast, indicate or imply future results, performance or achievements.
    Forward-looking statements may contain words like: &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;project,&#8221; &#8220;shall,&#8221; &#8220;will&#8221; and other words or phrases with similar meaning in connection with a discussion of future operating or financial performance.
    In particular, these include statements relating to future actions, trends in our businesses, prospective services or products, future performance or financial results and the outcome of contingencies, such as legal proceedings. We claim the protection
    afforded by the safe harbor for forward-looking statements provided by the PSLRA.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0">Forward-looking statements are subject to risks and uncertainties. Actual results could differ materially from those expressed in or implied by such forward-looking statements
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.8pt 0pt 0">&#160;</p>
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        <td><font style="font-family: Times New Roman, Times, Serif">The continuation of the COVID-19 pandemic, or future outbreaks of COVID-19, and uncertainty surrounding the length and severity of future impacts on the global economy and on our
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td><font style="font-family: Times New Roman, Times, Serif">Further deterioration in general economic and business conditions that may affect account values, investment results, guaranteed benefit liabilities, premium levels and claims experience;
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td><font style="font-family: Times New Roman, Times, Serif">Adverse global capital and credit market conditions that may affect our ability to raise capital, if necessary, and may cause us to realize impairments on investments and certain
            intangible assets, including goodwill and the valuation allowance against deferred tax assets, which may reduce future earnings and/or affect our financial condition and ability to raise additional capital or refinance existing debt as it
            matures; </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 9pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif">The inability of our subsidiaries to pay dividends to the holding company in sufficient amounts, which could harm the holding company&#8217;s ability to meet its obligations;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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        <td style="width: 9pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif">Legislative, regulatory or tax changes, both domestic and foreign, that affect: the cost of, or demand for, our subsidiaries&#8217; products; the required amount of reserves and/or surplus; our
            ability to conduct business and our captive reinsurance arrangements as well as restrictions on the payment of revenue sharing and 12b-1 distribution fees;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td><font style="font-family: Times New Roman, Times, Serif">The impact of U.S. federal tax reform legislation on our business, earnings and capital; </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td><font style="font-family: Times New Roman, Times, Serif">The impact of Regulation Best Interest or other regulations adopted by the SEC, the Department of Labor or other federal or state regulators or self-regulatory organizations relating to
            the standard of care owed by investment advisers and/or broker-dealers that could affect our distribution model; </font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif">Actions taken by reinsurers to raise rates on in-force business;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif">Further declines in or sustained low interest rates causing a reduction in investment income, the interest margins of our businesses, estimated gross profits (&#8220;EGPs&#8221;) and demand for our
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        <td><font style="font-family: Times New Roman, Times, Serif">Rapidly increasing interest rates causing contract holders to surrender life insurance and annuity policies, thereby causing realized investment losses, and reduced hedge performance
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        <td><font style="font-family: Times New Roman, Times, Serif">The impact of the implementation of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the regulation of derivatives transactions;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif">The initiation of legal or regulatory proceedings against us, and the outcome of any legal or regulatory proceedings, such as: adverse actions related to present or past business
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      </tr>

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        <td><font style="font-family: Times New Roman, Times, Serif">A decline or continued volatility in the equity markets causing a reduction in the sales of our subsidiaries&#8217; products; a reduction of asset-based fees that our subsidiaries charge on
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      </tr>

  </table>
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        <td><font style="font-family: Times New Roman, Times, Serif">Ineffectiveness of our risk management policies and procedures, including various hedging strategies used to offset the effect of changes in the value of liabilities due to changes in the
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      </tr>

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        <td><font style="font-family: Times New Roman, Times, Serif">A deviation in actual experience regarding future persistency, mortality, morbidity, interest rates or equity market returns from the assumptions used in pricing our subsidiaries&#8217;
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        <td><font style="font-family: Times New Roman, Times, Serif">Changes in accounting principles that may affect our business, results of operations and financial condition;</font></td>
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        <td><font style="font-family: Times New Roman, Times, Serif">Lowering of one or more of our debt ratings issued by nationally recognized statistical rating organizations and the adverse effect such action may have on our ability to raise capital
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0"></td>
        <td style="width: 9pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif">Lowering of one or more of the insurer financial strength ratings of our insurance subsidiaries and the adverse effect such action may have on the premium writings, policy retention,
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      </tr>

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        <td><font style="font-family: Times New Roman, Times, Serif">Significant credit, accounting, fraud, corporate governance or other issues that may adversely affect the value of certain financial assets, as well as counterparties to which we are
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      </tr>

  </table>
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        <td><font style="font-family: Times New Roman, Times, Serif">Interruption in telecommunication, information technology or other operational systems or failure to safeguard the confidentiality or privacy of sensitive data on such systems, including
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      </tr>

  </table>
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        <td><font style="font-family: Times New Roman, Times, Serif">The effect of acquisitions and divestitures, restructurings, product withdrawals and other unusual items;</font></td>
      </tr>

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        <td><font style="font-family: Times New Roman, Times, Serif">Future pandemics, acts of terrorism, war or other man-made and natural catastrophes that may adversely affect our businesses and the cost and availability of reinsurance;</font></td>
      </tr>

