LINCOLN NATIONAL CORP — Director's Dealing 2004

Apr 2, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2004-03-31

Reporting Person: TILTON GLENN F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-03-31	DVSP Service Phantom Stock	$0.00	A	96	Acquired	1988-08-08	Common Stock (96.00)	Direct
2004-03-31	Phantom Stock-Voluntary Deferral of Retainer Fees	$0.00	A	314.1	Acquired	1988-08-08	Common Stock (314.10)	Direct

Footnotes

F1: Service Awards under the DVSP have no exercise date or expiration date and are payable in cash upon the termination of the reporting person's service with the Company.

F2: Acquired through voluntary deferral election of retainer fees.

F3: Deferral of retainer fees to phantom stock units have no exercise date or expiration date.