13D Filing: Alden Global Capital and Freds Inc (FRED)

Page 8 of 9 – SEC Filing

The Reporting Persons,
as members of a “group” for the purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, may
be deemed the beneficial owner of the Shares directly owned by the other Reporting Persons. Each Reporting Person disclaims beneficial
ownership of such Shares except to the extent of his or its pecuniary interest therein.

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.
Item  6 is hereby amended to add the following:

  On April 21,
2017, Alden and the Issuer entered into the Cooperation Agreement defined and described in Item 4 above and attached as Exhibit
99.1 hereto.

Item 7. Material to be Filed as Exhibits.

Item 7 is hereby amended
to add the following exhibit:

99.1 Cooperation Agreement by and among Alden Global Capital LLC, Strategic Investment Opportunities
LLC, Heath B. Freeman and Fred’s, Inc., dated April 21, 2017.
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