Company Press Release

Jersey City, NJ – July 8, 2008 – Lord, Abbett & Co. LLC (“Lord Abbett”), an independent, privately held investment management firm, announced the realignment of its existing Large and Mid Cap research resources into one team focused on supporting these investment disciplines.

Rick Ruvkun has been named Director of Large and Mid Cap Research, and will lead the team responsible for company-specific research, industry and sector analysis, and the broad implications of economic and financial market influences on these asset classes. These changes are effective July 28. The Small Cap Equity, International Equity and Fixed Income investment disciplines are not affected by these changes.

Daria Foster, Lord Abbett Managing Partner, commented, “We are continually seeking new ways to strengthen our investment capabilities to better meet the needs of a changing marketplace. This structure clearly reflects the priority the firm has historically placed on teamwork, collaboration, and communication – all critical elements in managing our clients’ portfolios and for the sustained health and vibrancy of our organization.”

Robert Gerber, Partner and Lord Abbett Chief Investment Officer, added, “We believe each asset class benefits from a customized approach to investment research. As a result, we have marshaled our resources in a manner that will deliver long-term investment performance and meet our clients’ needs today and in the future. He further commented, “With Rick leading the Large and Mid Cap research team, we can better leverage the talent and experience that exists within our investment group and integrate multiple layers of research into our investment processes.”

Ruvkun has more than 20 years of investment management experience, managing both portfolios and research teams. He will lead the team of 17 equity research analysts, currently assigned to the Large Cap Value, Large Cap Core, Large Cap Growth, Mid Cap Value and Mid Cap Growth equity strategies. Ruvkun joined Lord Abbett in 2006, and was most recently Portfolio Manager of the Mid Cap Growth Fund. Paul Volovich will assume lead Portfolio Management for this strategy. Volovich joined Lord Abbett in 1997 and was most recently a portfolio manager on the Large Cap Core Fund. This Fund will continue to be led by Dan Frascarelli, Lord Abbett Partner and Portfolio of Large Cap Core Equity.

In addition, after 20 years with Lord Abbett, Ed von der Linde has decided to leave the firm. He was most recently responsible for the Mid Cap Value and America’s Value funds. Howard Hansen, Lord Abbett Partner, will continue with portfolio management responsibilities for the Mid Cap Value Fund, which he has been co-managing since 1997. Chris Towle, Lord Abbett Partner, who co-managed America’s Value Fund since its inception, has assumed lead portfolio management responsibilities.

Over the past decade, Lord Abbett has broadened its investment capabilities in a number of disciplines, while expanding its separately managed accounts and institutional offerings.

# # # A Note about Risk

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 for any Lord Abbett mutual fund, please contact 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.

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, the firm has consistently provided generations of clients and their financial advisors with a quality investment experience since 1929. The firm approaches its 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 it manages; accountability for every decision the firm makes; dedication to the prudent stewardship of clients’ assets; and intellectual rigor across all aspects of Lord Abbett’s business. As a trusted steward, Lord Abbett today manages approximately $105 billion in assets (as of May 30, 2008), offering a full range of mutual funds, institutional, and individually managed accounts, and manages two of the nation’s oldest mutual funds.

For more information on Lord Abbett mutual funds, please call (888) 522-2388 or visit our Website at www.lordabbett.com for a prospectus. Read the prospectus carefully before investing.


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