Press Release

For Immediate Release

June 15, 2005

Contact: 202-521-3850

Email: info@mcc.gov

Millennium Challenge Corporation CEO Paul Applegarth Announces He Plans To Step Down in Future

Washington, D.C.  Paul V. Applegarth, Chief Executive Officer of the Millennium Challenge Corporation, announced tonight that he has sent the attached letter to President Bush and advised MCC’s Board Chair, Secretary of State Condoleezza Rice, that he plans to step down as CEO at a time of mutual convenience in order to ensure a smooth transition.

Mr. Applegarth added, MCC’s mission of reducing poverty through growth, and making long-term development assistance more effective, is incredibly important. It is also never easy to leave something you helped create, and people you admire and respect.

However, what was a dream a year and a half ago is now a solid organization. I look forward to reintroducing myself to my wife and daughters. I also have to admit that another part of me will be very pleased on the first Monday that I’m not on the 6:30 AM flight from White Plains to Washington .

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Millennium Challenge Corporation (MCC), a U.S. government corporation designed to work with some of the poorest countries in the world, is based on the principle that aid is most effective when it reinforces good governance, economic freedom, and investments in people that promote economic growth and elimination of extreme poverty.