Annapolis, MD (June 13, 2008) - In recognition of his commitment to expanding opportunity for Maryland's minority and women owned businesses, Comptroller Peter Franchot was honored with "The Most Distinguished Person in Minority Business Enterprise (MBE) Award" by the Maryland Washington Minority Contractors' Association (MWMCA) at its Fifth Annual Spring Breakfast.

"Comptroller Franchot's record on supporting Maryland's minority-owned businesses is unmatched, as he is a constant advocate of meeting or exceeding the state's minimum goal of 25% MBE participation with each state contract," said Wayne Frazier, President of the MWMCA. "We look forward to working together with the Comptroller for many years as we continue to create new opportunities for the next generation of entrepreneurs."

"I am extremely honored to receive this award from such a distinguished organization. Over the past eighteen months, we have seen what we can accomplish as a state if we expect and demand more from ourselves," said Comptroller Franchot. "Expanding the pool of certified and qualified entrepreneurs not only makes good fiscal sense, it is also the right thing to do. I applaud the work of President Wayne Frazier and all the members of the MWMCA in fighting for greater MBE participation and inclusion all projects throughout Maryland."

The MWMCA is one of Maryland's largest organizations for minority businesses owners. Its mission is to provide education, and technical assistance as well as to promote greater inclusiveness and opportunities for its members. As one of three votes on the Board of Public Works, Franchot has partnered with associations such as the MWMCA and allies on the Board of Public Works to ensure that the state of Maryland fulfills its goal of at least 25% MBE participation in every state contract.

The MWMCA highlighted the Comptroller's record on minority and women owned businesses, including:

• Creating the dynamic that led to the Microsoft agreement to work towards more inclusion in its business practices. Franchot twice blocked the passage of the original $55 million software contract presented to the Board, which included only 1% MBE participation.



• Successfully pushing for legislation this past session which holds state agencies responsible for the management of funds to attempt to use minority business enterprise brokerage and investment management services firms and requiring the entities to adopt specified guidelines and to submit an annual report updating their use of minority firms.



• Joining with Governor Martin O'Malley at their first-ever Board meeting to establish a new tone and raise expectations for fulfilling the state's goal of expanding opportunities for MBE companies across Maryland.



• Receiving the 2007 Minority Business Advocacy Award from BMORE News.com and the 2007 First Annual Distinguished Partners Award from the National Association of Securities Professionals for his leadership in increasing MBE participation.

In looking to build upon these successes, Franchot pledged to continue being an outspoken advocate for increased MBE participation as a part of his overall strategy for strengthening Maryland's hard-earned reputation as a business-friendly state.

"As a leader in the knowledge-based economy, Maryland owes much of its success to its diverse and vibrant business community. We can no longer afford to be satisfied with the status quo when it comes to MBE participation in state contracts. I will always ask the tough questions to ensure that we uphold the values which define us as a state and make the 'Maryland brand' the envy of other states across the country," said Comptroller Franchot.

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CONTACT: Joseph Shapiro, 410-260-7305 (office), 443-871-2244 (cell)