Lincoln National Corporation (the Company) has successfully completed a registered public offering of $500 million in aggregate principal amount of its 6.800% Fixed-to-Fixed Reset Rate Subordinated Notes due 2056. The offering was made through an Underwriting Agreement with Wells Fargo Securities, LLC, BofA Securities, Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, and TD Securities (USA) LLC. The Notes were issued under a Subordinated Indenture, as supplemented by a Third Supplemental Subordinated Indenture, with The Bank of New York Mellon serving as trustee. The net proceeds from the offering are intended for general corporate purposes, potentially including the repurchase or redemption of outstanding Series C and Series D Preferred Stock. The Notes bear an initial interest rate of 6.800% until July 15, 2036, after which the rate will reset every five years based on the five-year Treasury rate plus a spread of 2.400%. Interest payments are semi-annual, due on January 15 and July 15, beginning January 15, 2027. The Notes mature on July 15, 2056. Redemption options include par calls prior to July 15, 2036, and on subsequent reset dates, or at a price based on present values on other dates. The Company can also redeem the Notes under specific circumstances such as a tax event, rating agency event, or regulatory capital event, with varying redemption prices. The Company has the option to defer interest payments for up to five consecutive years, during which accrued interest will also accrue additional interest. An event of default is limited to specific bankruptcy, insolvency, or receivership events involving the Company, with no right of acceleration for payment defaults or covenant breaches.