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Dechert LLP Three Bryant Park
1095 Avenue of the Americas New York, NY 10036-6797
+1 212 698 3500 Main +1 212 698 3599 Fax
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Contract Owner Opinion:
Reorganization of LVIP American Century International Fund –
LVIP MFS International Growth Fund
October 9, 2026
The Lincoln National Life Insurance Company
1301 South Harrison
Street
Fort Wayne, Indiana 46802
Lincoln Life &
Annuity Company of New York
100 Madison Street, Suite 1860
Syracuse, New York 13202
Ladies and Gentlemen:
You have requested our opinion regarding certain federal income tax consequences to the holders (“Contract Owners”) of certain
variable annuity contracts and variable life insurance policies (collectively, the “Contracts”) that are issued or administered by The Lincoln National Life Insurance Company (“Lincoln Life”) or by Lincoln Life &
Annuity Company of New York (“Lincoln New York”) and funded by separate accounts of Lincoln Life or Lincoln New York for which LVIP American Century International Fund (“Acquired Fund”), a separate series of Lincoln Variable
Insurance Products Trust (the “Trust”), a Delaware statutory trust, and LVIP MPS International Growth Fund (“Acquiring Fund”), also a separate series of the Trust, serve as underlying investment vehicles, relating to the
Reorganization (as described below).
Pursuant to the Agreement and Plan of Reorganization (the “Agreement”) dated as of
October 9, 2026, and as executed by the Trust on behalf of Acquired Fund and Acquiring Fund, Acquired Fund will transfer all of its assets to Acquiring Fund in exchange solely for voting shares of Acquiring Fund (“Acquiring Fund
Shares”) and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund and the distribution of Acquiring Fund Shares to the shareholders of Acquired Fund in complete liquidation of Acquired Fund (the
“Reorganization”).
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Contract Owner Opinion:
Reorganization of LVIP American Century International Fund –
LVIP MFS International Growth Fund
October 9, 2026 Page
2
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For purposes of this opinion, we have examined and relied upon (1) the Agreement,
(2) the Proxy Statement/Prospectus dated August 17, 2026, (3) the facts and representations contained in the letter dated as of this date, addressed to us from Lincoln Life and Lincoln New York, and (4) such other documents and instruments
as we have deemed necessary or appropriate for purposes of rendering this opinion.
For purposes of this opinion, we are assuming that:
(1) each of the Contracts is and, at the time of the Reorganization, will be treated as a “variable contract” within the
meaning of section 817(d) of the Internal Revenue Code of 1986, as amended (the “Code”);
(2) the ownership of shares in
Acquired Fund and Acquiring Fund, and access to such funds, satisfies the requirements and limitations set forth in section 1.817-5(f) of the U.S. Treasury Regulations; and
(3) under the so-called investor control rules, Lincoln Life and Lincoln New York, and not the Contract
Owners, have been and are treated for federal income tax purposes as the owners of the interests in Acquired Fund and Acquiring Fund that underlie the Contracts.
This opinion is based upon the Code, United States Treasury Regulations, judicial decisions and administrative rulings and pronouncements of
the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon (a) the Reorganization taking place in the manner described in the Agreement, (b) (i) the information provided in the Proxy
Statement/Prospectus referred to above, (ii) the facts and representations contained in the letter dated as of this date, and as addressed to us from Lincoln Life and Lincoln New York, and (iii) the above assumptions, being true and accurate as
of the closing date of the Reorganization.
Based upon the foregoing, it is our opinion that, for federal income tax purposes, the
Contract Owners will not recognize any taxable income, gains or losses as a result of the Reorganization.
(continued)
