#1Centrus Fueling the Future of Nuclear Power Centrus Energy Corp: Poised for Growth August 2020#2Forward-Looking Statements Disclaimer: Our commentary and responses to your questions may contain forward-looking statements, including our financial projections, and Centrus undertakes no obligation to update any such statement to reflect later developments. Factors that could cause actual results to vary materially from those discussed today include changes in the nuclear energy industry, pricing trends and demand in the uranium and enrichment markets and their impact on our profitability, timing of physical delivery to customers, the competitive environment for our products and services, the impact and potential extended duration of the current supply/demand imbalance in the market for low-enriched uranium, risks related to trade barriers and contract terms that limit our ability to deliver LEU to customers, risks related to actions that may be taken by the U.S. government or other governments that could affect our ability or the ability of our sources of supply to perform under contract obligations, including the imposition of sanctions, restrictions or other requirements, as well as those provided in our most recent Annual Report on Form 10-K and subsequent reports as filed with the SEC. Industry / Market Data: Industry and market data used in this presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. We have not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. Centrus Centrus Proprietary Information 19#3Transaction Overview Centrus Energy Corp. Closing Price (8/11/20) 52 Week Range Shares Out (as of 6/30/20) Market Cap Shelf Offering Estimated Pricing Date Underwriters Use of Proceeds Centrus AMEX:LEU $17.97 $2.95 $19.90 Centrus Proprietary Information - 9.5M $171M $50M Week of August 17, 2020 ROTH Capital Partners Lake Street Capital General corporate purposes, debt/preferred repayment and technology development#4Management Centrus Dan Poneman, President and Chief Executive Officer From 2009 to 2014, Mr. Poneman was the Deputy Secretary of Energy and chief operating officer of the Department; from April 23-May 21, 2013, he served as Acting Secretary of Energy. Earlier, Mr. Poneman served as a principal of the Scowcroft Group for eight years and was a partner in the law firm of Hogan & Hartson. In prior tours in government, Mr. Poneman served as a White House Fellow at the Department of Energy and as Director of Defense Policy and Arms Control for the National Security Council. From 1993 through 1996 he was Special Assistant to the President and Senior Director for Nonproliferation and Export Controls at the National Security Council Philip Strawbridge, SVP, Chief Financial Officer, Chief Administrative Officer, and Treasurer Mr. Strawbridge has served in various executive positions including Chief Financial Officer at Energy Solutions, a nuclear services and technology company, from 2006 to 2010. He was Chief Executive Officer and Chief Operating Officer of BNG America, which provided nuclear waste management services and technology to U.S. Government and commercial clients, from 1999 until BNG America was acquired by Energy Solutions in early 2006. Prior to that Mr. Strawbridge served in various executive positions at OHM/IT Corporation and Fluor Corporation. Larry B. Cutlip, Senior Vice President, Field Operations Mr. Cutlip leads Centrus' activities at its Tennessee, Ohio, and Kentucky sites. Mr. Cutlip also serves as president of the Company's wholly owned subsidiary American Centrifuge Manufacturing, LLC. 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.#5Company History - From Manhattan Project until Today 1940s - 1960s US Government owned and operated uranium enrichment facilities supply HEU to government and later begin providing LEU via commercial sales to the commercial nuclear power industry 1970s The Nixon administration first proposed the privatization of the government's enrichment business 1993 New government agency, United States Uranium Enrichment Corporation (USEC) began operations in July 1993 Centrus 2016 Successfully completed three year demonstration of AC-100 centrifuge technology in Piketon, Ohio. 1998 The U.S. government sold the company USEC Inc., in an initial public offering 2014 Following market collapse caused by Fukushima, USEC required financial restructuring and re-emerged as Centrus Energy Corp., with a stronger balance sheet, new board, and new management 2019 Centrus and DOE signed agreement to allow work to begin on the HALEU project 1993-2013 As agent for US government, USEC marketed LEU through the US-Russia "Megatons to Megawatts" agreement to down-blend HEU from former Soviet nuclear weapons into LEU fuel to power America's civilian nuclear reactors; 20,000 bombs worth converted to peaceful use, providing 10% of US electricity#6America's Nuclear Fuel Technology Company Globally Recognized Supplier of Low-Enriched Uranium (LEU) Fuel 40% global growth in nuclear forecasted by 2040* - Broad supply base provides ability to opportunistically improve supply options based on conditions in the market Long-time supplier to utilities in North America, Asia, and Europe World-class Technical, Engineering, and Manufacturing Capabilities Building the only US uranium enrichment plant licensed