Centrus Energy Corp. · NYSE:LEU

Centrus Energy — Usec — Corporate Update (December 2013)

9 slides from Centrus Energy's corporate update, Dec 16, 2013

1. Slide 1: ACP Discussion Materials, August 2013

   CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT A C P D I S C U S S I O N M A T E R I A L S A U G U S T 2 0 1 3 C O N F I D E N T I A L

2. Slide 2: Disclaimer

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT A C P D I S C U S S I O N M A T E R I A L S Disclaimer This presentation contains “forward-looking statements” within the m

3. Slide 3: ACP Situation Overview

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT ACP Situation Overview Economics of nuclear power generation pressured by low power price environment OTHER PR O JECT S T A

4. Slide 4: ACP Situation Overview: Commercialization Plan Status Review

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT A C P D I S C U S S I O N M A T E R I A L S ACP Situation Overview: Commercialization Plan Status Review Commercializing AC

5. Slide 5: ACP Situation Overview: Commercialization Plan Status Review (cont'd)

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT A C P D I S C U S S I O N M A T E R I A L S ACP Situation Overview: Commercialization Plan Status Review (cont’d) PREREQUIS

6. Slide 6: Current Environment: Market Prices

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT A C P D I S C U S S I O N M A T E R I A L S Current Environment: Market Prices The regulatory and political response to the

7. Slide 7: Relative All-In Cost per SWU

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT Relative All-In Cost per SWU On a per-unit basis, smaller plants cost more to build and operate than the 16-train, 3.8 mill

8. Slide 8: Illustrative Equity Returns

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT Remaining Project Cost Optimal Return Enhanced Return Minimum Return A C P D I S C U S S I O N M A T E R I A L S 6 Illustra

9. Slide 9: Relative Equity Returns Considerations

   P R O J E C T U N I T E D CONFIDENTIAL USEC PROPRIETARY INFORMATION SUBJECT TO LONG-TERM CONFIDENTIALITY AGREEMENT ONLY FOR SIGNATORY NOTEHOLDERS UNDER SUCH LONG-TERM AGREEMENT Relative Equity Returns Considerations While no perfectly comparable hurdle rate exists for the unique ACP asset, the cost

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