Michael J. Hayes

Chief Executive Officer of Fred's, Inc. Michael J. Hayes was elected a director of the Company in January 1987 and has been a Managing Director of the Company since October 1989. Mr. Hayes has been Chief Executive Officer since October 1989. He was previously employed by Oppenheimer & Company, Inc. in various capacities from 1976 to 1985, including Managing Director and Executive Vice President - Corporate Finance and Financial Services.

John R. Eisenman

John R. Eisenman is involved in real estate investment. Mr. Eisenman has been engaged in commercial and industrial real estate brokerage and development since 1983. Previously, he founded and served as President of Sally's, a chain of fast food restaurants, from 1976 to 1983, and prior thereto held various management positions in manufacturing and in securities brokerage. Mr. Eisenman has served as a director since the Company's initial public offering in March 1992.

Roger T. Knox

Roger T. Knox has served the Memphis Zoological Society as its President and Chief Executive Officer since January 1989. Mr. Knox was the President and Chief Operating Officer of Goldsmith's Department Stores, Inc. (a full-line department store in Memphis and Jackson, Tennessee) from 1983 to 1989 and its Chairman of the Board and Chief Executive Officer from 1987 to 1989. Prior thereto, Mr. Knox was with Foley's Department Stores in Houston, Texas for 20 years. Mr. Knox has served as a director since the Company's initial public offering in March 1992. Additionally, Mr. Knox is a director of Hancock Fabrics, Inc.

Michael T. McMillan

Michael T. McMillan, named to the Company's Board in February 2007, currently serves as Director of Sales Operations for Pepsi-Cola North America, a Division of PepsiCo, where he has spent the last 22 years in various roles including marketing, sales, franchise development, and general management of its bottling operations.

B. Mary McNabb

Mary McNabb, named to the Board in April 2005, currently is an executive vice president and a director of The Mowbray Group, a California-based retail consulting firm that specializes in problem-solving, cost reductions, importing, and inventory management. Ms. McNabb was formerly executive vice president of merchandising and marketing for Factory 2-U, vice president of sourcing for S-Q of California, and West Coast manager/buyer for One Price Clothing, Inc.

John D. Reier

John D. Reier joined Fred's as President in April 1999 and was named to the Company's Board of Directors in August 2000. Mr. Reier's career in retailing extends more than 31 years, with over 22 years of that experience in the discount store industry. His prior experience included President and COO of Family Dollar Stores, President and CEO of Sunny's Great Outdoors.

Thomas J. Tashjian

Thomas J. Tashjian is now a private investor. Between 1996 and 2001, Mr. Tashjian served as a managing director and consumer group leader at Banc of America Montgomery Securities in San Francisco, where he provided the firm's views on the retailing industry. Prior to that, he held similar positions at First Manhattan Company, Seidler Companies, and Prudential Securities. His earlier retail operating experience was in discount retailing at the Ayrway Stores, which were acquired by Target, and in the restaurant business at Noble Roman's.

Executive Officers

Michael J. Hayes

Chief Executive Officer

Bruce A. Efird

President

Jerry A. Shore

Executive Vice President and Chief Financial Officer

John A. Casey

Executive Vice President - Pharmacy Acquisitions

Rick A. Chambers

Executive Vice President - Pharmacy Operations

Dennis K. Curtis

Executive Vice President - Store Operations

James R. Fennema

Executive Vice President and General Merchandise Manager

Charles S. Vail

Corporate Secretary, Vice President - Legal Services and General Counsel