LNC Announces Pricing Of $150 Million Public Offering Of Trust Preferred Securities

PHILADELPHIA--(BUSINESS WIRE)--Sept. 4, 2003--Lincoln National Corporation (NYSE:LNC), the parent company of the Lincoln Financial Group of companies, today announced the pricing of its public offering of 6 million 6.75% Trust Preferred Securities at $25 per security. The securities will be issued upon closing of the transaction, which is expected to be next week.

The securities will be issued through an affiliated trust, Lincoln National Capital VI and an application has been made to list the securities on the New York Stock Exchange under the symbol LNC PrF. Trading of the preferred securities on the New York Stock Exchange is expected to begin within 30 days after they are first issued.

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A.G. Edwards & Sons, Inc., Citigroup, Wachovia Securities, Merrill Lynch & Co. and Morgan Stanley are the managers of the underwriting syndicate for the offering. The offering is a takedown from a shelf registration statement that LNC previously filed with the Securities and Exchange Commission.

"The decision to issue the Series F Trust Preferred Securities is part of an overall capital management plan that seeks to lower Lincoln's cost of capital, and improves our interest coverage," said Richard C. Vaughan, chief financial officer of Lincoln National Corporation.

LNC expects to use the net proceeds from the offering for general corporate purposes. Until the funds are needed for such purposes, LNC plans to use the net proceeds of the offering to reduce its commercial paper borrowings.

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 nearly $100 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) and 403(b) plans, 529 college savings plans, mutual funds, managed accounts, institutional investment and financial planning and advisory services.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A copy of the prospectus relating to this offering may be obtained from A.G. Edwards & Sons, Inc., One North Jefferson Ave., St. Louis, Missouri 63103, (314) 955-3000.