  </table>
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      </tr>

  </table>
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        <td style="width: 9pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif">The unknown effect on our subsidiaries&#8217; businesses resulting from evolving market preferences and the changing demographics of our client base; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 9pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif">The unanticipated loss of key management, financial planners or wholesalers</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The risks and uncertainties included here are not exhaustive. Other sections of this prospectus, including &#8220;Risk Factors&#8221; beginning on page 3, and our most recent annual report on Form
    10-K, as well as other reports that we file with the Securities and Exchange Commission (the &#8220;SEC&#8221;), include additional factors that could affect our businesses and financial performance. Moreover, we operate 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 effects of all risk factors on our businesses 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 undue reliance on forward-looking statements as a
    prediction of actual results. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this prospectus.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a003_v1"></a>RISK FACTORS</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should carefully consider the risks described below and those incorporated by reference into this prospectus before making an investment decision regarding your benefits under the
    Plan.&#160;&#160;The risks and uncertainties described below and incorporated by reference into this prospectus are not the only ones facing our company.&#160;&#160;Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also
    impair our business operations.&#160;&#160;If any of these risks actually occur, our business, financial condition and results of operations could be materially affected.&#160;&#160;In that case, the value of our Common Stock could decline substantially.&#160;&#160;In addition,
    there are risks in investing your money in the investment choices offering under the Plan.&#160;&#160;These risks are discussed with the description of each investment option.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Market Conditions</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>The impacts of the COVID-19 pandemic have adversely affected and are expected to continue to adversely affect our business and results of operations, and the future impacts of the
      COVID-19 pandemic on the company&#8217;s business, results of operations and financial condition remain uncertain.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The health, economic and business conditions precipitated by the worldwide COVID-19 pandemic during 2020 adversely affected, and during 2021 are expected to continue to adversely affect,
    our earnings as well as our business, results of operations and financial condition. As a result of the pandemic and ensuing conditions, we have experienced and expect to continue to experience higher mortality, leading to an elevated incidence and
    level of life insurance claims. In addition, we have experienced and expect to continue to experience an increase in short-term disability claims related to the pandemic, and, beginning in 2021, we expect we may experience an increase in long-term
    disability claims due to the recessionary conditions and high levels of unemployment that emerged during 2020. Increased life and disability claim levels adversely affect our earnings. We may also experience an increase in activity such as surrenders
    of policies, missed premium payments or 401(k) hardship withdrawals due to changes in consumer behavior as a result of financial stress. Because the vast majority of our employees continue to work from home, along with many of our vendors and
    customers, and such conditions may continue well into 2021, our business operations may be adversely impacted, among other things, due to privacy incidents, cybersecurity incidents, technological issues or operational disruptions on the part of our
    vendors, and we may experience distribution disruptions as we continue to sell our products virtually.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The severe restriction in economic activity caused by the COVID-19 pandemic and increased level of unemployment in the United States have contributed to increased volatility and
    uncertainty regarding expectations for the economy and markets going forward. Although states have eased restrictions and the capital markets have mostly recovered, it is unclear when the economy will operate under normal or near-normal conditions. In
    response to the economic impact of the COVID-19 pandemic, the Federal Reserve cut interest rates to near zero in March 2020 and announced in September 2020 its intention to keep interest rates near zero for the foreseeable future. We expect the
    continuation of the low interest rate environment to continue to adversely affect the interest margins of our businesses. For a discussion of specific risks related to economic and market conditions and low interest rates see the additional risk
    factors under &#8220;Market Conditions&#8221; below.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, although the economic environment has improved from early in 2020, there could be continued weakness in the current environment that could impact select corporate industries
    and parts of the commercial mortgage loan market. The current environment could lead to increased credit defaults and/or negative ratings migrations, resulting in an increase to our allowance for credit losses and additional write-downs of financial
    assets for impairments in our broader investment portfolio.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The impacts of the pandemic may also have the effect of increasing the likelihood and/or magnitude of many of the other risks described below, including in particular the risks described
    under &#8220;Liquidity and Capital Position&#8221; and &#8220;Investments.&#8221; The ultimate impact on our business, results of operations and financial condition depends on the severity and duration of the COVID-19 pandemic and related health, economic and business impacts
    and actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict.&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Weak conditions in the global capital markets and the economy generally may materially adversely affect our business and results of operations.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our results of operations are materially affected by conditions in the global capital markets and the economy generally, both in the U.S. and elsewhere around the world. Major central
    bank policy actions, slowing of global growth, trade policy and political policy uncertainty remain key challenges for markets and our business. These macro-economic conditions have in the past and may in the future have an adverse effect on us given
    our credit and equity market exposure. In the event of extreme prolonged market events, such as the global credit crisis and recession that occurred during 2008 and 2009, we could incur significant losses. Even in the absence of a market downturn, we
    are exposed to substantial risk of loss and ratings downgrades due to market volatility.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors such as consumer spending, business investment, domestic and foreign government spending, the volatility and strength of the capital markets, the potential for inflation or
    deflation and uncertainty over domestic and foreign government actions all affect the business and economic environment and, ultimately, the amount and profitability of our business. In an economic downturn characterized by higher unemployment, lower
    disposable income, lower corporate earnings, lower business investment and lower consumer spending, the demand for our financial and insurance products could be adversely affected. In addition, we have experienced and expect to continue to experience
    an elevated incidence of claims and could experience an increase in lapses or surrenders of policies. Our contract holders may choose to defer paying insurance premiums or stop paying insurance premiums altogether. Adverse changes in the economy have
    in the past and could in the future affect earnings negatively and could have a material adverse effect on our business, results of operations and financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes in interest rates and sustained low interest rates may cause interest rate spreads to decrease, impacting our profitability, and make it more challenging to meet certain
      statutory requirements, and changes in interest rates may also result in increased contract withdrawals.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interest rate fluctuations and/or a sustained period of low interest rates could negatively affect our profitability. Some of our products, principally fixed annuities and UL, including
    linked-benefit UL, have interest rate guarantees that expose us to the risk that changes in interest rates will reduce our spread, or the difference between the amounts that we are required to pay under the contracts and the amounts we are able to earn
    on our general account investments intended to support our obligations under the contracts. Spreads are an important component of our net income. Declines in our spread or instances where the returns on our general account investments are not enough to
    support the interest rate guarantees on these products could have a material adverse effect on our businesses or results of operations. In addition, low rates increase the cost of providing variable annuity living benefit guarantees, which could
    negatively affect our variable annuity profitability.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In periods when interest rates are declining or remain at low levels, we may have to reinvest the cash we receive as interest or return of principal on our investments in lower yielding
    instruments reducing our spread. Moreover, borrowers may prepay fixed-income securities, commercial mortgages and mortgage-backed securities in our general account in order to borrow at lower market rates, which exacerbates this risk. Lowering interest
    crediting rates helps to mitigate the effect of spread compression on some of our products. However, because we are entitled to reset the interest rates on our fixed-rate annuities only at limited, pre-established intervals, and since many of our
    contracts have guaranteed minimum interest or crediting rates, our spreads could still decrease. As of December 31, 2020, 37% of our annuities business, 80% of our retirement plan services business and 88% of our life insurance business with guaranteed
    minimum interest or crediting rates were at their guaranteed minimums.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our expectation for future spreads is an important component in the amortization of DAC and value of business acquired (&#8220;VOBA&#8221;) as it affects the future profitability of the business.
    Currently, new money rates are at historically low levels, with the Federal Reserve decreasing the target range for the federal funds rate in March 2020 to a range of 0.00% to 0.25%. Due to the continued low interest rate environment, in 2020 we
    updated our interest rate assumptions for the second year in a row, which included lowering starting new money rates and reducing our long-term new money investment yield assumption. As a result of these updates, we recorded unfavorable after-tax
    unlocking during 2020, which was most pronounced in our Life Insurance segment. We cannot give assurance that persistent low interest rates will not result in future unfavorable unlocking. For additional information on interest rate risks, see &#8220;Part II
    &#8211; Item 7A. Quantitative and Qualitative Disclosures About Market Risk &#8211; Interest Rate Risk&#8221; in our Annual Report on Form 10-K for the year ended December 31, 2020 (the &#8220;2020 Form 10-K).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A decline in market interest rates could also reduce our return on investments that do not support particular policy obligations. During periods of sustained lower interest rates, our
    recorded policy liabilities may not be sufficient to meet future policy obligations and may need to be strengthened, thereby reducing net income in the affected reporting period. Accordingly, declining interest rates may materially affect our results
    of operations, financial condition and cash flows and significantly reduce our profitability. In addition, a decline in market interest rates may make it more challenging for us to pass certain asset adequacy tests related to statutory reserves, given
    the required conservatism of some of the regulations with which we must comply. To meet these requirements, we may be required to post asset adequacy reserves, which, depending on the size of the reserve, could materially affect our financial results.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Increases in market interest rates may also negatively affect our profitability. In periods of rapidly increasing interest rates, we may not be able to replace the assets in our general
    account with higher yielding assets needed to fund the higher crediting rates necessary to keep our interest-sensitive products competitive. We, therefore, may have to accept a lower spread and thus lower profitability or face a decline in sales and
    greater loss of existing contracts and related assets. Increases in interest rates may cause increased surrenders and withdrawals of insurance products. In periods of increasing interest rates, policy loans and surrenders and withdrawals of life
    insurance policies and annuity contracts may increase as contract holders seek to buy products with perceived higher returns. This process may lead to a flow of cash out of our businesses. These outflows may require investments to be sold at a time
    when the prices of those assets are lower because of the increase in market interest rates, which may result in realized investment losses. A sudden demand among consumers to change product types or withdraw funds could lead us to sell assets at a loss
    to meet the demand for funds. Furthermore, unanticipated increases in withdrawals and termination may cause a change in our DAC and VOBA assets due to a change in future expected profitability, which would reduce net income. An increase in market
    interest rates could also have a material adverse effect on the value of our investment portfolio, for example, by decreasing the estimated fair values of the fixed-income securities that comprise a substantial portion of our investment portfolio. An
    increase in interest rates could also result in decreased fee income associated with a decline in the value of variable annuity account balances invested in fixed-income funds.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Because the equity markets and other factors impact the profitability and expected profitability of many of our products, changes in equity markets and other factors may significantly
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The fee income that we earn on variable annuities is based primarily upon account values, and the fee income that we earn on VUL insurance policies is partially based upon account values.
    Because strong equity markets result in higher account values, strong equity markets positively affect our net income through increased fee income. Conversely, a weakening of the equity markets results in lower fee income and may have a material
    adverse effect on our results of operations and capital resources.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The increased fee income resulting from strong equity markets increases the estimated gross profits (&#8220;EGPs&#8221;) from variable insurance products as do better than expected lapses, mortality
    rates and expenses. As a result, higher EGPs may result in lower net amortized costs related to DAC, deferred sales inducements (&#8220;DSI&#8221;), VOBA, deferred front-end loads (&#8220;DFEL&#8221;) and changes in future contract benefits. However, a decrease in the equity
    markets, as well as worse than expected lapses, mortality rates and expenses, depending upon their significance, may result in higher net amortized costs associated with DAC, DSI, VOBA, DFEL and changes in future contract benefits and may have a
    material adverse effect on our results of operations and capital resources. If we had unlocked our reversion to the mean (&#8220;RTM&#8221;) assumption in the corridor as of December 31, 2020, we would have recorded favorable unlocking of approximately $365
    million, pre-tax, primarily within our Annuities segment. For further information about our RTM process, see &#8220;Critical Accounting Policies and Estimates &#8211; DAC, VOBA, DSI and DFEL &#8211; Reversion to the Mean&#8221; in Part II, Item 7, Management&#8217;s Discussion and
    Analysis of Financial Condition and Results of Operations (&#8220;MD&amp;A&#8221;) in the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes in the equity markets, interest rates and/or volatility affect the profitability of our products with guaranteed benefits; therefore, such changes may have a material adverse
      effect on our business and profitability.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our variable annuity and fixed indexed annuity products include optional guaranteed benefit riders. These include GDB (variable annuity only), GWB and GIB riders. Both the
    level of expected payments and expected total assessments used in calculating the benefit reserves are affected by the equity markets. The liabilities related to fair value are impacted by changes in equity markets, interest rates, volatility, foreign
    exchange rates and credit spreads. Accordingly, strong equity markets, increases in interest rates and decreases in volatility will generally decrease the reserves calculated using fair value. Conversely, a decrease in the equity markets along with a
    decrease in interest rates and an increase in volatility will generally result in an increase in the reserves calculated using fair value.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Increases in reserves would result in a charge to our earnings in the quarter in which the increase occurs. Therefore, we maintain a customized dynamic hedge program that is designed to
    mitigate the risks associated with income volatility around the change in reserves on guaranteed benefits. However, the hedge positions may not be effective to exactly offset the changes in the carrying value of the guarantees due to, among other
    things, the time lag between changes in their values and corresponding changes in the hedge positions, high levels of volatility in the equity markets and derivatives markets, extreme swings in interest rates, contract holder behavior different than
    expected, a strategic decision to adjust the hedging strategy in reaction to extreme market conditions or inconsistencies between economic and statutory reserving guidelines and divergence between the performance of the underlying funds and hedging
    indices.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we remain liable for the guaranteed benefits in the event that derivative or reinsurance counterparties are unable or unwilling to pay, and we are also subject to the risk
    that the cost of hedging these guaranteed benefits increases, resulting in a reduction to net income. These, individually or collectively, may have a material adverse effect on net income, financial condition or liquidity.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Legislative, Regulatory and Tax</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our businesses are heavily regulated and changes in regulation and in supervisory and enforcement policies may affect our insurance subsidiary capital requirements, reduce our
      profitability, limit our growth or otherwise adversely affect our business, results of operations and financial condition.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our insurance subsidiaries are subject to extensive supervision and regulation in the states in which we do business. The insurance departments of the domiciliary states exercise
    principal regulatory jurisdiction over our insurance subsidiaries. The extent of regulation by the states varies, but, in general, most jurisdictions have laws and regulations governing standards of solvency, adequacy of reserves, reinsurance, capital
    adequacy, licensing of companies and agents to transact business, prescribing and approving policy forms, regulating premium rates for some lines of business, prescribing the form and content of statutory financial statements and reports, regulating
    the type and amount of investments permitted, and standards of business conduct. In addition, state insurance holding company laws impose restrictions on certain inter-company transactions and limitations on the amount of dividends that insurance
    subsidiaries can pay.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">State insurance regulators and the NAIC regularly re-examine existing laws and regulations applicable to insurance companies and their products. Changes in these laws and regulations, or
    in interpretations thereof, sometimes lead to changes in business practices or additional expense, statutory reserves and/or RBC requirements for the insurer and, thus, could have a material adverse effect on our financial condition and results of
    operations. For example, the NAIC is considering modifications to the ESG used to calculate life and annuity reserves according to the Valuation Manual (e.g. VM-20 and VM-21) and required capital for certain annuities and single premium life insurance
    products and variable annuities and similar products, which could affect the level and volatility of statutory reserves and required capital for products in scope. The economic scenarios are a key input in the statutory reserve and required capital
    calculations for certain products, such as variable annuities. If the NAIC adopts an ESG that produces scenarios with characteristics that differ significantly from what the current ESG prescribed in these calculations would produce under the same
    circumstances, this could have a significant impact on the statutory reserves and required capital for products in scope upon adoption as well as affect how the statutory reserves and required capital for these products respond to changes in market
    conditions. We are monitoring all potential changes and evaluating the potential impact they could have on our product offerings and financial condition and results of operations. See &#8220;Item 1. Business &#8211; Regulatory &#8211; Insurance Regulation&#8221; in the 2020
    Form 10-K for a discussion of additional changes under consideration and recent changes implemented by the NAIC, including recent changes to principles-based reserving, changes to the accounting, reserve and RBC regulations related to the variable
    annuity business, and changes to AG49, and the impact of such changes on our business.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we endeavor to maintain all required licenses and approvals, our businesses may not fully comply with the wide variety of applicable laws and regulations or the relevant
    authority&#8217;s interpretation of the laws and regulations, which may change from time to time. Also, regulatory authorities have relatively broad discretion to grant, renew or revoke licenses and approvals. If we do not have the requisite licenses and
    approvals or do not comply with applicable regulatory requirements, the insurance regulatory authorities could preclude or temporarily suspend us from carrying on some or all of our activities or impose substantial fines. Further, insurance regulatory
    authorities have relatively broad discretion to issue orders of supervision, which permit such authorities to supervise the business and operations of an insurance company. As of December 31, 2020, no state insurance regulatory authority had imposed on
    us any material fines or revoked or suspended any of our licenses to conduct insurance business in any state or issued an order of supervision with respect to our insurance subsidiaries that would have a material adverse effect on our results of
    operations or financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Compliance with existing and emerging privacy regulations could result in increased compliance costs and/or lead to changes in business practices and policies, and any failure to
      protect the confidentiality of consumer and client information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Complying with the numerous privacy laws and regulations to which we are subject and other existing, emerging and changing privacy requirements could cause us to incur substantial costs
    or require us to change our business practices and policies. Non-compliance could result in monetary penalties or significant legal liability. For more information, see &#8220;Item 1. Business &#8211; Regulatory &#8211; Privacy Regulations&#8221; In the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of the associates who conduct our business have access to, and routinely process, personal information of clients through a variety of media, including information technology
    systems. We rely on various internal processes and controls to protect the confidentiality of consumer and client information that is accessible to, or in the possession of, our company and our associates. It is possible that an associate could,
    intentionally or unintentionally, disclose or misappropriate confidential consumer or client information or our data could be the subject of a cybersecurity attack. If we fail to maintain adequate internal controls or if our associates fail to comply
    with our policies and procedures, misappropriation or intentional or unintentional inappropriate disclosure or misuse of consumer or client information could occur. Such internal control inadequacies or non-compliance could materially damage our
    reputation or lead to regulatory, civil or criminal investigations and penalties, which, in turn, could have a material adverse effect on our business, financial condition and results of operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, we analyze customer data to better manage our business. There has been increased scrutiny, including from U.S. state and federal regulators, regarding the use of &#8220;big data&#8221;
    techniques such as price optimization. In August 2020, members of the NAIC unanimously adopted guiding principles on artificial intelligence, to inform and articulate general expectations for businesses, professionals and stakeholders across the
    insurance industry as they implement artificial intelligence tools to facilitate operations. We cannot predict what, if any, actions may be taken with regard to &#8220;big data,&#8221; but any inquiries and limitations could have a material impact on our business,
    financial condition and results of operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Federal regulatory actions could result in substantial fines, penalties or prohibitions or restrictions on our business activities and could have a material adverse effect on our
      business, results of operations or financial condition.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our broker-dealer and investment adviser subsidiaries as well as our variable annuities and variable life insurance products, are subject to regulation and supervision by the SEC and
    FINRA. Applicable laws and regulations generally grant supervisory agencies and self-regulatory organizations broad administrative powers, including the power to limit or restrict the subsidiaries from carrying on their businesses in the event that
    they fail to comply with such laws and regulations. The foregoing regulatory or governmental bodies, as well as the DOL and others, have the authority to review our products and business practices and those of our agents, advisers, registered
    representatives, associated persons and employees. In recent years, there has been increased scrutiny of insurance companies and their affiliates by these bodies, which has included more extensive examinations, regular sweep inquiries and more detailed
    review of disclosure documents. These regulatory or governmental bodies may bring regulatory or other legal actions against us if, in their view, our practices, or those of our agents or employees, are improper. These actions can result in substantial
    fines, penalties or prohibitions or restrictions on our business activities and could have a material adverse effect on our business, results of operations or financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes to laws or regulations could adversely affect our distribution model and may result in additional disclosure and other requirements related to the sale and delivery of our
      products and services, which may adversely affect our business.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2019, the SEC approved &#8220;Regulation Best Interest,&#8221; including a new standard of conduct for broker-dealers under the Exchange Act, which requires a broker-dealer to act in the best
    interest of a retail customer when making a recommendation of any securities transaction, without putting its financial interests ahead of the interests of a retail customer. Among other things, the final rule includes provisions setting forth certain
    required disclosures, policies and procedures to identify conflicts of interest, and customer-specific best interest obligations. In addition, the SEC approved the use of a new disclosure document, Form CRS, which is intended to provide retail
    investors with information about the nature of their relationship with their investment professional and supplements other more detailed disclosures. Regulation Best Interest and Form CRS became effective as of September 10, 2019, with a transition
    period for compliance through June 30, 2020, as of which date broker-dealers were required to be compliant. The adoption of Regulation Best Interest has not had a material impact on our business to date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In June 2020, the DOL proposed a new prohibited transaction exemption, which was finalized in December 2020, and will allow the payment of compensation to investment advice fiduciaries
    who comply with the requirements of the new exemption. The new exemption generally tracks the standard set forth in Regulation Best Interest and went into effect on February 16, 2021. It is uncertain whether there will be efforts to revise the new rule
    in the future.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the SEC and DOL rules, the NAIC and several states have either enacted or proposed laws and regulations requiring investment advisers, broker-dealers and/or agents to meet
    a higher standard of care and provide additional disclosures when providing advice to their clients, resulting in additional requirements related to the sale of our products. For more information on these regulations, see &#8220;Item 1. Business &#8211; Regulatory
    &#8211; Federal Initiatives &#8211; SEC Rules and Other Regulations relating to the Standard of Care Applicable to Investment Advisers and Broker-Dealers&#8221; In the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional disclosure and other requirements could adversely affect our business by causing us to reevaluate or change certain business practices or otherwise. If any revised DOL
    fiduciary rule or any additional new rules that are implemented are more onerous than Regulation Best Interest, or are not coordinated with Regulation Best Interest, the impact on our business could be substantial. While we continue to monitor and
    evaluate the various proposals, we cannot predict what other proposals may be made, or what new legislation or regulation may be introduced or become law. Therefore, until such time as final rules or laws are in place, the potential impact on our
    business is uncertain.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes in U.S. federal income tax law could impact our tax costs and the products that we sell.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes in tax laws or interpretations of such laws could increase our corporate taxes and negatively impact our results of operations and financial condition. Tax authorities may enact
    changes in tax law or issue new regulations or other pronouncements that could increase our current tax burden and impose new taxes on our business. Guidance on previously enacted tax law changes could impact our interpretations of existing law and
    also have an impact on our business.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Following the recent Presidential election, tax policy changes are being considered related to the taxation of individuals and corporations. Changes to the individual tax system could
    affect the attractiveness of the products we sell, impacting our sales, product profitability and financial results. An increase in the marginal corporate tax rate would negatively impact our earnings and free cash flows and also affect the value of
    our recorded deferred tax balances.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We continue to monitor and evaluate the various proposals included in the tax plan put forward by the new Administration, and also those that are being considered by the various state and
    local jurisdictions as a direct or indirect result of the COVID-19 pandemic. Until such time that one or more of these proposals are introduced or enacted into law, the specific impact on our business is uncertain.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Legal and regulatory actions are inherent in our businesses and could result in financial losses or harm our businesses.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are, and in the future may be, subject to legal and regulatory actions in the ordinary course of our business. Pending legal and regulatory actions include proceedings relating to
    aspects of our businesses and operations that are specific to us and proceedings that are typical of the businesses in which we operate. Some of these legal proceedings have been brought on behalf of various alleged classes of complainants. In certain
    of these matters, the plaintiffs are seeking large and/or indeterminate amounts, including punitive or exemplary damages. Substantial legal liability in these or future legal or regulatory actions could have a material financial effect or cause
    significant harm to our reputation, which in turn could materially harm our business prospects.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Implementation of the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the regulation of derivatives transactions will subject us to substantial
      additional federal regulation, and we cannot predict the effect on our business, results of operations, cash flows or financial condition until final implementation.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Significant rulemaking across numerous agencies within the federal government has been implemented since the enactment of the Dodd-Frank Act in 2010. The Dodd-Frank Act and corresponding
    global initiatives imposed significant changes to the regulation of derivatives transactions, which we use to mitigate many types of risk in our business. Significantly, swap documentation and processing requirements continue to change in light of
    rules for margining uncleared swaps. As we prepare to comply with requirements to post initial margin beginning in September 2021, we continue to evaluate the ways we will be required to manage our derivatives trading and the attendant liquidity
    requirements. Although these rules provide some flexibility in the categories of eligible collateral, we may be required to hold more of our assets in cash and other low-yielding investments in order to satisfy margin requirements. Operational
    requirements attendant to the new margining regime are potentially burdensome and costly. Swaps clearing requirements may reduce the level of risk exposure we have to our derivatives counterparties (currently managed by holding collateral), but have
    increased our exposure to central clearinghouses and clearing members with which we transact. Central clearinghouses and regulators alike continue to evaluate the appropriate allocation of risk in the event of the failure of a clearing member or
    clearinghouse, and the results of these deliberations may change our use of derivatives in ways we cannot yet determine. The standardization of derivatives products for clearing may make customized products unavailable or uneconomical, potentially
    decreasing the effectiveness of some of our hedging activities. Until the implementation of these provisions is complete, the impact of these provisions on our businesses (including product offerings), results of operations and liquidity and capital
    resources remains uncertain.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes in accounting standards issued by the Financial Accounting Standards Board or other standard-setting bodies may adversely affect our financial statements.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our financial statements are prepared in accordance with GAAP as identified in the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">TM</sup> (&#8220;ASC&#8221;). From time to time, we are required to adopt new or revised accounting standards or guidance that are incorporated into the FASB ASC. It is possible that future
    accounting standards we are required to adopt could change the current accounting treatment that we apply to our consolidated financial statements and that such changes could have a material adverse effect on our financial condition and results of
    operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, in August 2018, the FASB released Accounting Standards Update (&#8220;ASU&#8221;) 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, which is expected to
    result in significant changes to how we account for and report our insurance contracts (both in-force and new business), including&#160;updating assumptions used to measure the liability for future policy benefits for traditional and limited-payment
    contracts, measurement of market risk benefits and amortization of deferred acquisition costs (&#8220;DAC&#8221;).&#160; These changes will impose special demands on companies in the areas of employee training, internal controls and disclosure and may affect how we
    manage our business, including business processes such as design of compensation plans, contract fulfillment, product design, etc. The effective date of ASU 2018-12 is January 1, 2023, and there are various transition methods by topic that we may elect
    upon adoption. We will report results under the new accounting method as of the effective date. We are currently evaluating the impact of adopting this ASU on our consolidated financial condition and results of operations. See Note 2 in the Notes to
    Consolidated Financial Statements in the 2020 Form 10-K for more information. &#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our domestic insurance subsidiaries are subject to statutory accounting principles (&#8220;SAP&#8221;). Any changes in the method of calculating reserves for our life insurance and annuity products
    under SAP may result in increased reserve requirements.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The NAIC also adopts changes to its regulations from time to time, which, depending of the scope of the change, could materially our financial condition and results of operations. See
    &#8220;Item 1. Business &#8211; Regulatory &#8211; Insurance Regulation&#8221; in the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Anti-takeover provisions could delay, deter or prevent our change in control, even if the change in control would be beneficial to LNC shareholders.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an Indiana corporation subject to Indiana state law. Certain provisions of Indiana law could interfere with or restrict takeover bids or other change in control events affecting
    us. Under Indiana law, directors may, in considering the best interests of a corporation, consider the effects of any action on shareholders, employees, suppliers and customers of the corporation and the communities in which offices and other
    facilities are located, and other factors the directors consider pertinent. One statutory provision prohibits, except under specified circumstances, LNC from engaging in any business combination with any shareholder who owns 10% or more of our common
    stock (which shareholder, under the statute, would be considered an &#8220;interested shareholder&#8221;) for a period of five years following the time that such shareholder became an interested shareholder, unless such business combination is approved by the
    Board of Directors prior to such person becoming an interested shareholder.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to the anti-takeover provisions of Indiana law, there are other factors that may delay, deter or prevent our change in control. As an insurance holding company, we are
    regulated as an insurance holding company and are subject to the insurance holding company acts of the states in which our insurance company subsidiaries are domiciled. The insurance holding company acts and regulations restrict the ability of any
    person to obtain control of an insurance company without prior regulatory approval. Under those statutes and regulations, without such approval (or an exemption), no person may acquire any voting security of a domestic insurance company, or an
    insurance holding company which controls an insurance company, or merge with such a holding company, if as a result of such transaction such person would &#8220;control&#8221; the insurance holding company or insurance company. &#8220;Control&#8221; is generally defined as
    the direct or indirect power to direct or cause the direction of the management and policies of a person and is presumed to exist if a person directly or indirectly owns or controls 10% or more of the voting securities of another person.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Capital Position</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Adverse capital and credit market conditions may affect our ability to meet liquidity needs, access to capital and cost of capital.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that our current sources of liquidity do not satisfy our needs, we may have to seek additional financing. The availability of additional financing will depend on a variety of
    factors such as market conditions, the general availability of credit, the volume of trading activities, the overall availability of credit to the financial services industry, our credit ratings and credit capacity, as well as the possibility that
    customers or lenders could develop a negative perception of our long- or short-term financial prospects if we incur large investment losses or if the level of our business activity decreases due to a market downturn. Similarly, our access to funds may
    be impaired if regulatory authorities or rating agencies take negative actions against us. See &#8220;Review of Consolidated Financial Condition &#8211; Liquidity and Capital Resources &#8211; Financing Activities&#8221; in the MD&amp;A in the 2020 Form 10-K for a description
    of our credit ratings. Our internal sources of liquidity may prove to be insufficient, and in such case, we may not be able to successfully obtain additional financing on favorable terms, or at all.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Disruptions, uncertainty or volatility in the capital and credit markets may also limit our access to capital required to operate our business, most significantly our insurance
    operations. Such market conditions may limit our ability to replace, in a timely manner, maturing liabilities; satisfy statutory capital requirements; generate fee income and market-related revenue to meet liquidity needs; and access the capital
    necessary to grow our business. As such, we may be forced to delay raising capital, issue shorter term securities than we prefer or bear an unattractive cost of capital which could decrease our profitability and significantly reduce our financial
    flexibility. Our results of operations, financial condition, cash flows and statutory capital position could be materially adversely affected by disruptions in the financial markets.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Because we are a holding company with no direct operations, the inability of our subsidiaries to pay dividends to us in sufficient amounts would harm our ability to meet our
      obligations.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our insurance subsidiaries are subject to certain insurance department regulatory restrictions related to the transfer of funds and payment of dividends to LNC, including statutory
    limitations on the amount of dividends that can be paid. In addition, payments of dividends and advances or repayment of funds to us by our insurance subsidiaries are restricted by the applicable laws of their respective jurisdictions requiring that
    our insurance subsidiaries hold a specified amount of minimum reserves in order to meet future obligations on their outstanding policies. In order to meet their claims-paying obligations, our insurance subsidiaries regularly monitor their reserves to
    ensure we hold sufficient amounts to cover actual or expected contract and claims payments. At times, we may determine that reserves in excess of the minimum may be needed to ensure sufficiency. See &#8220;Review of Consolidated Financial Condition &#8211;
    Liquidity and Capital Resources &#8211; Restrictions on Subsidiaries&#8217; Dividends and Other Payments&#8221; in the MD&amp;A in the 2020 Form 10-K for additional information regarding these restrictions and requirements.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Changes in, or reinterpretations of, these laws can constrain the ability of our subsidiaries to pay dividends or to advance or repay funds to us in sufficient amounts and at times
    necessary to meet our debt obligations and corporate expenses. Requiring our insurance subsidiaries to hold additional reserves has the potential to constrain their ability to pay dividends to the holding company.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The earnings of our insurance subsidiaries impact contract holders&#8217; surplus. Lower earnings constrain the growth in our insurance subsidiaries&#8217; capital, and therefore, can constrain the
    payment of dividends and advances or repayment of funds to us. In addition, the amount of surplus that our insurance subsidiaries could pay as dividends is constrained by the amount of surplus they hold to maintain their financial strength ratings, to
    provide an additional layer of margin for risk protection and for future investment in our businesses. As a result, to the extent our subsidiaries are unable or are materially restricted from being able to pay dividends to us in sufficient amounts, our
    ability to meet our obligations could be materially affected.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>A decrease in the capital and surplus of our insurance subsidiaries may result in a downgrade to our credit and insurer financial strength ratings.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In any particular year, statutory surplus amounts and RBC ratios may increase or decrease depending on a variety of factors, including the amount of statutory income or losses generated
    by our insurance subsidiaries (which itself is sensitive to equity market and credit market conditions), the amount of additional capital our insurance subsidiaries must hold to support business growth, changes in reserving requirements, such as
    principles-based reserving, our inability to obtain reserve relief, changes in equity market levels, the value of certain fixed-income and equity securities in our investment portfolio, the value of certain derivative instruments that do not get hedge
    accounting treatment, changes in interest rates and foreign currency exchange rates, as well as changes to the NAIC RBC formulas. The RBC ratio is also affected by the product mix of the in-force book of business (i.e., the amount of business without
    guarantees is not subject to the same level of reserves as the business with guarantees). Most of these factors are outside of our control. Our credit and insurer financial strength ratings are significantly influenced by the statutory surplus amounts
    and RBC ratios of our insurance company subsidiaries. The RBC ratio of LNL is an important factor in the determination of the credit and financial strength ratings of LNC and its subsidiaries. In addition, rating agencies may implement changes to their
    internal models that have the effect of increasing or decreasing the amount of statutory capital we must hold in order to maintain our current ratings. In extreme scenarios of equity market declines, the amount of additional statutory reserves that we
    are required to hold for our variable universal life insurance guarantees and variable annuity guarantees may increase at a rate greater than the rate of change of the markets. Increases in reserves reduce the statutory surplus used in calculating our
    RBC ratios. To the extent that our statutory capital resources are deemed to be insufficient to maintain a particular rating by one or more rating agencies, we may seek to raise additional capital through public or private equity or debt financing,
    which may be on terms not as favorable as in the past.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Alternatively, if we were not to raise additional capital in such a scenario, either at our discretion or because we were unable to do so, our financial strength and credit ratings might
    be downgraded by one or more rating agencies. For more information on risks regarding our ratings, see &#8220;Covenants and Ratings &#8211; A downgrade in our financial strength or credit ratings could limit our ability to market products, increase the number or
    value of policies being surrendered and/or hurt our relationships with creditors&#8221; below.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>An inability to access our credit facilities could result in a reduction in our liquidity and lead to downgrades in our credit and financial strength ratings.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We rely on our credit facilities as a potential source of liquidity. We also use the credit facilities as a potential backstop to provide statutory reserve credit, particularly for
    variable annuities. While our variable annuity hedge assets available to provide reserve credit have normally exceeded the ceded statutory reserves, in certain stressed market conditions, it is possible that these assets could be less than the ceded
    statutory reserve. Our credit facilities are available to provide reserve credit to LNL in such a case. If we were unable to access our facility in such circumstances, it could materially impact LNL&#8217;s capital position. The availability of these
    facilities could be critical to our credit and financial strength ratings and our ability to meet our obligations as they come due in a market when alternative sources of credit are tight.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our failure to comply with the covenants in the credit facilities or fulfill the conditions to borrowings, or the failure of lenders to fund their lending commitments
    (whether due to insolvency, illiquidity or other reasons) in the amounts provided for under the terms of the facilities, would restrict our ability to access these credit facilities when needed and, consequently, could have a material adverse effect on
    our financial condition and results of operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Assumptions and Estimates</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>As a result of changes in assumptions, estimates and methods in calculating reserves, our reserves for future policy benefits and claims related to our current and future business as
      well as businesses we may acquire in the future may prove to be inadequate.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We establish and carry, as a liability, reserves based on estimates of how much we will need to pay for future benefits and claims. For our insurance products, we calculate these reserves
    based on many assumptions and estimates, including, but not limited to, estimated premiums we will receive over the assumed life of the policies, the timing of the events covered by the insurance policies, the lapse rate of the policies, the amount of
    benefits or claims to be paid and the investment returns on the assets we purchase with the premiums we receive.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The sensitivity of our statutory reserves and surplus established for our variable universal life contracts and variable annuity base contracts and riders to changes in the equity markets
    will vary depending on the magnitude of the decline. The sensitivity will be affected by the level of account values relative to the level of guaranteed amounts, product design and reinsurance. Statutory reserves for variable annuities depend upon the
    cumulative equity market impacts on the business in force, and therefore, result in non-linear relationships with respect to the level of equity market performance within any reporting period.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The assumptions and estimates we use in connection with establishing and carrying our reserves are inherently uncertain. Accordingly, we cannot determine with precision the ultimate
    amount or the timing of the payment of actual benefits and claims or whether the assets supporting the policy liabilities will grow to the level we assume prior to payment of benefits or claims. If our actual experience is different from our
    assumptions or estimates, our reserves may prove to be inadequate in relation to our estimated future benefits and claims, which would adversely affect our financial position and results of operations. In addition, increases in reserves have a negative
    effect on income from operations in the quarter incurred.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>We may be required to recognize an impairment of our goodwill or to establish a valuation allowance against our deferred income tax assets.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our businesses do not perform well and/or their estimated fair values decline or the price of our common stock does not increase, we may be required to recognize an impairment of our
    goodwill or to establish a valuation allowance against the deferred income tax asset, which could have a material adverse effect on our results of operations and financial condition. For example, during the fourth quarter of 2017, we recorded goodwill
    impairment of $905 million related to our Life Insurance segment. Future reviews of goodwill could result in an impairment of goodwill, and such write-downs could have a material adverse effect on our net income and book value, although they would not
    affect the statutory capital of our insurance subsidiaries. As of December 31, 2020, we had a total of $1.8 billion of goodwill on our Consolidated Balance Sheets. For more information on goodwill, see &#8220;Critical Accounting Policies and Estimates &#8211;
    Goodwill and Other Intangible Assets&#8221; in the MD&amp;A and Note 10 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K. As of December 31, 2020, we had a deferred tax asset of $3.0 billion. If, based on available information,
    including about the performance of a business and its ability to generate future capital gains, we determine that it is more likely than not that the deferred income tax asset will not be realized, then a valuation allowance must be established with a
    corresponding charge to net income. Such valuation allowance could have a material adverse effect on our results of operations and financial condition. For more information on our deferred income tax assets, see Note 7 in the Notes to Consolidated
    Financial Statements in the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>The determination of the amount of allowance for credit losses and impairments taken on our investments is highly subjective and could materially impact our results of operations or
      financial condition.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The determination of the amount of allowances and impairments varies by investment type and is based upon our periodic evaluation and assessment of known and inherent risks associated
    with the respective asset class. Such evaluations and assessments are revised as conditions change and new information becomes available. Management updates its evaluations regularly and reflects changes in allowances and impairments in operations as
    such evaluations are revised. There can be no assurance that our management has accurately assessed the level of impairments taken and allowances reflected in our financial statements. Furthermore, additional impairments may need to be taken or
    allowances provided for in the future. Historical trends may not be indicative of future impairments or allowances.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With respect to unrealized losses, we establish deferred tax assets for the tax benefit we may receive in the event that losses are realized. The realization of significant realized
    losses could result in an inability to recover the tax benefits and may result in the establishment of valuation allowances against our deferred tax assets. Realized losses or impairments may have a material adverse impact on our results of operations
    and financial condition. See &#8220;Critical Accounting Policies and Estimates &#8211; Investments&#8221; in the MD&amp;A in the 2020 Form 10-K for additional information.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Changes to our valuation of investments and our methodologies, estimations and assumptions could harm our results of operations or financial condition.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">During periods of market disruption or rapidly-changing market conditions, such as significantly rising or high interest rates, rapidly widening credit spreads or illiquidity, or
    infrequent trading, or when market data is limited, our investments may become less liquid and we may base our valuations on less-observable and more subjective inputs, assumptions, or methods that may result in estimated fair values that significantly
    vary by period, and may exceed the investment&#8217;s sale price. Decreases in the estimated fair value of our securities may harm our results of operations or financial condition. See &#8220;Critical Accounting Policies and Estimates &#8211; Investments&#8221; in the
    MD&amp;A in the 2020 Form 10-K for additional information.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Significant adverse mortality experience may result in the loss of, or higher prices for, reinsurance, which could adversely affect our profitability.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We reinsure a portion of the mortality risk on fully underwritten, newly issued, individual life insurance contracts. We regularly review retention limits for continued appropriateness
    and they may be changed in the future. In the event that we experience adverse mortality or morbidity experience, a significant portion of that is reimbursed by our reinsurers. Prolonged or severe adverse mortality or morbidity experience could result
    in increased reinsurance costs and, ultimately, reinsurers being unwilling to offer future coverage. If we are unable to maintain our current level of reinsurance or purchase new reinsurance protection at comparable rates to what we are paying
    currently, we may have to accept an increase in our net exposures or revise our pricing to reflect higher reinsurance premiums or both. If this were to occur, we may be exposed to reduced profitability and cash flow strain or we may not be able to
    price new business at competitive rates.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Catastrophes have impacted, and may in the future, adversely impact liabilities for contract holder claims.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our insurance operations are exposed to the risk of catastrophic mortality, such as a pandemic, an act of terrorism, natural disaster or other event that causes a large number of deaths
    or injuries, such as the COVID-19 pandemic that emerged during the first quarter of 2020. Neither the length nor severity of the COVID-19 pandemic, nor the likelihood, timing or severity of a future pandemic or other catastrophe, can be predicted.
    Additionally, the impact of climate change has caused, and may continue to cause, changes in weather patterns, resulting in more severe and more frequent natural disasters such as forest fires, hurricanes, tornados, floods and storm surges. In our
    group insurance operations, an event that affects the workplace of one or more of our group insurance customers, such as the COVID-19 pandemic, could cause a significant loss due to mortality or morbidity claims. During 2020, we experienced a
    significant increase in mortality and morbidity claims associated with the COVID-19 pandemic, which negatively impacted our earnings for the year, as discussed further in &#8220;Introduction &#8211; Executive Summary&#8221; in the MD&amp;A. The continuation of the
    COVID-19 pandemic, or future pandemics or other catastrophic events could cause a material adverse effect on our results of operations in any period and, depending on their severity, could also materially and adversely affect our financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The extent of losses from a catastrophe is a function of both the total amount of insured exposure in the area affected by the event and the severity of the event. Pandemics, natural
    disasters and man-made catastrophes, including terrorism, may produce significant damage in larger areas, especially those that are heavily populated. Claims resulting from natural or man-made catastrophic events could cause substantial volatility in
    our financial results for any fiscal quarter or year and could materially reduce our profitability or harm our financial condition. Also, catastrophic events could harm the financial condition of our reinsurers and thereby increase the probability of
    default on reinsurance recoveries. Accordingly, our ability to write new business could also be affected.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consistent with industry practice and accounting standards, we establish liabilities for claims arising from a catastrophe only after assessing the probable losses arising from the event.
    We cannot be certain that the liabilities we have established or applicable reinsurance will be adequate to cover actual claim liabilities, and a catastrophic event or multiple catastrophic events could have a material adverse effect on our business,
    results of operations and financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Operational Matters</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our enterprise risk management policies and procedures may leave us exposed to unidentified or unanticipated risk, which could negatively affect our businesses or result in losses.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our policies and procedures to identify, monitor and manage risks may not be fully effective. Many of our methods of managing risk and exposures are based upon our use of observed
    historical market behavior or statistics based on historical models. As a result, these methods may not predict future exposures, which could be significantly greater than the historical measures indicate, such as the risk of pandemics causing a large
    number of deaths. Other risk management methods depend upon the evaluation of information regarding markets, clients, catastrophe occurrence or other matters that is publicly available or otherwise accessible to us, which may not always be accurate,
    complete, up-to-date or properly evaluated. Management of operational, legal and regulatory risks requires, among other things, policies and procedures to record properly and verify a large number of transactions and events, and these policies and
    procedures may not be fully effective.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>We face risks of non-collectability of reinsurance and increased reinsurance rates, which could materially affect our results of operations.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We follow the insurance practice of reinsuring with other insurance and reinsurance companies a portion of the risks under the policies written by our insurance subsidiaries (known as
    &#8220;ceding&#8221;). As of December 31, 2020, we ceded $674.3 billion of life insurance in force to reinsurers for reinsurance protection. Although reinsurance does not discharge our subsidiaries from their primary obligation to pay contract holders for losses
    insured under the policies we issue, reinsurance does make the assuming reinsurer liable to the insurance subsidiaries for the reinsured portion of the risk. As of December 31, 2020, we had $16.5 billion of reinsurance receivables from reinsurers for
    paid and unpaid losses, for which they are obligated to reimburse us under our reinsurance contracts. Of this amount, $11.3 billion related to reinsurance agreements entered into with Protective in May 2018, providing for the reinsurance and
    administration of the Liberty Life Business sold to Protective in connection with the Liberty acquisition, and $1.2 billion related to the sale of our reinsurance business to Swiss Re in 2001 through an indemnity reinsurance agreement. The balance of
    the reinsurance is due from a diverse group of reinsurers. For more information regarding our reinsurance arrangements and exposure, see &#8220;Reinsurance&#8221; in the MD&amp;A and Note 9 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The collectability of reinsurance is largely a function of the solvency of the individual reinsurers. We perform due diligence on all reinsurers, including, but not limited to, a review
    of creditworthiness prior to entering into any reinsurance transaction, and we review our reinsurers on an ongoing basis to monitor credit ratings. To support balances due and allow reserve credit when reinsurance is obtained from reinsurers not
    authorized to transact business in the applicable jurisdictions, we also require assets in trust, LOCs or other acceptable collateral. Despite these measures, the insolvency, inability or unwillingness to make payments under the terms of a reinsurance
    contract by a large reinsurer or multiple reinsurers could have a material adverse effect on our results of operations and financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Reinsurers also may attempt to increase rates with respect to our existing reinsurance arrangements. The ability of our reinsurers to increase rates depends upon the terms of each
    reinsurance contract. Some of our reinsurance contracts contain provisions that limit the reinsurer&#8217;s ability to increase rates on in-force business; however, some do not. An increase in reinsurance rates may affect the profitability of our insurance
    business. Additionally, such a rate increase could result in our recapture of the business, which may result in a need for additional reserves and increase our exposure to claims. While in recent years, we have faced a number of rate increase actions
    on in-force business, our management of those actions has not had a material effect on our results of operations or financial condition. However, there can be no assurance that the outcome of future rate increase actions would similarly result in no
    material effect. See Note 14 in the Notes to Consolidated Financial Statements in the 2020 Form 10-K for a description of reinsurance related actions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Competition for our employees is intense, and we may not be able to attract and retain the highly skilled people we need to support our business.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our success depends, in large part, on our ability to attract and retain key people. Intense competition exists for the key employees with demonstrated ability, and we may be unable to
    hire or retain such employees. The unexpected loss of services of one or more of our key personnel could have a material adverse effect on our operations due to their skills, knowledge of our business, their years of industry experience and the
    potential difficulty of promptly finding qualified replacement employees. We compete with other financial institutions primarily on the basis of our products, compensation, support services and financial condition. Sales in our businesses and our
    results of operations and financial condition could be materially adversely affected if we are unsuccessful in attracting and retaining key employees, including financial advisers, wholesalers and other employees, as well as independent distributors of
    our products.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>We may not be able to protect our intellectual property and may be subject to infringement claims.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may have to litigate to enforce and protect our intellectual property, which represents a diversion of resources that may be significant and may not prove successful. The loss of
    intellectual property protection or the inability to secure or enforce the protection of our intellectual property assets could have a material adverse effect on our business and our ability to compete.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also may be subject to costly litigation in the event that another party alleges our operations or activities infringe upon another party&#8217;s intellectual property rights. If we were
    found to have infringed a third-party patent or other intellectual property rights, we could incur substantial liability, and in some circumstances could be enjoined from providing certain products or services to our customers, or alternatively could
    be required to enter into costly licensing arrangements with third parties, all of which could have a material adverse effect on our business, results of operations and financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our information systems may experience interruptions, breaches in security and/or a failure of disaster recovery systems that could result in a loss or disclosure of confidential
      information, damage to our reputation and impairment of our ability to conduct business effectively.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our information systems are critical to the operation of our business. We collect, process, maintain, retain and distribute large amounts of personal financial and health information and
    other confidential and sensitive data about our customers in the ordinary course of our business. Our business therefore depends on our customers&#8217; willingness to entrust us with their personal information. Any failure, interruption or breach in
    security could result in disruptions to our critical systems and adversely affect our customer relationships.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Publicly reported cyber-security threats and incidents have increased over recent periods. Although our computer systems have in the past been, and will likely in the future be, subject
    to or targets of unauthorized or fraudulent access, to date, we have not had a material security breach. While we employ a robust and tested information security program, the preventative actions we take to reduce the incidence and severity of cyber
    incidents and protect our information technology may be insufficient to prevent physical and electronic break-ins, cyberattacks, compromised credentials, fraud, other security breaches or other unauthorized access to our computer systems, and, given
    the increasing sophistication of cyberattacks, in some cases, such incidents could occur and persist for an extended period of time without detection. As a result, there can be no assurance that any such failure, interruption or security breach will
    not occur or, if any does occur, that it will be detected in a timely manner or that it can be sufficiently remediated. Such an occurrence may impede or interrupt our business operations and could adversely affect our reputation, business, financial
    condition and results of operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a disaster such as a natural catastrophe, epidemic, industrial accident, blackout, computer virus, terrorist attack, cyberattack or war, unanticipated problems with our
    disaster recovery systems could have a material adverse impact on our ability to conduct business and on our results of operations and financial condition, particularly if those problems affect our computer-based data processing, transmission, storage
    and retrieval systems and destroy valuable data. In addition, in the event that a significant number of our managers were unavailable following a disaster, our ability to effectively conduct business could be severely compromised. These interruptions
    also may interfere with our suppliers&#8217; ability to provide goods and services and our employees&#8217; ability to perform their job responsibilities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The failure of our computer systems and/or our disaster recovery plans for any reason could cause significant interruptions in our operations and result in a failure to maintain the
    security, confidentiality or privacy of sensitive data, including personal information relating to our customers. The occurrence of any such failure, interruption or security breach of our systems could damage our reputation, result in a loss of
    customer business, subject us to additional regulatory scrutiny, or expose us to civil litigation and financial liability. Depending on the nature of the information compromised, in the event of a data breach or other unauthorized access to our
    customer data, we may also have obligations to notify affected individuals about the incident, and we may need to provide some form of remedy, such as a subscription to a credit monitoring service, for the individuals affected by the incident. For more
    information, see &#8220;Legislative, Regulatory and Tax &#8211; State Regulation &#8211; Compliance with existing and emerging privacy regulations could result in increased compliance costs and/or lead to changes in business practices and policies, and any failure to
    protect the confidentiality of client information could adversely affect our reputation and have a material adverse effect on our business, financial condition and results of operations.&#8221;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we conduct due diligence, negotiate contractual provisions and, in many cases, conduct periodic reviews of our vendors, distributors, and other third parties that provide
    operational or information technology services to us to confirm compliance with our information security standards, the failure of such third parties&#8217; computer systems and/or their disaster recovery plans for any reason might cause significant
    interruptions in our operations and result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to our customers. Such a failure could harm our reputation, subject us to regulatory
    sanctions and legal claims, lead to a loss of customers and revenues and otherwise adversely affect our business and financial results. In addition, our cyber liability insurance may not be sufficient to protect us against all losses.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Acquisitions of businesses may not produce anticipated benefits resulting in operating difficulties, unforeseen liabilities or asset impairments, which may
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once completed, an acquired business may not perform as projected, expense and revenue synergies may not materialize as expected and costs associated with the integration may be greater
    than anticipated. Our financial results could be adversely affected by unanticipated performance issues, unforeseen liabilities, transaction-related charges, diversion of management time and resources to acquisition integration challenges or growth
    strategies, loss of key employees or customers, amortization of expenses related to intangibles, charges for impairment of long-term assets or goodwill and indemnifications. Factors such as receiving the required governmental or regulatory approvals to
    merge the acquired entity, delays in implementation or completion of transition activities or a disruption to our or the acquired entity&#8217;s business could impact our results.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Covenants and Ratings</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>A downgrade in our financial strength or credit ratings could limit our ability to market products, increase the number or value of policies being surrendered and/or hurt our
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A downgrade of the financial strength rating of one of our principal insurance subsidiaries could affect our competitive position in the insurance industry by making it more difficult for
    us to market our products, as potential customers may select companies with higher financial strength ratings, and by leading to increased withdrawals by current customers seeking companies with higher financial strength ratings. This could lead to a
    decrease in fees as net outflows of assets increase, and therefore, result in lower fee income and lower spread income. Furthermore, sales of assets to meet customer withdrawal demands could also result in losses, depending on market conditions. The
    interest rates we pay on our borrowings are largely dependent on our credit ratings. A downgrade of our debt ratings could affect our ability to raise additional debt, including bank lines of credit, with terms and conditions similar to our current
    debt, and accordingly, likely increase our cost of capital.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of our ratings and ratings of our principal insurance subsidiaries are subject to revision or withdrawal at any time by the rating agencies, and therefore, no assurance can be given
    that our principal insurance subsidiaries or we can maintain these ratings. See &#8220;Item 1. Business &#8211; Financial Strength Ratings&#8221; and &#8220;Liquidity and Capital Resources &#8211; Financing Activities&#8221; in the MD&amp;A in the 2020 Form 10-K for a description of our
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Certain blocks of our insurance business purchased from third-party insurers under indemnity reinsurance agreements may require us to place assets in trust, secure letters of credit or
      return the business, if the financial strength ratings and/or capital ratios of certain insurance subsidiaries are not maintained at specified levels.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under certain indemnity reinsurance agreements, two of our insurance subsidiaries, LNL and LLANY, provide 100% indemnity reinsurance for the business assumed; however, the third-party
    insurer, or the &#8220;cedent,&#8221; remains primarily liable on the underlying insurance business. Under these types of agreements, as of December 31, 2020, we held statutory reserves of $4.8 billion. These indemnity reinsurance arrangements require that our
    subsidiary, as the reinsurer, maintain certain insurer financial strength ratings and capital ratios. If these ratings or capital ratios are not maintained, depending upon the reinsurance agreement, the cedent may recapture the business, or require us
    to place assets in trust or provide LOCs at least equal to the relevant statutory reserves. See &#8220;Item 1. Business &#8211; Reinsurance&#8221; in the 2020 Form 10-K for a discussion of the indemnity reinsurance arrangements and the financial strength ratings and/or
    capital ratios that are required to be maintained under such arrangements. As of December 31, 2020, LNL&#8217;s and LLANY&#8217;s financial strength ratings and RBC ratios exceeded the ratings and ratios required under each agreement. See &#8220;Item 1. Business &#8211;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the cedent recaptured the business, LNL and LLANY would be required to release reserves and transfer assets to the cedent. Such a recapture could adversely impact our future profits.
    Alternatively, if LNL and LLANY established a security trust for the cedent, the ability to transfer assets out of the trust could be severely restricted, thus negatively impacting our liquidity.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Investments</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>We may have difficulty selling certain holdings in our investment portfolio in a timely manner and realizing full value. </i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We hold certain investments that may lack liquidity, such as privately placed securities, mortgage loans on real estate, policy loans, limited partnership interests and other investments.
    These asset classes represented 27% of the carrying value of our total investments as of December 31, 2020. If we require significant amounts of cash on short notice in excess of normal cash requirements or are required to post or return collateral in
    connection with our investment portfolio, derivatives transactions or securities lending activities, we may have difficulty selling these investments in a timely manner, be forced to sell them for less than we otherwise would have been able to realize,
    or both.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The reported value of our relatively illiquid types of investments, our investments in the asset classes described in the paragraph above and, at times, our high quality, generally liquid
    asset classes, do not necessarily reflect the lowest current market price for the asset. If we were forced to sell certain of our assets in the current market, there can be no assurance that we would be able to sell them for the prices at which we have
    recorded them, and we might be forced to sell them at significantly lower prices.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>The amount and timing of income from certain investments can be uneven, and their valuations infrequent or volatile, which can impact the amount of income we record or lead to lower
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We invest a portion of our investments in investment funds, many of which make private equity investments. The amount and timing of income from such investment funds tends to be uneven as
    a result of the performance of the underlying investments, including private equity investments. The timing of distributions from the funds, which depends on particular events relating to the underlying investments, as well as the funds&#8217; schedules for
    making distributions and their needs for cash, can be difficult to predict. In addition, because these funds, and private equity investments, do not trade on public markets and indications of realizable market value may not be readily available,
    valuations can be infrequent and/or more volatile. As a result, the amount of income that we record from these investments can vary substantially from quarter to quarter, and a sudden or sustained decline in the markets or valuation of one or more
    substantial investments could result in lower than expected returns earned by our investment portfolio and thereby adversely impact our earnings.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Defaults on our mortgage loans and write-downs of mortgage equity may adversely affect our profitability.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our mortgage loans face default risk and are principally collateralized by commercial properties. The performance of our mortgage loan investments may fluctuate in the future. In
    addition, some of our mortgage loan investments have balloon payment maturities. An increase in the default rate of our mortgage loan investments could have a material adverse effect on our business, results of operations and financial condition.
    Further, any geographic or sector exposure in our mortgage loans may have adverse effects on our investment portfolios and consequently on our consolidated results of operations or financial condition. While we seek to mitigate this risk by having a
    broadly diversified portfolio, events or developments that have a negative effect on any particular geographic region or sector may have a greater adverse effect on the investment portfolios to the extent that the portfolios are exposed.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>The difficulties faced by other financial institutions could adversely affect us.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have exposure to many different industries and counterparties, and routinely execute transactions with counterparties in the financial services industry, including brokers and dealers,
    commercial banks, investment banks and other institutions. Many of these transactions expose us to credit risk in the event of default of our counterparty. In addition, with respect to secured transactions, our credit risk may be exacerbated when the
    collateral held by us cannot be realized or is liquidated at prices not sufficient to recover the full amount of the related loan or derivative exposure. We also may have exposure to these financial institutions in the form of unsecured debt
    instruments, derivative transactions and/or equity investments. These parties may default on their obligations to us due to bankruptcy, lack of liquidity, downturns in the economy or real estate values, operational failure, corporate governance issues
    or other reasons. A downturn in the U.S. or other economies could result in increased impairments. There can be no assurance that any such losses or impairments to the carrying value of these assets would not materially and adversely affect our
    business and results of operations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our requirements to post collateral or make payments related to declines in market value of specified assets may adversely affect our liquidity and expose us to counterparty credit
      risk.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many of our transactions with financial and other institutions, including settling futures positions, specify the circumstances under which the parties are required to post collateral.
    The amount of collateral we may be required to post under these agreements may increase under certain circumstances, which could adversely affect our liquidity. In addition, under the terms of some of our transactions, we may be required to make
    payments to our counterparties related to any decline in the market value of the specified assets.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Competition</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Intense competition could negatively affect our ability to maintain or increase our profitability.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our businesses are intensely competitive. We compete based on a number of factors, including name recognition, service, the quality of investment advice, investment performance, product
    features, price, perceived financial strength and claims-paying and credit ratings. Our competitors include insurers, broker-dealers, investment advisers, asset managers, hedge funds and other financial institutions. A number of our business units face
    competitors that have greater market share, offer a broader range of products or have higher financial strength or credit ratings than we do. In recent years, there has been consolidation and convergence among companies in the financial services
    industry resulting in increased competition from large, well-capitalized financial services firms. Many of these firms also have been able to increase their distribution systems through mergers or contractual arrangements. Furthermore, larger
    competitors may have lower operating costs and an ability to absorb greater risk while maintaining their financial strength ratings, thereby allowing them to price their products more competitively. Our customers and clients may engage other financial
    service providers, and the resulting loss of business may harm our results of operations or financial condition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Our sales representatives are not captive and may sell products of our competitors.</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We sell our annuity and life insurance products through independent sales representatives. These representatives are not captive, which means they may also sell our competitors&#8217; products.
    If our competitors offer products that are more attractive than ours, or pay higher commission rates to the sales representatives than we do, these representatives may concentrate their efforts in selling our competitors&#8217; products instead of ours.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a004_v1"></a>SUMMARY OF THE PLAN</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The purpose of the Plan is to encourage and assist you and other participants in adopting a regular savings and investment program, and to help you to build a secure
    retirement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Lincoln Retirement Services Company (&#8220;LRSC&#8221;) is the third-party administrator and recordkeeper of the Plan. You may transact your account activity or obtain the current
    value of your account online at any time via <b><u>www.LincolnFinancial.com</u></b> or the Lincoln Customer Contact Center at 800<b>-</b>234-3500. Customer service representatives are available from 8 a.m. to 8 p.m. Eastern Time, Monday through
    Friday.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For purposes of the following sections, the term &#8220;Company&#8221; refers to The Lincoln National Life Insurance Company. The term &#8220;LNC&#8221; refers to Lincoln National Corporation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a005_v1"></a>ELIGIBILITY AND PARTICIPATION</p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If you meet the following criteria, you are eligible to participate in the Plan:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You are a citizen or resident of the United States;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You are an agent of the Company who is classified as a full-time life insurance salesperson under the Federal Insurance Contributions Act; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You have entered into (1) a Financial Professional Agreement with a Schedule A (for a Lincoln Financial Advisors (LFA) Agent) or (2) a Producer Agreement with a Schedule C (for an Agency Building General Agent (&#8220;ABGA Agent&#8221;)).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you meet all three of the above requirements, you may become a participant in the Plan by calling the Lincoln Customer Contact Center at 800<b>-</b>234<b>-</b>3500 or logging on to <b><u>www.LincolnFinancial.com</u>.
    </b>You will need a user name and password to create your account. If you need assistance accessing the website or do not wish to make your elections online, you should call the Lincoln Customer Contact Center for assistance.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to participate:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td><font style="font-family: Times New Roman, Times, Serif">You must designate a rate of Pre-Tax Contributions and/or Roth 401(k) Contributions to the Plan between 1% and 50% of your &#8220;Pensionable Earnings&#8221; (as defined below). Pre-Tax Contributions
            are voluntary deferrals from your &#8220;Pensionable Earnings&#8221;. Roth 401(k) Contributions are after-tax voluntary deferrals from your &#8220;Pensionable Earnings&#8221;. If you are considered a &#8220;highly compensated participant&#8221; as described in the section
            entitled &#8220;Participant Contributions&#8221; below, your rate of Pre-Tax Contributions and/or Roth 401(k) Contributions will be limited to the percentage determined by the LNC Benefits Committee (the &#8220;Committee&#8221;) annually. For 2021, the limit is 15% of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td><font style="font-family: Times New Roman, Times, Serif">Your Pre-Tax and Roth 401(k) Contributions will be combined in determining the maximum contribution limit.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You must provide LRSC with investment directions specifying how you want your Pre-Tax and/or Roth 401(k) Contributions, your Company Contributions, your Rollover Contributions and your Roth 401(k) Rollover Contributions, if any, invested among
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><u>Pensionable Earnings</u></p>
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        <td>any loan payments made in connection with an apprenticeship loan program; and</td>
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        <td>earnings paid pursuant to a temporary earnings code that is designated as non-benefitable.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Your participation in the Plan is voluntary and we make no recommendations as to whether you should or should not participate.</i></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a006_v1"></a>PARTICIPANT CONTRIBUTIONS</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Amount You May Contribute</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may contribute your Pensionable Earnings to the Plan on a pre-tax basis (&#8220;Pre-Tax Contributions&#8221;) or after-tax basis (&#8220;Roth 401(k) Contributions&#8221;). You may elect to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">However, if you are a highly compensated participant in 2021 (currently, anyone who made at least $130,000 in 2020 will be considered a highly compensated participant in
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    participants for 2021 is 15% of Pensionable Earnings. You may change the rate of your contributions to the Plan at any time, with the change effective in most cases on the next payday. You may suspend contributions to the Plan, or begin contributing to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
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        <td style="width: 0.5in"><b>Note:</b></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Catch-Up Contributions</b></p>
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        <td>Contributing at the current maximum annual Pre-Tax Contribution and/or Roth 401(k) Contribution limit set by the IRS ($19,500 for 2021); or</td>
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  </table>
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        <td>Contributing at the maximum current rate allowed by the Plan for the entire Plan Year (50% of Pensionable Earnings or 15% of Pensionable Earnings if you are a highly compensated participant - up to $19,500 for 2021).</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan&#8217;s recordkeeper will review participant accounts to ensure these eligibility requirements were met.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If, under the rules outlined above, you are eligible to make Catch-Up Contributions, your Catch-Up Contributions will not be subject to the 15% limit for highly
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Roth 401(k) Contributions</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described earlier, the Roth 401(k) feature allows you to save money in your account through payroll deductions on an after-tax basis. Even if you are already making Pre-Tax
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Factors to consider:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

