USEC Announces Retirement of George Rifakes

Wed, 09/22/1999

BETHESDA, Md. - William H. Timbers, Jr., President and Chief Executive Officer of USEC Inc., today announced the retirement of George P. Rifakes, Senior Executive Vice President, effective September 30, 1999. It is anticipated that Mr. Rifakes will provide consulting services to the company following his retirement.

In making the announcement, Timbers said, "George has been with USEC from its inception as a government corporation in 1993 through its privatization in 1998 and transition to the private sector. He has been a leader in establishing the foundation for the commercial principles and the significant prospects of this company. We at USEC have been most fortunate to have benefited from his experience, judgment and business acumen."

Mr. Rifakes said, "The USEC experience was unique, unparalleled in my career and very much appreciated. I am grateful for the opportunity I had to work with many dedicated and talented people."

Before joining USEC, Mr. Rifakes was Vice President of Commonwealth Edison Company in Chicago, Illinois, where he was employed since 1957. He also served as President of the Cotter Corporation, a wholly-owned subsidiary of Commonwealth Edison from 1976 to 1992.

USEC Inc. is the world leader in the sale of uranium fuel enrichment services for commercial nuclear power plants. A global energy company with customers in 13 countries, the Company’s operations employ approximately 4,000 people. With headquarters in Bethesda, Maryland, the Company operates production plants in Kentucky and Ohio.

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Contact:

Charles Yulish (301) 564-3391