Lincoln Fund Performance

The University of North Carolina

Investment Option Performance

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Performance
The performance data quoted represents past performance; past performance does not guarantee future results. Investment returns and principal value will fluctuate so your account balance, when redeemed, may be worth more or less than your original cost. Current performance may be lower or higher than the performance data quoted. An investor should carefully consider the investment objectives, risks, and charges and expenses of the investment company before investing. Please obtain performance data for the most recent month end by visiting www.morningstar.com and requesting a quote using the appropriate ticker symbol. For the performance of collective trusts, please call 800-234-3500.

Data for mutual fund performance is provided by Morningstar, Inc.

Disclosure Statements
With respect to a mutual fund investment option, an investor should carefully consider the investment objectives, risks, and charges and expenses of the investment company before investing. The prospectus contains this and other important information and should be read carefully before investing or sending money. Investment values will fluctuate with changes in market conditions, so that upon withdrawal, your investment may be worth more or less than the amount originally invested. Prospectuses for any of the mutual funds can be viewed online or obtained by calling your Lincoln Representative.

			Performance as of 5/31/2009					Performance as of Quarter Ending 3/31/2009			Expense Ratio(%)
	Ticker	MorningStar Category	3 Months	1 Year	3 Years	5 Years	Inception Date	1 Year	5 Years	10 Years or Since Inception⁺⁺	Gross	Net
Columbia Acorn International Z ^4,5	ACINX	Foreign Small/Mid Growth	40.39%	-34.65%	-4.01%	8.95%	Sep-92	-46.99%	2.77%	5.44%	0.96	0.96
American Funds EuroPacific Gr R4 ^5,10	REREX	Foreign Large Blend	33.50%	-30.28%	-2.55%	6.64%	Jun-02	-40.53%	1.47%	3.43%	0.85	0.85
American Funds Capital World G/I R4 ^5,10	RWIEX	World Stock	29.42%	-32.11%	-3.55%	5.11%	Jun-02	-40.23%	0.79%	5.27%	0.79	0.79
First American Real Estate Secs A ⁶	FREAX	Real Estate	36.93%	-44.68%	-13.31%	1.34%	Sep-95	-54.79%	-5.98%	5.67%	1.25	1.25
Columbia Acorn USA Z ⁴	AUSAX	Small Growth	28.80%	-34.86%	-10.80%	-1.40%	Sep-96	-38.65%	-4.37%	3.85%	1.01	1.01
Dreyfus Small Cap Stock Index ^{4 ,9,11}	DISSX	Small Blend	28.89%	-31.50%	-10.01%	-0.27%	Jun-97	-37.66%	-4.08%	3.97%	0.51	0.50
James Small Cap ⁴	JASCX	Small Value	22.85%	-30.81%	-13.82%	-2.47%	Oct-98	-38.41%	-6.24%	2.99%	1.52	1.52
Allianz NFJ Small Cap Value Admin ^a,4	PVADX	Small Value	25.27%	-29.19%	-3.98%	4.48%	Nov-95	-34.11%	0.55%	8.06%	1.07	1.07
Dreyfus S&P Stars Opp I	DSORX	Mid-Cap Growth	21.70%	-37.00%	-7.89%	2.65%	Oct-01	-35.80%	-0.06%	3.56%	1.17	1.17
Dreyfus MidCap Index ^9,11	PESPX	Mid-Cap Blend	28.60%	-33.65%	-8.03%	0.32%	Jun-91	-36.22%	-3.20%	3.73%	0.51	0.50
Columbia Mid Cap Value Z	NAMAX	Mid-Cap Value	29.73%	-36.74%	-9.82%	0.97%	Nov-01	-42.06%	-2.73%	1.79%	0.87	0.87
American Funds Growth Fund of Amer R4 ¹⁰	RGAEX	Large Growth	26.92%	-31.41%	-6.30%	0.83%	May-02	-36.50%	-2.33%	2.13%	0.67	0.67
Neuberger Berman Socially Resp Tr ⁷	NBSTX	Large Blend	25.91%	-32.62%	-7.42%	-0.04%	Mar-97	-37.04%	-3.25%	0.20%	1.09	1.09
Dreyfus S&P 500 Index ^9,11	PEOPX	Large Blend	25.73%	-32.81%	-8.63%	-2.34%	Jan-90	-38.32%	-5.19%	-3.47%	0.51	0.50
American Beacon Lg Cap Value Inv	AAGPX	Large Value	30.14%	-34.91%	-10.22%	-0.76%	Aug-94	-41.73%	-4.18%	0.32%	0.97	0.97