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        <td style="text-align: left">You have the flexibility to make Pre-Tax Contributions, Roth 401(k) Contributions, or a combination of both.</td>
      </tr>

  </table>
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  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="text-align: left">Pre-Tax Contributions and Roth 401(k) Contributions will be accounted for separately in your account.</td>
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  </table>
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  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

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        <td style="text-align: left">You cannot transfer balances between your Pre-Tax Contribution account and your Roth 401(k) Contribution account.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

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        <td style="text-align: left">Your Pre-Tax Contributions and Roth 401(k) Contributions will be eligible for the Company Basic Matching Contribution, up to 6% of your Pensionable Earnings that you contribute, as described earlier. For example, if you
          contribute 6% Roth 401(k) or 6% Pre-Tax, or a combination of 3% Roth 401(k) and 3% Pre-Tax, you will receive Company matching contributions on your contributions up to 6% of your Pensionable Earnings that you contribute. Company matching
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      </tr>

  </table>
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        <td style="text-align: left">Roth 401(k) Contributions and earnings thereon will not be subject to federal taxes at retirement if your withdrawals are considered &#8220;qualified distributions&#8221;.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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        <td>The withdrawal is taken after death, Disability (as defined in the section entitled &#8220;Vesting&#8221;) or upon attainment of age 59&#189;; and</td>
      </tr>

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        <td>The withdrawal occurs at least 5 years after you make your first Roth 401(k) Contribution.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if your valid active benefits eligible contract terminates, you may have the option to roll over your Roth 401(k) Contributions to a Roth IRA or to a new company&#8217;s plan if it
    accepts the rollover of Roth 401(k) contributions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0.5in"><b><i>Note: Your aggregate contributions (Pre-Tax and Roth 401(k) Contributions) cannot exceed the annual contribution limit set by the IRS plus applicable &#8220;catch-up&#8221;
        contributions. The annual contribution limit imposed by the IRS is an overall maximum and applies to all 401(k) plans in which you participate during a calendar year. <u>You are responsible for tracking your contributions and complying with IRS
          limits if you switch companies during the year and participate in more than one 401(k) plan.</u></i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1in 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>After-Tax Contributions</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to January 1, 1989, participants were permitted to make contributions to the Plan from after-tax earnings (&#8220;After-Tax Contributions&#8221;). A separate After-Tax Contribution account is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rollover Contributions</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may transfer or &#8220;roll over&#8221; amounts from the taxable amount of your distributions from a traditional or conduit IRA; plans qualified under Code section 401(a), including a 401(k)
    plan, profit-sharing plan, defined benefit plan, stock bonus plan; a Code section 403(b) plan; and an eligible Code section 457(b) plan maintained by a governmental employer (&#8220;Rollover Contributions&#8221;). Terminated agents who maintain an account within
    the Plan may transfer or roll over amounts from other qualified plans into this Plan subject to the same rules as active participants.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A rollover may be made directly from another plan to this Plan. For taxable distributions, you may elect within 60 days following the date you receive payment from a plan to roll over the
    distribution. There are certain tax consequences related to having the taxable distribution made payable directly to you and then electing the rollover option.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may transfer or roll over Roth 401(k) contributions from another eligible retirement plan into this Plan as a direct rollover. Your Roth 401(k) contribution rollover amounts will be
    held in a separate Roth 401(k) rollover account (&#8220;Roth 401(k) Rollover Contributions&#8221;).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Rollover Contribution accepted by the Plan Administrator will be credited to a separate Rollover Contribution account or Roth 401(k) Rollover Contribution account established in your
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To initiate a rollover of taxable distributions and/or Roth 401(k) contributions from another eligible retirement plan you should contact your Lincoln Financial Retirement Consultant:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Matthew Middleton&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Phone: 260-455-4235&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-size: 10pt">Email</font>: <font style="font-size: 10pt"><u>Matthew.Middleton@LFG.com</u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any loan you may have outstanding from such other plan may not be rolled over into this Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Repayment of a CARES Act Distribution</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If you received one or more coronavirus-related distributions (&#8220;CRD&#8221;) during the 2020 Plan Year and maintain an account under the Plan, you may, at any time during the
    3-year period beginning on the day after the date on which the CRD was received, repay up to 100% of the CRD to the Plan in the form of a Rollover Contribution. Contact the Lincoln Customer Contact Center at 800-234-3500 for more information about the
    repayment of a CRD.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a007_v1"></a>COMPANY CONTRIBUTIONS</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may make four types of Company contributions to the Plan on your behalf: a Basic Matching Contribution, a Discretionary Matching Contribution, a Non-Elective Contribution and a True-Up
    Contribution, if applicable. Unless we distinguish between these four types of contributions, the term &#8220;Company Contributions&#8221; refers to all of the contributions noted in the preceding sentence.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any Company Contributions made will be credited to a separate Company Contribution account established in your name.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Basic Matching Contribution</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are an ABGA Agent, we will credit your account with a Basic Matching Contribution of $1.00 for every $1.00 you contribute to the Plan, up to 6% of your Pensionable Earnings, on a
    per pay period basis.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are not an ABGA Agent, we will credit your account with a Basic Matching Contribution of $0.50 for every $1.00 you contribute to the Plan, up to 6% of your Pensionable Earnings, on
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Discretionary Matching Contribution</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the end of each Plan Year we <b><i><u>may</u></i></b> make an additional Discretionary Matching Contribution of up to $0.50 for every $1.00 of Pre-Tax Contributions you contributed up
    to 6% of your Pensionable Earnings. We reserve the right to discontinue the practice of making Discretionary Matching Contributions at any time. <b>ABGA Agents are not eligible for any Discretionary Matching Contributions made by the Company. </b>
    You must be an agent in good standing on the last day of the Plan Year in order to be eligible for the additional Discretionary Matching Contribution. However, if you are absent on the last day of the Plan Year because you Retired (as defined in the
    section entitled &#8220;Vesting&#8221; below) during the Plan Year, or terminated service before such date due to your death or Disability (as defined under the section entitled &#8220;Vesting&#8221; below), you will still be eligible for this Discretionary Matching
    Contribution. The Discretionary Matching Contribution must be authorized and approved by our Board of Directors. Discretionary Matching Contributions, if approved, will be credited to your Company Contribution account after the close of the Plan Year
    to which the contribution relates.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Non-Elective Contribution</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For each payroll period in which you receive Pensionable Earnings, the Company will make a Non-Elective Contribution equal to the difference (if any) between:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>the Basic Matching Contribution that would have been made to your account if your Pensionable Earnings (net of other applicable deductions) were sufficient to make the full amount of Pre-Tax or Roth 401(k) Contributions that you elected; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>the actual Basic Matching Contribution made to your account based on the Pre-Tax or Roth 401(k) Contributions made to the Plan for that payroll period.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>True-Up Contribution</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If your aggregate Basic Matching Contributions and (if applicable) Non-Elective Contributions made by the Company during the Plan Year are less than 50% (or 100% if you
    are an ABGA Agent) of your aggregate Pre-Tax Contributions and Roth 401(k) Contributions for the Plan Year not in excess of 6% of your total Pensionable Earnings for the Plan Year (&#8220;target true-up amount&#8221;), then the Company will make an additional
    True-up Contribution with respect to the Plan Year on your behalf.&#160;&#160; The amount of the True-Up Contribution will be an amount which, when added to your Basic Matching Contributions and Non-Elective Contributions previously made with respect to the Plan
    Year, will equal the target true-up amount. &#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum amount possible for the Company to contribute in any Plan Year to your Plan account is $1.00 for every $1.00 you contributed, up to 6% of your Pensionable Earnings.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Matured vs. Non-Matured Company Contributions</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition to being subject to the vesting schedule described in the section entitled &#8220;Vesting&#8221; below, Company Contributions &#8220;mature&#8221; after having been in your Company Contribution
    account for at least 2 years after the contribution was credited for the applicable Plan Year. Non-matured Company Contributions are those that have been credited for <i>less</i> than 2 years. If you have been a participant in the Plan for <i>less</i>
    than 5 years, you are only permitted to withdraw matured Company Contributions - you may not withdraw non-matured Company Contributions. If you have been in the Plan for 5 or more years, however, you may withdraw matured or non-matured Company
    Contributions. All non-matured Company Contributions automatically mature on the first to occur of:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>the date you complete 5 years of service for us;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td>the date you Retire (as defined in the section entitled &#8220;Vesting&#8221; below);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td>the date of your death; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td>the date you become Disabled (as defined in the section entitled &#8220;Vesting&#8221; below).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a008_v1"></a>ACCOUNT STATEMENTS</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Shortly after the end of each calendar quarter, you will receive a statement of your Plan accounts. This statement will include the following information for the
    preceding calendar quarter: (1) the amount of any contributions to your Plan account (After-Tax Contributions made prior to January 1, 1989, Pre-Tax Contributions, Roth 401(k) Contributions, Company Contributions, Rollover Contributions, Roth 401(k)
    Rollover Contributions, loan repayments, etc.) and how they are invested in the Plan; (2) the amount, if any, of investment earnings credited to your Plan accounts; and (3) a statement of the assets currently held for you by the Plan Trustee. Stock
    dividends, stock splits and similar changes will be reflected through the appropriate adjustments to your LNC Stock Fund. You can also review your accounts at any time by logging on to <b><u>www.LincolnFinancial.com</u></b>. Here you will have the
    ability to generate real-time account activity summaries any time you need them and you can specify the desired time period from a list of common options or enter customized date ranges. Please contact the Lincoln Customer Contact Center at 800<b>-</b>234<b>-</b>3500


