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These Terms of Use ("Terms of Use") are made between the undersigned user ("you") and Lord, Abbett & Co. ("we" or "us"). They become effective on the date that you electronically execute these Terms of Use ("Effective Date").

A. You are a successful financial consultant that markets securities, including the Lord Abbett Family of Funds;

B. We have developed the Lord Abbett Intelligence System (the "Intelligence System"), a state of the art information resource that we make available to a limited community of broker/dealers through the Internet at a secure Web site (the "LAIS Site"); and

C. We wish to provide access to the Intelligence System to you as an information tool responsive to the demands of your successful business pursuant to these Terms of Use. Accordingly, you and we, intending to be legally bound, hereby agree as follows:]

1. Overview. · Scope. These Terms of Use (which we may amend from time to time) govern your use of the Intelligence System. · Revisions; Changes. We may amend these Terms of Use at any time by posting amended Terms of Use ("Amended Terms of Use") on the LAIS Site. Any Amended Terms of Use will become effective immediately upon posting. Your use of the Intelligence System after any Amended Terms of Use become effective will be deemed to constitute your acceptance of those Amended Terms of Use.We may modify or discontinue the Intelligence System at any time, temporarily or permanently, with or without notice to you. Purpose of the Intelligence System. The Intelligence System is intended to be an information resource that you may use to contribute to your business research. The Intelligence System is for broker/dealer use only; it is not to be used with the public in oral, written or electronic form. The information on the Intelligence System and LAIS Site is for your information only and is neither the tax, legal or investment advice of Lord Abbett or its third-party sources nor their recommendation to purchase or sell any security.

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3. Rights in Data. Our use of information collected from you will be in accordance with our Privacy Policy posted on the LAIS Site. Our compliance with our Privacy Policy will survive any termination of these Terms of Use or of your use of the Intelligence System.

4. Your Conduct in the Use of the Intelligence System. You may access, search, view and store a personal copy of the information contained on the LAIS Site for your use as a broker/dealer. Any other use by you of the Intelligence System and the information contained on the LAIS Site these Terms of Use is strictly prohibited. Without limiting the preceding sentence, you will not: · Engage in or permit any reproduction, copying, translation, modification, adaptation, creation of derivative works from, distribution, transmission, transfer, republication, compilation or decompilation, reverse engineering, display, removal or deletion of the Intelligence System, any portion thereof, or any data, content or information provided by us or any of our third-party sources in any form, media or technology now existing or hereafter developed, that is not specifically authorized under these Terms of Use.

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· Breach or attempt to breach the security of the Intelligence System or any network, servers, data, or computers or other hardware relating to or used in connection with the Intelligence System; nor (b) use or distribute through the Intelligence System software or other tools or devices designed to interfere with or compromise the privacy, security or use of the Intelligence System by others or the operations or assets of any person.

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Economic Insights

While the recent gathering of the Group of 8 industrialized nations addressed worthy topics such as Syria and tax avoidance, it failed to tackle essential economic and fiscal issues.

The recent Group of 8 (G8) meeting, for all the hoopla that surrounded it, did little to address, much less solve, the world's immediate economic and financial problems. It all but ignored them, in fact. Some good came out of that conclave of presidents and prime ministers. The assembled did at last address the Syrian mess and even showed the gumption (a trait usually absent from such gatherings) to confront Russia's support of the regime of Bashar Assad. There was much made of plans to craft a major trade agreement between the United States and the European Union (EU), which will likely do considerable economic good, but only after a long lead time. The world's leadership also set out to crack down on tax evasion. There was, however, no mention at all of Europe's ongoing recession and fiscal crisis, the associated question of banking reform, the less-than-stellar economic and financial position of the United States, or serious concerns that new Japanese economic policies raise the prospect of currency war.

As important as other issues are, the G8 cannot justify its neglect of such crucial matters. The news of the day certainly demands attention. Europe's economy seems to sink deeper into recession with each new statistical release. Unemployment for the Continent as a whole totals more than 26.5 million, 12.2% of the work force and, in more hard-hit regions, the unemployment rate exceeds 20%.1 North America is in better shape, but its recovery is far from breaking any land speed records, while U.S. fiscal policy remains a shambles, threatening global financial stability. Japan has pursued a questionable but nonetheless aggressive policy. The G20 group of the world's major trading nations has already criticized it as a form of currency manipulation to promote exports at the expense of that nation's trading partners. But the G8 seems unconcerned, almost complacent on these fronts, a posture that is still more upsetting because Europe at present seems to have lost the policy consensus it once had.

Frequently, the press of events causes international meetings of this sort to neglect what is otherwise important. The G8 cannot make that claim this year. From the start, it planned to look away from these critical issues. The agenda was narrowly focused on what British prime minister David Cameron (and this year's meeting host) called the "three Ts": trade, transparency, and tax. The first of these referred to the launch of negotiations for a U.S.-Europe trade deal, which even its most ardent supporters expect will do little good for two or more years yet—hardly an answer for today's urgent economic and financial strains. The other two Ts conflate into an effort to crack down on tax avoidance and evasion. The EU claims that avoidance takes some €1.0 trillion a year out of government revenues,2 so such efforts could help close huge fiscal imbalances. But surely this is not enough to solve the Continent's ongoing financial problems and can only offer marginal relief to the region's economic suffering. What is more, this strange agenda was a clear departure from that of 2012's G8 meeting, which openly, if inadequately, debated policies to alleviate economic and financial distress.

What makes this year's behavior so galling is that G8 guidance is, if anything, more critical now than it was a year ago. Then, Europe still held to a policy consensus, a combination of budget austerity and the kinds of structural reforms that could make these economies more flexible, growth-oriented, and competitive, effectively a broad application of the German reforms of some years ago that strengthened that economy and its finances. But since the 2012 G8, politics has muddled this commitment. Mixed election results in Italy have eroded Rome's commitment to both the austerity and the structural reforms. Spain, Portugal, France, and others have, to varying degrees, turned away from the policy consensus as well. Greek difficulties with privatizing government assets have also created doubts about future policy directions. In view of such wavering across Europe, questions have now arisen about whether the German elections this September will produce a result that will interfere with the country's support for Europe.

This is a bad time for the G8 to act with complacency about such matters and effectively pretend that these economic, financial, and policy needs do not demand its guidance. Doubtless, Europe's and the world's economic and financial difficulties are too complex for even the most forceful and transparent G8 debate to offer all or even most of the answers. But the complete absence of such a debate will surely only deepen those problems by creating still greater doubt and more policy drift. Strides on Syria, the prevention of tax evasion, and longer-term trade deserve attention to be sure—but so do the day's urgent economic and fiscal strains. The failure of this year's G8 to take them up is more than just a disappointment: it is a dereliction of duty.


1 Eurostat (European Union).
2 Eurostat (European Union).

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