Lincoln Defined Outcome Funds available with Lincoln Investor Advantage Pro^® variable annuity offers investors agility, through a flexible solution that helps address the tax impact on retirement accounts

Lincoln Financial Group (NYSE: LNC) is expanding its broad portfolio of annuities with the launch of Lincoln Investor Advantage Pro^® variable annuity featuring Lincoln Defined Outcome Funds. This unique annuity solution provides clients with a platform of more than 125 funds, enabling financial professionals to build portfolios and increase or decrease the level of protection on their terms, at a time when many are now taking more proactive measures to address market volatility. Research from Lincoln Financial shows a 50% year-over-year drop in consumers’ desire to “wait out” volatility, with many now returning to the market after the dramatic recovery¹.

“The number of investors purchasing financial products to help protect their assets from market loss has grown considerably over the past year,” says Tim Seifert, SVP and Head of Retirement Solutions Distribution, Lincoln Financial Distributors. “With this new solution, we are helping investors customize their protection levels to better prepare for their investment outcomes. With the ability to make changes at any time in funds that are priced daily, they’ll be able to set or reset their protection against loss or capture market upside – all without creating a taxable event.”

With Lincoln Investor Advantage Pro^® with Defined Outcome Funds, portfolio performance is obtained through clearly defined upside potential and downside protection over a one-year period. Each Defined Outcome Fund provides exposure to the performance of a market index for successive one-year periods, including protection from loss in a down market (a buffer) and a maximum growth opportunity in an up market (a cap). Investor also have the flexibility to move in or out of funds to capture gains and reset their caps and buffers to higher levels, all on a tax-free basis.

“Our research shows that investors are concerned about rising taxes, and that those with higher assets are actively seeking to help reduce taxes,²” added Seifert. “This new strategy allows investors to stay nimble, offering them the ability to reset their caps and buffers easily without the tax impact that could occur with other financial products.”

The Lincoln Defined Outcome Funds are sub-advised by the defined outcome solutions expertise of Milliman Financial Risk Management LLC, one of the world’s largest providers of actuarial and related products and services. For more information about Lincoln Defined Outcome Funds and Lincoln Investor Advantage Pro^®, visit www.lfg.com/definedoutcomefunds.

About Lincoln Financial Group

Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, more than 17 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. The company had $311 billion in end-of-period account values as of March 31, 2021. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good. Dedicated to diversity and inclusion, we earned perfect 100 percent scores on the Corporate Equality Index and the Disability Equality Index, and rank among Forbes’ Best Large Employers and Best Employers for Women, and Newsweek’s Most Responsible Companies. Learn more at: www.LincolnFinancial.com. Follow us on Facebook, Twitter, LinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

Important Information:

The Lincoln Defined Outcome Funds have characteristics unlike many other traditional investment products and may not be suitable for all investors. There is no guarantee that the outcomes for an outcome period will be realized. A shareholder may lose their entire investment. For more information regarding whether an investment in these funds is right for you, please see “Investor Suitability” in the prospectus.

Principal Risks. The principal risks of the funds include buffered loss risk, capped upside return risk, outcome period risk, FLEX options risk, market risk, issuer risk, tracking error risk, investment objective risk, large cap company risk, passive management risk, growth stocks risk, value stocks risk, medium cap company risk, risk of investments in a particular market segment, futures risk, natural disaster/epidemic risk and liquidity risk. For a detailed list of fund risks, see the prospectus.

Unlike many other investments, the potential return an investor can receive is subject to an upside cap. If the index grows beyond the level of the cap, the fund will not experience those excess gains. The cap, net of fund expenses, is the maximum return an investor can achieve from an investment in a fund over its outcome period.

There is no guarantee that the funds will be successful in their strategy to provide buffer protection against index losses if the index has decreased at the end of an outcome period. If an investor purchases shares after the start of an outcome period, the buffer that a fund seeks to provide may not be available. The funds do not provide principal protection and an investor may experience significant losses, include the loss of the entire investment.

FLEX Options Risk. The Fund will utilize FLEX Options issued and guaranteed for settlement by the Options Clearing Corporation (OCC). In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses. Additionally, FLEX Options may be less liquid than standard options. In a less liquid market for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices. The values of FLEX Options do not increase or decrease at the same rate as the reference asset and may vary due to factors other than the price of reference asset.

The funds seek to provide a buffer against the first 12% or 22% of index price decreases over each outcome period, before fund expenses (the “Buffer”). The fund, and therefore investors, will bear all index losses exceeding 12%. There is no guarantee the fund will successfully buffer against index price decreases. The Buffer is designed to have its full effect only for investors who hold fund shares for an entire outcome period. For each outcome period, fund performance is subject to an upside return cap that represents the maximum percentage return the fund can achieve during the outcome period, before expenses (the “Cap”). The Cap is set on the first day of an outcome period and may increase or decrease from one outcome period to the next. If the index experiences returns over an outcome period in excess of the Cap, the fund will not experience those excess gains.

The fund is designed to produce predetermined investment outcomes relative to the performance of an underlying security or index. The defined outcomes sought by the fund include the Buffer and Cap (“Outcomes”) based upon the performance of the index over an outcome period. There is no guarantee that the Outcomes for any outcome period will be realized. A shareholder may lose their entire investment. The fund’s strategy is designed to produce the Outcomes on the last day of an outcome period for investors in the fund as of the beginning of the outcome period. It should not be expected that the Outcomes will be provided at any point prior to the end of an outcome period. The Outcomes are measured from the fund’s net asset value (the per share value of the fund’s assets (“NAV”) on the first day of the outcome period. The fund does not track the index except over an entire outcome period, and the fund’s NAV will not increase or decrease at the same rate as the index during an outcome period.

Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives and/or insurance agents do not provide tax, accounting or legal advice. Please consult an independent professional as to any tax, accounting or legal statements made herein.

Variable annuities are long-term investment products designed for retirement purposes and are subject to market fluctuation, investment risk and possible loss of principal. Variable annuities contain both investment and insurance components and have fees and charges, including mortality and expense, administrative and advisory fees. Optional features are available for an additional charge. The annuity’s value fluctuates with the market value of the underlying investment options, and all assets accumulate tax-deferred. Withdrawals of earnings are taxable as ordinary income and, if taken prior to age 59½, may be subject to an additional 10% federal tax. Withdrawals will reduce the death benefit and cash surrender value.

Investors are advised to consider the investment objectives, risks, and charges and expenses of the variable annuity and its underlying investment options carefully before investing. The applicable prospectuses for the variable annuity and its underlying investment options contain this and other important information. Please call 888-868-2583 for free prospectuses. Read them carefully before investing or sending money. Products and features are subject to state availability.

Lincoln Investor Advantage® Pro variable annuities (contract forms ICC21-30070A, ICC21-30070B and state variations) are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.

All contract and rider guarantees, including those for optional benefits, fixed subaccount crediting rates, or annuity payout rates, are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer or insurance agency from which this annuity is purchased, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

There is no additional tax-deferral benefit for an annuity contract purchased in an IRA or other tax-qualified plan.

All features and products may not be available in all states or through all firms.

Not available in New York.

LCN-3619955-060421

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1</sup> Volatility Sentiment Tracker, Lincoln Financial Group, May 2021

² Consumer Pulse Study on Tax Planning, Lincoln Financial Group, 2021

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