    if you need assistance.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>You should notify LRSC within 30 days after the statement date if you believe your statement to be incorrect; otherwise it will be deemed to be correct.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a009_v1"></a>LIMITATIONS ON CONTRIBUTIONS</b></p>
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As stated earlier, &#8220;highly compensated&#8221; participants (for 2021, those earning at least $130,000 in 2020), may contribute no more than the maximum amount equal to the lesser of 15% of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan, along with other similar plans we maintain, must meet certain nondiscrimination rules as set forth in the Code. These rules ensure that the Plan does not discriminate in favor
    of highly compensated participants. If the Plan does not meet these non-discrimination rules, adjustments to contributions may be necessary and may require the Plan Administrator to revoke or modify your elections, the amount of your Pre-Tax
    Contributions, Roth 401(k) Contributions, as well as Company Contributions, may be reduced to the extent necessary to eliminate the amounts the IRS considers an &#8220;excess&#8221; contribution. Alternatively, the Plan Administrator may refund excess Pre-Tax
    Contributions or Roth 401(k) Contributions to you. Certain refunded amounts may be immediately taxable. The Plan Administrator may also hold excess Company Contributions in a suspense account to be used to reduce the amount of Plan expenses (including
    our obligations to make Company Contributions to other participants). If the Plan Administrator were to terminate the Plan, it would allocate amounts in this suspense account pro rata to the participants participating in the Plan as of the date of the
    Plan termination, pursuant to the relevant provisions of the Code.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Finally, during any calendar year, the sum of your Pre-Tax Contributions, Roth 401(k) Contributions and Company Contributions may not exceed limits set under Code
    section 415. For 2021, the maximum is the lesser of 100% of your Pensionable Earnings, or $58,000 (as indexed by the IRS for tax years thereafter). In addition, the maximum amount of Pensionable Earnings considered in determining your benefits under
    the Plan may not exceed $290,000 for 2021 (as indexed by the IRS for tax years thereafter). As stated above, your combined Pre-Tax and Roth 401(k) Contributions may not exceed the lesser of $19,500 ($26,000 if eligible to make Catch-Up Contributions)
    or 15% of your Pensionable Earnings for 2021 if you are a highly compensated participant. Again, these limits are subject to change due to cost-of-living adjustments.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Current IRS contribution limits can be found by logging on to <b><u>www.LincolnFinancial.com</u></b>. On the Retirement page, there is a section on the left entitled
    &#8220;My Current Account Balance&#8221;. Near the bottom of this section, click on &#8220;More Information About My Plan&#8221;, &#8220;Plan Documentation&#8221; and then &#8220;IRS Limits&#8221; or you can call the Lincoln Customer Contact Center at 800-234-3500.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXPENSES OF THE PLAN</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain expenses relating to the Plan are charged against the investments in your account. Auditing fees and certain trustee fees may be charged to each participant&#8217;s account. Most
    trustee fees are paid by the Company, such as the costs of maintaining the LNC Stock Fund, which includes brokerage fees and commissions to buy or sell shares off the open market.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Investment management fees are charged to each of the other funds. Expenses per participant vary, based on the investment fund selected. Expense ratios are found in the performance chart
    in the section &#8220;Your Investment Options&#8221; below or online at <u>www.LincolnFinancial.com</u>. On the bottom left of the Retirement page, you will see a section called &#8220;My Balances&#8221; which lists your investments by percentage. Within the &#8220;My Balances&#8221;
    section, you can click on &#8220;Research Investments&#8221; for the expense information for each fund. You may also send a written request to the Lincoln National Corporation Benefits Committee, c/o Jonmichael Daly, Chair, 150 N. Radnor Chester Road, Radnor, PA
    19087-5238.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a011_v1"></a>VESTING</p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You are fully vested in any of your Pre-Tax Contribution, Roth 401(k) Contribution, After-Tax Contribution, Rollover Contribution and Roth 401(k) Rollover Contribution accounts under the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Contributions vest based upon your years of service:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

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        <td style="padding-right: 2.35pt; padding-left: 2.35pt">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once your Company Contributions are vested, they are no longer subject to forfeiture when you cease being an agent for us. A &#8220;year of service&#8221; means any calendar year in which you are, on
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, you will become 100% vested in your Company Contribution account, regardless of your years of vesting service, if your service terminates for any of the following reasons:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You will also become 100% vested in your Company Contribution account if this Plan terminates.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">For purposes of this Plan:</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>&#8220;Disability&#8221; or &#8220;Disabled&#8221; means the complete inability to engage in all or substantially all duties pertaining to your agency relationship with the Company or your occupation as an agent, by reason of any medically determinable physical or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>&#8220;Retirement&#8221; or &#8220;Retired&#8221; or &#8220;Retire&#8221; is the date on which you terminate your valid active benefits eligible contract with us (and you are not employed by us or any of our affiliates) at age 60 or older with at least 5 years of service.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should you become an employee of one of our affiliates that has not adopted the Plan prior to the date on which you would be fully vested, any non-vested Company Contributions and
    earnings thereon will remain in the Plan and will vest as if you had remained an eligible agent, as long as you continue to be an active employee of such affiliate through the applicable date of vesting. If you become an employee of LNC or one of its
    affiliates that has adopted the LNC Employees&#8217; 401(k) Savings Plan (the &#8220;LNC Plan&#8221;), you can enroll in the LNC Plan as appropriate and your account balance will be transferred to the LNC Plan. A portion of your account may need to be accounted for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a012_v1"></a>IN-SERVICE WITHDRAWALS FROM THE PLAN</b></p>
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Under certain circumstances, you may be permitted to withdraw money from one or more of your Plan accounts. However, depending on your age or circumstances, we may be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><u>Limitations on an in-service withdrawal</u>: (1) an in-service withdrawal is subject to any limitations or restrictions applicable to the Investment Options in which
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Under no circumstances will amounts withdrawn from your account reduce your account balance below the outstanding balance of any loans from your account.</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">See the section entitled &#8220;Federal Income Tax Consequences&#8221; below for more information about the tax treatment of Plan distributions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may withdraw all or any portion of your After-Tax Contribution account (After-Tax Contributions made prior to January 1, 1989), subject to the limitations noted
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Company Contribution Account</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may withdraw all or any portion of the vested balance credited to your Company Contribution account only after amounts credited to your After-Tax Contribution account (if any) have
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rollover Contribution Account</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may withdraw all or a portion of your Rollover Contribution account in the Plan, subject to the limitations noted above. In addition, amounts that were rolled over to the Plan may not
    be withdrawn for 2 years from the date of the rollover unless you have been credited with at least 5 years of Plan participation (if the rollover was from a plan sponsored by one of our affiliates, the Committee may determine that the 2-year
    restriction period is measured from the date the contribution was made by that company).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Roth 401(k) Rollover Contribution Account</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may withdraw all or a portion of your Roth 401(k) Rollover Contribution account, however, the withdrawal from any Roth 401(k) Rollover Contribution account will be
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    even if you are at least age 59&#189;. In addition, the withdrawal is subject to the limitations noted above.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pre-Tax Contributions and Roth 401(k) Contributions</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If you have no After-Tax Contribution account, or amounts credited to such account have already been distributed to you, and you have already taken all amounts available
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    limitations noted above.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hardship Withdrawals</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If you have no balance in your After-Tax Contribution account, Company Contribution account (or if not available for distribution because of &#8220;vesting&#8221; or &#8220;maturing&#8221;
    rules), or your Rollover Contribution account, and you have not yet attained age 59&#189;, you may be able to withdraw amounts attributable to Pre-Tax Contributions and Roth 401(k) Contributions (not including earnings) if you are experiencing a financial
    hardship.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following expenses constitute immediate and heavy financial need for purposes of qualifying for a hardship withdrawal from your Pre-Tax Contribution and/or Roth 401(k) Contribution
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Medical expenses for you, your spouse or eligible dependents, that are not reimbursed by any medical insurance plan;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>The purchase (excluding mortgage payments) of a principal residence for you;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>Burial or funeral expenses for your deceased parents, spouse, children or dependents; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>Expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under Code section 165, determined without regard to Code section 165(h)(5) and whether the loss exceeds 10% of adjusted gross income.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The withdrawal must be demonstrably necessary due to your immediate and heavy financial need, and the withdrawal cannot exceed the exact amount required to meet the hardship. However, the
    hardship withdrawal may include an amount necessary to pay any taxes and penalties associated with the withdrawal.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to be deemed to meet the immediate and heavy financial need requirement, you must first have taken all distributions (other than hardship distributions) currently available under
    all plans that we and our affiliates maintain.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Request an In-Service Withdrawal</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">To request an in-service withdrawal, log on to <b><u>www.LincolnFinancial.com</u></b>. On the Retirement page, there is a section on the left entitled &#8220;My Current
    Account Balance&#8221;. Near the bottom of this section, click on &#8220;Get Forms&#8221; then &#8220;Distribution Request&#8221; or &#8220;Hardship Distribution Request&#8221; under &#8220;Moving Money To/From Account&#8221; or call the Lincoln Customer Contact Center at 800-234-3500. At your election,
    the Plan Trustee will deliver securities and cash from the applicable Plan account(s), or a total cash distribution, based upon the current market value or any applicable current redemption value of the securities in your Plan accounts as of the date
    of withdrawal. See the section below entitled &#8220;Fractional Shares&#8221; for information regarding the settlement of fractional share interests in the LNC Stock Fund.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a013_v1"></a>PARTICIPANT LOANS</b></p>
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  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan permits you to take a loan against your account and make payments with interest back to your account.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For information regarding the Plan&#8217;s loan feature, please see the Supplement on Plan Loans (&#8220;Supplement&#8221;), which is a supplement to and part of this Summary Plan Description &amp;
    Prospectus. The Supplement describes the Plan&#8217;s loan feature and the terms and conditions that apply to receiving and repaying Plan loans.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have questions about Plan loans after reading the Supplement, or if you need a copy of the Supplement, please contact the Lincoln Customer Contact Center at 800-234-3500.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To request a loan, log on to <b><u>www.LincolnFinancial.com</u></b>. On the Retirement page, there is a section on the left entitled &#8220;My Current Account Balance&#8221;. Near the bottom of this
    section, click on &#8220;Loan Information&#8221; then &#8220;New Loan Request&#8221; or call the Lincoln Customer Contact Center at 800-234-3500.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a014_v1"></a>LUMP SUM DISTRIBUTIONS</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You, or your beneficiary or legal representative in the event of your death, will be entitled to the full value of your Pre-Tax Contribution, Roth 401(k) Contribution and Company
    Contribution accounts, as well as any amounts credited to your Rollover Contribution, Roth 401(k) Rollover Contribution and/or After-Tax Contribution accounts upon the date of your termination of service by reason of death, Disability or Retirement
    (Disability and Retirement are defined in the section entitled &#8220;Vesting&#8221; above). Part or all of these accounts may be forfeited if your termination occurs under other circumstances.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Your Plan account will be paid to you in a lump sum distribution, unless you are eligible to have your Plan account distributed to you in the form of periodic payments, or installments
    (see the section entitled &#8220;Periodic Payments&#8221; below). Alternatively, you may elect to use your entire Plan account to purchase a group deferred annuity, in accordance with rules established by the Committee.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you terminate service and receive a Plan distribution prior to attaining age 55, tax penalties may apply. For a more detailed discussion of the tax consequences associated with taking
    distributions from the Plan, please see the section entitled &#8220;Federal Income Tax Consequences&#8221; below.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>At the time of your termination, you may request a withdrawal of your vested account balance by logging on to <b><u>www.LincolnFinancial.com</u></b> or calling the Lincoln Customer Contact Center at 800-234-3500. If your account balance is
          under $1,000, it will automatically be distributed to you in a lump sum, and you will not be permitted to defer the receipt of your benefit.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>If, at the time of your termination, your account balance is over $1,000, you may elect to defer your distribution to no later than the April 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> following your
          attainment of age 72 (or age 70&#189; if you were born before July 1, 1949).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>If you make no election and your account balance is over $1,000, distribution of your account balance will be automatically deferred until the April 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> following
          your attainment of age 72 (or age 70&#189; if you were born before July 1, 1949).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distribution at Retirement</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You are entitled to the full value of all amounts credited to your Plan accounts (including any non-vested Company Contributions) upon Retirement. If you Retire before attainment of age
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    year in which you attain age 72 (or age 70&#189; if you were born before July 1, 1949).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distribution at Disability</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you terminate as the result of a Disability, you are entitled to the full value of all amounts credited to your account. You may request that your distribution under the Plan begin at
    any time. In most cases, early distribution of your Plan account because of Disability will not result in the 10% excise or penalty tax described in the section entitled &#8220;Federal Income Tax Consequences&#8221; below. Proof of your Disability, including
    evidence as to the permanence and degree of your impairment, must be supported by medical evidence and provided to the Plan Administrator upon request.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distribution at Death</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon your death, your spouse, if you are married at the time of your death, or your beneficiary, if you are single at the time of your death, will be entitled to the full value of all
    amounts credited to your Plan accounts established for you under the Plan, including any unvested amounts. Your &#8220;spouse&#8221; means the person to whom you are married at the relevant time provided that the marriage between you and such individual is legally
    recognized as valid under any state law.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distribution at Termination</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If your valid active benefits eligible contract as a full-time life insurance salesperson is terminated (other than by reason of Retirement, Disability or death), or you become ineligible
    to participate in this Plan and you are not employed with any of our affiliates, you will be entitled to the value of your Pre-Tax Contributions, Roth 401(k) Contributions, any After-Tax Contributions, any Rollover Contributions, any Roth 401(k)
    Rollover Contributions and any vested Company Contributions. Non-vested Company Contributions and any earnings thereon will be forfeited.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Form of Distribution</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have invested in Investment Options other than the LNC Stock Fund, you will generally not receive a pro-rata share of the underlying securities or other assets in which each
    Investment Option is invested at the time of your distribution. Although the Plan Administrator may have the discretion to direct the Plan Trustee to make an in-kind distribution from an Investment Option, usually the Plan Trustee will distribute in
    cash the value of your proportionate share of any Investment Option in which you are invested. Distributions from the LNC Stock Fund will be made in whole shares unless you elect that it be paid in cash. (See the section entitled &#8220;Fractional Shares&#8221;
    below for treatment of fractional share interests in LNC Common Stock.)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a015_v1"></a>PERIODIC PAYMENTS OF DISTRIBUTIONS</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>At Retirement</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As an alternative to taking a lump sum distribution from the Plan, you may elect to begin taking periodic withdrawals from your Plan account(s). These periodic withdrawals are limited to
    one per calendar year and must be at least equal to the greater of $1,000, or 20% of the value of your Plan account(s), or you may elect to have all of your account assets used to purchase a deferred annuity contract. LNC or an affiliate can provide
    you with information on their deferred annuity contracts. If you elect this alternative and have a balance in your Plan account when you attain age 72 (or age 70&#189; if you were born before July 1, 1949), this balance will be automatically distributed to
    you on the April 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> of the year following the year you attain age 72 (or age 70&#189; if you were born before July 1, 1949).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>NOTE:</b></td>
        <td>If there is an outstanding loan balance at the time of your Retirement, you must repay the entire amount before making periodic withdrawals from the distribution amount.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>At Disability</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you become eligible for a distribution from the Plan as the result of Disability, as defined in the section entitled &#8220;Vesting&#8221; above, you may, as an alternative to taking a lump sum
    distribution, take periodic withdrawals. These withdrawals are limited to one per calendar year and must be at least equal to the greater of $1,000, or 20% of the value of your Plan account(s), or you may elect to have all of your account assets used
    to purchase a deferred annuity contract. LNC or an affiliate can provide you with information on their deferred annuity contracts.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>NOTE:</b></td>
        <td>If there is an outstanding loan balance at the time of your termination following Disability, you must repay the entire amount before making periodic withdrawals from the distribution amount.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>At Death</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As an alternative to taking a lump sum distribution of the entire balance of your Plan account(s) at the time of your death, your beneficiary may elect to leave the distribution in the
    Plan for up to 5 years and make periodic annual withdrawals during this 5-year period. These withdrawals are limited to one per calendar year and must be at least equal to the greater of $1,000 or 20% of the value of your Plan account(s). The
    account(s) must be entirely distributed no later than the end of the calendar year which contains the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> anniversary of your death.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>NOTE:</b></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Systematic Withdrawals</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have terminated your valid active benefits eligible contract as a full-time life insurance salesperson, or are Retired, deceased, Disabled or an alternate payee named in a
    qualified domestic relations order, you can request the &#8220;Systematic Withdrawal&#8221; option that allows your benefits to be paid in the form of a series of periodic payments. The Systematic Withdrawal option is an automated disbursement that allows you to
    choose the amount and frequency of the distributions you receive (i.e., monthly, quarterly, semi-annually or annually). You can obtain a Systematic Withdrawal Request form by contacting the Lincoln Customer Contact Center at 800-234-3500. You have the
    flexibility to change your Systematic Withdrawal amount or duration of your payments at any time by submitting a new request form to Lincoln National Corporation 401(k) Plans, c/o Lincoln Retirement Services Co., P. O. Box 7888, Fort Wayne, IN
    46801-7888 or fax the form to Lincoln National Corporation 401(k) Plans, c/o Lincoln Retirement Services Co. at 260-455-9943. During the payout period, your remaining account balance will stay invested in the manner you have elected.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forfeitures of Accounts</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Breaks-In-Service.</i></b> A &#8220;break-in-service&#8221; occurs on the first month of the Plan Year following your termination. For purposes of this Plan, &#8220;termination&#8221; means the termination
    of your contract as a full-time life insurance salesperson with LNL (other than by reason of Retirement, Disability&#8212;as defined in the section entitled &#8220;Vesting&#8221; above&#8212;or death). A 5-year-break-in-service is a period of 5 consecutive Plan Years,
    beginning with the Plan Year in which you cease being a full-time life insurance salesperson, a general agent, or an employee of the Company or one of our affiliates on the last day of each Plan Year. In the event that you forfeit amounts in your
    Company Contribution account due to a break-in-service, and you do not incur a 5-year-break-in-service, such forfeited amount will be re-credited to your Company Contribution account upon your return to service as a full-time life insurance
    salesperson, a general agent, or our employee, and such accounts will continue to vest in accordance with the Plan&#8217;s vesting schedule. For the purposes of determining a break-in-service, any Plan Year in which you are absent from work on the last day
    of the Plan Year on account of your pregnancy; the birth of your child; the placement of a child in connection with your adoption of that child; or the care of a child for a period beginning immediately after a child&#8217;s birth or placement because of the
    preceding three reasons, and you are a full-time life insurance salesperson under the Federal Income Contributions Act, a general agent, or an employee of the Company or of one of our affiliates on the last day of the Plan Year following the Plan Year
    in which your absence occurs, will not be counted in determining the break-in-service. If you are no longer a full-time life insurance salesperson, but not eligible to participate in the Plan and you become our employee, but are ineligible to
    participate in any other plan, no further contributions will be made on your behalf. You will, however, continue to earn vesting service.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a016_v1"></a>FRACTIONAL SHARES</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Interests in fractional shares of our common stock will not be distributed in-kind. Rather, fractional share interests in our common stock will be paid in cash based on the market value
    of LNC common stock on the valuation date immediately preceding the date of distribution or termination of service, as applicable.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a017_v1"></a>BENEFICIARY DESIGNATION</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">You may designate a beneficiary or beneficiaries to receive any securities and cash to which you are entitled under the Plan in the case of your death. This may be done
    online at <b><u>www.LincolnFinancial.com</u></b> or through the Lincoln Customer Contact Center: 800-234-3500. Your beneficiary designation may also be changed or cancelled by you at any time through the website or through the Lincoln Customer Contact
    Center. Regardless of what you may have elected, if you are married on the date of your death, your surviving spouse will be deemed to be your beneficiary unless your surviving spouse has consented (in the manner required by the Code) to another
    individual(s) being your beneficiary. (Your &#8220;spouse&#8221; means the person to whom you are married at the relevant time provided that the marriage between you and such individual is legally recognized as valid under any state law.) To name someone other
    than your spouse as beneficiary, you must submit a spousal consent and waiver form to LRSC. This can be obtained on the LRSC website. Periodically and whenever you have a significant life event, such as a divorce, you should review your beneficiary
    designation carefully and contact LRSC to change your beneficiary designation if desired.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">If you do not have a beneficiary designation on file, or if your beneficiary dies before you and you have not named a contingent beneficiary, the value of your account
    will be payable to (1) your spouse; (2) if no spouse, to your child or children (with the share of any deceased child distributed among descendants of that child); (3) if none of the above, to your parents in equal shares or the entire amount to your
    surviving parent; (4) if none of the above, to your sibling(s); and (5) if none of the above, to the executor or administrator of your estate.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a018_v1"></a>ASSIGNMENT AND QUALIFIED DOMESTIC RELATIONS ORDERS</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No right or interest of any participant or beneficiary in the Plan is assignable or transferable in whole or in part, either directly or by operation of law or otherwise, including,
    without limitation, execution, levy, garnishment, attachment, pledge, or bankruptcy, except in connection with a loan from the Plan to a participant, or as provided under the terms of a qualified domestic relations order (&#8220;QDRO&#8221;) (as defined in Code
    section 414(p)) as determined by the Plan Administrator.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon our receipt of written notice from you or your spouse of a pending domestic relations order, a domestic relations restriction (&#8220;DRR&#8221;) will be placed on your Plan accounts. The DRR
    will be removed only upon notice that no domestic relations order is forthcoming, or upon final approval and disposition under a QDRO.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan Administrator has established a sample form, special rules, and procedures relating to QDROs under this Plan. You may request a copy of these procedures and the sample form by
    contacting:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0"><b>QDRO Consultants Co.</b><br>
    <b>3071 Pearl Road</b><br>
    <b>Medina, OH 44256</b><br>
    <b>Attn: Lincoln National QDRO Compliance Team</b><br>
    <b>Phone: (800) 527-8481</b><br>
    <b>Fax: (330) 722-2735</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">29</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a019_v1"></a>AMENDMENT OR TERMINATION OF THE PLAN</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By action of our Board of Directors or its delegates, we may terminate or amend the Plan or suspend the operation of any provision of the Plan, at any time, provided, however, that:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>no amendment will be made that will result in the recovery by us of any part of a Company Contribution to the Plan, except under limited circumstances as may be provided under the trust agreement and permitted under the Code;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td>any amendment that affects the rights and duties of the Plan Trustee may be made only with the consent of the Plan Trustee;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>no amendment of the Plan will affect your rights with respect to the continuance of vesting of such securities and cash attributable to Company Contributions or earnings thereon; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>upon the termination or suspension of the Plan, your rights to the amounts credited to your Plan account(s) as of the date of such termination or suspension will not be forfeitable.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a020_v1"></a>ADMINISTRATION OF THE PLAN</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Plan Trustee</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee has the authority to appoint one or more individuals or corporations to act as Plan Trustee. The Plan Trustee is responsible for the custody, investment, and distribution of
    Plan assets.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan Trustee, Lincoln Financial Group Trust Company, Inc., is used in processing all contributions and distributions from the Plan. Lincoln Financial Group Trust Company, Inc. is also
    the principal bank through which LNC and the Company and their affiliates make payments to participants and beneficiaries. The Plan Trustee, in its capacity as trustee for various corporations and individuals, may own shares of LNC Common Stock for and
    on behalf of its beneficiaries.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Plan Trustee serves pursuant to the terms of a written trust agreement. This agreement is available from the Company&#8217;s Human Resources Department or from the Plan
    Administrator for inspection on request by Plan participants. We may discharge or remove the Plan Trustee and appoint a successor Plan Trustee upon 30 days written notice to the Plan Trustee; provided, however, that such successor is a banking
    institution legally qualified to serve as a Plan Trustee. In case of discharge or removal, the Plan Trustee agrees to transfer the Trust assets to its named successor, and upon such transfer, the Plan Trustee will be discharged and relieved of its
    duties. In the event of discontinuance of the Plan, the Trust Agreement may be discontinued by action of the Company&#8217;s Board of Directors or the Committee; provided, however, that until all Plan assets in the Trust have been distributed, the Plan
    Trustee will retain all the rights and powers given to it by the Trust Agreement.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Plan Administrator</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee is the Plan Administrator and Named Fiduciary for the Plan. LNC&#8217;s Chief Executive Officer appoints Committee members. Each member of the Committee is a named fiduciary, as
    that term is defined by the Employee Retirement Income Security Act of 1974, as amended. Each Committee member, as a fiduciary, has the authority to control and manage the operation and administration of the Plan. Members of the Committee receive no
    compensation from the Plan. The Committee&#8217;s responsibilities include operating the Plan in accordance with its terms; enforcing its provisions in an equitable and non-discriminatory manner; determining all questions arising under the Plan (including
    determinations of eligibility and of benefits payable); and directing payments of benefits. In aid of its responsibilities, the Committee is empowered to adopt rules and procedures necessary for the proper and efficient administration of the Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A Committee member may resign by giving LNC and the other Committee members 10 days written notice. In addition, LNC may remove a Committee member at any time by giving advanced written
    notice to the member and to the other Committee members.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The business address of the Committee is: Lincoln National Corporation Benefits Committee, c/o Jonmichael Daly, Chair, 150 N. Radnor Chester Road, Radnor, PA 19087-5238, Telephone (484)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Voting of Shares</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Voting rights with respect to all securities held by the Plan will be exercised by the Plan Trustee or by a proxy solicited by the Plan Trustee. You have the right to direct the Plan
    Trustee in a voting of share equivalents with respect to any portion of your account invested in the LNC Stock Fund. If the Plan Trustee does not receive voting instructions from all participants, the shares for which the Plan Trustee did not receive
    instructions will be voted in the same proportion as the shares for which the Plan Trustee receives instructions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><b>FEDERAL INCOME TAX CONSEQUENCES</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a general discussion of the federal income tax consequences of participation in the Plan, and on distributions from the Plan, based on the current provisions of the Code
    and applicable regulations in effect as of the date of this prospectus. The actual tax consequences for any individual will depend on their circumstances. Detailed information about how taxes may affect your benefits and distributions under this Plan
    can be found in IRS Publication 575, Pension and Annuity Income, which is available on the public website of the IRS. YOU SHOULD CONSULT A QUALIFIED TAX ADVISER TO DETERMINE THE APPLICATION OF THE FEDERAL INCOME TAX LAWS TO YOUR INDIVIDUAL
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Contributions.</b> The Plan is a qualified employee benefit plan under Code section 401(a). Company Contributions to the Plan, as well as dividends paid on shares of LNC common stock
    held in the Plan, are deductible, subject to certain restrictions, by the Company for corporate federal income tax purposes under Code section 404(a). Although your Pre-Tax Contributions will not be subject to federal income tax, social security taxes
    and federal unemployment taxes will be withheld.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Earnings.</b> In general, you will not be subject to federal income taxes on any earnings accruing with respect to Company Contributions, Pre-Tax Contributions, Roth 401(k)
    Contributions, and any After-Tax Contributions, Rollover Contributions or Roth 401(k) Rollover Contributions until such amounts are distributed to you.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Loans.</b> You will not be taxed on loans from the Plan if the loans are repaid in accordance with its terms.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Distributions.</b> Amounts distributed to you will be taxable as ordinary income to the extent that the amounts received exceed the amount of your After-Tax Contributions, if any.
    Until withdrawn, such After-Tax Contributions are referred to as &#8220;Net Unrecovered Contributions&#8221;.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Stock Distributions. </b>With respect to the LNC Stock Fund, should you receive all or part of a lump sum Plan payment in the form of shares of LNC common stock (also referred to as
    an &#8220;in-kind delivery&#8221;), the excess of the fair market value on the date of a total distribution over its cost basis (the &#8220;net unrealized appreciation&#8221;) will not be taxed at the time of distribution. If stock is received other than in a total
    distribution, only the net unrealized appreciation attributable to nondeductible after-tax contributions will not be taxed at the time of distribution. However, if you receive a lump sum distribution of stock, you may elect to be taxed at the time of
    distribution under procedures prescribed by the IRS in accordance with Code section 402(e)(4).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">When you are eligible to make a withdrawal or receive a distribution from the Plan, you may elect to have the value of the LNC Stock Fund paid to you in:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 36pt"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

