UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: September 30, 2000
LINCOLN NATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
Indiana 1-6028 35-1140070
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
1500 Market Street, Suite 3900, Centre Square West Tower, Philadelphia,
PA 19102
(Address of principal executive offices)
Registrant's telephone number 215-448-1400
Item 9
Financial Report for the quarter ended September 30, 2000.
[LOGO OMITTED]
Lincoln
SHAREHOLDER QUARTERLY
news
third QUARTER 2000
[PHOTO OMITTED: JON BOSCIA]
Letter to
Shareholders:
I'm pleased to report that Lincoln delivered another solid quarter of
earnings growth with income from operations of $190.7 million, or $.98
per share, a 48 percent increase over the year-ago period. Our performance
can be attributed to our two largest businesses - Annuities and Life
Insurance - which had spectacular financial results, as well as other
special items. We also exceeded a 15 percent operating return on equity
for the quarter, and we're very close to reaching 15 percent on a
year-to-date basis.
Our Annuities segment produced income from operations of a record $98.5
million, up 39 percent over third quarter 1999, primarily driven by growth
in average variable account values and special items. Annuity deposits
were $1.2 billion for the quarter and account values were $56.5 billion.
Although from a gross deposit basis sales held steady for the quarter,
we continue to work on ways to retain assets. Among other initiatives,
we believe the launch of a number of products late in the third quarter,
including C-share, bonus credit and New York products for both the
American Legacy and ChoicePlus lines and the SEI annuity product, will
position us well for future growth and asset retention.
Our life insurance segment continued to build momentum reporting income
from operations of a record $72.2 million, up 19 percent over the
prior-year quarter. Lincoln continues to be one of the fastest growing
variable universal life companies with variable products accounting for
almost half of total life insurance sales from our Connecticut operation.
And, since we introduced a new survivorship variable universal life product
in May of this year, average monthly sales of these products have more
than doubled.
Our Reinsurance operation reported income from operations of $28.7
million. Individual life reinsurance in-force grew to $381.4 billion, a
46 percent increase compared to $261.5 billion in the prior year.
Individual life reinsurance sales, as measured by in-force, were $37.2
billion, a 29 percent increase over the third quarter of 1999 and flat
with last quarter.
On the Investment Management front, we continue to take aggressive
actions to improve the investment process - specifically related to our
large cap value product, as well as retaining and hiring great talent
to help us meet our goals. We reported third quarter income from
operations of $3.0 million, compared with $8.1 million a year ago.
Lincoln UK reported income from operations of $10.6 million, including
special items. During the quarter, we announced the transfer of our sales
forces to Inter-Alliance PLC, a large independent distribution organization.
We will also cease writing any new business in that market.
We made great strides in creating shareholder value this quarter, and
we'll continue to grow and work toward being the best investment in our
industry. Our strategy for growth is simple. We are focused on being the
partner of choice for accumulating and protecting wealth. In doing so,
we expect to produce strong financial performance at Lincoln.
Sincerely,
/S/ Jon A. Boscia
-------------
Jon A. Boscia
President and Chief Executive Officer
This issue:
(bullet)
LFG in Top Ten
(bullet)
Multi-Fund Gets New Options
(bullet)
Lincoln Scores Victory
(bullet)
Annual Report and More Online
(bullet)
Quarterly
Highlights
Lincoln Quarterly THIRD QUARTER 2000
OVERview
--------
We're a multinational family of financial services.
Lincoln National Corporation holds a prominent position among financial
services companies with consolidated assets of over $103 billion at
Sept. 30, 2000 and annual consolidated revenues of $6.8 billion. LNC
has a reputation for financial strength, a tradition of excellent service,
an expertise for risk management and the strategic focus to succeed in the
future.
The company offers a broad range of financial services, including life
insurance, annuities, life-health reinsurance, mutual funds, retirement plans,
institutional investment management and financial and estate planning.
[GRAPHIC OMITTED: pie chart Financial Services]
FINANCIAL & ESTATE PLANNING
FINANCIAL SERVICES
RETIREMENT PLANS
PENSIONS
ANNUITIES
LIFE INSURANCE
REINSURANCE
MUTUAL FUNDS
Family of Companies
LINCOLN FINANCIAL GROUP
The marketing name for Lincoln National Corporation and affiliates.
