Charles E. Haldeman Jr. Resigns From Delaware Investments and Lincoln National Investment Companies; Jude T. Driscoll Named Interim Chief Executive Officer

Business Wire, Oct 8, 2002

Business Editors

PHILADELPHIA--(BUSINESS WIRE)--Oct. 8, 2002

Lincoln National Corporation (NYSE:LNC), the parent company of the Lincoln Financial Group of companies, today announced that Charles E. Haldeman Jr. has resigned as president & chief executive officer of Delaware Investments and Lincoln National Investment Companies. Haldeman was also chairman of the funds in the Delaware Investments Family of Funds. Haldeman has accepted a position as co-head of Investments of Putnam Investments.

Jude T. Driscoll, executive vice president and head of fixed income, has been named interim chief executive officer of Delaware Investments and Lincoln National Investment Companies. Driscoll joined Delaware Investments in 2000. Prior to joining Delaware, he served as senior vice president at Conseco Capital Management and managing director at NationsBanc Montgomery Securities.

"We wish Ed the best of luck in his new position. Clearly, Delaware has been revitalized and its struggling parts fixed, we are now firmly in a growth pattern," said Jon A. Boscia, chairman and chief executive officer of Lincoln Financial Group. "We have a strong team of investment and research professionals in place and Delaware's fund performance and net client flows have improved even in this difficult market environment."

"Although we are disappointed to lose Ed, we are excited about Delaware's future. Delaware is in good hands. Our teams that are responsible for managing client assets remain in their roles and are committed to the business model of `boutique' asset class units within a larger structure," said Driscoll.

Lincoln has begun the search process to fill the position of president & chief executive officer of Delaware Investments and Lincoln National Investment Companies.

Delaware Investments is a diversified asset management organization that had assets under management of approximately $85 billion as of June 30, 2002. Delaware Investments provides investment products and services to individual investors through a broad line of mutual funds, managed accounts, retirement plan services, college savings plans and other investment products; and to institutional investors, primarily private and public pension funds, foundations, endowment funds, banks and insurance companies.

Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE:LNC) and its affiliates. With headquarters in Philadelphia, Lincoln Financial Group has consolidated assets of $95 billion and had annual consolidated revenues of $6.4 billion in 2001. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) plans, 529 college savings plans, mutual funds, managed accounts, institutional investment and financial planning and advisory services.