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At the quarterly Lord Abbett's Partners' meeting on January 18, 2018, Daria L. Foster, Managing Partner, stated her intention to retire on March 31, 2018, after 28 years at the firm and announced that Douglas B. Sieg will assume the position of Managing Partner, effective April 1, 2018.

Ms. Foster has been Lord Abbett's Managing Partner for the past 11 years, the ninth in the history of the firm, and the first woman to hold the position. Under Ms. Foster's strong and very capable leadership, the firm achieved significant growth and expansion. As a result, Lord Abbett currently has more than $160.4 billion in assets under management, a leadership position in the U.S. retail market, a dedicated focus on the U.S. institutional market, and a growing presence in key international markets.* Today, the firm continues to successfully navigate the challenging industry landscape, while upholding its commitment to putting clients' interest first.

As Mr. Sieg assumes the role of Managing Partner, he inherits an organization with a strong foundation that will enhance the ability of partners and employees to effectively serve the next generation of clients. Over the last several years, he has worked closely with Ms. Foster to strengthen various functions of the firm-spanning Investments, Client Services and Core Services-and improve the ways in which they interact and support one another.

Noting Ms. Foster's legacy, Mr. Sieg said, "Daria intensified our focus on the issues that made us better every day. She shaped and transformed Lord Abbett into a strategically driven, professionally managed, investment-led organization and has done so in a thoughtful, deliberate, and caring way."

Mr. Sieg most recently held the title of Partner, Client Services and was responsible for overseeing the U.S. Retail, U.S. Institutional, and International markets, as well as the Product Strategy, Marketing, and Corporate Communications teams. Throughout Mr. Sieg's 24-year career at Lord Abbett, he has been involved in numerous strategic and management initiatives that have given him a deep understanding of every aspect of the firm-among them developing products, building the firm's U.S. institutional business, and expanding into key international markets, including the opening of a London office.

Remarking on the appointment of Mr. Sieg, Ms. Foster said, "Having worked closely with Doug for over fifteen years, I know he has the intelligence, energy, creativity, and determination to successfully steer the firm forward. In all of his previous roles, he has demonstrated a commitment to excellence, recognizing that the success of the firm is dependent upon the success of our clients. As he becomes the tenth managing partner in Lord Abbett's history, I am confident he will ensure that our clients' long-term interests remain at the forefront of all the firm's activities."