LINCOLN NATIONAL CORPORATION
A prominent financial services holding company providing annuities,
insurance, life-health reinsurance, mutual funds, retirement plans,
institutional investment management and financial and estate planning
services through its affiliates.
LINCOLN LIFE
The eighth largest stock life insurance company in the U.S. offering
access to annuities, retirement plans and life insurance through a
diverse network of company-owned and independent distribution channels.
ANNUITIES
The Annuities segment ranks third in assets and 11th in variable annuity
sales in the United States.
LIFE INSURANCE
The Life Insurance segment ranks ninth in the industry, based on new
annualized premiums.
LINCOLN FINANCIAL ADVISORS
A premier financial planning organization offering a broad range of
products and services.
SAGEMARK CONSULTING
A premier financial and estate planning organization offering a broad
range of products and services.
FIRST PENN-PACIFIC
A life insurance company offering universal and term life insurance and
annuity products.
LINCOLN LIFE & ANNUITY OF NEW YORK
A life insurance company offering annuities, retirement and insurance
products in the state of New York.
LINCOLN UK
A financial services company in the United Kingdom that services life,
investment and income protection and retirement planning products.
LINCOLN RE
One of the largest writers of life-health reinsurance in the world.
DELAWARE INVESTMENTS
Serves individual investors through a broad line of mutual funds,
retirement plan services and other investment products; and institutional
investors, primarily private and public pension funds, foundations,
endowments, banks and insurance companies.
Financial planning services offered through Lincoln Financial Advisors
Corp. and Sagemark Consulting, a division of Lincoln Financial Advisors, a
registered investment advisor. Securities offered through Lincoln Financial
Advisors Corp., a broker/dealer. Insurance offered through Lincoln
affiliates and other fine companies.
FINANCIAL NEWS
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
--------------------------------------------------------------------------------------------------------------------------------
Third Quarter Nine Months Ended 9/30
(Millions of dollars, except ratios and per share data) 2000 1999 Change 2000 1999 Change
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Income from Annuities $98.5 $71.1 38.5% $263.9 $214.6 23.0%
Operations* Life Insurance 72.2 60.6 19.1% 208.3 174.0 19.7%
Lincoln UK 10.6 16.2 (34.6%) 45.5 53.3 (14.6%)
Reinsurance 28.7 3.3 769.7% 87.8 62.3 40.9%
Investment Management 3.0 8.1 (63.0%) 12.6 24.0 (47.5%)
Corporate & Other (22.3) (27.9) (83.7) (89.3)
--------------------------------------------------------------------------------------------------------------------------------
Total Income from
Operations* 190.7 131.4 45.1% 534.4 438.9 21.8%
--------------------------------------------------------------------------------------------------------------------------------
Net Income Net Income 138.6 132.3 4.8% 472.5 425.7 11.0%
--------------------------------------------------------------------------------------------------------------------------------
Per Share Data Income from Operations** $0.98 $0.66 48.5% $2.74 $2.18 25.7%
Net Income $0.71 $0.66 7.6% $2.42 $2.11 14.7%
Shareholders' Equity
(Book Value):
Securities at Market $23.67 $23.76 (0.4%) $23.67 $23.76 (0.4%)
Securities at Cost $25.43 $24.28 4.7% $25.43 $24.28 4.7%
Common Shares
Outstanding (millions):
Average for the Period 195.6 199.0 194.9 201.5
End of Period 196.2 196.9 196.2 196.9
* Effective with the first quarter 2000, LNC's segment reporting structure has changed to reflect separate segments for Life
Insurance and Annuities. Prior period segment information has been restated to reflect the change.
** "Income from Operations" is defined as "Net Income" less gain (loss) on investments and restructuring charges, net of tax.
Income from Operations for the nine months ended September 30, 1999 excludes gain on investments of $2.1 million and total
restructuring charges of $15.3 million and for the nine months ended September 30, 2000 excludes realized loss on investments
of $18.7 million and restructuring charges of $43.2 million.
</TABLE>
<TABLE>
<CAPTION>
STOCK PRICES/DIVIDENDS DECLARED
-------------------------------------------------------------------------------------------------------
The table below sets forth, by quarter, the range of high, low and
quarter-end closing sale prices for Lincoln National Corporation common
stock and the cash dividends declared per common share.
