Insurance products issued by: The Lincoln National Life Insurance Company

For use with the general public.2218106

Client Guide

Lincoln Retirement SafeGuardSM fixed indexed annuity

BlackRock® iBLD Ascenda Index2-Year Point-to-Point Participation Rate Indexed Account

Not a deposit Not FDIC-insured May go down in value

Not insured by any federal government agency

Not guaranteed by any bank or savings association

FIXED INDEXED ANNUITIES

Dynamic portfolio constructionAs an independent, global investment manager, BlackRock has investment teams in 30 countries who share ideas and strategies to find the best possible returns for their investors.

BlackRock iBLD Ascenda Index The BlackRock iBLD Ascenda Index aims to provide less volatile, more consistent returns than traditional stock indices. Constructed with iShares ETFs, the Index offers a transparent and low-cost alternative to fixed indexed annuity providers.

Because it’s diversified, the index provides the potential for more consistent performance than a traditional stock index, and looks to capture market opportunities in various environments by dynamically responding to trends in asset returns.

More diversificationthrough an index built with stocks, bonds and commodities targeting more consistent performance than a traditional stock index.

Focus on stabilitywith daily index adjustments aimed at reducing risks and maximizing returns, backed by Aladdin® risk management.

Looking for better outcomesby leaning on low-cost, tax-efficient iShares ETFs.

The BlackRock iBLD Ascenda Index is a product of BlackRock Index Services, LLC and has been licensed for use by The Lincoln National Life Insurance Company. BlackRock®, iBLD Ascenda™, and the corresponding logos are registered and unregistered trademarks of BlackRock. The Lincoln Retirement SafeGuardSM fixed indexed annuity is not sponsored, endorsed, sold or promoted by BlackRock Index Services, LLC, BlackRock, Inc., or any of its affiliates, or any of their respective third-party licensors (including the Index calculation agent, as applicable) (collectively, “BlackRock”). BlackRock has no obligation or liability in connection with the administration or marketing of the Lincoln Retirement SafeGuardSM fixed indexed annuity. BlackRock makes no representation or warranty, express or implied, to the owners of the Lincoln Retirement SafeGuardSM fixed indexed annuity or any member of the public regarding the advisability of investing in the Lincoln Retirement SafeGuardSM fixed indexed annuity or the ability of the BlackRock iBLD Ascenda Index to track general market performance. BlackRock does not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Index or any data or communication related thereto, nor does it have any liability for any errors, omissions or interruptions of the BlackRock iBLD Ascenda Index.

Why BlackRock?Knowing you have a retirement plan that’s safeguarded from market turns but has the opportunity to grow can help you rest easier as you prepare for your retirement years. BlackRock can help you protect what you’ve stored up in anticipation of retirement — and then give those assets opportunities for growth.

Most trusted Risk management Fiduciary focus Global footprintBlackRock manages more money than any

other investment firm in the world.1

Our Aladdin® risk management technology

platform is relied upon by governments,

institutions and investors.

We partner with advisors to build strong portfolios.

Our size and scale help us find the

best opportunities throughout the world.

The BlackRock platformMutual funds Equity, fixed

income, multi-asset and alternative

investment strategies.

iShares® ETFs 300+ funds, including

low-cost offerings, targeted exposures,

and factor-based strategies.

Separately managed accounts Dedicated portfolio managers provide

personal service and customization.1

Model portfolio strategies

Diversified, all-in-one strategies for specific

outcomes and risk profiles that can help

you save time.2

1 Source: BlackRock. Based on $6.29 trillion in AUM as of 6/30/18. 2 For Financial Professionals: In the event that you subscribe to receive a BlackRock Model Portfolio, you will receive investment ideas from BlackRock in

the form of a model portfolio. The information is designed to be utilized by you solely as a resource, along with other potential sources you consider, in providing advisory services to your clients. BlackRock’s Model Portfolios are not intended to constitute investment advice or investment recommendations from BlackRock. BlackRock is not responsible for determining the securities to be purchased, held and/or sold for your clients’ accounts, nor is BlackRock responsible for determining the suitability or appropriateness of a Model Portfolio or any securities included therein for any of your clients. BlackRock does not have investment discretion and does not place trade orders for any of your clients’ accounts. Information and other marketing materials provided to you by BlackRock concerning a Model Portfolio — including holdings, performance and other characteristics — may not be indicative of your client’s actual experience from investing in one or more of the funds included in the Model Portfolio. The Model Portfolios, allocations and data are subject to change.

