NEW YORK, May 24 /PRNewswire/ -- The Board of Directors of Castle Convertible Fund, Inc., a closed-end investment company managed by Fred Alger Management, Inc., declared a dividend on May 22, 2007 of $0.17 per share to shareholders of record on June 29, 2007, payable July 16, 2007. About Fred Alger Management 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. For more than 40 years, Alger has followed a rigorous process, a consistent approach, and a core philosophy: find dynamic, innovative companies creating change and invest in them. Fred Alger Management 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: Michael D. Martins Senior Vice President Fred Alger Management, Inc. Tel: (201) 547-3600 DATASOURCE: Castle Convertible Fund, Inc. CONTACT: Michael D. Martins, Senior Vice President of Fred Alger Management, Inc., +1-201-547-3600 Web site: http://www.alger.com/

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