Cash
Dividends
2000 Quarter High Low Close Declared
<S> <C> <C> <C> <C>
First $41.375 $22.625 $33.500 $0.290
-------------------------------------------------------------------------------------------------------
Second $40.063 $29.000 $36.125 $0.290
-------------------------------------------------------------------------------------------------------
Third $56.375 $35.625 $48.125 $0.290
-------------------------------------------------------------------------------------------------------
Total $0.870
=========
Cash
Dividends
1999 Quarter High Low Close Declared
-------------------------------------------------------------------------------------------------------
First $50.250 $39.281 $49.438 $0.275
-------------------------------------------------------------------------------------------------------
Second $53.438 $45.688 $52.313 $0.275
-------------------------------------------------------------------------------------------------------
Third $57.500 $36.000 $37.563 $0.275
-------------------------------------------------------------------------------------------------------
Fourth $48.313 $36.500 $40.000 $0.290
-------------------------------------------------------------------------------------------------------
Total $1.115
=========
Amounts reflect a June 1999 two-for-one stock split.
Prior quarters have been restated.
</TABLE>
<TABLE>
<CAPTION>
LINCOLN NATIONAL CORPORATION'S RATINGS
-----------------------------------------------------------------------------------
Commercial Paper Debt
-----------------------------------------------------------------------------------
<S> <C> <C>
Standard & Poor's A-2 (Satisfactory) A- (Strong)
Moody's* P-2 (Strong) A3 (Upper medium grade)
Fitch F-1 (Very strong) A+ (Strong)
A.M. Best a (Strong)
* These ratings reflect changes that occurred in October 2000.
All above ratings are strong to adequate.
</TABLE>
<TABLE>
<CAPTION>
LIFE INSURANCE COMPANY
FINANCIAL STRENGTH RATINGS
---------------------------------------------------------------------------------------------
Description A.M. Fitch Moody's Standard
Best & Poor's
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Exceptional or Superior A++ AAA Aaa AAA
Negligible Risk Factors A+
---------------------------------------------------------------------------------------------
Excellent A AA+ Aa1 AA+
Modest Risk A- AA* Aa2 AA
AA- Aa3 AA-
---------------------------------------------------------------------------------------------
Very Good, Strong, or High B+ A+ A1 A+
Average Risk A A2 A
A- A3 A-
---------------------------------------------------------------------------------------------
Adequate B BBB+ Baa1 BBB+
Protection Factors are Average B- BBB Baa2 BBB
More Vulnerable to
Economic Conditions BBB- Baa3 BBB-
---------------------------------------------------------------------------------------------
Below Average C+ BB+ Ba1 BB+
Questionable or Uncertain Security BB Ba2 BB
BB- Ba3 BB-
---------------------------------------------------------------------------------------------
Poor C B+ B1 B+
Vulnerability is High C- B B2 B
Considered Financially Weak BB- B3 B-
Obligations May Not be Paid
---------------------------------------------------------------------------------------------
Very Poor CCC Caa CCC
May Not Meet Obligations CC Ca CC
May be in Default D C D
---------------------------------------------------------------------------------------------
Lincoln National Life Insurance Company Ratings are Highlighted.