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        <td style="width: 18pt">2.</td>
        <td>Shares of LNC common stock; or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 36pt"></td>
        <td style="width: 18pt">3.</td>
        <td>A combination of cash and shares of LNC common stock.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The election can be specified on the Distribution Request form available from LRSC.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should you elect to receive any shares of LNC common stock &#8220;in-kind&#8221;, you&#8217;ll receive notification from LNC&#8217;s transfer agent, Equiniti Trust Company (commonly referred to as &#8220;EQ&#8221;), when
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Should you elect to receive any shares of LNC common stock &#8220;in-kind&#8221;, but paid instead to a &#8220;<i>rollover institution&#8221;, </i>EQ will send a credit notification statement to the rollover
    institution. The credit notification statement provides instructions to the rollover institution on how to transfer the shares to your account.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The process of receiving shares of LNC stock generally takes 10-17 business days following receipt of a Distribution Form in good order.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You should contact the Lincoln Customer Contact Center at 800-234-3500 with any questions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends on your LNC common stock that you elect to receive in cash are taxable income and are not subject to the 10% excise penalty described below. You will receive a Form 1099 DIV at
    year-end from LRSC, reported with your W-2 information.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is required to withhold 20% of any lump sum distribution to pay applicable federal income taxes (excluding amounts attributable to After-Tax Contributions), unless you roll over
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, you may be required to pay a 10% excise or penalty tax on the distributed amounts that are taxable. The 10% penalty will not apply in certain situations, including the
    following:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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        <td>Your account is paid to you after age 59&#189;;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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        <td>Your account is paid to you after you terminate service with the Company and its affiliates on or after the date you reach age 55;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Your account is paid to you or your beneficiary(ies) because of your death or in most cases of Disability (as defined in the section entitled &#8220;Vesting&#8221; above);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You incur certain tax-deductible medical expenses for the year;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Payment is directed to another person pursuant to a QDRO;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Payment is made in substantially equal installments over your life expectancy or the joint life expectancy of you and your spouse/beneficiary (however, the Plan does not currently offer a lifetime annuity option); or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>You roll over or directly transfer the taxable amount of your account to an IRA or another qualified employer-sponsored plan as defined by the Code (e.g., an IRA or individual retirement account or annuity or other qualified plan).</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Roth 401(k) Contributions and Roth 401(k) Rollover Contributions. </b>Your Roth 401(k) Contributions and Roth 401(k) Rollover Contributions are after-tax contributions and, as such,
    your contributions and earnings can be distributed to you tax-free if considered a &#8220;qualified distribution&#8221;. In order for a distribution from your Roth 401(k) Contribution and Roth 401(k) Rollover Contribution accounts to be considered a &#8220;qualified
    distribution&#8221; it must be taken after death, Disability or upon attainment of age 59&#189;; <b><u>and</u></b> must occur at least 5 years after you make your first Roth 401(k) Contribution. You can roll your Roth 401(k) Contribution and Roth 401(k) Rollover
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Rollovers.</b> You can also delay paying applicable taxes if you roll over all or part of your distribution to another qualified employer-sponsored plan or individual retirement
    account (IRA). A rollover defers taxation of the taxable portion that is rolled over. The rollover can be &#8220;direct&#8221; or &#8220;indirect&#8221;. Indirect rollovers must be made within 60 days after receipt of the distribution and are subject to rules that differ from
    the direct rollover rules. If you do not elect a direct transfer of the entire lump-sum distribution, the Plan is required to withhold 20% of the taxable portion of the distribution to pay federal income taxes.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, in cases where the participant has died, the same tax rules apply to distributions taken by the participant&#8217;s beneficiary as would have applied to the participant. A
    beneficiary who is the surviving spouse of the participant may be eligible to roll over the distribution. A non-spouse beneficiary of a deceased participant may roll over any amount inherited as beneficiary to an &#8220;inherited IRA&#8221; in accordance with IRS
    rules and regulations.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a022_v1"></a>YOUR RIGHTS AND PROTECTIONS UNDER ERISA</p>
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is subject to many of the provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;). ERISA requires certain kinds of reporting and disclosure of
    information regarding the Plan and its investments to government agencies and participants.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ERISA also imposes stringent standards of fiduciary responsibility, and prohibits transactions with parties-in-interest for which there is no available exemption. Because the Plan is an
    individual account and profit-sharing plan, it is not subject to the funding standards of Title I of ERISA or covered by the Plan termination insurance program of Title IV of ERISA, which is administered by the Pension Benefit Guaranty Corporation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan is intended to comply with ERISA section 404(c). If the Plan meets the various requirements of ERISA section 404(c), you are responsible for investing the assets in your Plan
    account(s) among the investment options offered, and neither we nor the Plan fiduciaries are liable for any investment losses you may experience as a direct result of your investments in the Plan. Among the requirements of section 404(c) is that you
    must be provided with meaningful investment information periodically, so that you are provided with the opportunity to exercise meaningful, independent control over the assets in your Plan account(s).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You can obtain more information about the Plan, including a description of the annual operating expenses of each Investment Option offered through the Plan, copies of financial reports
    for each Investment Option, and copies of the Plan&#8217;s confidentiality procedures. These materials may be made available at a nominal charge. Please contact Total Rewards, Retirement Plan Administration at (484) 583-1760 or c/o Lincoln Financial Group,
    150 N. Radnor Chester Road, Suite D2, Radnor, PA 19087, for more information.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As a participant in the Plan, you are entitled to certain rights and protections under ERISA.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-style: normal">The Right to Receive Information About the Plan</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ERISA provides that all Plan participants are entitled to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>Examine, without charge, at the Plan Administrator&#8217;s office and at other locations, all Plan documents, including insurance contracts and a copy of the latest annual report (Form 5500 Series) filed by the Plan Administrator with the U.S.
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 0.5in"></td>
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        <td>Obtain, upon written request to the Plan Administrator, copies of all Plan documents, including insurance contracts, copies of the latest annual report (Form 5500 Series) filed by the Plan Administrator with the U.S. Department of Labor, the
          procedures for determining whether a court order qualifies as a &#8220;qualified domestic relations order&#8221; or as a &#8220;qualified medical child support order&#8221;, and updated summary plan description. The Plan Administrator may make a reasonable charge for
          the copies.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>Receive a summary of the Plan&#8217;s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report when requested.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>Obtain a statement telling you whether you have a right to receive a plan benefit at normal retirement age and if so, what your benefits would be at normal retirement age if you stop working under the plan now. This statement must be requested
          in writing and is not required to be given more than once every 12 months. The plan must provide the statement free of charge.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>The Right to Prudent Action by Fiduciaries</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">In addition to creating rights for Plan participants, ERISA imposes duties upon the persons who are responsible for the operation of the Plan. The persons who operate
    the Plan, called fiduciaries, have a duty to do so prudently and in the interest of Plan participants, and beneficiaries. Fiduciaries who violate ERISA may be removed and required to repay losses they have caused to the Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">No one, including a company, a union, or any other person, may fire or otherwise discriminate against you in any way to prevent you from obtaining a Plan benefit or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-style: normal">Enforce Your Rights</font></p>
  <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If your claim for Plan benefits is denied in whole or in part, a written explanation of the reason for the denial must be provided to you or to your designated representative. You have
    the right to have the Plan Administrator review and reconsider your claim. Under ERISA, there are steps that you can take to enforce the above rights.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For instance, if you request materials from the Plan Administrator and you do not receive them within 30 days, you may file suit in a federal court to obtain the information. In such a
    case, the court may require the Plan Administrator to provide the materials and pay up to $110 a day until the materials are provided, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have a claim for benefits that is denied or ignored, in whole or in part, you may sue for those benefits in a state or federal court (you should first check with the Plan
    Administrator on your claim and also use the Plan&#8217;s appeal process, as applicable). If you believe that the Plan&#8217;s fiduciaries are misusing the Plan&#8217;s money, or if you believe that you are being discriminated against for asserting any of your rights,
    you may seek assistance from the U.S. Department of Labor, or you may sue in a federal court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and
    fees. If you lose, however, the court may order you to pay these costs and fees, for example, if it finds your claim was frivolous. If you have any questions about the Plan, you should contact the Plan Administrator.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions about this statement, or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the
    nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor,
    200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 866 444-EBSA
    (3272).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a023_v1"></a>ERISA CLAIMS PROCEDURES</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>How to Claim Benefits</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If your valid active benefits eligible contract as a full-time life insurance salesperson is terminated, you may request a withdrawal by logging on to <b><u>www.LincolnFinancial.com</u></b>.
    On the Retirement page, there is a section on the left entitled &#8220;My Current Account Balance.&#8221; Near the bottom of this section, click on &#8220;Get Forms&#8221; then &#8220;Distribution Request&#8221; under &#8220;Moving Money To/From Account&#8221;. You can download the form or request
    that the form is e-mailed to you. You can also request a form by calling the Lincoln Customer Contact Center at 800-234-3500. The completed form must be returned to the Lincoln Retirement Services Company (LRSC) using the address or fax number as noted
    on the form. All distribution checks will be mailed as soon as administratively possible as long as your form is in good order.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are filing a claim for Disability benefits, you will first need to file with the Chief Human Resources Officer or their delegate (&#8220;Disability Reviewer&#8221;) c/o Lincoln Financial
    Group, Corporate Benefits, 150 N. Radnor Chester Road, Suite D2, Radnor, PA 19087-5238.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you or your beneficiary (collectively &#8220;claimant&#8221;) feels that you are not receiving a Plan benefit that you should, you may file a written claim for that benefit with the Lincoln
    National Corporation Benefits Committee through its delegate, LRSC, at Lincoln Retirement Services Company, LLC, 1301 South Harrison Street, Fort Wayne, IN 46802.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Denial of Claim</u>.</b> If a claim is denied in whole or in part, the Committee (or LRSC its delegate) will notify a claimant, in writing, of its decision.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Timing of Notice</u>.</i></b> In non-Disability cases, the notice of denial must be given within 90 days after the claim is received by the
    Committee (or its delegate). If special circumstances (such as a hearing) require a longer period, a claimant will be notified in writing, before the expiration of the 90-day period after the expected decision date and the reasons for an extension of
    time; provided, however, that no extensions will be permitted beyond 90 days after expiration of the initial 90-day period.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If a claim of Disability is wholly or partially denied, the Disability Reviewer will notify a claimant of such adverse decision within 45 days after the
    claim is received by the Disability Reviewer. If the Disability Reviewer determines that an extension is necessary for reasons beyond their control, the Disability Reviewer may extend this period for an additional 30 days by notifying a claimant of the
    reasons for the extension and the date when they can expect to receive a decision. The Disability Reviewer may extend this period for a second 30-day period by again complying with the requirements applicable to the initial 30-day extension. If an
    extension is provided in order to allow a claimant time to provide additional information necessary to review the claim, the response deadlines applicable to the Disability Reviewer will be tolled upon the earlier of (A) the date 45 days after the date
    of the request for additional information or (B) the date the Disability Reviewer receives the additional information. Prior to wholly or partially denying a claim of Disability, a claimant will be provided, free of charge, with any new or additional
    evidence considered, relied upon, or generated, or rationale used, in making the benefit determination in connection with the claim. New evidence or rationale will be provided as soon as possible and sufficiently in advance of the date on which the
    notice of adverse benefit determination is required to be provided in order to give a claimant a reasonable opportunity to respond prior to that date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Content of Notice</u>.</i></b> The notice of a denial of claim will set forth:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the specific reason(s) for the denial of the claim;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">a reference to specific provision(s) of the Plan on which the denial is based;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">an explanation of the procedure for review of the denied or partially denied claim, including your right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, if the notice is in reference to a claim of Disability, the notice will set forth, if applicable, any internal rule, guideline, protocol, or
    other similar criterion relied upon in making the adverse determination, or a statement that such a rule, guideline, protocol, or other criterion was relied upon in making the adverse determination and that a copy of such rule, guideline, protocol, or
    other criterion will be provided free of charge to a claimant upon request.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Appealing a Denied Claim</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Request for Review of Denial - Appeals</u>.</b> Upon denial of a claim in whole or in part, a claimant (or authorized representative) has the right to submit a
    written request to the LNC Benefits Appeals Committee (&#8220;Appeals Committee&#8221;) for a full and fair review of the denied claim, and upon request and free of charge, to reasonable access and copies of all documents, records, and other information relevant
    to the claim for benefits and may submit issues and comments in writing. Appeals and requests for documents should be sent to Lincoln National Corporation Benefit Appeals Committee, 150 N. Radnor Chester Road, Suite D2, Radnor, PA 19087-5238.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Scope of Review</u>.</i></b> The review on appeal takes into account all comments, documents, records, and other information submitted by a
    claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Timing of Request for Review</u>.</i></b> A request for review of a claim on appeal must be submitted within 60 days (180 days in the case of a
    claim on appeal of Disability) after receipt by a claimant of written notice of the denial of the appeal. If a claimant fails to file a request for review within such time period, the appeal is deemed abandoned and a claimant is precluded from
    reasserting it.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Contents of Request for Review</u>. </i></b> If a claimant files a request for review, the request must include a description of the issues and
    evidence they deem relevant. Failure to raise issues or present evidence on review will preclude those issues or evidence from being presented in any subsequent proceeding or judicial review of the claim.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Special Procedures for Claim Appeal of Disability</u>.</i></b> Any claim of Disability will be first referred to, or filed with, the Disability
    Reviewer. If the claim is denied and a claimant wants a review of the denial, the Appeals Committee will conduct the review, without the Disability Reviewer if the Disability Reviewer is a member of such committee. This procedure is designed to ensure
    that the review is conducted by an entity different than the entity that issued the initial denial. The Appeals Committee must not give deference to the initial decision, and a review decision will be issued according to the time periods set out below.
    The Appeals Committee must provide the identification of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant&#8217;s adverse benefit determination, without regard to whether the advice was relied upon
    in making the benefit determination.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><u>Denial Upon Review</u>.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Timing of Denial Notice</u>. </i></b> In non-Disability cases, the Appeals Committee must render its decision on the review of the claim appeal no
    more than 60 days after receipt of the request for review, except that this period may be extended for an additional 60 days if the Appeals Committee determines that special circumstances (such as a hearing) require such extension. If an extension of
    time is required, written notice of the expected decision date and the reasons for the extension will be furnished to a claimant before the end of the initial 60-day period.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In Disability cases, the Appeals Committee must render its decision on the review of the claim appeal no more than 45 days after receipt of the request for
    review, except that this period may be extended for an additional 45 days if the Appeals Committee determines that special circumstances (such as a hearing) require such extension. If an extension of time is required, written notice of the expected
    decision date and the reasons for the extension will be furnished to a claimant before the end of the initial 45-day period. In such cases, if an extension is provided in order to allow a claimant time to provide additional information necessary to
    review the appeal, the response deadlines applicable to the Appeals Committee will be tolled until the earlier of (A) the date 45 days after the date of the request for additional information or (B) the date the reviewer receives the additional
    information. Prior to wholly or partially denying a claim of Disability, a claimant will be provided, free of charge, with any new or additional evidence considered, relied upon, or generated, or rationale used, in making the benefit determination in
    connection with the claim. New evidence or rationale will be provided as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination is required to be provided in order to give a claimant a reasonable
    opportunity to respond prior to that date.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><b><i><u>Contents of Denial of an Appeal</u>.</i></b> If the Appeals Committee denies the claim appeal (i.e., makes an adverse determination), it will
    provide a prompt written decision setting forth:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">the specific reason(s) for the adverse determination;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">a reference to specific Plan provisions on which the adverse determination was made;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">a statement that a claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.75in"></td>
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        <td style="text-align: justify">a statement describing any voluntary appeal procedures offered by the Plan and a claimant&#8217;s right to obtain the information about such procedures and a statement of a claimant&#8217;s right to bring an action under section
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In addition, if the notice is in reference to the appeal or denial of a Disability claim, the notice will set forth, if applicable, any internal rule,
    guideline, protocol, or other similar criterion relied upon in making the adverse determination, or a statement that such a rule, guideline, protocol, or other criterion was relied upon in making the adverse determination and that a copy of such rule,
    guideline, protocol, or other criterion will be provided free of charge to a claimant upon request.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Authority of the LNC Benefits Committee and the LNC Benefits Appeals Committee. </b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In fulfilling applicable responsibilities, the Committee (or its delegate LRSC), the Disability Reviewer, and the Appeals Committee will have full authority to interpret and apply in
    their discretion the provisions of the Plan. The decision of the Appeals Committee is final and binding upon any and all claimants and any person making a claim through or under them.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The decision upon review will be final. If the claim appeal is denied, the Appeals Committee will notify a claimant either in writing or electronically within the applicable day period
    specified above and will explain the specific reason(s) for denying a claimant&#8217;s appeal, the Plan provisions that support the decision to deny the appeal, and a statement of the claimant&#8217;s right to bring a civil action under ERISA section 502(a). <b><i>Claimants



