On August 14, 2017, Fred’s, Inc. announced that it has appointed Heath Freeman, President and Founding Member of Alden Global Capital LLC, to its Board of Directors, effective at its next scheduled meeting, which is expected to be held on or before August 29, 2017. The Company added that Heath Freeman is being added to the Fred’s Board in connection with the execution of an amended and restated cooperation agreement between Alden and Fred’s, dated August 11, 2017. The amended and restated cooperation agreement extends the term of the parties’ agreement into 2019 and contains updated terms regarding the parties’ collaborative efforts to maximize value for Fred’s shareholders.