</TABLE>
A.M. BEST RATINGS FOR SELECTED AFFILIATES
--------------------------------------------------
First Penn-Pacific Life Insurance Company A
Lincoln National Health and Casualty Company A
<TABLE>
<CAPTION>
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
--------------------------------------------------------------------------------------------------------------
Third Quarter Nine Months Ended 9/30
<S> <C> <C> <C> <C> <C>
(Millions of dollars) 2000 1999 2000 1999
--------------------------------------------------------------------------------------------------------------
Revenue Insurance Premiums and Fees 935.4 860.5 2,731.4 2,607.8
Net Investment Income 690.0 697.1 2,075.0 2,107.4
Realized Gain (Loss) on Investments (17.0) 5.4 (28.3) 3.3
Other 107.7 79.1 299.9 277.3
-----------------------------------------------------------------------------------------
Total Revenue 1,716.1 1,642.1 5,078.0 4,995.8
--------------------------------------------------------------------------------------------------------------
Benefits and Benefits and Settlement Expenses 893.5 874.5 2,636.4 2,663.0
Expenses Underwriting, Acquisition, Insurance
and Other Expenses 632.2 584.4 1,793.6 1,743.4
-----------------------------------------------------------------------------------------
Total Benefits and Expenses 1,525.7 1,458.9 4,430.0 4,406.4
--------------------------------------------------------------------------------------------------------------
Income Net Income before Federal Taxes 190.4 183.2 648.0 589.4
Federal Income Taxes 51.8 50.9 175.5 163.7
-----------------------------------------------------------------------------------------
Net Income 138.6 132.3 472.5 425.7
--------------------------------------------------------------------------------------------------------------
Earnings Per Share Net Income $0.71 $0.66 $2.42 $2.11
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATED CONDENSED BALANCE SHEETS
--------------------------------------------------------------------------------------------------------------
September 30 December 31 Increase
(Millions of dollars) 2000 1999 (Decrease)
--------------------------------------------------------------------------------------------------------------
Assets
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Investments Securities Available-for-Sale:
Fixed Maturities 27,264.2 27,688.6 (424.4)
Equities 570.2 604.0 (33.8)
Mortgage Loans on Real Estate 4,767.3 4,735.4 31.9
Real Estate 297.6 256.2 41.4
Policy Loans 1,935.6 1,892.4 43.2
Other Long-Term Investments 470.5 401.8 68.7
--------------------------------------------------------------------------------
Total Investments 35,305.4 35,578.4 (273.0)
--------------------------------------------------------------------------------------------------------------
Other Assets Assets Held in Separate Accounts 54,410.9 53,654.2 756.7
Other Assets 13,526.8 13,863.1 (336.3)
--------------------------------------------------------------------------------
Total Assets 103,243.1 103,095.7 147.4
===============================================
Liabilities and Shareholders' Equity
--------------------------------------------------------------------------------------------------------------
Liabilities Liabilities for Insurance and
Investment Contracts 39,983.1 41,153.5 (1,170.4)
Liabilities Related to
Separate Accounts 54,410.9 53,654.2 756.7
Other Liabilities 4,310.5 4,024.1 286.4
--------------------------------------------------------------------------------
Total Liabilities 98,704.5 98,831.8 (127.3)
--------------------------------------------------------------------------------------------------------------
Shareholders' Preferred Stock 0.9 1.0 (0.1)
Equity Common Stock 989.6 1,007.1 (17.5)
Retained Earnings 3,865.9 3,691.5 174.4
Net Unrealized Loss on
Securities Available-for-Sale (337.7) (465.7) 128.0
Foreign Currency Translation
Adjustment 19.9 30.0 (10.1)
--------------------------------------------------------------------------------
Shareholders' Equity 4,538.6 4,263.9 274.7
--------------------------------------------------------------------------------
Liabilities and
Shareholders' Equity 103,243.1 103,095.7 147.4
===============================================
</TABLE>
FORM 10-Q DISCLOSURE STATEMENT
-------------------------------------------------------------------------
The notes to these unaudited condensed interim financial statements have
not been included in this report. Those notes, along with more detailed
financial information are, however, contained in the corporation's
quarterly report on Form 10-Q filed with the Securities and Exchange
Commission. Copies of the 10-Q are available electronically at
www.sec.gov or www.lfg.com or by writing to: Douglas N. Miller,
LNC Controller, 1500 Market Street, Suite 3900, Philadelphia,
PA 19102-2112. Requests may also be directed to 215-448-1430 or
to [email protected] on the Internet.
Lincoln Quarterly THIRD QUARTER 2000
FOCUSED feature
---------------
Lincoln Financial Group Receives Working Mother Honor
According to the most recent U.S. Census Bureau report, the percentage
of working women with children younger than age one has doubled since
1976. To accommodate the change in demographics, many companies have
expanded their work/life programs. Working Mother magazine has
documented that change through their annual issue of The 100 Best
Companies for Working Mothers. Lincoln Financial Group has continued to
be recognized within this listing and this year was no exception. For
the second consecutive year, Lincoln was selected by Working Mother
magazine as one of the top 10 companies in America for working mothers.