			Performance as of 5/31/2009					Performance as of Quarter Ending 3/31/2009			Expense Ratio(%)
	Ticker	MorningStar Category	3 Months	1 Year	3 Years	5 Years	Inception Date	1 Year	5 Years	10 Years or Since Inception⁺⁺	Gross	Net
T. Rowe Price Retirement 2040 Adv ³	PARDX	Target Date 2036-2040	29.97%	-30.09%	-6.71%	0.40%	Oct-03	-37.31%	-3.35%	-1.49%	0.98	0.98
T. Rowe Price Retirement 2030 Adv ³	PARCX	Target Date 2026-2030	29.00%	-29.16%	-6.27%	0.70%	Oct-03	-36.24%	-2.95%	-1.11%	0.97	0.97
T. Rowe Price Retirement 2020 Adv ³	PARBX	Target Date 2016-2020	25.41%	-25.25%	-4.69%	1.22%	Oct-03	-32.26%	-2.15%	-0.49%	0.93	0.93
T. Rowe Price Retirement 2010 Adv ³	PARAX	Target Date 2000-2010	20.46%	-19.60%	-2.53%	2.04%	Oct-03	-26.19%	-0.85%	0.56%	0.86	0.86
T. Rowe Price Retirement Income Adv ³	PARIX	Retirement Income	15.38%	-12.42%	-0.16%	2.55%	Oct-03	-18.50%	0.21%	1.19%	0.80	0.80

			Performance as of 5/31/2009					Performance as of Quarter Ending 3/31/2009			Expense Ratio(%)
	Ticker	MorningStar Category	3 Months	1 Year	3 Years	5 Years	Inception Date	1 Year	5 Years	10 Years or Since Inception⁺⁺	Gross	Net
BlackRock Inflation Protected Bond Instl ^b,2,11	BPRIX	Inflation-Protected Bond	5.72%	0.92%	6.28%	---	Jun-04	-1.14%	---	6.20%	0.70	0.39
PIMCO Total Return Admin ²	PTRAX	Intermediate-Term Bond	5.75%	7.30%	7.87%	6.05%	Sep-94	2.71%	4.66%	6.17%	0.77	0.71

			Performance as of 5/31/2009					Performance as of Quarter Ending 3/31/2009			Expense Ratio(%)
	Ticker	MorningStar Category	3 Months	1 Year	3 Years	5 Years	Inception Date	1 Year	5 Years	10 Years or Since Inception⁺⁺	Gross	Net
Lincoln Fixed Annuity ⁸	---	Lincoln Fixed Annuity	0.89%	3.47%	3.51%	3.48%	May-83	3.50%	3.47%	4.27%	---	---
Vanguard Prime Money Market ¹	VMMXX	Money Market - Taxable	0.16%	1.81%	3.78%	3.39%	Jun-75	2.13%	3.40%	3.39%	0.28	0.28

⁺⁺Average annual total return for period specified or since inception if the fund's age is less than the number of years shown.

Expressed in percentage terms, Morningstar's calculation of total return is determined by taking the change in price, reinvesting, if applicable, all income and capital-gains distributions during that month, and dividing by the starting price. Reinvestments are made using the actual reinvestment price, and daily payoffs are reinvested monthly.

Fees and expenses reduce the assets allocated to your investments under the Plan, ultimately lowering the net rate of return. In addition, the fees and expenses of the investment options in your Plan will negatively impact the net rate of return of those investments. Higher fees, of course, will impact the performance of your investments. If the performance for an investment option reports a difference between the gross expense ratio and net expense ratio, please refer to the fund’s prospectus (mutual funds) or disclosure statement (collective investment trust), which may provide an explanation of applicable fee waivers.

a	Investment option will be available for contributions 07/01/2009.
b	Investment option will be available for contributions 07/01/2009.

1	An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.
2	Bond funds are less volatile than stock funds, but experience higher volatility and increased credit risk when compared to other fixed income investments.
3	Funds that diversify across asset classes generally have the same, but reduced, risks relative to the underlying asset classes.
4	Small-cap stocks may be riskier than stocks from more established companies. Small-cap investments may not be readily converted into cash. This may affect their value so that shares, when redeemed, may be worth more or less than what they originally cost.
5	International investing involves special risks not found in domestic investing, including increased political, social, economic and currency instability.
6	There are special risk factors associated with REITS, such as interest rate risk and the illiquidity of the real estate market. Shares, when redeemed, may be worth more or less than the original amount invested.
7	Social Awareness funds only invest in companies that meet socially responsible criteria, so exposure to certain industry sectors may be greater or less than similar funds or market indexes, and thereby may lead to performance differences.
8	The Lincoln Fixed Annuity is issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, 46802 on Form 28866 and state variations thereof. Guarantees are based upon the claims-paying ability of the issuer.
9	With an index fund, there is no assurance that the performance of the fund will track the benchmark. An index is unmanaged and it is not possible to invest directly in an index.
10	When the fund's inception date is less than 10 years, historical performance may not be available. When this is the case, performance has been calculated based on the performance of similar shares of the same fund.
11	The difference between the gross and net expense ratios is due to a voluntary waiver that will expire at the fund’s discretion.

Mutual funds offered through Lincoln Financial Advisors Corp., a broker/dealer, 1300 S. Clinton St., Fort Wayne, IN, 46802.

This information must be preceded or accompanied by prospectuses for the funds listed. The most current information on a specific mutual fund, including risk, fees and expenses can be viewed online at prospectus online. Paper copies of prospectuses can be requested by calling 800-234-3500. Read the prospectus carefully before investing.

The Morningstar® category is assigned based on the underlying securities in each portfolio as measured by the portfolio statistics and compositions over the past three years.

© 2009 Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages/losses arising from use of this information.