        will not be entitled to challenge the Appeals Committee&#8217;s determinations in judicial or administrative proceedings without first complying with the Plan&#8217;s claims and appeals procedures.</i></b> Any suit or legal action initiated by a claimant under
    the Plan must be brought no later than one year following a final decision on the claim for benefits.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Committee and the Appeals Committee are fiduciaries under the Plan and each has complete authority and discretion to interpret and administer the Plan. As part of such authority, the
    Appeals Committee resolves all questions relating to eligibility, participation, coverage and the availability and payment of benefits under the Plan. Decisions of the Appeals Committee are final and binding on Plan participants. In addition, each
    committee may delegate any of its authority to any person or persons it selects.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a024_v1"></a>IMPORTANT INFORMATION ABOUT THE PLAN</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Plan Sponsor:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Plan Sponsor is The Lincoln National Life Insurance Company. The address is:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Lincoln National Life Insurance Company&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">150 N. Radnor Chester Road&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Radnor, PA 19087-5238&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">484-583-1400</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">As Plan Sponsor, The Lincoln National Life Insurance Company reserves the right to terminate or amend this Plan at any time.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Plan Administrator and Named Fiduciary:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Lincoln National Corporation Benefits Committee is the Plan Administrator and Named Fiduciary of the Plan. The Plan Administrator shall have the exclusive right to construe and
    interpret the terms of the Plan. Any correspondence with the Plan Administrator should be directed to:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln National Corporation Benefits Committee (&#8220;Committee&#8221;)&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">150 N. Radnor Chester Road&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Suite D2&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Radnor, PA 19087-5238&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Telephone: (484) 583-1400</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The Plan Trustee:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Benefits under the Plan are provided through the Plan&#8217;s Trust, the Trustee of which is the Lincoln Financial Group Trust Company, Inc. Contributions under the Plan are paid into the
    Plan&#8217;s Trust. The Trust is intended to meet the requirements of Code section 501(a) so all earnings on the Trust&#8217;s assets generally accumulate tax-free.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Trustee&#8217;s address is:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln Financial Group Trust Company, Inc.&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">One Granite Place&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Concord, NH 03301</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Recordkeeper:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lincoln Retirement Services Company, LLC (LRSC) is the recordkeeper for the Plan. The recordkeeper&#8217;s address is:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln Retirement Services Company, LLC&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1301 South Harrison Street&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Fort Wayne, IN 46802</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Participating Employers</b>:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Lincoln National Life Insurance Company&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln Life &amp; Annuity Company of New York&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln Financial Advisors Corporation</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Plan Year:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">January 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> through December 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Agent for Service of Legal Process:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">General Counsel&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Lincoln National Corporation&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">150 N. Radnor Chester Road&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Radnor, PA 19087</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Identification Numbers:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Employer Identification Number assigned to The Lincoln National Life Insurance Company by the IRS is: 35-0472300.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Employer Identification Number assigned to the Lincoln National Corporation Benefits Committee by the IRS is: 35-1620788.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan number is 006.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Top Heavy Rules:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Code provides a complicated set of rules for determining whether the Plan is &#8220;top heavy&#8221;. Stated simply, the Plan is top heavy if the value of aggregated account balances belonging to
    &#8220;key employees&#8221; exceeds the aggregated account balances belonging to the non-key employees. Key employees are generally officers and other highly compensated individuals.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Plan became &#8220;top heavy&#8221;, the Plan&#8217;s benefits and vesting schedule would be enhanced. We would notify you in the unlikely event that the Plan ever became top heavy.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>General Legal Note:</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The summary of the Plan contained in this prospectus is not intended to be the legally controlling Plan document. Where there is a discrepancy between the summary of the Plan and the
    terms and provisions of the Plan document, the terms and provisions of the Plan document control. Neither the Plan document, the summary of the Plan document contained in this prospectus, or your rights to any benefits provided under the Plan
    constitutes a contract of affiliation or employment.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a025_v1"></a>VALUATION OF INVESTMENTS</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities authorized for investment under the Plan will be valued each day the New York Stock Exchange is open for business. Depending on the type of security being valued, a
    determination of value is based on: the closing price of the security on an exchange on which such securities are listed; the average bid quotations for such securities; quotations from other sources deemed by the Plan Administrator to be reliable as
    fairly reflecting the market price or redemption price of the securities; the value as reported by an insurance company with respect to a segregated investment account in which the Plan invests; or the average sale or purchase price of the securities
    when the Plan Trustee is required to sell or purchase securities on the open market to comply with the requests of participants.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">All of the Investment Options, including the LNC Stock Fund (discussed in more detail below), are unitized. That means that if you invest in any Plan Investment Option, you and other
    investors own a pro-rata portion of all of the securities that may be in the Investment Option (e.g., stocks, bonds, shares of mutual funds, or units of variable insurance trust funds other investment options &#8211; whatever the manager of the investment
    account has chosen to invest in to meet its investment objectives), as well as a pro-rata portion of the cash held by the Investment Option for liquidity purposes.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The value of a unit of any Investment Option is determined by adding the value of all securities in the Investment Option, plus the cash or value of the money market units, then dividing
    the total value of the account by the total number of outstanding units issued by the Investment Option. For the LNC Stock Fund, the value of a unit is calculated each day by dividing the current value of all LNC Common Stock in the account, plus any
    cash, by the total number of units allocated to participant Plan accounts. Some accounts, such as the LNC Stock Fund, hold units of a money market account rather than actual cash to satisfy liquidity needs. The cash or money market units are used to
    execute daily transactions, thus avoiding the need for the manager to sell shares of stock on the open market and wait to receive the cash proceeds from the sale to satisfy a participant&#8217;s transfer or redemption transaction.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The valuation date for loans, withdrawals and transfers is the date your request, via the Lincoln Customer Contact Center or <b><u>www.LincolnFinancial.com</u></b>, is received and
    confirmed, as long as your call is received prior to 4 p.m. (Eastern Time) on a business day (otherwise the next business day). The valuation date for all other distributions will be no later than the second business day after receipt of your correctly
    completed distribution form. The valuation date for participant contributions, Company Contributions and loan repayments is the date on or following a payday on which such payments are received by the Plan Trustee for investment.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a026_v1"></a>YOUR INVESTMENT OPTIONS</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><i>Investment Supplement &#8211; Effective November 1, 2021</i></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Depending on your investment needs and objectives, you may decide to concentrate or diversify the assets currently credited to your Plan accounts, among the various Investment Options
    described below. You may also wish to allocate any future contributions made to your Plan account--your Pre-Tax Contributions, Roth 401(k) Contributions and any Company Contributions (as defined in the section entitled &#8220;Company Contributions&#8221;) that you
    may be eligible to receive -- among these Investment Options.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">LRSC is the Plan&#8217;s current recordkeeper and third-party administrator. LRSC will deem any investment direction(s) you give them to be continuing directions until you affirmatively change
    them. Your Company Contributions will be invested in the same Investment Options that you have elected for your Pre-Tax Contributions, or the Plan&#8217;s current default investment option if you have not provided LRSC with specific investment directions. If
    you have not provided LRSC with specific investment directions for your Plan accounts, LRSC will automatically invest your Pre-Tax Contributions and/or Roth 401(k) Contributions into the Plan&#8217;s current default investment option, the State Street Target
    Retirement Fund (a target-date fund) that most closely matches the year you attain age 65. The State Street Target Retirement Funds are considered a Qualified Default Investment Alternative under Department of Labor regulations. Contributions that are
    invested in a State Street Target Retirement Fund in the absence of your investment direction will remain in this Fund, unless and until you affirmatively elect to transfer such assets to another Investment Option.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Trading Restrictions &amp; Other Limitations</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless prohibited by trading restrictions imposed by the Plan, the various Investment Options, or the rules and regulations pertaining to insider trading in LFG securities, you may change
    your investment directions with respect to future Pre-Tax Contributions, Roth 401(k) Contributions and any Company Contributions at any time. You may also transfer part or all of your current Plan account balances from one Investment Option to another
    Investment Option, again subject to any trading restrictions imposed by the Plan, the Investment Options involved, and our rules against insider trading. Any changes to your current investment directions, or transfers permitted among Investment
    Options, will be effective on the date the transaction is processed via <b><u>www.LincolnFinancial.com</u></b>, or through the Lincoln Customer Contact Center (800-234-3500).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are a Section 16 Insider of LNC, any reallocation of current investments from other Investment Options into the LNC Stock Fund, changes to your investment directions involving
    future contributions into the LNC Stock Fund (increasing or decreasing investment), and certain other transactions, will not be permitted at any time without pre-clearance through our Law Department. For officers and certain other employees,
    reallocations and changes to investment directions involving the LNC Stock Fund will be restricted to &#8220;open window&#8221; periods during which the individual is not restricted from trading. For more information about the trading restrictions relating to the
    LNC Stock Fund and whether they apply to you, please refer to the LFG Insider Trading &amp; Confidentiality Policy, which is posted at: <u>https://hrdirectdocs.lfg.com/misc/HR/Policies_Procedures/InsiderTradingPolicy.pdf </u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfers out of the Lincoln Stable Value Account Option (&#8220;LSVAO&#8221;) and into an option that competes with the LSVAO may be subject to a &#8220;90-Day Equity Wash&#8221; requirement. If the wash
    requirement is in effect and you wish to move money out of the LSVAO and into a competing option, you must first &#8220;wash it&#8221; by moving the money into a (non-competing) equity investment option for a minimum of 90 days.&#160; After the 90 days are up, the
    money can be moved into a competing fund without penalty or further restriction.&#160; Of the current Investment Options, only the Macquarie Diversified Income Fund is considered a competing fund. However, because other &#8220;competing funds&#8221; may be available
    through the Self-Directed Brokerage Account (the &#8220;SDBA&#8221;), the SDBA may be considered a competing fund in the future.&#160; The SDBA will be deemed a competing fund if the LSVAO balances of Plan participants who have a SDBA are 10% or more of the total
    stable value balances for the Plan. Currently the SDBA is not considered a competing fund. In the unlikely event the SDBA becomes a competing fund and you wish to move money from the LSVAO into the SDBA, you would need to move the money into one of the
    other non-competing Plan Investment Options first, leave it there for at least 90 days, and then move it into the SDBA.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 90-Day Equity Wash requirement is only in effect if the current yield of the Barclays Stable Income Market Index fund is greater than the 5-year historical average of the fund. The
    90-Day Equity Wash provision has not been in effect for the Plan since its conversion to LRSC in October 2008.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">39</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Transfers out of the LSVAO may also be limited or delayed during calendar quarters when current interest rates are higher than the five-year historical average. Any restriction will be
    announced approximately 3 weeks prior to placing the restriction in effect and will be announced through <b><u>www.LincolnFinancial.com</u>. </b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order to prevent market timing, excessive trading, and similar abuses, the managers of the various Investment Options may impose additional trading restrictions or redemption fees
    triggered by certain kinds of trades or trading activities. In some cases, as disclosed in the Company&#8217;s policies, trades will be monitored to ensure compliance. For mutual fund investment options, please see the relevant prospectus for information on
    trading restrictions or applicable redemption fees. For collective investment trust options, please consult the relevant disclosure statements for such information. These documents are available online at <b><u>www.LincolnFinancial.com</u></b>, or by
    requesting them through the Lincoln Customer Contact Center: 800-234-3500. Other than the 90-Day Equity Wash requirement described above, the Lincoln Stable Value Account Investment Option is not subject to any market timing or excessive trading
    restrictions or redemption fees. The LNC Stock Fund is not subject to any market timing or excessive trading restrictions or redemption fees.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Investments in the Plan</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan Trustee, Lincoln Financial Group Trust Company, Inc., will invest your contributions as soon as reasonably possible after receipt, and in accordance with your investment
    directions and the provisions of the Plan. In addition to purchasing shares of LNC common stock on the open market, the Plan Trustee may from time to time purchase authorized and unissued shares directly from us, or purchase outstanding shares directly
    from our shareholders. Under the terms of the Plan, certain fees, commissions, and other expenses for these transactions will be charged to your account in the Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In deciding how to invest your Plan account, you should carefully consider which Investment Options are right for you. You should read the following information carefully when making Plan
    investment decisions about these Investment Options. You can find additional performance information online at <b><u>www.LincolnFinancial.com</u></b>. This information will help you to understand the investment choices and the differences among them.
    <b>The information provided to you in the following description of Investment Options should not be construed as an investment recommendation for any particular Investment Option.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Comparative Performance of Investment Options </b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, the following table sets forth the annualized yield earned on the Investment Options currently offered by the Plan over certain periods of time&#8212;assuming the reinvestment of
    dividends and interest. All rates of return represent past performance and are not necessarily indicative of future performance. Many conditions affecting performance--such as inflation, business growth and interest rates--may be different in the
    future. Investment return and principal value may fluctuate and your investment in the future may be worth more or less than the original amount invested. The table below has been prepared to assist you in making your investment directions under the
    Plan. However, the value of this information is limited, and we recommend that you consult a qualified investment adviser before making any investment decisions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The performance figures have been reduced to reflect some, but not all, of the fees and expenses affecting the Investment Option. Except as otherwise stated in the description of
    &#8220;Expense&#8221; for each Investment Option, the &#8220;Net Expense Ratio&#8221; of an Investment Option reflects reductions&#160;in the performance figures due to investment management fees, contract fees and other operating expenses.&#160; Please see the description of &#8220;Expense&#8221;
    for each Investment Option for more detail about these fees and expenses, as well as for any additional fees and expenses which, if shown, would have the effect of further reducing&#160;the performance figures. In cases where the charges were not included,
    please note that the performance figures would be reduced if such expenses were deducted from performance data.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">40</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
  </div>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td colspan="10" style="border: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt"><b>Investment Lineup as of November 1, 2021</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td colspan="2" style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fund Performance &#8211; Average Annual Total Return*</b></p>
        </td>
        <td colspan="5" style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; padding-top: 8pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Performance as of</b>&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>September 30, 2021&#160;</b></p>
        </td>
        <td colspan="3" style="border-right: 1pt solid gray; border-bottom: 1pt solid gray; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; vertical-align: bottom;">
          <p style="margin: 0pt 0px; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;"><b>Expense Ratio %</b></p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 38%; border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fund Name</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
        </td>
        <td style="text-align: center; width: 9%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Ticker/ <br>
              Fund ID</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 6%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>QTR</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 7%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>1&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Year</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 6%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>3&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Years</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 6%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>5&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Years</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 8%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Inception</b>&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Date</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 8%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>*&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>10 Yrs. Or Since</b>&#160;</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Inception</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b></b>&#160;</p>
        </td>
        <td style="text-align: center; width: 6%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Gross</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 6%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>&#177;&#160;</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Net</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><u>Tier 1 &#8211; Asset Allocation&#160;</u></i></b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i><u>Target Date Funds &#8211; Class W</u></i></b>&#160;</p>
        </td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">&#160;</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement Income Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W267</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.24</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">11.71</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">7.98</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">6.53</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">6/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">6.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2020 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W366</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.12</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">14.67</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">9.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">8.28</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">6/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">8.80</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2025 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W358</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-0.37</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">17.09</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">10.68</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">9.98</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">9/30/2009</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2030 Fund</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">10.90</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2035 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W333</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.03</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">20.51</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.06</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">11.61</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">9/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">11.44</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2040 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W325</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.19</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">22.36</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.39</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.14</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">6/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">11.90</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2045 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W317</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.32</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">24.12</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.67</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.59</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">9/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.13</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2050 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W291</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.42</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">25.14</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.93</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.75</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">10/31/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.22</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2055 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W283</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.42</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">25.14</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.93</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.74</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">4/30/2011</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.22</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2060 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W275</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.42</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">25.13</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.92</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">12.74</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">4/6/2015</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">9.98</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Target Retirement 2065 Fund</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">857480339</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.41</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">25.15</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">12/31/2019</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">16.44</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.10</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b><i><u>Tier 2 &#8211; Passive Core</u></i></b></font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street US Bond Index Fund &#8211; Class K</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W259</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.04</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-0.97</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">5.37</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2.93</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">4/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2.99</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.040</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.040</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street S&amp;P 500 Index Fund &#8211; Class N</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744A869</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.56</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">29.92</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">15.94</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">16.86</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">10/1/1996</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">16.60</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.023</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.023</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Russell Small/Mid Cap Index Fund &#8211; Class K </font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W242</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-3.09</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">41.46</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">15.67</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">16.43</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">6/30/2002</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">16.28</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.040</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.040</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">State Street Global All Cap Equity Ex-US Index Fund &#8211; Class K</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">85744W531</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-3.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">24.45</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">8.35</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">3/31/2011</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">8.02</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.07</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b>&#160;</b></font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b><i><u>Tier 3 &#8211; Active Core</u></i></b></font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Lincoln Stable Value Account</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.74</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">5/1/1983</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">3.02</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Macquarie Diversified Income Trust &#8211; Class B</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">556070308</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2.21</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">6.94</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">4.26</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">1/28/2020</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">4.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.30</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.30</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">PIMCO Diversified Real Asset Collective Trust</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">999984PI2</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">4.46</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-3.77</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">1.69</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2.52</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">10/30/2009</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">2.01</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.41</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.41</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-left: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Macquarie Large Cap Value Trust</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">556070100</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">29.27</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">6.48</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">9.41</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><font style="font-size: 10pt">6/29/2011</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">13.16</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.50</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.50</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">American Funds Growth Fund of America R6</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">RGAGX</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">1.05</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">30.43</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">20.12</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.31</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.31</font></td>
      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Delaware Small Cap Value Fund R6 </font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">DVZRX</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-1.39</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">61.96</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">10.46</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.72</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.72</font></td>
      </tr>
      <tr>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">24610F884</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">-8.00</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">28.32</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.75</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">0.75</font></td>
      </tr>
      <tr>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Years</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Date</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
        </td>
        <td style="text-align: center; width: 8%; border-bottom: gray 1pt solid; border-right: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Inception</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b></b>&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><b>Net</b></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;">&#160;</p>
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      </tr>
      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Acadian All Country World ex US Equity CIT &#8211; Class F</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-size: 10pt">---</font></td>
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      <tr>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"></td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt"><b><i><u>Tier 4 &#8211; Specialty Option</u></i></b></font></td>
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        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&#160;</td>
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        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; border-left: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
        <td style="border-right: gray 1pt solid; border-bottom: gray 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The performance data above represents past performance; past performance does not guarantee future results.</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">*Average annual total return for period specified or since inception if the fund&#8217;s age is less than the number of years shown.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#177; Expense ratios are net of any temporary fee waiver currently in effect. Please see the description of &#8220;Expense&#8221; for each option for more detail.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Collective Investment Trusts</u>. A collective investment trust, or &#8220;CIT,&#8221; is an investment fund that is similar to a mutual fund in that it invests in stocks,
    bonds, and other investments. However, CITs are exempt from registration with the Securities and Exchange Commission (&#8220;SEC&#8221;) as an investment company under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;) and are therefore not subject to the same
    fees, expenses and regulatory requirements&#8212;or regulatory protections&#8212;as mutual funds. CITs may only hold the assets of qualified retirement and government plans, including 401(k) plans, Taft-Hartley plans, profit sharing and cash balance plans, and
    governmental 457 plans. An investor in a CIT holds a &#8220;unit&#8221; of the CIT. This investment is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or entitled to the protections of the 1940 Act.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the quoted net expense ratios, other expenses, including legal, auditing, custody service and tax form preparation, investment and reinvestment
    expenses may apply with respect to your CIT investment. The PIMCO, Acadian, Jackson Square Partner and Macquarie CITs offered by the Plan are maintained by SEI Trust Company and the MFS International Growth Fund CIT is maintained by MFS Heritage Trust
    Company. The State Street CITs offered by the Plan are maintained by the State Street Bank and Trust Company.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Participation or investment in a CIT is governed by the terms of the trust and participation materials. An investor should carefully consider the investment objectives, risks, and charges
    and expenses of the CIT before investing. The disclosure statement for each CIT together with the declaration of trust contains this and other important information and should be read carefully before investing or sending money. For disclosure
    statements and the declaration of trust, please contact the Lincoln Customer Contact Center at 800-234-3500. You can also obtain information about the Investment Option lineup, including fact sheets on each option, at
    LincolnFinancial.com/retirementinfocenter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Mutual Funds</u>. Mutual funds invest in stocks and bonds and other investments and are registered with the SEC as an investment company under the 1940 Act. Investors in a mutual fund
    are &#8220;shareholders&#8221; in a fund with all of the rights and protections provided by the 1940 Act. With respect to a mutual fund investment option, an investor should carefully consider the investment objectives, risks, charges and expenses of the
    investment company before investing. The prospectus for the mutual fund contains this and other important information and should be read carefully before investing or sending money. For prospectuses, please contact the Lincoln Customer Contact Center
    at (800-234-3500), or visit <b><u>www.LincolnFinancial.com</u></b>. On the bottom left of the Retirement page, you will see a section called &#8220;My Balances&#8221; which lists your investments by percentage. Within the &#8220;My Balances&#8221; section, you can click on
    &#8220;Research Investments&#8221;, where you select &#8220;View Investment Details&#8221; next to the fund name and then the &#8220;Prospectus&#8221; tab. You can also obtain information about the Investment Option lineup, including fact sheets on each option, at
    LincolnFinancial.com/retirementinfocenter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><u>Insurance Products</u>. The Lincoln Stable Value Fund is a fixed annuity issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, 46802, on Form
    28866-SV and state variations thereof. Guarantees are based upon the claims-paying ability of the issuer. Contributions received in any quarter will earn interest at the portfolio rate in effect for the quarter, with a minimum guaranteed interest rate.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Company Securities</u>. The primary purpose of the LNC Stock Fund is to allow you to invest in the common stock of LNC. For a description of the risks associated with investment in the
    common stock of LNC, please refer to the Risk Factors in LNC&#8217;s filings with the SEC incorporated by reference herein (see the section entitled &#8220;Documents Incorporated by Reference&#8221; below).</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Self-Directed Brokerage Account</u>. The TD AMERITRADE Self-Directed Brokerage Account (&#8220;SDBA&#8221;) option was opened to allow you access to a broad range of investments, such as stocks,
    bonds and mutual funds. In order to have access to the Plan&#8217;s SDBA, you must review and complete a number of forms. These forms are available to you to download online at <u>www.LincolnFinancial.com</u>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By establishing a SDBA within the Plan, you acknowledge that you, the Plan participant, and not the Plan fiduciary, are solely responsible for selecting investments through the SDBA, and
    that the Plan fiduciary has not vetted or screened any investments available through the SDBA.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions about the instructions or forms, you can contact the Lincoln Customer Contact Center for assistance at 800-234-3500.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Risks Associated with the Investment Options</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is important to keep in mind one of the main axioms of investing: the higher the risk of losing money, the higher the potential reward. The reverse, also, is generally true: the lower
    the risk, the lower the potential reward.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As you consider investing in the Plan&#8217;s Investment Options, you should take into account your personal risk tolerance. Diversification within your investment portfolio can reduce risk.
    Recent events in the financial sector and the corresponding market volatility reinforces the importance of a well-diversified portfolio, which is one of the most effective ways to ride out short-term market fluctuations. When you diversify your
    portfolio &#8211; whether by investing in a ready-mixed fund with exposure to a number of investment sectors, or by investing in a number of funds representing different asset classes or styles &#8211; you can potentially reduce risk and increase your exposure to
    various market opportunities.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Investment Options are subject to one or more risks which are described in summary fashion in the section entitled &#8220;Primary Risks&#8221; for each Option, and in greater detail in the
    prospectus materials (for mutual funds), disclosure statements (for collective investment trusts), and miscellaneous disclosure materials referenced in this document. <b>Please remember that this Investment Supplement is only a summary of those
      primary disclosure materials, and is not intended to replace or supersede those materials. Before investing, you should review the full explanation of risks associated with each investment before making a decision to invest.</b> Copies of the
    prospectuses and disclosure statements for mutual funds and collective investment trusts are available by contacting Lincoln Customer Contact Center at (800-234-3500), or visiting <b><u>www.LincolnFinancial.com</u></b>. You can also obtain information
    about the Investment Option lineup, including fact sheets on each option, at LincolnFinancial.com/retirementinfocenter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>The following are summaries of the prospectuses and disclosure statements related to the current Investment Option lineup. You should read the full prospectuses and disclosure
      statements for an explanation of the funds and risks involved in investing in any one of the funds. </b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>Tier 1 &#8211; Asset Allocation Target Date Funds</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b><i>(Target date funds provide a diversified portfolio that adjusts automatically based on &#160;</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b><i>the number of years remaining until retirement)</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>State Street Target Retirement Funds</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b></b></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objective</b>: The State Street Target Retirement Funds (the &#8220;Funds&#8221;) seek an investment return that approximates, as closely as practicable, before expenses, the performance of a custom benchmark index (the &#8220;Index&#8221;) over the long
          term.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategy</b>: Each Fund seeks to achieve its objective by investing in a set of underlying State Street Global Advisors (SSGA) collective trust funds representing various asset classes. Each Fund (other than the State Street
          Target Retirement Income Fund) is managed to a specific retirement year (target date) included in its name. Over time, the allocation to asset classes and funds change according to a predetermined &#8220;glide path&#8221;. (The glide path represents the
          shifting of asset classes over time and does not apply to the Income Fund.) Each Fund&#8217;s asset allocation will become more conservative as it approaches its target retirement date. This reflects the need for reduced investment risks as retirement
          approaches and the need for lower volatility of a portfolio, which may be a primary source of income after retiring. The allocations reflected in the glide path do not reflect tactical decisions made by SSGA to overweight or underweight a
          particular asset class based on its market outlook but rather management of each fund&#8217;s strategic allocation according to its glide path and applicable benchmark. Each Fund attempts to closely match the characteristics and returns of its custom
          benchmark as opposed to any attempts to outperform this benchmark. Once a Fund reaches its target retirement date, it will begin a five-year transition period to the State Street Target Retirement Income Fund. At the end of that five-year period,
          the allocation to stocks, real estate investment trusts and commodities interests exposure that will remain fixed at approximately 35% of assets. The remainder of the Fund will be invested in fixed-income securities.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Risk:</b> SSGA measures and adjusts each Fund&#8217;s risk exposure over time given the Fund&#8217;s target retirement date. SSGA monitors the overall risk of the Fund, in order to avoid unintended risk related to the Fund&#8217;s target retirement date or
          other investment time horizon. SSGA attempts to manage risk by, among other things, monitoring asset allocations closely, maintaining diversification, and performing on-going investment reviews.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">44</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Investing involves risk including the risk of loss of principal. Generally, among asset classes, stocks are more volatile than bonds or short-term instruments. Stock values
    fluctuate in response to the activities of individual companies and general market and economic conditions and at times the risk level of the Fund may be greater than that of the US stock market in general, In addition, the Fund may use derivative
    instruments which may involve risks such as potential illiquidity of the markets and additional risk of loss of principal. Because the Target Date Fund invests in the shares of funds, the Target Date Fund indirectly invests in the same investments as
    listed for the various underlying funds. For a more detailed description of the various types of instruments in which the underlying funds may invest and their associated risk, please refer to each of the underlying fund&#8217;s prospectus.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> State Street Global Advisors (SSGA)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> 0.10%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">45</font>&#160;</div>
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  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center"><b>State Street Target Retirement Funds<br>
      Diversification of Underlying Funds &#8211;<br>
      Target allocations among equities and fixed income, shown in percentages<br>
      as of September 30, 2021</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: center">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr>
        <td style="vertical-align: bottom; width: 23%; border: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">&#160;</td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2065</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2060</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2055</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2050</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2045</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2040</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2035</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2030</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2025</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>2020</i></b></font></td>
        <td style="vertical-align: top; width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>Income</i></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b><i>Equity</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>90.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>90.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>90.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>90.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>86.25%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>81.25%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>74.38%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>66.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>51.02%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>34.62%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>26.50%</i></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street S&amp;P 500
            Index Fund</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">35.80</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">35.80</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">35.80</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">35.80</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">35.48</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">34.76</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">32.91</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">30.35</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">24.79</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">17.67</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">13.80</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street Russell
            Small/Mid Cap Index Fund</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">15.95</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">15.95</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">15.95</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">15.95</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">14.11</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">11.96</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">9.85</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.96</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">5.72</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.60</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">2.60</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street Global All
            Cap Equity Ex US Index Fund</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">38.25</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">38.25</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">38.25</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">38.25</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">36.66</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">34.53</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">31.61</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">27.69</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">20.51</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">13.35</font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">10.10</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b><i>Fixed Income</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>10.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>10.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>10.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>10.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>13.75%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>18.75%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>25.62%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>33.12%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>44.38%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>56.88%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>65.00%</i></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street U.S. Long Government Bond Index Fund
          </font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">7.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.78</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2.28</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street U.S. Short-Term Government/ Credit
            Bond Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">1.93</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">10.56</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">20.00</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street U.S. High Yield Bond Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.02</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">5.33</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">6.54</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">7.00</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street Intermediate U.S. Government Bond
            Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">2.48</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.98</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street U.S. Bond Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.75</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">8.75</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">12.60</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">16.10</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">20.07</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">21.31</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">20.00</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street 1-10 Year U.S. TIPS Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">3.44</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">12.58</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">18.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">18.00</font></td>
      </tr>
      <tr>
        <td style="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b><i>Alternatives</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.00%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>0.88%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>4.60%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>8.50%</i></b></font></td>
        <td style="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b><i>8.50%</i></b></font></td>
      </tr>
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            Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">0.88</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">3.38</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">5.00</p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">State Street Bloomberg Roll Select Commodity
            Index Fund</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">0.00</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.7pt; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">1.22</font></td>
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  </table>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; color: rgb(0, 0, 0); font-style: normal;">46</font>&#160;</div>
    <div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade"> </div>
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  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tier 2 &#8211; Passive Core</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><i>(Passively managed, low cost index funds that track the returns of a market index)</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>State Street US Bond Index Fund &#8211; Class K</b>&#160;</p>
  <p style="margin: 0pt 0px 0pt 0px; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">(Core Bond)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Investment Objective</b>: The State Street Bond Index Fund (the &#8220;Fund&#8221;) seeks to offer broadly diversified, low cost exposure to the overall U.S. Bond Market. The Fund seeks an investment return that approximates as closely as practicable,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Investment Strategy</b>: The Fund is managed using a &#8220;passive&#8221; or &#8220;indexing&#8221; investment approach, by which State Street Global Advisors (SSGA) attempts to replicate, before expenses, the performance of the Index over the long term. The Fund
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Risk: </b>SSGA monitors the overall risk of the Fund, in order to avoid unintended risk relative to the Index. SSGA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as practicable to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">There are risks involved with investing, including possible loss of principal. Bonds generally present less short-term risk and volatility than stocks, but are subject to
    interest rate risk; the risk of issuer default, issuer credit risk, liquidity risk and inflation risk. These effects are usually more pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to
    a substantial gain or loss. In addition, the Fund may use derivative instruments which may involve risks such as potential illiquidity of the markets and additional risk of loss of principal. You should refer to the Fund&#8217;s Disclosure Document for a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Risk management does not promise any level of performance or guarantee against loss of principal. SSGA encourages investors to seek the advice of well-qualified financial and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> State Street Global Advisors (SSGA)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> 0.040%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin: 0pt 0px 0pt 0px; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;"><b>State Street S&amp;P 500 Index Fund &#8211; Class N</b>&#160;</p>
  <p style="margin: 0pt 0px 0pt 0px; line-height: normal; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal;">(Large Cap Core)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">From time to time securities are added to or removed from the Index. SSGA may sell securities that are represented in the Index, or purchase securities that are not yet
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Fund will not sell securities short. It may use futures and other derivatives and is not a leveraged strategy. It may invest in other investment funds, including those
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>
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      </tr>