Overall, Lincoln is one of only four companies to be named to the list
of 100 best companies for working mothers in 14 out of 15 years.
[GRAPHIC OMITTED: PICTURE OF WORKING MOTHER MAGAZINE]
"When Working Mother magazine started the list in 1986, editors were
hard-pressed to find more than 30 companies that qualified as best,"
said Lisa Benenson, editor-in-chief, Working Mother magazine, explaining
how this year's honorees for the annual list were chosen. "This year,
however, the competition was tougher than ever before. It was not enough
for a company to build a small childcare center at the home office; to
make this year's list the company had to demonstrate that a significant
number of employees company-wide were receiving benefits. In other
words, businesses had to be more creative and proactive in finding ways
to accommodate their employees' work/life needs," she added.
Lincoln was selected for a number of its work-life initiatives
including:
* Lincoln Financial Group Foundation's monetary support to several
childcare facilities throughout LFG locations.
* The Summer Job Placement program within the Fort Wayne location
matching young adults whose parents work at Lincoln with other
Lincoln employees in need of childcare.
* Currently, 30% of Lincoln Financial Group executives are women, which
speaks to the commitment of advancement in the workplace. From mentoring
and career counseling to leadership training and executive succession
planning, Lincoln offers various programs to support and encourage the
developmental process of its employees.
Attracting and retaining talented employees is key in maintaining a
competitive advantage within our industry. These programs, among others,
have helped to build Lincoln's competitive advantage and commitment to
win the war for talent occurring in the workforce today. The Working
Mother recognition is a testament that Lincoln Financial Group is
serious about the welfare of its employees.
Lincoln Quarterly THIRD QUARTER 2000
FEATURE news
------------
Lincoln Scores Victory with Battle at Bighorn Sponsorship
It happened on the evening of Monday, Aug. 28 in ABC's Monday Night
Football time slot. It was Lincoln Financial Group's first title
sponsorship of a live national sports event on network television, the
Lincoln Financial Group Battle at Bighorn. With a $1.5 million purse,
the one-round golf duel at the Bighorn Golf Club in Palm Desert, Calif.,
featured a match between Tiger Woods, the number one player in the world
and Sergio Garcia, one of golf's upcoming young stars.
By beating Tiger Woods during the Lincoln Financial Group Battle at
Bighorn, Sergio Garcia accomplished what few others have done this year
on the Professional Golf Tour. Victory didn't come easily to Garcia.
Woods was out front after the first hole, but Garcia evened up the match
by the end of the third hole. Woods again went one up in the fourth and
remained in the lead until the eighth hole. The match was still even
when the lights came on at the 15th hole as darkness set in. The darker
it got, the better Garcia seemed to play. He eventually defeated Woods.
Sergio Garcia wasn't the only winner. Lincoln chalked up a big win as
well. Golf is the highest-rated sport among our affluent customers.
Lincoln Financial Group's Battle at Bighorn enabled us to present our
brand message to a large network audience of about eight million homes.
BRIEF notes
Multi-Fund(registered trademark) VA Gets
New Investment Options
It's a new era within Lincoln Annuities -- especially as it relates to
rolling out new products and improving a number of its seasoned product
lineups such as the Multi-Fund variable annuity. Multi-Fund recently
added five new investment options - three growth oriented and two
specialty funds. Increasing the might of Multi-Fund and its already
powerful investment manager lineup are two well-known institutions --
Alliance Capital Management and Capital Research and Management Company.
In total, Multi-Fund now offers an impressive menu of 27 variable
investment options from 12 leading investment managers, plus a fixed
account.
[GRAPHIC OMITTED: MULTI-FUND VARIABLE ANNUITY MULTIPLE MANAGERS]
MULTI-FUND(registered trademark) VARIABLE ANNUITY MULTIPLE MANAGERS
CAPITAL RESEARCH AND MANAGEMENT COMPANY
DELAWARE INVESTMENTS
FIDELITY INVESTMENTS
GOLDMAN SACHS ASSET MANAGEMENT
JANUS
LINCOLN INVESTMENT MANAGEMENT INC.
NEUBERGER BERMAN MANAGEMENT INC.
PUTNAM INVESTMENTS INC.
VANTAGE INVESTMENT ADVISORS INC.
ALLIANCE CAPITAL MANAGEMENT
BAMCO, INC.
