Capital Markets Winter 2021

Road to Recovery and Beyond

“The journey is the reward.” – Steve Jobs

With large amounts of monetary and fiscal stimulus as well as new vaccines, we believe the global economy has embarked on the path to recovery and could potentially hit a new peak in real GDP sometime this year. While forecasting the speed of the journey is difficult, the expansion will be long and there is considerable opportunity for growth along the way, in our view. In this presentation, we elaborate on the drivers of our optimism and detail how much progress may be yet to come. However, we do believe that this economic road to recovery and beyond will be different. We will not return to where we were, rather we will arrive at a new destination. The recession was caused by a pandemic, a very rare event. As a result, the reactions and responses of society and business have been unique, and the way the world will adapt will be as well. At Alger, we believe there will be lasting change from the pandemic recession of 2020. Over the past year, the world has dramatically accelerated its digital transformation, making the enduring themes we discuss in this presentation even more important and impactful. We believe that new ways of interacting with each other have forever changed the way business is done. From this transformation both corporate winners and losers will emerge. Within this evolving environment, Alger’s job of identifying companies that we believe will thrive in the future remains constant.

Daniel C. Chung, CFA Chief Executive Officer Chief Investment Officer

Brad Neuman, CFA Senior Vice President Director of Market Strategy

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