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  <p style="margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">There are risks involved with investing, including possible loss of principal. Equity securities are volatile and can decline significantly in response to broad market and
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    risk level of the Fund may be greater than that of the U.S. stock market in general. The Fund may use derivative instruments which may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Risk management does not promise any level of performance or guarantee against loss of principal. SSGA encourages investors to seek the advice of well-qualified financial and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4.5pt; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td style="padding-right: 0.35in"><b>Investment Objectives:</b> The State Street Russell Small/Mid Cap Index Fund (the &#8220;Fund&#8221;) seeks to offer broad, low cost exposure to stocks of small and medium sized U.S. Companies. The Fund seeks an investment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Strategies:</b> The Fund is managed using a &#8220;passive&#8221; or &#8220;indexing&#8221; investment approach, by which State Street Global Advisors (SSGA) attempts to match, before expenses, the performance of the Index
          over the long term. SSGA will typically attempt to invest in the equity securities comprising the Index in the same proportions as they are represented in the Index. Equity securities may include common stocks, preferred stocks, depository
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">From time to time securities are added to or removed from the Index. SSGA may sell securities that are represented in the Index, or purchase securities that are not yet
    represented in the Index, prior to or after their removal or addition to the Index. The Fund may at times purchase or sell index futures contracts or options on those futures, or engage in other transactions involving the use of derivatives, in lieu of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">This Fund will not sell securities short. It may use futures and other derivatives and is not a leveraged strategy. It may invest in other investment funds, including, including
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Risk</b>: SSGA monitors the overall risk of the Fund, in order to avoid unintended risk relative to the Index. SSGA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as practicable to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">There are risks involved with investing, including possible loss of principal. Equity securities are volatile and can decline significantly in response to broad market and
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    risk level of the Fund may be greater than that of the U.S. stock market in general. The Fund may use derivative instruments which may involve risks such as potential illiquidity of the markets and additional risk of loss of principal.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager: </b> State Street Global Advisors (SSGA)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Expense:</b> 0.040%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>State Street Global All Cap Equity Ex-US Index Fund &#8211; Class K</b>&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Objectives:</b> The State Street Global All Cap Equity Ex U.S. Index Fund (the &#8220;Fund&#8221;) seeks to offer broad, low cost exposure to stocks of companies, ranging from small to large cap, in developed and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Strategies:</b> The Fund is managed using a &#8220;passive&#8221; or &#8220;indexing&#8221; investment approach, by which State Street Global Advisors (SSGA) attempts to match, before expenses, the performance of the Index
          over the long term. SSGA will typically attempt to invest in the equity securities comprising the Index in the same proportions as they are represented in the Index. Equity securities may include common stocks, preferred stocks, depository
          receipts, or other securities convertible into common stock. Equity securities held by the Fund may be denominated in foreign currencies and may be held outside the US. In some cases, it may not be possible or practicable to purchase all of the
          securities comprising the Index, or to hold them in the same weightings as they represent in the Index. In those circumstances, SSGA may employ a sampling or optimization technique to construct the portfolio in question. A portfolio may also
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">From time to time securities are added to or removed from the Index. SSGA may sell securities that are represented in the Index, or purchase securities that are not yet
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Fund may at times purchase or sell index futures contracts or options on those futures, or engage in other transactions involving the use of derivatives, in lieu of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Risk:</b> SSGA monitors the overall risk of the Fund, in order to avoid unintended risk relative to the Index. SSGA manages portfolio characteristics and transaction costs in a manner intended to provide a return as close as practicable to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">There are risks involved with investing, including possible loss of principal. Equity securities are more volatile and can decline significantly in response to
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    At times, the risk level of the Fund may be greater than that of the US stock market in general. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets, and may involve exposure in
    economic structures that are generally less diverse and mature, and political systems which have less stability than those of more developed countries. Investing in foreign domiciled securities may involve risk of capital loss from unfavorable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td><b>Manager: </b> State Street Global Advisors (SSGA)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td style="width: 22.5pt"></td>
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        <td><b>Expense:</b> 0.07%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Tier 3 &#8211; Active Core</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>The Lincoln Stable Value Account (Insured Product) &#8211; Share B</b>&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objectives:</b> This Investment Option seeks to provide a competitive current interest rate that translates into the highest possible return with the lowest level of risk while also offering the protection of principal.
          Contributions made to the Lincoln Stable Value Account in any quarter will earn interest at the quarterly-set portfolio rate. The portfolio rate is declared for the quarter and is in effect only for that quarter. The rate of return through
          September 30, 2021 is 3.0%. The rate of return is fixed quarterly (and is based on the 5-year average of the Barclays Stable Income Market Index plus 0.20% as of one month prior to the beginning of each quarter) but will never fall below the
          guaranteed minimum annual rate of 3.0%.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies:</b> The Lincoln Stable Value Account, a fixed annuity, is part of the general account of The Lincoln National Life Insurance Company and is backed by the general credit worthiness and the claims paying ability of The
          Lincoln National Life Insurance Company. The general account invests in investment and non-investment grade public companies, U.S. government bonds, high-quality corporate bonds, and other high-quality asset classes in keeping with the investment
          policy statement for the portfolio.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> <i>Credit Risk</i> (the chance that the issuer of a security will fail to pay interest and principal in a timely manner, or that such companies or individuals will be unable to pay the contractual interest or principal
          on&#160;their debt obligations at all); <i>Inflation Risk </i>(the possibility that, over time, the returns will fail to keep up with the rising cost of living); <i>Interest Rate Risk</i> (the chance that bond prices overall will decline over short
          or even long periods due to rising interest rates); <i>Liquidity Risk</i> (the chance that the insured product is not backed by sufficient reserves to meet participant withdrawals, or would incur a market value adjustment or penalty for early
          withdrawal from one or more of its contracts); <i>Manager Risk</i> (the chance that poor security selection will cause the Stable Value Fund to under-perform other stability of principal investment options with similar objectives); <i>Market
            Risk </i>(the chance that the value of your investment will change because of rising (or falling) stock or bond prices). There is no government guarantee (such as the FDIC guarantee) protecting investments in the Lincoln Stable Value Account.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager: </b>Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, is the registered investment advisor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> No asset charges are deducted from participant accounts; however, 0.10% is the investment management expense that The Lincoln National Life Insurance Company pays for the management of the underlying assets.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Macquarie Diversified Income Trust (Collective Investment Trust)</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Core Plus Bond)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objectives:</b> The Macquarie Diversified Income Trust (the &#8220;Fund&#8221;) seeks maximum long-term total return, consistent with reasonable risk. The benchmark for the Trust is Bloomberg Barclays U.S. Aggregate Index.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies:</b> The Fund allocates its investments principally among the following four sectors of the fixed income securities markets: U.S. Investment-Grade Sector, U.S. High Yield Sector, International Developed Markets Sector,
          and Emerging-Markets Sector. Macquarie Investment Management Advisers will determine how much of the Trust to allocate to each of the four sectors, based on its evaluation of economic and market conditions and an assessment of the returns and
          potential for appreciation that can be achieved from investments in each of the four sectors. There is no guarantee that the Trust will meet its investment objectives.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. Fixed income securities and bond funds can lose value and investors can lose principal, as interest rates rise. Other impacts are due to
          economic conditions that hinder an issue&#8217;s ability to make interest and principal payments of its debt. The Fund may also be subject to prepayment risk, the risk that the principal of a fixed income security that is held by the Fund may be
          prepaid prior to maturity, potentially forcing the Fund to reinvest that money in a lower interest rate. High yielding, noninvestment grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is
          particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial or other reasons. In addition, a less liquid
          secondary market makes it more difficult for the Fund to obtain precise valuations of the high yield securities in its portfolio. International investments entail risks including fluctuation in currency values, differences in accounting principal
          or economic or political instability. Investing in emerging markets can be risker than investing in established foreign markets due to increase volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there
          is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue. If, and to the extent that, the Trust invests in forward foreign currency
          contracts or uses other investments to hedge against currency risks, the Trust will be subject to the special risks associated with those activities.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> SEI Trust Company (the &#8220;Trustee&#8221;) serves as the Trustee of the Trust and maintains the ultimate fiduciary authority over the management of investments in the Trust. The Trustee has engaged Macquarie Investment Management
          Advisers, a series of Macquarie Investment Management Business Trust, to act as the investment sub-advisor to the Trust.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense</b>: 0.30% (Net of any applicable fund company waivers/reimbursements).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>PIMCO Diversified Real Asset Collective Trust</b><br>
    (Real Assets)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objective: </b>The objective of the PIMCO Diversified Real Asset Collective Trust (the &#8220;Fund&#8221;) is to seek real return which exceeds that of a benchmark consisting of a 40% weighting in the Barclays U.S. TIPS Index, a 25%
          weighting in the Bloomberg Commodity Index<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">sm</sup>, and a 35% weighting in the Dow Jones U.S. Real Estate Investment Trust Index (the &#8220;Benchmark&#8221;), consistent with prudent
          investment management. The Fund seeks to achieve its objective by investing under normal circumstances substantially all of its assets in units of the PIMCO Real Return Collective Trust, the PIMCO CommoditiesPLUS<font style="font-size: 10pt"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup></font> Collective Trust and the PIMCO RealEstatePLUS Collective Trust (the &#8220;Underlying Funds&#8221;). The Fund&#8217;s return objective is to outperform the Benchmark measured
          over a full business cycle. There is no assurance that these objectives will be achieved. For more information regarding the Underlying Funds, please refer to the Underlying Funds&#8217; investment objectives and policies contained in this Disclosure
          Memorandum.<br>
          <br>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies: </b>The Fund is an actively managed portfolio designed to provide strategic exposure to three core real assets. Treasury Inflation-Protected Securities, commodities and real estate. The Fund seeks to outperform its
          Benchmark in two key ways. First, PIMCO has the flexibility to reallocate the Fund&#8217;s assets among the three real asset classes represented by the Underlying Funds based on its ongoing analyses of the global macro economy, including the fixed
          income, commodity, real estate and equity markets. As a result, the percentage invested by the Fund in each Underlying Fund may differ from the Benchmark weight. Second, PIMCO will gain expose to these markets by investing in the three Underlying
          Funds, which are each actively managed to outperform their respective underlying benchmarks. In managing the Fund, PIMCO employs both top-down and bottom-up strategies.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks: </b>There are risks involved with investing, including possible loss of principal. The principal risks of investment in the Fund, which could adversely affects its value, include short sale, credit and counterparty, currency,
          emerging markets, foreign securities, not FDIC insured, high portfolio turnover, issuer, interest rate, market/market volatility, commodity, high-yield securities, industry and sector investing, mortgage-backed and asset-backed securities, other,
          underlying fund/fund of funds, derivatives notes.<br>
          <br>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager: </b>SEI Trust Company (the &#8220;Trustee&#8221;) serves as the Trustee of the Trust and maintains the ultimate fiduciary authority over the management of investments in the Trust. The Trustee has engaged PIMCO to act as the investment adviser
          to the Trust.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense</b>: 0.41%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Macquarie Large Cap Value Trust (Collective Investment Trust) &#8211; Share Class B</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Large Cap Value)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objectives:</b> The Trust seeks long-term capital appreciation. The benchmark for this Trust is the Russell 1000<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup>Value Index.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies:</b> The Trust is invested primarily in securities of large-capitalization companies (with market capitalizations in the range of the Russell 1000.) The Trust&#8217;s adviser, Macquarie Investment Management Advisers, seeks
          securities believed to be undervalued in relation to their intrinsic value as indicated by multiple factors including earnings and cash flow potential. Macquarie Investment Management Advisers follows a value-oriented investment philosophy in
          selecting stocks for the Trust using a research-intensive approach.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. The principal risks of investment in the Fund, which could adversely affects its value, include currency, foreign securities, loss of money,
          not FDIC insured, country or region, active management, market/market volatility, equity securities, restricted/illiquid securities, derivatives, conflict of interest.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> SEI Trust Company (&#8220;Trustee&#8221;) serves as the Trustee of the Trust and maintains the ultimate fiduciary authority over the management of investments in the Trust. The Trustee has retained Macquarie Investment Management Advisers,
          a series of Macquarie Investment Management Business Trust, to act as the investment advisor to the Trust.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> 0.50%. The Trust will be charged with certain operating expenses, including, without limitation, audit expenses, custody services fees, tax form preparation expenses, legal and other fees.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>American Funds Growth Fund of America R6 (Mutual Fund)&#160;</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Large Cap Growth)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Objectives:</b> The Fund seeks to provide growth of capital. The benchmark for this Fund is the Russell 1000 Growth Index.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Strategies:</b> The Fund takes a flexible approach to growth investing, seeking opportunities in traditional growth stocks as well as cyclical companies and turnarounds with significant potential for
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. The principal risks of investment in the Fund, which could adversely affects its value, include foreign
          securities, long-term outlook and projections, loss of money, not FDIC insured, growth investing, active management, issuer, market/market volatility.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Manager:</b> Capital Research and Management Company is the registered investment advisor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Expense:</b> 0.31%</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;<br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(SMID Cap Value)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="text-align: left"><b>Investment Objectives:</b> The Fund is a small cap value fund that seeks capital appreciation. The benchmark for this Fund is the Russell 2000 Value Index.</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="text-align: left"><b>Investment Strategies:</b> The Fund invests primarily in investments of small companies whose stock prices, in the portfolio managers&#8217; opinion, appear low relative to their underlying value or future potential. Among
          other factors, the Fund&#8217;s investment manager, Delaware Management Company (Manager), considers the financial strength of a company, its management, the prospects for its industry, and any anticipated changes within the company that might suggest
          a more favorable outlook going forward. The Manager focuses on free cash flow in its individual stock selection, seeking companies that it believes have a sustainable ability to buy back shares, lower debt, and/or increase or initiate dividends.
          Under normal circumstances, at least 80% of the Fund&#8217;s net assets, plus the amount of any borrowings for investment purposes, will be in investments of small-capitalization companies (80% policy). The Fund considers small-capitalization companies
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      </tr>

