Lincoln Financial Group Strengthens Its Award-Winning Registered Index Linked Annuity, Launches Lincoln Level Advantage 2SM

Lincoln Level Advantage 2 offers investors more opportunities for growth with industry-exclusive Capital Group ETF options and control with first-of-its-kind Secure Lock+^SM feature

Lincoln Financial Group (NYSE:LNC) today announced a new version of its award-winning Lincoln Level Advantage® indexed variable annuity with the launch of Lincoln Level Advantage 2^SM index-linked annuity. Building on the innovations of the first generation, Lincoln Level Advantage 2 offers investors even more opportunities for protection and growth with the industry's first indexed accounts that track the performance of Capital Group active ETFs. Lincoln Level Advantage 2, with its newest feature Secure Lock+^SM, is also the first Registered Index Linked Annuity (RILA) in the industry to offer a lock-in feature that allows investors to reset protection within their existing term.

"Lincoln Financial consistently enhances its product suite to help meet investor needs and provide features they can't find anywhere else," said Tim Seifert, senior vice president, Head of Retirement Solutions Distribution. "With Lincoln Level Advantage 2, we've tailored the product to offer what consumers are looking for: more choice for investors seeking growth with Capital Group active ETFs, better protection and control with Secure Lock+ and the same award-winning client experience offered by Lincoln Financial."

Lincoln Level Advantage 2 provides investors with expanded diversification and growth opportunities as the only RILA to track Capital Group active ETF strategies. For the first time, investors will have access to indexed accounts that track the performance of Capital Group Growth ETF (CGGR), a flexible approach to growth investing and Capital Group Global Growth Equity ETF (CGGO), a global strategy focused on long-term capital growth. In 2023, CGGR was named the "Best New U.S. Equity ETF" by etf.com¹. Voted one of the most trusted investment managers among financial professionals², Capital Group is a brand that advisors and clients have had confidence in for more than 90 years.

"Being a partner of choice means continually evolving to help meet our clients' needs, including expanding access to our investment capabilities with our insurance partners," said Melissa Buccilli, Head of Insurance Strategy and Product at Capital Group. "We are excited to collaborate with Lincoln to offer active ETFs – Capital Group Growth ETF and Capital Group Global Growth Equity ETF – in a RILA annuity solution. This innovation will bring Capital Group's investment capabilities to the annuity marketplace to help even more investors pursue their long-term investment goals."

Lincoln Financial's new offering comes as RILA sales continue to reach record highs³. Demand is expected to remain strong as consumers express concerns about inflation and having enough income in retirement, according to a recent study from Lincoln Financial⁴. The study also found that consumers who work with financial professionals look for investment/insurance products that protect their initial investment from losing value (50%), provide income or cash flow (44%) and protect from market volatility (34%).

Lincoln Level Advantage 2's first-of-its-kind Secure Lock+ feature lets investors adjust their strategy in the near term without undermining long-term plans, helping them feel more in control and confident about staying in the market through volatility. This new feature allows investors to:

• Lock in performance: Investors have the flexibility and control to capture gains in their indexed accounts any time and as often as once per year.
• Reset growth potential and downside protection: Continue the current indexed account term with a new crediting rate and reset the full protection level on the next monthly anniversary after a lock-in.
• Hold and reallocate: Investors also have the option to hold the locked in indexed account value until the next yearly anniversary if they prefer to reallocate to a different indexed account.

Building on the success of Lincoln Level Advantage

Lincoln Level Advantage indexed variable annuity has earned recognition from Structured Retail Products in 2023, 2021 and 2019, was named in Barron's annual "100 Best Annuities for Today's Market" feature more times than any other RILA and is consistently one of the top selling RILAs in the industry.

Since launching in 2018, Lincoln Level Advantage indexed variable annuity has been Lincoln Financial's most successful product launch to-date, with more than $23 billion in lifetime sales. The RILA provides investors the ability to tailor a combination of protection levels with indexed account options to help meet their risk tolerance, individual investment style and retirement income planning goals.

For more information about Lincoln Level Advantage 2, visit https://www.lincolnfinancial.com/public/microsite/leveladvantage/ratesheets.

About Lincoln Financial Group

Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2024, the company had $310 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. Learn more at LincolnFinancial.com.

About Capital Group

Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research, and individual accountability since 1931.

As of March 31, 2024, Capital Group manages more than $2.6 trillion in equity and fixed income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.

This material is authorized for use only when preceded or accompanied by a prospectus, which describes investment objectives, risk factors, fees and charges that may apply as well as other important information.

Please read the prospectus carefully before you invest or send money. The prospectus can be obtained by calling 888-868-2583.

Important information:

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.

Lincoln Level Advantage® indexed variable and Lincoln Level Advantage 2^SM index-linked annuities are long-term investment products designed for retirement purposes and offer tax‐deferred growth, access to a lifetime income stream, and death benefit protection. To decide if Lincoln Level Advantage® or Lincoln Level Advantage 2^SM is right for you, consider that its value will fluctuate; it is subject to investment risk and possible loss of principal; and there are costs associated with the variable investment options such as product charges and administrative fees. All guarantees, including those for optional features, and all amounts invested into the indexed accounts are subject to the claims‐paying ability of the issuer. Limitations and conditions apply.

There are no explicit fees associated with the index-linked account options available. With Lincoln Level Advantage® indexed variable annuity there are associated fees with the variable annuity subaccounts, which include a product charge, and administrative fees. Annuities are subject to market risk including loss of principal. Withdrawals are subject to ordinary income tax treatment and, if taken prior to age 59½ in nonqualified contracts, may be subject to an additional 10% federal tax.

Indexed-linked variable annuity products are complex insurance and investment vehicles and are subject to surrender charges for early withdrawals. Please reference the prospectus for information about the levels of protection available and other important product information.

Any distribution or transfer from an indexed account (other than on the term end date) is based on the interim value of each indexed segment. This value is based on a formula and may not correspond to the current performance of the index you selected. Any distribution or transfer during a term will have a negative impact on the value at the end of the term. This reduction could be larger than the dollar amount of the distribution or transfer. See prospectus for details.

Upon a lock in, the account value of the indexed account is locked in and will be adjusted for withdrawals and any charges. On the next monthly anniversary date, the daily adjustments to the account value of the indexed account will resume, the starting index value to determine the performance at the end of the term is reset and your Crediting Base is reset to the locked in value. If you request a lock in when the indexed account value is below the Indexed Crediting Base, protection levels do not apply and you assume all loss.

The risk of loss occurs each time you move into a new indexed account after the end of an indexed term. The protection level option selected in the indexed account helps protect you from some downside risk. If the negative return is in excess of the protection level selected, there is a risk of loss of principal. Protection levels that vary based on the index and term selected are subject to change and may not be available with every option. Please see the prospectus for details.

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 contain this and other important information about the variable annuity and its underlying investment options. 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 Level Advantage® indexed variable annuities (contract form 30070-B and state variations; contract form 30070-BID in Idaho) and Lincoln Level Advantage 2^SM index-linked annuities (contract forms 24-50090, 24-50091, 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, payment from the indexed accounts, or annuity payout rates, are subject to the claims-paying ability of the issuing insurance company. They are not backed by any selling entity other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

This product and the components and features contained within are not available in all states or firms.

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

Not available in New York.

LCN-6544275-041124

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