AMENDMENT
(EFFECTIVE MAY 1, 1998)
TO THE
SUB-INVESTMENT MANAGEMENT AGREEMENT
(EFFECTIVE JANUARY 1, 1994)
BETWEEN
LINCOLN INVESTMENT MANAGEMENT COMPANY
(FORMERLY: LINCOLN NATIONAL INVESTMENT MANAGEMENT COMPANY)
AND
JANUS CAPITAL CORPORATION
The Attachment to the Agreement relating to Compensation to be paid by the
Investment Manager to the Sub-Investment Manager is hereby deleted in its
entirety, and the following new Attachment is substituted for it:
"Investment Manager shall pay to Sub-Investment Manager a monthly fee,
calculated pursuant to Section 7 of the Agreement, as follows: 0.55% of the
first $100,000,000 of average daily net assets of the Fund; 0.50% of the next
$400,000,000; and 0.45% of any excess over $500,000,000."
LINCOLN INVESTMENT MANAGEMENT COMPANY
By: /s/ H. Xxxxxx XxXxxxxx
----------------------
H. Xxxxxx XxXxxxxx
JANUS CAPITAL CORPORATION
By: /S/ Xxxxx X. Xxxxxxxx
---------------------
Xxxxx X. Xxxxxxxx