Daily volatility control process activates if risk rises over the 6% targetHelps protect the portfolio in market drawdowns and stabilize/reduce prices

Increased stability through daily index adjustments

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Seek diversificationDiversified portfolios with a focus on downside protection have allowed investors to achieve growth over the long term.

Ascenda’s unique blend of global equity, fixed income and alternative ETFs seek diversified sources of capital preservation and investment return

Focus on stabilityiBLD Ascenda is supported by BlackRock’s proprietary risk-management engine, Aladdin — which helps measure the impact of decisions, quantify risks and identify performance drivers.

30K 9.3K+ 3K+Investment

professionals around the world rely on Aladdin

Mutual funds and ETFs are analyzed by

Aladdin

Risk factors are assessed

by Aladdin

40% equitiesIV V iShares Core S&P 500 ETF 24%

EFA iShares MSCI EAFE ETF 12%

EEM iShares MSCI Emerging Markets ETF 4%

50% fixed incomeHYG iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 10%

LQD iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) 10%

SHY iShares 1–3 Year Treasury Bond ETF (SHY) 0%

IEI iShares 3–7 Year Treasury Bond ETF (IEI) 13%

IEF iShares 7–10 Year Treasury Bond ETF (IEF) 10%

TLT iShares 20+ Year Treasury Bond ETF (TLT) 8%

10% alternativesIYR iShares U.S. Real Estate ETF 6%

IAU iShares Gold Trust 4%

The graph above illustrates strategic asset allocation

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1 Morningstar, as 12/31/2017. Post-tax pre-liquidation comparison made between the 5-year returns at NAV of iShares S&P domestic equity style box funds and the oldest share class of active open-end mutual funds within Morningstar U.S. domestic equity style box categories available in the U.S. between 1/1/2013 and 12/31/2017 (“Active Style Box Funds”). Returns are calculated after taxes on distributions, including capital gains and dividends, assuming the highest federal tax rate for each type of distribution in effect at the time of the distribution. Overall figure is a weighted average of the percentage of funds that the iShares ETF outperformed in each style box, weighted based on the Active Style Box Fund assets in each style box. Performance may be different for other time periods. Style Box Funds are those categorized by Morningstar as U.S. Large Cap Growth / Blend / Value, U.S. Mid Cap Growth / Blend / Value or U.S. Small Cap Growth / Blend / Value. Past performance is no guarantee of future results.

2 Morningstar, as of 12/31/17. Comparison is between the average Prospectus Net Expense Ratio for the iShares ETFs (0.35%) and active open-end mutual funds (1.14%).

3 Source: Morningstar, as of 12/31/17. Average number of mutual funds that paid a capital gains distribution each year over five years. Universe includes all U.S. open-ended mutual funds, oldest share class used. Universe includes all funds incepted before 10/31 in each year and excludes funds that closed before 10/31 in each year. Past distributions are not indicative of future distributions.

Over the past five years iShares style-box ETFs

outperformed 90% of active mutual fund peers across all nice

style boxes1

iShares ETFs cost 1/3 as much as the typical

mutual fund2

Why BlackRock ETFs? iShares® offer more than 300 ETFs globally, outperforming 75% of comparable mutual funds on average over the past 10 years.

Enhanced outcomes — through the benefits of iShares® ETFs BlackRock offers investors its iShares ETFs as the foundation of a diversified portfolio. iShares ETFs provide flexibility to invest either broadly through a single ETF or to customize investments using multiple funds.

