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Press comment

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Press comment 27 March 2009 Jim Cielinski, Managing Director and Head of Investment Grade Credit at Goldman Sachs Asset Management (GSAM), managers of the Lincoln Corporate Bond Trust comments: “Currently, we believe corporate bonds are inexpensive compared to any other period in history. Whilst the economic outlook is bleak, credit should ultimately benefit from the unprecedented level of government intervention to repair markets. High quality securities, such as investment grade corporate bonds are priced at levels that will allow significant upside potential in the event of an economic recovery, but will also provide greater protection against the many downside risks in the global economy at the moment.” “Looking forward, there will certainly be more corporate bond defaults in 2009, but the market has already priced in this eventuality. We believe current credit spreads more than compensate investors for the potential default risk. ” “Careful security selection will be important in 2009 to avoid defaults which will negatively impact portfolio performance. Actively managing a portfolio allows selection of the companies that we think will better weather the current financial crisis. This should result in long-term consistent returns.” “The message for credit investors is a simple one. Prepare for negative news, prepare for volatility, but also prepare for solid returns from high-quality corporate bonds as credit markets normalise in ...

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Press comment

27 March 2009

Jim Cielinski, Managing Director and Head of Investment Grade Credit at Goldman Sachs Asset

Management (GSAM), managers of the Lincoln Corporate Bond Trust comments:

“Currently, we believe corporate bonds are inexpensive compared to any other period in history.

Whilst the economic outlook is bleak, credit should ultimately benefit from the unprecedented level of

government intervention to repair markets. High quality securities, such as investment grade corporate

bonds are priced at levels that will allow significant upside potential in the event of an economic

recovery, but will also provide greater protection against the many downside risks in the global

economy at the moment.”

“Looking forward, there will certainly be more corporate bond defaults in 2009, but the market has

already priced in this eventuality. We believe current credit spreads more than compensate investors

for the potential default risk. ”

“Careful security selection will be important in 2009 to avoid defaults which will negatively impact

portfolio performance. Actively managing a portfolio allows selection of the companies that we think

will better weather the current financial crisis. This should result in long-term consistent returns.”

“The message for credit investors is a simple one. Prepare for negative news, prepare for volatility, but

also prepare for solid returns from high-quality corporate bonds as credit markets normalise in the

coming years.”

Stuart Tyler, Senior Investment Analyst at Lincoln commented:

“The current valuations in

corporate bonds present a great opportunity for investors in the asset class. The key though will be

choosing a fund manager that can deliver these returns without excess risk. We believe the team at

Goldman Sachs Asset Management are in the right place to do this with the Lincoln Corporate Bond

Trust.”

For more information on the views of GSAM and the Lincoln Corporate Bond Trust contact

Spring Capital Partners on 0203 207 9005. Spring Capital has been appointed by Lincoln to

provide an introduction to the full range of Lincoln Unit Trusts.

Alternatively you can visit us at

www.lutm.co.uk, Cofunds or Transact or call our dedicated

Customer Services team on 0800 282 621 between 9am – 6pm Monday to Friday.

This press release is intended for investment professionals and journalists and should not be

relied upon by private investors or any other investors. Full consumer product information

can be found at

www.lincolnuk.co.uk

. Spring Capital Partners are an introducer

representative of Lincoln Unit Trust Managers.

Ends

About Lincoln’s Corporate Bonds

The trust has been designed to generate income over the medium term and mainly invests in UK

investment grade corporate bonds. The fund was launched 12 March 2001 and is £44.65m in size as

at 31 January 2009.

Notes to editors

Lincoln Financial Group contact details:

Carol Watkins, Lincoln Financial Group

01452 637175

Pressenquiries@lincolnuk.co.uk

Rachel O’Hare, Lansons Communications

0207 294 3625

RachelO@Lansons.com

Jennifer Comerford, Lansons Communications

0207 294 3678

JenniferC@Lansons.com

Niklas Ekholm, Goldman Sachs Asset Management

0207 051 9270

Spring Capital Partners contact details:

Richard Thompson

Richard.Thompson@SpringCapitalPartners.com

0203 207 9005

Malcolm Arthur

Malcolm.Arthur@SpringCapitalPartners.com

0203 207 9005

About Lincoln Financial Group

Lincoln Financial Group is the UK business name of Lincoln National (UK) PLC and its UK subsidiary

companies.

Lincoln National Corporation, the parent group, is listed as LNC on the New York Stock Exchange.

Lincoln National Corporation was founded in 1905 and has a proud heritage of over 100 years

financial strength and security, with long term credit ratings (as at 4 March 2009) of ‘A-’ from Standard

& Poor’s, ‘a-’ from AM Best, ‘A’ from Fitch and has assets under management of $178 billion (as at 31

December 2008).

The UK operation dates back to 1934 with assets under management of £4.19 billion (as at 31

December 2008). Lincoln Assurance Limited is part of Lincoln in the UK, within which UK life and

pensions business is written. AKG actuaries’ current financial strength rating (as at October 2008)

rated Lincoln Assurance Limited with an overall Financial Strength rating of ‘B+’.

Lincoln in the UK is passionate about doing the best for its customers at or in retirement, by bringing to

the market reliable and flexible solutions which enables a smooth transition through retirement,

protecting and enhancing wealth to enjoy an income for life. Lincoln serves the needs of customers

nationwide through financial advisers and is dedicated to building excellent customer service.

In the UK, Lincoln Financial Group includes Lincoln Assurance Limited, Lincoln Investment

Management Limited and Lincoln Unit Trust Managers Limited, which are each authorised and

regulated by the Financial Services Authority. Any information offered will relate to the life assurance,

pension and unit trust products and services of the Lincoln Financial Group, or may relate to other

types of products or services of carefully selected partner companies not part of the Lincoln Financial

Group. No personal financial advice or recommendations will be given.

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