Company Press Release

Jersey City, NJ – October 1, 2008 – Lord, Abbett & Co. LLC (“Lord Abbett”), an independent, privately held investment management firm, announced the appointment of 17 new Partners, bringing the total number of Lord Abbett Partners to 62.

Commenting on these appointments, Daria L. Foster, Lord Abbett Managing Partner, said: “As we continue to serve as stewards of our clients’ assets, we are also preparing the firm to enter its next phase of growth. In carefully managing our firm, we recognize these individuals for their leadership, collaboration, and upholding the firm’s values – the same values that have served generations of clients for nearly eight decades.”

Robert S. Dow, Lord Abbett Senior Partner, also commented: “We are pleased to announce these new Partners for their key contributions to Lord Abbett. As we have often said, this Partnership reinforces our belief that remaining independent is a strategic advantage that allows us to maintain our singular focus on the management of money for our clients.”

The newly named Partners represent all areas of the firm, including the investment teams across equity and fixed-income products, the sales and marketing teams from both the private wealth and institutional groups, and the core services teams representing the firm’s legal, technology, and operations areas.

17 Newly Named Lord Abbett Partners

* Jack Baldwin – Partner, Director, Global Relationship Management

* James W. Bernaiche – Partner, Chief Compliance Officer * Marc Furgang – Partner, Divisional Sales Leader and Regional Manager

* Frank Gregory – Partner, Director of Insurance, Institutional Insurance Services

* Bernard J. Grzelak – Partner, Director of Fund Administration

* Allison B. Haupt – Partner, Director of Product Management

* Michael Lesesne, Jr. – Partner, Director of Research, Fixed Income, High Yield

* Elizabeth MacLean – Partner, Portfolio Manager, Leveraged Loans

* Andrew O’Brien – Partner, Portfolio Manager, Fixed Income

* William Parker – Partner, Senior Director of Due Diligence

* Arun Ramchandra – Partner, Director, Sales & Marketing Technology

* Rick Ruvkun – Partner, Director of U.S. Large & Mid Cap Equity Research

* Lawrence D. Sachs – Partner, Research Analyst * David Selbst – Partner, Divisional Sales Leader and Regional Manager

* Daniel Solender – Partner, Director of Municipal Bond Management

* Paul J. Volovich – Partner, Portfolio Manager, Mid Cap Growth

* Michael Welshimer – Partner, Divisional Sales Leader and Regional Manager

Link to complete list of Lord Abbett Partners

Lord Abbett, founded in 1929, is one of the oldest money management firms in the United States, and manages more than $96 billion in assets (as of June 30, 2008). The firm offers a full range of mutual funds, institutional, and individually managed accounts.

About Lord Abbett:

Lord, Abbett & Co. LLC is an independent, privately held firm with a singular focus on the management of money. As one of the oldest money management firms in the United States, we have consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. We approach our business as a craft, driven by core fundamentals: an unwavering discipline and commitment to a reproducible process; integrity that is as much an asset as the portfolios we manage; accountability for every decision we make; dedication to the prudent stewardship of our clients’ assets; and intellectual rigor across all aspects of our business. As a trusted steward, Lord Abbett today manages more than $96 billion in assets (as of June 30, 2008), offers a full range of mutual funds, institutional, and individually managed accounts, and manages two of the nation’s oldest mutual funds.

Shares of Lord Abbett mutual funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested.

A prospectus contains important information about a fund, including its investment objectives, risks, charges, and ongoing expenses, which an investor should carefully consider before investing. To obtain a prospectus on any Lord Abbett mutual fund, please call your investment professional or Lord Abbett Distributor LLC at 888-522-2388 or visit our Website at www.lordabbett.com. Read the prospectus carefully before investing. Lord Abbett mutual fund shares are distributed by Lord Abbett Distributor LLC.