NEW YORK, May 15 /PRNewswire-FirstCall/ -- The Board of Directors of Castle Convertible Fund, Inc., a closed-end investment company managed by Fred Alger Management, Inc., declared a dividend of $0.17 per share to shareholders of record on June 30, 2006, payable July 17, 2006. Founded in 1964, Fred Alger Management, Inc. is a leading asset management firm employing a bottom-up approach in its attempt to identify the fastest growing companies in their respective sectors. Over four decades, Alger has continued its tradition of independent research and style purity. Fred Alger Management, Inc. offers investment advisory services to separately managed, sub-advised and wrap accounts. Fred Alger & Company, Incorporated offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit http://www.alger.com/. Contact: Fredrick A. Blum Executive Vice President Fred Alger Management, Inc. Tel: (201) 547-3600 DATASOURCE: Fred Alger Management, Inc. CONTACT: Fredrick A. Blum, Executive Vice President, Fred Alger Management, Inc., +1-201-547-3600 Web site: http://www.alger.com/

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