Centrus Appoints Larry B. Cutlip as Vice President of Field Operations

BETHESDA, Md. – Centrus Energy Corp. (NYSE MKT: LEU) announced today Larry B. Cutlip has been appointed vice president, field operations, effective May 23. Mr. Cutlip will lead the Company’s activities at its Tennessee, Ohio, and Kentucky sites. In his new role, Mr. Cutlip will be assuming the duties of Steven Penrod, vice president, American Centrifuge, who will be leaving the Company at the end of June after more than 36 years of company service. Mr. Cutlip will also continue to serve as president of the Company’s wholly owned subsidiary American Centrifuge Manufacturing, LLC.

“Larry has decades of hands-on experience with all facets of the uranium enrichment enterprise, from manufacturing centrifuges to plant operations,” said Daniel B. Poneman, Centrus president and chief executive officer. “He is a strong leader with a steady hand.  With his deep technical background, Larry will ensure that Centrus maintains its preeminence in enrichment technology so that we are prepared to resume commercial enrichment when the time is right.

“We will greatly miss the advice and expertise of Steve after so many years of dedicated service to the company and the country,” said Poneman. “We are thankful that he and Larry have worked closely together for many years and that he has allowed time for a smooth transition of responsibilities prior to his departure.”

Mr. Cutlip has more than 35 years of nuclear experience and has served in several senior operations, engineering and plant management positions at Centrus’ facilities. Most recently, he was deputy director of the American Centrifuge Project, where he oversaw the teams charged with meeting the requirements of the United States Centrifuge Technology Advancement contract with Oak Ridge National Laboratory.

Mr. Cutlip has a long history of successfully leading critical programs for the company, including establishing the manufacturing base for the American Centrifuge program, executing major contract work for the Department of Energy at the Portsmouth Gaseous Diffusion Plant site, and establishing Centrus’ transfer and shipping capabilities at the Paducah Gaseous Diffusion Plant. He has received numerous corporate awards for his accomplishments.

About Centrus Energy Corp.

Centrus Energy Corp. is a trusted supplier of enriched uranium fuel for commercial nuclear power plants in the United States and around the world. Our mission is to provide reliable and competitive fuel goods and services to meet the needs of our customers, consistent with the highest levels of integrity, safety, and security.

###

Contacts:

Media: Jeremy Derryberry (301) 564-3392
Investors: Don Hatcher (301) 564-3460