Lincoln Director(SM), A Lincoln Financial Group Pension-Funding Vehicle, Now Available In New York.

PHILADELPHIA, Jan. 18 /PRNewswire/ -- Lincoln Director(SM), a pension- funding vehicle primarily in the 401(k) market and offering retirement solutions for businesses of all sizes, is now available in the state of New York.

Funded through a group variable annuity contract issued by Lincoln Life & Annuity Company of New York, Syracuse, NY (contract form number 19476NY-A 7/04), Lincoln Director(SM) facilitates a multi-manager approach to investing. This allows individuals to select from a variety of funds and styles to create portfolios designed to meet their specific retirement planning goals.

Lincoln Director(SM) is also backed by a comprehensive line-up of benefits, with features that include:

   --  Flexible plan design to fit a broad range of plan types;   --  Simplified online plan maintenance and competitive fees;   --  Convenient account access by phone or Internet;   --  Multi-manager platform using 14 different fund families;   --  Diversity of investments covering a wide mix of asset classes and        select specialty funds.   

Delaware Investments, a member of Lincoln Financial Group, was chosen to manage a percentage of the plan's assets. Mark Hackl, Delaware's vice president of 401(k) management, says, "The company's success over the past three years is one of the key reasons that Delaware is a primary asset manager for the plan."

Other asset managers in Lincoln Director(SM) include: Alliance Capital; American Century; American Funds; Deutsche Asset Management; Fidelity Investments; Franklin Templeton Investments; Janus; MFS Investment Management; Mondrian; Neuberger Berman; Wells; State Street Research; and T. Rowe Price.

Delaware Investments, a diversified asset management organization headquartered in Philadelphia, is a member of Lincoln Financial Group. As of September 30, 2004, Delaware had approximately $93 billion in assets under management. Delaware Investments is the marketing name of Delaware Management Holdings, Inc. and its subsidiaries.

Headquartered in Philadelphia, Lincoln Financial Group has consolidated assets of $110 billion as of September 30, 2004, and had consolidated revenues of nearly $5.3 billion in 2003. Through its wealth accumulation and protection businesses, the company provides annuities, life insurance, 401(k) and 403(b) plans, 529 college savings plans, mutual funds, managed accounts, institutional investment and financial planning, and advisory services. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates.

CONTACT: Christina Y. Ward, Corporate Communications of Delaware Investments, +1-215-255-1388, or Priscilla Brown, Investor Relations of Lincoln Financial Group, +1-215-488-1422

Web site: http://www.delawareinvestments.com/