BANKERS TRUST COMPANY
"Adding these new funds solidifies our already strong position in the
individual and employer-sponsored retirement plan marketplace," said
Kelly Clevenger, vice president of Lincoln Annuities.
Since Multi-Fund was introduced nearly two decades ago, it has grown to
become the 22nd largest variable annuity in the nation. Account values
currently total more than $18 billion, with more than 500,000 contract
holders in employer-sponsored and individual accounts. Multi-Fund's
multiple-manager approach and traditional features round out Lincoln's
individual annuity product portfolio that also includes multiple manager
Lincoln ChoicePlus(registered trademark) variable annuity, single-
manager American Legacy(registered trademark) variable annuity and SEI
variable annuity.
Quarterly Highlights
--------------------------------------------------------------------------
* On Sept. 28, Lincoln National announced that it will transfer its
Lincoln UK sales forces to Inter-Alliance Group PLC, one of the U.K.'s
largest national independent financial advisory groups. In addition,
Lincoln will cease writing new business in that market.
* Jack Drosdick, chairman, chief executive officer and president of Sunoco,
Inc., was elected to Lincoln National Corporation's board of directors
on Aug. 10.
* Moody's Investor Service confirmed the financial strength ratings of
Lincoln National Life Insurance Company on Oct. 13. The outlook for
claims paying rating was upgraded to stable.
Transfer Agent & Registrar
--------------------------------------------------------------------------
Equiserve (formerly First Chicago)
P.O. Box 2500
Jersey City, NJ 07303-2500
Web site: http://www.equiserve.com
Stock Listing
--------------------------------------------------------------------------
The common stock of Lincoln National Corporation
is traded on the New York, Chicago and
Pacific stock exchanges under the symbol
LNC. In newspapers, stock information is
most frequently listed as LincNatCp.
[LOGO OMITTED: LNC Listed NYSE]
[LOGO OMITTED: Lincoln Financial Group]
Annual Report and Proxy Statement Available Online
Beginning in 2001, registered shareholders* may consent to receive the
2000 Annual Report and all future ones on the Internet rather than by
mail. In addition, shareholders may consent to receive the proxy
statements, a notice of meeting and proxy card related to the 2001
Annual Meeting of Shareholders and all future annual meetings.
By accessing these documents online, you will help Lincoln National
Corporation reduce costs by eliminating applicable printing and postage
expenses. To take advantage of this opportunity, simply fill out the
online consent form by logging on to the sign-up website at:
http://www.econsent.com/lnc/
To complete your online consent form, you will need:
* Your account number, which can be found on your dividend check stub,
or if you are a participant in our Direct Service Investment Plan it
will be on a recent statement.
* An electronic mail account (i.e., email address).
* Your nine digit U.S. social security number, or for non-U.S. residents,
the registration name for your account.
The record date for Lincoln National Corporation's 2001 Annual Meeting
is expected to be March 16, 2001. To access the annual report and proxy
statement and related materials on the Internet, your consent must be
received on or before the record date. Instructions for accessing the
annual report, proxy statement and related materials will be sent to you
by email shortly after the record date.
Your consent is revocable at any time by using the above website. You
can still vote your proxy on the Internet whether or not you sign up to
receive your annual report and proxy statement online by following the
directions contained in the proxy statement. The 2001 proxy statement
will be mailed on approximately April 10, 2001.
* Does not include shareholders whose stock is not registered in their
names (Trustee, brokerage accounts and 401(k) plans).
------------------
PRESORTED
STANDARD
U.S. POSTAGE
PAID
NEW BRUNSWICK, NJ
PERMIT NO. 772
------------------
Lincoln National Corporation
Centre Square, West Tower
1500 Market Street, Suite 3900
Philadelphia, PA 19102-2112
(215) 448-1400
www.LFG.com
CONTACTS
Investor Relations
Priscilla S. Brown
Director, Investor Relations
(215) 448-1422
Shareholder Services
Janet Chrzan
Treasurer
(800) 237-2920
Financial Communications
LaNella Hooper
Director, Financial Communications
(215) 448-1423
Media Relations
D'Arcy Foster Rudnay
Director, Media Relations
(215) 448-1454
Form 19725-3 10/00
