Company Press Release

Jersey City, NJ – February 3, 2009 – Lord, Abbett & Co. LLC (“Lord Abbett”), an independent, privately held investment management firm, announced today that, effective February 17, 2009, Robert Fetch, Partner, will assume responsibility for the newly created position of Director of Domestic Equity Portfolio Management, reporting to Robert Gerber, Chief Investment Officer.

Fetch will have responsibility for the day-to-day management of the firm’s domestic equity portfolio managers, who will report directly to him. In taking on this new role, Fetch will relinquish his role as Portfolio Manager for the firm’s small cap value strategy, retain his responsibilities as lead Portfolio Manager for the firm’s multi cap value strategy, and assume new responsibility as lead Portfolio Manager for the firm’s mid cap value strategy.

Daria Foster, Lord Abbett's Managing Partner, said, "Bob Fetch is a widely respected portfolio manager – admired both within and outside the firm. He will be tasked with continuing to strengthen the domestic equity side of our business for the benefit of our clients." Foster cited Fetch's "vast knowledge and wisdom," gained through 33 years in the investment management business, including 27 years of directly managing portfolios; his “proven ability to develop investment management talent;” and his “track record of long-term performance."

When Fetch was Director of Small Cap Value Management, he managed teams dedicated to micro cap value, small cap value, small-mid cap value ("smid" value"), and multi cap value strategies. The latest addition to the lineup is the smid cap value strategy, which is available to institutional investors, and to retail investors through the Lord Abbett Value Opportunities Fund (LVOAX). The Value Opportunities Fund, which achieved a significant milestone recently by attaining its three-year performance record, invests in both small and mid cap companies whose stock prices do not, in Lord Abbett’s estimation, reflect their growth potential.

Foster said, "Lord Abbett continues to build on its tradition of managing all areas of the equity market – value, blend, and growth strategies – with an adherence to a sound investment philosophy marked by a belief in active management, a commitment to both fundamental and quantitative research, and a respect for risk management. Bob embodies that tradition, and we will benefit from his input on all our domestic equity strategies."

Gerry Heffernan, Partner, will assume lead portfolio management responsibilities for Lord Abbett's small cap value strategy. In addition, Heffernan will continue as the lead Portfolio Manager for Lord Abbett's micro cap value strategy.

Lord Abbett manages more than $70 billion (as of December 31, 2008) for institutional and retail investors, including mutual funds and separately managed accounts.

Fetch joined Lord Abbett in 1995 as Director of Small Cap Value Management and established the firm’s small cap value, multi cap value, micro cap value, and smid cap value strategies. He became a Partner of the firm in 1998. Prior to joining Lord Abbett, he was a managing director at Prudential Investment Advisors, responsible for its Small Company Fund and other small and all cap institutional and insurance portfolios.

He received an MBA in finance from Seton Hall University and a BA in business administration from Bucknell University. He is a holder of a Chartered Financial Analyst (CFA) designation.

A Note about Risk:

The value of equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies and/or sectors in the economy. Investments in small and mid-sized companies involve greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. No investment strategy can overcome all market volatility or guarantee future results.