Standard & Poor’s grants EFG-Hermes MEDA Fund ‘AA’ rating

Egypt: Monday, October 29 - 2007 @ 09:21

With a distinguished track record dating to 1999, the EFG-Hermes MEDA Fund has achieved a 25.2% year-to-date (YTD) return and is one of the best performing funds in the region.

In its report on the fund Standard and Poor’s expresses the opinion that, “the fund is among the very few in the region with a track record that spans over five years and it has achieved very strong performance across a variety of markets,” and concludes with “(it) comfortably achieves a AA rating.”

In addition, the EFG-Hermes Telecom Fund achieved a Standard & Poor’s “A” rating. Launched in 2000, the EFG-Hermes Telecom Fund is focused on long term capital appreciation though investments in telecommunications, media, and technology-related companies in the Middle East and Africa, and has achieved a 22.1% YTD return.

Commenting on the ratings, Hashem Montasser, Head of Regional Asset Management at EFG-Hermes said:

“The ratings vindicate a research-based, fundamentally driven investment approach which recognizes significant value in the region. Both these Funds have outperformed their peer group over the years, and our markets generally remain attractively priced given the asset quality, growth and profitability, which bodes well for continued robust performance.”

“The TMT sector in our mandate continues to be one of the fastest growing in the world and the impact of sweeping liberalization, competition and increased M&A activity makes this an interesting proposition going forward”, he added.

In September 2007, the EFG-Hermes Egypt Fund, listed by the International Herald Tribune as the best performing Fund worldwide for three consecutive years, was also granted an “AA” rating by Standard & Poor’s.

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Monday, October 29- 2007 @ 9:21 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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