LNC's Board Announces New Lead Director Recognized For High Corporate Governance Standards By ISS

PHILADELPHIA--()--May 9, 2003--The board of directors of Lincoln National Corporation (NYSE:LNC), the parent company of the Lincoln Financial Group of companies, announced that Thomas D. Bell, Jr. has been elected to the lead director position of Lincoln's board of directors. Mr. Bell takes over the lead director position from John (Jack) M. Pietruski, who is retiring from LNC's board. Mr. Pietruski joined Lincoln's board in 1989 and served as the lead director since 1999.

"We are very grateful for the tremendous wisdom and guidance that Jack has provided to our board and senior management," said Jon A. Boscia, chairman and chief executive officer. "Jack is very well respected for his leadership skills and has greatly contributed to the success of our board through his extensive experience in executive management and corporate governance."

Mr. Pietruski and Mr. Bell have worked closely together as Lincoln transformed itself from a multi-line insurance company to a highly focused financial services company providing wealth accumulation, protection and income distribution products, financial planning and investment advisory services for the affluent and retirement markets.

Mr. Bell joined Lincoln's board of directors in 1988. He served as a member of the Audit Committee from 1988 to 2002, and as a member of the Compensation Committee since 1993. In 2001 he was elected chair of the Compensation Committee.

"Serving on Lincoln's board for the past fifteen years has been both interesting and challenging. Lincoln is a well respected industry leader, and the company's long commitment to strong corporate governance continues to distinguish it in this essential area of corporate America. I look forward to continuing my work with Lincoln and its fine senior management team in my new role as lead director," said Thomas D. Bell.

Mr. Bell is president and chief executive officer of Cousins Properties Incorporated, a real estate investment trust located in Atlanta, GA. Previously, Mr. Bell had spent ten years at Young & Rubicam, Incorporated, retiring as chairman and chief executive officer when it merged with WPP in 2000.

Mr. Bell has held various senior positions in business and government. He served as vice chairman of Gulfstream Aerospace Corporation, and as chief executive officer of the Hudson Institute, a leading public policy research organization.

Lincoln's High Corporate Governance Standards Recognized

Lincoln maintains a long-standing commitment to industry-leading corporate governance practices and holds firm to the fundamental premise that stringent governance procedures are healthy and appropriate. And, as a result Lincoln's Corporate Governance Quotient was recently recognized by Institutional Shareholder Services, the world's leading provider of proxy voting and corporate governance services, as outperforming 91.6 percent of the companies in the S&P 500 and 95.3 percent of the companies in the insurance group as of April 25, 2003.

In shareholder action, the following members were re-elected to three-year terms: Jenne K. Britell, director since 2001, M. Leanne Lachman, director since 1985, Ron J. Ponder, director since 2000 and Jill S. Ruckelshaus, director since 1975.

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in Philadelphia, Lincoln Financial Group has consolidated assets of $92 billion and had annual consolidated revenues of $4.6 billion in 2002. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) plans, 529 college savings plans, mutual funds, managed accounts, institutional investment and financial planning and advisory services.

Contacts

Lincoln Financial Group
Media Contact:
D'Arcy Rudnay, Vice President Media Relations
215.448.1454
drudnay@lfg.com
or
Investor Contact: Priscilla Brown
Vice President Investor Relations
215.448.1422
psbrown@lfg.com

Contacts

Lincoln Financial Group
Media Contact:
D'Arcy Rudnay, Vice President Media Relations
215.448.1454
drudnay@lfg.com
or
Investor Contact: Priscilla Brown
Vice President Investor Relations
215.448.1422
psbrown@lfg.com