• Index is comprised primarily of the largest and most liquid iShares ETFs

• Transparent rules-based approach offers holdings visibility

What are ETFs?Exchange-traded funds (ETFs) have gained in popularity in recent years. They are priced and traded like stocks but structured like mutual funds, and invest in securities designed to track the performance of certain market indices, like the S&P 500, or specific market sectors, such as Utilities or Technology.

STOCKSTradable during the day

ETFsDiversified funds that trade

like stocks

MUTUAL FUNDSDiversified

Like a stock, an ETF can be bought and sold whenever the market is open

1 in 3U.S. investors own an ETF

Plan to buy ETFs in the next 12 months

of investors who own ETFs plan to continue or increase

their usage

62% 88%

Like a mutual fund, an ETF is typically a collection of stocks or bonds and professionally managed

Ask your representative how the BlackRock iBLD Ascenda Index may help you find more diversification, stability and opportunities for growth in your portfolio.

Global ETF industry growthETF industry assets have been growing every year since 2009. Globally, ETF assets have increased over 300% in the last six years.

Industry $4.75T

iShares $1.75T

2009 20132010 20142011 201620152012 20182017

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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 advisor as to any tax, accounting, or legal statements made herein.

The BlackRock iBLD Ascenda Index is a product of BlackRock Index Services, LLC and has been licensed for use by The Lincoln National Life Insurance Company. BlackRock®, iBLD Ascenda™, and the corresponding logos are registered and unregistered trademarks of BlackRock. The Lincoln Retirement SafeGuard SM fixed indexed annuity is not sponsored, endorsed, sold or promoted by BlackRock Index Services, LLC, BlackRock, Inc., or any of its affiliates, or any of their respective third-party licensors (including the Index calculation agent, as applicable) (collectively, “BlackRock”). BlackRock has no obligation or liability in connection with the administration or marketing of the Lincoln Retirement SafeGuard SM fixed indexed annuity. BlackRock makes no representation or warranty, express or implied, to the owners of the Lincoln Retirement SafeGuard SM fixed indexed annuity or any member of the public regarding the advisability of investing in the Lincoln Retirement SafeGuard SM fixed indexed annuity or the ability of the BlackRock iBLD Ascenda Index to track general market performance. BlackRock does not guarantee the adequacy, accuracy, timeliness, and/or completeness of the Index or any data or communication related thereto, nor does it have any liability for any errors, omissions or interruptions of the BlackRock iBLD Ascenda Index.

A fixed indexed annuity is intended for retirement or other long-term needs. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed indexed annuity is not a registered security or stock market investment and does not directly participate in any stock or equity investments, or index. The index used is a price index and does not reflect dividends paid on the underlying stocks.

Lincoln Retirement SafeGuard SM fixed indexed annuities (contract form ICC18-624 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. Contractual obligations are subject to the claims-paying ability of The Lincoln National Life Insurance Company.

The exact terms of the annuity are contained in the contracts and any attached riders, endorsements and amendments, which will control the issuing company’s contractual obligations. For more information about the annuity, please contact your representative.

Income taxes are due upon withdrawal and if withdrawn before age 59½, an additional 10% federal tax may apply. Withdrawals and surrenders may be subject to surrender charges and a Market Value Adjustment.

There is no additional tax-deferral benefit for contracts purchased in an IRA, since they are already afforded tax-deferred status.

Product and features are subject to state availability. Limitations and exclusions may apply. Not available in New York.

For use with the general public.

Not a deposit

Not FDIC-insured

Not insured by any federal government agency

Not guaranteed by any bank or savings association

May go down in value

©2018 Lincoln National Corporation

LincolnFinancial.com

Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

Affiliates are separately responsible for their own financial and contractual obligations.

LCN-2218106-082118 POD 9/18 Z01 Order code: FIA-MSGIN-BRC001