Company Press Release

Alger Hires International Portfolio Management Team

NEW YORK-- Fred Alger Management, Inc. (Alger), a leading asset management firm, announced today the addition of a well-respected and experienced international team to the organization. Pedro Marcal, Senior Vice President and Portfolio Manager, and Ajoy Reddi and Warren Zhang, CFA, Vice Presidents and Analysts, will further expand Alger’s investment abilities in international equity markets.

Pedro Marcal has 24 years of investment experience and was most recently International Portfolio Manager, EAFE Core Growth/Pacific Rim, at Allianz Global Investors. While at Allianz, and its predecessor Nicholas- Applegate Capital Management, Pedro focused on international equities including developed and emerging markets. He helped develop many of the firm’s emerging markets products before moving on to global and developed international equity portfolios. Pedro earned his B.A. from University of California at San Diego and his M.B.A. from UCLA’s Anderson School of Management.

Ajoy Reddi has 16 years of investment experience and was most recently International Analyst at Allianz Global Investors where he focused on European equities. Prior to Allianz, Ajoy was an international research analyst at William Blair & Company. His previous experience also includes an analyst role at Franklin Templeton Investments. Ajoy earned his B.A. from Johns Hopkins University and his M.B.A. from University of Chicago Graduate School of Business.

Warren Zhang, CFA has 17 years of investment experience and was most recently Vice President, Analyst at Allianz Global Investors where he focused on Asian equities. Prior to Allianz, he was an emerging markets equities analyst at Morgan Stanley Investment Management. Warren was also an analyst at Fiduciary Trust International. Warren earned his B.S. in Civil Engineering from Tongji University in Shanghai, China. He earned his M.A. in Economics from the University of California at Riverside and his M.A. in Finance from Yale University School of Management. In addition, Warren is a CFA charterholder.

“Pedro, Ajoy, and Warren bring significant experience in international equity markets to Alger,” said Dan Chung, CEO and Chief Investment Officer. “We expanded our international capabilities in 2010 with the hiring of our emerging markets team headed by Deborah A. Vélez-Medenica, CFA. Adding Pedro and his team enhances our international capabilities and deepens our commitment to these important markets. We believe the opportunities for investing globally are significant and are of particular interest to us as pioneers of growth investing,” added Dan.

Alger’s seven international professionals have, collectively, more than 100 years of international investing experience.

“We believe our international team, in combination with our nearly 30 person U.S. investment team, will give Alger unique insights into investment opportunities in the U.S. and abroad, which will benefit our clients and shareholders,” said Dan.

“I am truly excited to join a firm that is a pioneer of growth-style investing,” said Pedro Marcal. “My team and I were looking for an organization with a similar style and philosophy of growth investing, which we found at Alger. We look forward to expanding Alger’s investments in international markets as we seek to earn superior returns for clients,” added Pedro.

About Fred Alger Management, Inc.

Fred Alger Management, Inc. was founded in 1964 and as of December 31, 2012 managed more than $16 billion. Alger's investment philosophy is focused on discovering companies undergoing Positive Dynamic Change, which we believe offer the best investment opportunities. Alger investment strategies are available to institutional investors through separate accounts and mutual funds and to retail investors through Alger mutual funds. Fred Alger & Company, Incorporated, a broker-dealer and the parent company of Fred Alger Management, Inc. offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com.