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CONTACT: FRED'S NAMED TO LIST OF 100
MOST TRUSTWORTHY COMPANIES IN MEMPHIS, Tenn. (March 30, 2007) – Fred's, Inc. (NASDAQ:FRED) today announced that it has been named to the first-ever list of the 100 most trustworthy companies the United States, as compiled by Audit Integrity, a firm that researches corporate governance best practice, and published by Forbes.com. According to Audit Integrity, listed companies "showed the highest degree of accounting transparency and fair dealing to stake-holders during 2006." In developing the list, Audit Integrity constructed an Accounting and Governance Risk score for each company, using financial and non-financial measures designed to monitor the factors associated with fraud or financial misrepresentation. In this listing, Fred's ranked fifth with a governance score of 88 out of a possible 100. No other company on the list received a higher numerical score. Commenting on the announcement, Michael J. Hayes, Chief Executive Officer, said, "We are very pleased and honored to have earned this distinction. We have worked diligently to make good corporate governance and strong ethics as much a part of our company as the strategic and tactical dimensions of our business. We think there is a clear payoff in this, not only for our stockholders, but for our customers, suppliers and others associated with the Fred's brand." Fred's Inc. operates 701 discount
general merchandise stores, including 24 franchised Fred's stores in the
southeastern
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