Company Press Release

SANTA FE, NM – Thornburg Investment Management (TIM) has promoted five of its employees to Managing Directors, as announced by President and CEO, Brian McMahon. They are: Johnathan Burnham, Bettie Kroutil, Dean J. Mesquite, Christopher M. Ryon and Sloan Swanson. This brings the total number of Managing Directors to 34. In making the announcement, Mr. McMahon said, "It is a pleasure to promote these five individuals to Managing Director in recognition of their noteworthy contributions, work ethic and integrity. We will rely on their prudent advice, judgment and input even more so in the years ahead."

Backgrounds

Johnathan Burnham, CFA, joined TIM in 2006 as Director, Research Communications. His responsibilities include communicating the processes and results of the firm’s products, coordinating placement of products, and managing the team producing investment-related marketing content, as well as RFP’s.

Prior to joining TIM, Burnham was Manager, Investment Strategy and Research at Advised Assets Group, LLC, a wholly owned investment advisory subsidiary of Great-West Life & Annuity. Burnham received a Bachelors of Science degree in Finance from Colorado State University and an MBA from The University of Colorado, Denver. He is a board member of the CFA Society of New Mexico and a member of the CFA institute.

Bettie Kroutil joined TIM in 2003 as an associate, quickly becoming manager of daily operations in the institutional group. She oversees a number of vital operational areas, including administrating several new products. She is responsible for serving as the client point-of-contact, coordinating new account openings, managing the daily/monthly reconciliations, overseeing the trade settlement area, coordinating all functions related to the private funds and collective investment trust. Prior to joining TIM, Kroutil was a manager of Equity Portfolio Accounting at T. Rowe Price Group. She has a BS in Accounting from Towson University.

Dean J. Mesquite joined TIM in 1998 as a Customer Service representative and was appointed to Regional Consultant of the Pacific Northwest region in 2000. Mesquite holds an Associates degree and a B.A. in Organizational Management, as well as an MBA from the College of Santa Fe. He is registered with FINRA and has successfully passed the Series 7, 6, 63 and 65 examinations. He is an Accredited Investment Fiduciary (AIF).

Christopher M. Ryon, CPA, joined TIM in 2008 as an Associate Portfolio Manager, where he works as part of TIM’s municipal bond team. Prior to that, Ryon worked for Vanguard’s Fixed Income group for 23 years. Ryon received a bachelor’s degree from Villanova University and an MBA from Drexel University. He is a CFA charterholder.

Sloan Swanson joined TIM in 2001 as a Sales Coordinator and later moved to the Institutional Group where he was involved with marketing and customer service for the firm’s institutional client base. Currently, Swanson is a Director of Business Development, where he focuses on TIM’s growing institutional client base in the United States and abroad. Swanson holds a BA in philosophy from The University of Connecticut, is registered with FINRA and has successfully passed the Series 7, 65 and 63 examinations.

Headquartered in Santa Fe, New Mexico, Thornburg Investment Management® has assets of $34 billion as of December 31, 2008. TIM manages eight fixed income and six equity funds. Their high quality fixed-income mutual funds follow a “laddered” investment discipline within short and intermediate maturity ranges. The firm focuses on preserving and increasing the real wealth of shareholders after accounting for inflation, taxes, and investment expenses. All Thornburg Funds offer strategies for building real wealth emanating from Thornburg Investment’s disciplined investment style focused on risk management and clients’ long-term goals. Thornburg Investment Management was the first company globally to successfully complete the independent certification process of the Centre for Fiduciary Excellence (CEFEX) for Fiduciary Practices for Investment Managers. For more information, call 800-847-0200 or visit HYPERLINK "http://www.thornburg.com" www.thornburg.com.