AMENDMENT (EFFECTIVE NOVEMBER 1, 1994) TO THE SUB-INVESTMENT MANAGEMENT AGREEMENT (EFFECTIVE JANUARY 1, 1994) BETWEEN LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY AND JANUS CAPITAL CORPORATION Sub-paragraph 1(b) of the Agreement relating to...

                                    AMENDMENT
                          (EFFECTIVE NOVEMBER 1, 1994)
                                     TO THE
                       SUB-INVESTMENT MANAGEMENT AGREEMENT
                           (EFFECTIVE JANUARY 1, 1994)
                                     BETWEEN
               LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY AND
                            JANUS CAPITAL CORPORATION



Sub-paragraph 1(b) of the Agreement relating to investment management for
Lincoln National Capital Appreciation Fund, Inc. is hereby amended to insert the
following sentence after the first sentence in that sub-paragraph:

         "The Fund shall own and control all the pertinent records pertaining to
transactions under this Agreement."


                         THE LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY

                         By:  /s/ H. Xxxxxx XxXxxxxx
                             ------------------------


                         JANUS CAPITAL CORPORATION

                         By:  /s/ Xxxxxxx Xxxxxxxxx
                             ------------------------