  </table>
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  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. The principal risks of investment in the Fund, which could adversely affects its value, include foreign securities, loss of money, not FDIC
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> Delaware Management Company, a series of Macquarie Investment Management Business Trust</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Expense:</b> 0.72%</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Small-Mid Cap Growth)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.25in"></td>
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        <td style="text-align: left"><b>Investment Objectives:</b> The Trust seeks long term capital appreciation by investing primarily in common stocks of growth oriented companies. The Trust&#8217;s benchmark is the Russell 2500<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174; </sup>Growth Index.</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="text-align: left"><b>Investment Strategies:</b> The Trust invests primarily in common stocks of growth-oriented companies that the adviser believes have long-term capital appreciation potential and expects to grow faster than the U.S.
          economy. The adviser particularly seeks the small- to mid-sized companies that address large market opportunities, which it defines as the likelihood that an individual company&#8217;s goods and/or services will be sold. The adviser uses the bottom up
          approach, seeking to select securities of companies, the adviser believes have attractive end market potential, dominant business models, and strong cash flow generation that are attractively priced compared to intrinsic value of the securities.
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">The Trust generally holds 25 to 35 stocks, although from time to time it may hold fewer or more names, depending upon the adviser&#8217;s assessment of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. Investments in the equities markets are subject to risk. Because the strategy expects to hold a concentrated portfolio of a limited number of
          securities, the portfolio&#8217;s risk is increased because each investment has a greater effect on the strategy&#8217;s overall performance.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> SEI Trust Company (the &#8220;Trustee&#8221;) serves as the Trustee of the Trust and maintains the ultimate fiduciary authority over the management of investments in the Trust. The Trustee has retained Macquarie Investment Management
          Advisors, a series of Macquarie Investment Management Business Trust, to act as the investment adviser to the Trust.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
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        <td><b>Expense:</b> 0.75%</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>Acadian All-Country World ex-US Equity CIT Fund&#8211; Class A </b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(International Equity)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Objectives:</b> The Acadian All-Country World ex-US Equity CIT Fund (the &#8220;Fund&#8221;) seeks long term capital appreciation by investing primarily in common stocks of international issuers. The Fund seeks
          an investment return that approximates as closely as practicable, before expenses, the performance of the MSCI ACWI ex-US Net Index (the &#8220;Index&#8221;).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td style="padding-right: 0.35in"><b>Investment Strategies:</b> In seeking to achieve its investment objective, Acadian Asset Management LLC (&#8220;Acadian&#8221;) invests the Fund in companies with a range of market capitalizations, including smaller
          capitalization companies. Acadian&#8217;s proprietary stock forecasts for risk, trading cost, liquidity and returns flow into an optimization system, which also incorporates any additional strategy-specific constraints and objectives to produce a list
          of buys and sells designed to achieve the best tradeoff, net of costs and subject to constraints, between expected return and risk. The buy and sell decisions are an objective end result driven by changes in expected return and risk. Stocks that
          are expected to add return and, to a lesser extent, to reduce risk (net of costs) are purchased, while stocks with lower expected return and, to a lesser extent, less diversifying in terms of risk are sold. While expected return estimates
          dominate the portfolio construction process, Acadian uses its risk forecasts as a secondary consideration to help choose between stocks with similar expected returns. The security return forecasting process combines security-level factor values
          to determine a peer group-relative forecast for each stock, along with a top-down forecast for each peer group. Portfolios normally are fully invested, with a minimal amount of cash. All final portfolio weights are the result of the optimization
          process.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. The principal risks of investment in the Fund, which could adversely affects its value, include equity risk, liquidity risk, small cap stocks
          risk, volatility of investment risk, turnover and trading cost risk, non-U.S. investment risk, emerging market securities risk, non-U.S. currency risk, trading in forward contracts to hedge currency risk, REITS risk. For specific
          definitions/explanations of these types of risks and additional risks, see the Acadian Declaration of Trust and Disclosure Statement, which documents can be requested by calling the Lincoln Customer Contact Center at 1-800-234-3500.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 22.5pt"></td>
        <td style="width: 13.5pt"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager: </b> SEI Trust Company (the &#8220;Trustee&#8221;) serves as the Trustee of the Trust and maintains the ultimate fiduciary authority over the management of investments in the Trust. The Trustee has engaged Acadian Asset Management LLC, to act
          as the investment advisor to the Trust.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> 0.55%. Acadian&#8217;s investment management fee is 0.45%. The Trust will be charged with certain operating expenses, including, but not limited to, custody fees, securities pricing fees, annual audit fees, tax filing fees, annual
          5500 expenses, NSCC fees for CIT transactions via the NSCC system, website hosting and maintenance fees and manual trading fees. The operating expenses are capped at 0.10%.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><b>MFS International Growth Fund (CIT)</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Foreign Large Growth)</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objectives:</b> The Fund&#8217;s investment objective is to seek capital appreciation. The Fund seeks to outperform the MSCI All Country World (ex-US) Growth Index over full market cycles. A full market cycle is defined as typically
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          assurance can be given that the Fund will achieve it investment objective.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies:</b> In seeking to achieve its investment objective, the Fund relies on a team of global research analysts to identify companies with the highest sustainable earnings growth rates in their industry, companies that are
          expected to deliver value through the continued compounding of a growing earnings stream, and companies whose stocks are poised for multiple expansions. Sector and country weightings are the residual of the bottom-up stock selection process,
          rather than the result of a top-down, macroeconomic outlook. The Fund seeks to be broadly diversified across countries and sectors.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. Stock Market Risk, Company Risk, Currency Risk, Geographic Concentration Risk, Foreign, Risk, Emerging Markets Risk, Investment Selection Risk,
          Counterparty and Third Party Exposure Risk, Liquidity Risk and Active and Frequent Trading Risks and Temporary Defensive Strategy Risk.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Manager:</b> MFS Heritage Trust Company (the &#8220;Trustee&#8221;) serves as the Trustee of the Trust. The Trustee is a subsidiary of Massachusetts Financial Service Company.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Expense:</b> 0.58%. The Trustee will bear the Fund&#8217;s expenses such that a Fund&#8217;s annual administrative and operational expenses do not exceed the indicated expense caps as currently in effect (0.05%). The expense caps will continue until
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LNC STOCK FUND</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Objectives:</b> This Investment Option is designed to provide participants with the opportunity to invest in LNC securities.<br>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Investment Strategies:</b> To achieve its objective, this Investment Option invests mainly in shares of the common stock of LNC (&#8220;LNC Common Stock&#8221;), but may also invest in cash or short-term money-market securities to provide the liquidity
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        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
        <td style="width: 0.25in"></td>
        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Primary Risks:</b> There are risks involved with investing, including possible loss of principal. Investment-Style Risk and Market Risk. This is a non-diversified Investment Option, investing in the stock of a single issuer. It is therefore
          a riskier investment than an Investment Option that invests in a diversified pool of stocks of companies with similar characteristics as this account. For a description of the risks associated with investment in LNC Common Stock, see &#8220;Risk
          Factors&#8221; detailed in the most recently filed LNC Annual Report (10-K) and LNC Quarterly Reports (10-Q). It is a market-valued account, meaning that both the principal value and the investment return may go up and down based on the market price of
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td><b>Dividends:</b> You have the option to receive your LNC Stock Fund dividends in cash or to reinvest them. Dividends paid with respect to your investment in the fund will be automatically reinvested and no action is required if you wish to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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    November 1. You may change this election as often as you wish, but only the last election on file before the deadline for the applicable dividend payment date will control.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><i>You should be aware that choosing to receive your dividends in cash may result in a lower account value upon retirement, due to fewer assets in the Plan and diminished
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
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        <td><b>Share Ownership</b>: The LNC Stock&#160;Fund is a &#8220;unitized&#8221; stock&#160;fund and is the way you can invest in LNC Common Stock within the&#160;Plan.&#160;&#160;When investing in the LNC Stock&#160;Fund, you are purchasing <b>units </b>of the&#160;Fund, not actual shares of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The &#8220;units&#8221; you own&#160;represent&#160;your pro-rata share of the&#160;Fund&#8217;s total assets.&#160;&#160;The unit value is determined daily using the values of the underlying assets at the daily closing
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      price</i> of LNC Common Stock are likely to be different. Additionally, the percentage of short-term investments being held, bought or sold by the fund and any gains/losses realized on the sales of LNC Common Stock impact the investment returns of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">You may become a direct owner of shares of LNC Common Stock through the Plan only when you take a withdrawal or distribution and elect to receive shares of LNC Common
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        <td><b>Share Voting Rights:</b> If you invest in this Investment Option, you will have &#8220;pass-through voting rights&#8221;. This means that Lincoln Financial Group Trust Company, Inc. will vote the shares in the manner that you direct, if you sign and
          return the proxy card in time. You will have voting rights for the number of shares in this Investment Option that is proportionate to the size of your investment. Otherwise, Lincoln Financial Group Trust Company, Inc. will vote your interest in
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        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td><b>Trading Restrictions:</b> Officers of LNC and certain other participants of LNC (&#8220;Restricted Employees&#8221;) with access to inside information are subject to regular quarterly trading restrictions imposed by LFG&#8217;s &#8220;Insider Trading and
          Confidentiality Policy&#8221; on any transaction, except normal payroll deductions, that might cause an increase or decrease in that person&#8217;s interest in the Fund. Except for trading under a written securities trading plan meeting the requirements of
          Rule 10b5-1, Restricted Employees may only engage in transactions to increase or decrease their interest in LNC Stock Fund during previously announced open window trading periods. Other participants may also be subject to trading restrictions
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        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.25in; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td><b>Account Manager: </b>Lincoln Financial Group Trust Company, Inc.<br>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td><b>Expense:</b> 0.00%</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
  </div>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BROKERAGE ACCOUNT</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><br>
    The TD AMERITRADE Self-Directed Brokerage Account (&#8220;SDBA&#8221;) option was opened to allow you access to a broad range of investments, such as stocks, bonds and mutual funds. In order to have access to the Plan&#8217;s SDBA, you must review and complete a number
    of forms. These forms are available to you to download online at <b><u>www.LincolnFinancial.com</u></b>.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By establishing a SDBA within the Plan, you acknowledge that you, the Plan participant, and not the Plan fiduciary, are solely responsible for selecting investments through the SDBA, and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A quarterly maintenance fee will be deducted for investments in your SDBA.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you have any questions about the instructions or forms, you can contact the Lincoln Customer Contact Center for assistance at 800 234-3500.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
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  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a027_v1"></a>PLAN INTERESTS ARE SECURITIES</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Persons participating in the Plan acquire an interest in the Plan assets held and administered by the Plan Trustee. This interest is itself a security and its acquisition entails the risk
    of loss as well as the possibility of gain. The character and extent of the participant&#8217;s interest in the Plan assets and his rights and options in relation thereto are discussed in detail in this prospectus. Before deciding to participate,
    participants should carefully read this prospectus and consider and assess the risks and opportunities in view of their individual situation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a028_v1"></a>LINCOLN NATIONAL CORPORATION COMMON STOCK </b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>AND PREFERRED STOCK</b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>General</i></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our restated articles of incorporation currently authorize the issuance of 800,000,000 shares of Common Stock and 10,000,000 shares of preferred stock (&#8220;Preferred Stock&#8221;). As of November
    1, 2021, we had 180,708,687 issued and outstanding shares of Common Stock.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following descriptions of the classes of our capital stock are summaries, do not purport to be complete, and are subject, in all respects, <font style="font-family: Times New Roman, Times, Serif">to&#160;the applicable provisions of our restated articles of incorporation and our amended and restated bylaws, each of which are included as exhibits to the registration statement that includes this prospectus,</font> the description of
    our Common Stock in our Registration Statement on Form 10 filed with the Securities and Exchange Commission on April 28, 1969, including any amendments or reports filed for the purpose of updating such description, which is incorporated by reference
    into <font style="font-family: Times New Roman, Times, Serif">this prospectus, and the applicable provisions of the&#160;Indiana Business Corporation Law (the &#8220;IBCL&#8221;).&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Common Stock</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Transfer Agent and Registrar</u>. Our Common Stock is traded on the New York Stock Exchange under the symbol &#8220;LNC&#8221;. The registrar and transfer agent is EQ Shareowner Services.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Voting Rights</u>. Except as set forth below under &#8220;Anti-Takeover Considerations&#8212;Certain State Law Provisions&#8221;, each holder of record of our Common Stock is entitled to one vote for
    each share of our Common Stock held on all matters submitted to a vote of the shareholders, including election of directors. Holders of our Common Stock do not have cumulative voting rights with respect to the election of directors or any other matter.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Dividend Right</u>s. The holders of our Common Stock may receive cash dividends, if and when declared by our board of directors out of funds legally available for that purpose, and
    subject to preferential rights of the holders of Preferred Stock or other special classes of stock.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Liquidation Rights</u>. In the event of a liquidation, dissolution or winding up, holders of our Common Stock will be entitled to share ratably in all assets remaining after payments
    to creditors and after satisfaction of the liquidation preference, if any, of the holders of any Preferred Stock that may at the time be outstanding.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Preemptive Rights</u>. Holders of our Common Stock do not have any preemptive or similar equity rights.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred Stock</p>
  <p style="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>General</u>. Our restated articles of incorporation authorize our board of directors to provide for the issuance of up to 10 million shares of Preferred Stock, in one or more series,
    and to fix by resolution and to the extent permitted by the IBCL, the relative rights, preferences and limitations of each series of Preferred Stock, including dividend, redemption, liquidation, sinking fund, conversion and other provisions in the
    resolutions or certificate establishing or designating the series, without a vote or any other action taken by our shareholders.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Shares Outstanding</u>. We currently have no shares of Preferred Stock outstanding.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Anti-Takeover Considerations</i></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Certain Provisions of LNC&#8217;s Amended and Restated Bylaws</u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article I of&#160;our amended and restated bylaws&#160;provides that special meetings of shareholders may be&#160;only&#160;called&#160;(i)&#160;by&#160;the&#160;board of directors,&#160;(ii)&#160;by the Chairman of the board of
    directors or&#160;(iii)&#160;by the Secretary of the Company at the valid written request of shareholders of record&#160;who own, or are acting on behalf of one or more beneficial owners who own, continuously for at least one year as of the record date fixed in
    accordance with our&#160;amended and restated bylaws&#160;to determine who may deliver a written request to call such special meeting, capital stock representing ten percent (10%) of the voting stock (the &#8220;Special Meeting Request Required Shares&#8221;), and who
    continue to own the Special Meeting Request Required Shares at all times between such record date and the date of the applicable meeting of shareholders.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article I of&#160;our amended and restated bylaws&#160;further provides that control shares (as discussed below) of the&#160;corporation acquired in a control share acquisition with respect to which the
    acquiring person has not filed with&#160;the corporation the statement&#160;required by the IBCL may, at any time during the period ending 60 days after the last acquisition of control&#160;shares by the acquiring person, be redeemed by the corporation at their fair
    value pursuant to procedures&#160;authorized by a&#160;resolution of the board of directors.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Article I also gives the board of directors the authority to&#160;enter into any arrangement to direct the voting of any other person&#8217;s shares in connection with a change of&#160;control of LNC.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><u>Certain State Law Provisions. </u></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chapter&#160;43 of the IBCL also restricts business combinations with interested shareholders. It prohibits certain business combinations, including mergers, sales of assets,
    recapitalizations, and reverse stock splits, between certain corporations having 100 or more shareholders that also have a class of voting shares registered with the SEC under Section&#160;12 of the Securities Exchange Act of 1934, as amended (which
    includes us) and an interested shareholder, defined as the beneficial owner of 10% or more of the voting power of the outstanding voting shares of that corporation, for five years following the date the shareholder acquired such 10% beneficial
    ownership, unless the acquisition or the business combination was approved by the board of directors in advance of that date. If the combination was not previously approved, the interested shareholder may effect a combination after the five-year period
    only if the shareholder receives approval from a majority of the disinterested shares or the offer meets certain fair price criteria. A corporation may elect to opt out of these provisions in an amendment to its articles of incorporation approved by a
    majority of the disinterested shares. Such an amendment, however, would not become effective for 18&#160;months after its passage and would apply only to stock acquisitions occurring after its effective date. Our restated articles of incorporation do not
    elect to opt out of these provisions.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chapter 42 of the IBCL includes provisions designed to protect minority shareholders in the event that a person acquires, pursuant to a tender offer or otherwise, shares giving it more
    than 20%, more than 33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;1</sup>/3%, or more than 50% of the outstanding voting power (which we refer to as &#8220;control shares&#8221;) of an &#8220;issuing public corporation&#8221;. &#160;Unless the
    issuing public corporation&#8217;s articles of incorporation or bylaws provide that Chapter&#160;42 does not apply to control share acquisitions of shares of the corporation before the control share acquisition, an acquirer who purchases control shares cannot
    vote the control shares until each class or series of shares entitled to vote separately on the proposal, by a majority of all votes entitled to be cast by that group (excluding the control shares and any shares held by officers of the corporation and
    employees of the corporation who are directors thereof), approve in a special or annual meeting the rights of the acquirer to vote the control shares. Unless otherwise provided in a corporation&#8217;s articles of incorporation or bylaws before a control
    share acquisition has occurred, in the event that control shares acquired in a control share acquisition are accorded full voting rights and the acquiring person acquires control shares with a majority or more of all voting power, all shareholders of
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        <td><font style="font-family: Times New Roman, Times, Serif">1,000 shareholders resident in Indiana. </font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An issuing public corporation may elect not to be covered by the statute by so providing in its articles of incorporation or bylaws. Our restated articles of incorporation do not elect to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indiana insurance laws and regulations provide that no person may acquire our voting securities if that person would directly or indirectly be in control of us after the acquisition,
    unless that person has provided certain required information to us and to the Indiana Insurance Commissioner and the Indiana Insurance Commissioner has approved the acquisition. Control of us is presumed to exist if any person beneficially owns 10% or
    more of our voting securities. Furthermore, the Indiana Insurance Commissioner may determine, after notice and hearing, that control exists despite the absence of a presumption to that effect. Consequently, no person may acquire, directly or
    indirectly, 10% or more of our voting securities to be outstanding after any offering of securities pursuant to this prospectus, or otherwise acquire control of us, unless that person has provided such required information to the Indiana Insurance
    Commissioner and the Indiana Insurance Commissioner has approved such acquisition.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a029_v1"></a>EXPERTS</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of LNC appearing in the 2020 Form 10-K (including schedules appearing therein), and the effectiveness of LNC&#8217;s internal control
    over financial reporting as of December 31, 2020, have been audited by Ernst &amp; Young LLP, independent registered public accounting firm, as set forth in their reports thereon, included therein, and incorporated herein by reference. Such
    consolidated financial statements are, and audited financial statements to be included in subsequently filed documents will be, incorporated herein in reliance upon the reports of Ernst &amp; Young LLP pertaining to such financial statements and the
    effectiveness of our internal control over financial reporting as of the respective dates (to the extent covered by consents filed with the Securities and Exchange Commission) given on the authority of such firm as experts in accounting and auditing.</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of the Plan appearing in the Plan&#8217;s Annual Report on Form 11-K for the year ended December 31, 2020 have been audited by Mitchell &amp;
    Titus, LLP, independent registered public accounting firm, as set forth in their report thereon, included therein, and incorporated herein by reference. Such financial statements are, and audited financial statements to be included in subsequently
    filed documents will be, incorporated herein in reliance upon the reports of Mitchell &amp; Titus, LLP pertaining to such financial statements as of the respective dates (to the extent covered by consents filed with the Securities and Exchange
    Commission) given on the authority of such firm as experts in accounting and auditing.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a030_v1"></a>LEGAL MATTERS</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The validity of our Common Stock offered hereby will be passed upon for us by Eric B. Wilmer, Esquire, Assistant Vice President and Senior Counsel of LNC. As of November 12, 2021, Mr.
    Wilmer owns, or has the right to acquire, a number of shares of our Common Stock that represents less than 1% of the total outstanding shares of Common Stock of LNC. The validity of the interests in the Plan to which this prospectus relates will be
    passed upon for the Plan by Andrew J. Scanlon, Esquire, Vice President and Senior Counsel of LNC.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><a name="a031_v1"></a>WHERE YOU CAN FIND MORE INFORMATION</b></p>
  <!-- Field: Rule-Page -->
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    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b></b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We file annual, quarterly and current reports, proxy statements and other information and documents with the SEC. The SEC maintains an Internet site, <i>http://www.sec.gov</i>,
    that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus is a combined prospectus, which is part of Registration Statements filed on Form S-1 and S-3 with the SEC under the Securities Act. This prospectus does not contain all of
    the information set forth in the Registration Statements and the exhibits and schedules to the Registration Statements. For further information concerning us and the securities, you should read the entire Registration Statements and the additional
    information described under &#8220;Documents Incorporated by Reference&#8221; below. The Registration Statements have been filed electronically and may be obtained in the manner listed above. Any statements contained herein concerning the provisions of any
    document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statements or otherwise filed with the SEC. Each such statement is qualified in its entirety by such
    reference.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Information about us, including certain of the additional information described under &#8220;Documents Incorporated by Reference&#8221; is also available on the Investor Relations page of our website
    at <i>http://www.lfg.com</i>. This URL and the SEC&#8217;s URL above are intended to be inactive textual references only. Such information on our or the SEC&#8217;s website is not a part of this prospectus.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: Red"></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><a name="a032_v1"></a>DOCUMENTS INCORPORATED BY REFERENCE</p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="CENTER">
    <div style="font-size: 1pt; border-top: rgb(51,153,153) 3pt solid; width: 80%">&#160;</div>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC&#8217;s rules allow us to incorporate by reference information into this prospectus. This means that we can disclose important information to you by referring you to another document.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We incorporate by reference into this prospectus the following documents or information filed (File No. 001-06028) with the SEC (other than, in each case, information deemed to have been
    furnished or not filed in accordance with the SEC rules):</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.25in"><font style="font-family: Times New Roman, Times, Serif">&#9679;</font></td>
        <td>Our Annual Report on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/59558/000005955821000011/lnc-20201231x10k.htm">Form 10-K</a> for the fiscal year ended December 31, 2020;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Those portions of our <a href="http://www.sec.gov/Archives/edgar/data/59558/000119312521118584/d167581ddef14a.htm">Proxy Statement for our 2021 Annual Meeting of Shareholders</a> which were also incorporated by reference into Part III of our
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Our Quarterly Reports on Form 10-Q for the quarters ended <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000005955821000017/lnc-20210331x10q.htm">March 31, 2021</a><i>,</i> <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/59558/000005955821000040/lnc-20210630x10q.htm">June 30, 2021</a> and <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/59558/000005955821000051/lnc-20210930x10q.htm">September 30, 2021</a>;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>Our Current Reports on Form 8-K filed with the SEC on <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000095015921000118/lnc8k.htm">March 10, 2021</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000156459021031949/lnc-8k_20210603.htm">June 7, 2021</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000119312521196229/d136096d8k.htm">June 22, 2021</a>,
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            2021</a>, <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000156459021046765/lnc-8k_20210826.htm">September 1, 2021</a> and <a href="http://www.sec.gov/ix?doc=/Archives/edgar/data/0000059558/000156459021048043/lnc-8k_20210910.htm">September 15, 2021</a>;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

      <tr style="vertical-align: top">
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        <td>The description of our common stock contained in Form 10 filed with the SEC on April 28, 1969, including any amendments or reports filed for the purpose of updating that description; and</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt" cellpadding="0" cellspacing="0" width="100%">

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        <td>LNL Agents&#8217; 401(k) Savings Plan&#8217;s Annual Report on <a href="http://www.sec.gov/Archives/edgar/data/0000059558/000005955821000027/lnc-20201231x11k.htm">Form 11-K</a> for the fiscal year ended December 31, 2020.</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Each LNC document filed subsequent to the date of this prospectus pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
    post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from the date of
    the filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained
    herein (or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or
    superseded, to constitute part of this prospectus.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide without charge to each person to whom this prospectus is delivered, upon the written or oral request of such person, a copy of the documents incorporated by reference as
    described above (other than exhibits to such documents unless such exhibits are specifically incorporated by reference into such documents), copies of all documents constituting part of the prospectus for the Plan, and copies of the Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please direct your oral or written request to: Nancy A. Smith, Senior Vice President &amp; Secretary, 150 N. Radnor Chester Road, Radnor, PA 19087, 484-583-1400, or nancy.smith3@lfg.com.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>LNL Agents&#8217; 401(k) Savings Plan</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>Audited Financial Statements and Supplemental Schedule</b>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>As of December 31, 2020 and December 31, 2019, and For the Year Ended December 31, 2020</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><b>Table of Contents</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

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        <td style="width: 91%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Report of Independent Registered Public Accounting Firm</font></td>
        <td style="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">F-1</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-size: 10pt">Schedule H, Line 4i &#8211; Schedule of Assets (Held at End of Year)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The financial statements for the LNL Agents&#8217; 401(k) Savings Plan are incorporated by reference from the Plan&#8217;s <a href="http://www.sec.gov/Archives/edgar/data/0000059558/000005955821000027/lnc-20201231x11k.htm"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Annual Report on Form 11-K for the fiscal year ended December 31, 2020</font></a><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, which is incorporated by reference into this prospectus.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>PART II</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>INFORMATION NOT REQUIRED IN PROSPECTUS</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below are estimates of all expenses incurred or to be incurred by us in connection with the issuance and distribution of our Common Stock to be registered, other than
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" align="CENTER" cellpadding="0" cellspacing="0">

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      <tr>
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      <tr>
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      <tr>
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        <td style="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 0.8pt">&#160;</td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 15. Indemnification of Directors and Officers</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated bylaws, pursuant to authority contained in the Indiana Business Corporation Law and the Indiana Insurance Law, respectively, provide for the indemnification of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt; text-align: center">&#160;</td>
        <td style="padding-right: 0.8pt">&#160;</td>
      </tr>

  </table>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 6%; padding-right: 0.8pt; text-align: center">&#9679;</td>
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            the person&#8217;s conduct was in good faith and the person reasonably believed that his/her conduct was in our best interest. In the case of a criminal proceeding, the person must also have reasonable cause to believe his/her conduct was lawful or
            have no reasonable cause to believe his/her conduct was unlawful.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indiana law requires that a corporation, unless limited by its articles of incorporation, indemnify its directors and officers against reasonable expenses incurred in the successful
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No indemnification or reimbursement will be made to an individual judged liable to us, unless a court determines that in spite of a judgment of liability to the corporation, the
    individual is reasonably entitled to indemnification, but only to the extent that the court deems proper. Additionally, if an officer, director or employee does not meet the standards of conduct described above, such individual will be required to
    repay us for any advancement of expenses it had previously made.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the case of directors, a determination as to whether indemnification or reimbursement is proper will be made by a majority of the disinterested directors or, if it is not possible to
    obtain a quorum of directors not party to or interested in the proceeding, then by a committee thereof or by special legal counsel. In the case of individuals who are not directors, such determination will be made by the chief executive officer of the
    respective corporation, or, if the chief executive officer so directs, in the manner it would be made if the individual were a director of the corporation.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Such indemnification may apply to claims arising under the Securities Act. Insofar as indemnification for liabilities arising under the Securities Act may be permitted for our directors,
    officers or controlling persons pursuant to the foregoing provisions, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and therefore unenforceable. In the event that a
    claim for indemnification against such liabilities (other than the payment by us of expenses incurred or paid by one of our directors, officers or controlling persons in the successful defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the securities being registered, we will, unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question
    whether such indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of the issue by the court.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We maintain a program of insurance under which our directors and officers are insured, subject to specified exclusions and deductible and maximum amounts, against actual or alleged
    errors, misstatements, misleading statements, acts or omissions, or neglect or breach of duty while acting in their respective capacities for us. In addition, our directors have separate indemnification agreements providing the same general rights to
    indemnification as set forth above.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The indemnification and advancement of expenses provided for in our amended and restated bylaws does not exclude or limit any other rights to indemnification and advancement of expenses
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 16. Exhibits.</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The exhibits filed with this Registration Statement are listed in the Exhibit Index shown below.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT INDEX</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 7%; padding-right: 0.8pt">3.1</td>
        <td style="width: 93%; padding-right: 0.8pt"><a href="http://www.sec.gov/Archives/edgar/data/59558/000005955817000043/restatedarticles.htm">Restated Articles of Incorporation of LNC are incorporated by reference to Exhibit 3.1 of LNC&#8217;s Form 8-K
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">3.2</td>
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">3.3</td>
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">5.1</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex5-1.htm">Opinion of Eric B. Wilmer, Esq., as to the legality of the securities being registered.</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">5.2</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex5-2.htm">Opinion of Andrew Scanlon, Esq., as to the legality of the Plan Interests.</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">23.1</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex23-1.htm">Consent of Ernst &amp; Young LLP, Independent Registered Public Accounting Firm.</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">23.2</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex23-2.htm">Consent of Mitchell &amp; Titus, LLP, Independent Registered Public Accounting Firm.</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">23.3</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex5-1.htm">Consent of Eric B. Wilmer, Esq. (included in Exhibit 5.1).</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">23.4</td>
        <td style="padding-right: 0.8pt"><a href="ny20001278x1_ex5-2.htm">Consent of Andrew Scanlon, Esq. (included in Exhibit 5.2).</a></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt">24</td>
        <td style="padding-right: 0.8pt"><a href="#POWER_OF_ATTORNEY">Powers of Attorney (contained on the signature pages of this registration statement).</a></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Item 17. Undertakings.</b></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The undersigned Registrant hereby undertakes:</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) &#160; To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</p>
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  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="padding-right: 0.8pt; text-align: justify">&#160;</td>
      </tr>

  </table>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td style="padding-right: 0.8pt; text-align: right">&#160;</td>
        <td style="padding-right: 0.8pt">&#160;</td>
      </tr>

  </table>
  <table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse" cellpadding="0" cellspacing="0">

      <tr style="vertical-align: top">
        <td style="width: 14%; padding-right: 0.8pt; text-align: right"><font style="font-size: 10pt">(iii)&#160;&#160;</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) &#160; That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c) &#160; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</p>
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      <tr>
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<DOCUMENT>
<TYPE>EX-5.1
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<FILENAME>ny20001278x1_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<html>
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<body style="font: 10pt Times New Roman, Times, Serif">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I consent to the use of this opinion as an exhibit to the Registration
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is rendered solely for your benefit in connection
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        <td style="width: 50%;">Very truly yours,</td>
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<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>3
<FILENAME>ny20001278x1_ex5-2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<html>
  <head>
    <title></title>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Letterhead of Andrew Scanlon]</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Lincoln National Life Insurance Company&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Metro Center&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">350 Church Street&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hartford, Connecticut 06103</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><u>Re: LNL Agents&#8217; 401(k) Savings
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I have acted as counsel to Lincoln National Corporation, an
    Indiana corporation (the &#8220;Company&#8221;), in connection with the LNL Agents&#8217; 401(k) Savings Plan (the &#8220;Plan&#8221;).
    The Company&#8217;s common stock, no par value, will be issued under the Plan and registered on a Registration Statement on Form
    S-3 (the &#8220;Form S-3&#8221;). Related interests in the Plan have been registered on a separate registration statement on Form
    S-1 (the &#8220;Form S-1,&#8221; and together with the Form S-3, the &#8220;Registration Statements&#8221;). Terms defined in the
    Registration Statements and not otherwise defined are used with the meanings as so defined.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In so acting, I have examined originals or copies, certified
    or otherwise identified to my satisfaction, or the Plan and such corporate records, agreements, documents and other instruments,
    and such certificates or comparable documents of public officials and of officers and representatives of the Company as I have
    deemed relevant and necessary as a basis for the opinion hereinafter set forth.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In such examination, I have assumed the genuineness of all signatures,
    the authenticity of all documents submitted to me as originals, the conformity to original documents of documents submitted to
    me as certified or photostatic copies and the authenticity of the originals of such latter documents.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Based on the foregoing, and subject to the qualifications stated
    herein, I am of the opinion that the current written Plan document, including any amendments, complies with the relevant requirements
    of the Employee Retirement Income Securities Act of 1974, as amended.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I am also of the opinion that, upon acceptance by the Trustee
    of the Plan of contributions made pursuant to the Plan, participants will have legally issued, fully paid, and non-assessable interests
    in the Plan.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I hereby consent to the filing of this opinion as an exhibit
    to the Registration Statements. I also consent to any and all references to me in the Registration Statements.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This opinion is rendered solely for your benefit in connection
    with the transaction described above.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/Andrew Scanlon</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Andrew Scanlon&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Vice President and Senior Counsel&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Lincoln National Corporation&#160;</p>
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>ny20001278x1_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
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<body style="font: 10pt Times New Roman, Times, Serif">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public Accounting Firm</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference to our firm under the caption &#8220;Experts&#8221; in this Registration Statement (Form S-3) and related Prospectus of Lincoln National Corporation for the registration
    of its common stock pertaining to the LNL Agents&#8217; 401(k) Savings Plan and to the incorporation by reference therein of our reports dated February 18, 2021, with respect to the consolidated financial statements and financial statement schedules of
    Lincoln National Corporation, and the effectiveness of internal control over financial reporting of Lincoln National Corporation, included in its Annual Report (Form 10-K) for the year ended December 31, 2020, filed with the Securities and Exchange
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst &amp; Young LLP</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Philadelphia, PA</font>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>ny20001278x1_ex23-2.htm
<DESCRIPTION>EXHIBIT 23.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge Financial Solutions, Inc.
         Document created using EDGARfilings PROfile 7.7.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font: 10pt Times New Roman, Times, Serif">
  <p style="margin: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 3pt; margin-bottom: 3pt" align="LEFT">
    <div style="font-size: 1pt; border-top: Black 4pt solid; width: 100%">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><b>Exhibit 23.2</b></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Consent of Independent Registered Public
    Accounting Firm</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the reference of our firm under the caption &#8220;Experts&#8221;
    in this Registration Statement (Form S-3) and related Prospectus of Lincoln National Corporation for the registration of its common
    stock pertaining to the LNL Agents&#8217; 401(k) Savings Plan and to the incorporation by reference therein of our report dated
    June 23, 2021, with respect to the financial statements and supplemental schedule of the LNL Agents&#8217; 401(k) Savings Plan
    included in its Annual Report (Form 11-K) for the year ended December 31, 2020, filed with the Securities and Exchange Commission.</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">/s/ Mitchell &amp; Titus, LLP</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: -292.5pt">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-size: 10pt">Philadelphia, PA</font>&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">November 12, 2021</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <!-- Field: Rule-Page -->
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>
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