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Lincoln National Income Fund Announces Total Redemption of Preferred Shares PHILADELPHIA, Jan. 7 /PRNewswire-FirstCall/ -- The Board of Directors of Lincoln National Income Fund, Inc. (NYSE:LND) (the "Fund") today announced that it has approved a total redemption of the Fund's Variable Term Preferred Shares ("VTP Shares"). The VTP Shares, with an aggregate principal value of US $40 million, represent a form of leverage by the Fund. It is anticipated that the total redemption will take place on February 10, 2005 at a redemption price of $1,000 per VTP Share plus any accumulated dividends on the VTP Shares through the redemption date. After the total redemption, the Fund will not have any outstanding leverage. The Fund is a closed-end, non-diversified management investment company with a primary investment objective to produce increasing dollar amounts of income for distribution to its shareholders over the long term. The Fund's Charter provides that the VTP Shares may be redeemed at the option of the Fund. Management recommended the total redemption based on its expectation that, in a rising interest rate environment, it may become increasingly difficult for the Fund to invest the assets attributable to the VTP Share leverage in securities that provide a sufficient rate of return compared to the rising cost of such leverage, which could cause the Fund to realize an overall lower rate of return than if the Fund were not leveraged. The Fund's Board of Directors may consider adding some form of leverage to the Fund in the future if warranted by future economic conditions. The Fund had net assets under management as of January 4, 2005 (including assets attributable to the VTP Shares) of approximately $139.9 million. The Fund is managed by Delaware Management Company, a series of Delaware Management Business Trust, which is a wholly owned subsidiary of Lincoln National Corporation. DATASOURCE: Delaware Investments CONTACT: Christina Ward, Corporate Communications, Delaware Investments, +1-215-255-1388, or Priscilla Brown, Investor Relations, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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