to produce HALEU (High-Assay, Low Enriched Uranium) via a $115M cost-share contract - Fuel can be used with existing and next-generation reactors and meets US national security requirements for uranium enrichment - Platform for growth and diversification in areas around manufacturing, fuel, and decommissioning and decontamination services (D&D) Centrus Strong Financial Performance and Cash Flows Consistent cash flow built on $1 billion long-term order book through the end of the decade, including $30+M TTM EBITDA Clear visibility on 2020-2022 that supports continued financial performance * International Atomic Energy Agency Centrus Proprietary Information#7Nuclear Fuel Supplier#8Uranium Enrichment 101 Naturally occurring uranium ore consists of -99% U-238 and just 0.711% of the fissile isotope U-235. Enrichment is the process of raising the U-235 concentration to whatever level is required for a given reactor (see graphic). Enrichment is typically performed using advanced centrifuges that separate the U-235 from the slightly heavier U-238. Uranium Enrichment Levels U-235 Centrus LEU) U-238 6.71154-235 fredyd Today's com Advan U.235 Highly Envished Uranium (HEL) Enrichment is sold as Separative Work Units (SWU), which represent the effort needed to increase the U-235 concentration. Higher enrichment levels require more SWU. The SWU and natural uranium components of Low Enriched Uranium (LEU) can be, and often are, bought and sold independently of one another. Centrus' LEU business segment principally sells SWU but also sells modest quantities of natural uranium.#9Strong Global Growth Expected in Nuclear World Electricity Generation from Nuclear (Million tons of oil equivalent) 2017-2040 1,300 1,200 1,100 1,000 900 BOD 700 600 500 400 300 200 100 。 2017 40% to 90% increase in nuclear -Current Policies -Sustainable Development (limit warming to 2 degrees C) 2019 2021 2023 Centrus 2025 4202 2029 2031 2033 2035 2037 2039 12,000 10,000 8,000 6,000 4,000 2,000 World Power Plant Capacity: Retirements and Additions (GW) 2017-2040 72% more generating capacity needed Proprietary and Confidential Extring Installed Capacity Retrements: Current Policies Scenario Global Market Opportunity: Nuclear, Gas & Renewables -7,500 GWe New Capacity Required With or without new policies to address climate change, carbon-free nuclear energy is projected to continue expanding worldwide to meet the growing need for electricity. Data: International Energy Agency, World Energy Outlook 2018#10Enrichment Market Is Recovering • Reduced clemand, increased inventories, and excess SWU capacity post-Fukushima drove prices to historic lows SWU price is up 40% from low in July/August 2018 and market indicators have steadily increased in 2020 H • More buyers are coming to market Price recovery will depend on continued and extended reactor operations, new builds, Japanese restarts, mine closures, and reduction of existing enrichment capacity, but additional U.S. reactor closures and Chinese enrichment expansion could dampen price recovery H H Centrus was able to leverage a one-time price reset with our largest supplier External SWU price forecasts vary, with some showing flat prices or slow recovery, others showing dramatic recovery in near term 30 Centrus A00-17 4104 RECENT SWU PRICES Jan-20 $120 $40 SWU PRICE FORECASTS -UBC Low Mid Sources: UxC Enrichment Market Outlook for 2 Qtr 2020 Note: Historical SWU Term and Spot Price are average of UxC and TradeTech monthly published prices. 10#11Uncovered Demand is Appearing • Enrichment is typically sold on long-term, multi-year contracts • Open demand is expected to increase after 2020 as many long-term legacy contracts expire • Centrus sales projections assume only a small share of accessible markets (where trade restrictions are limited), with substantial opportunity for further growth 15 10 Global Uncommitted Demand vs. Targeted New Sales (Transaction Tails, Million SWU) Total Worldwide Uncommitted Demand Uncommitted Demand in Accessible Markets Centrus Targeted New Sales 2020 Centrus 2021 2022 2023 2024 Sources: NAC 2018, WNA 2019: Centrus 56 reactors are under construction around the world • Enrichment demand is expected to increase over 40% by 2035. . Even in a flat market, Centrus has headroom for growth and a path to get there 120 100 80 60 40 20 2018 Centrus Proprietary information 2020 Global Demand for Enrichment (Million SWU) -Upper Lower -Reference 2022 2024 2026 2028 2030 2032 2036 2034 2038 2040 Source: World Nuclear Association, 2019#12Global Leader in LEU Markets Global Network of Enriched Uranium Suppliers Centrus Utility Customers U.S., Asia, Europe $18 Order Book Through 2028 • The four largest LEU suppliers comprise >95% of global market share combined Rosatom, a Russian government entity, which sells LEU through its wholly-owned subsidiary TENEX, • Urenco, a consortium owned/controlled by the British/Dutch governments and two German utilities, Centrus • Orano, a French government-owned company formerly known as AREVA, and • China Nuclear Energy Industry Corporation ("CNEIC"), a Chinese government-owned company With no production facilities, Centrus is able to leverage its strong legacy, industry-wide relationships, and diversity of supply to provide reliable and competitively-priced sources of nuclear fuel 12#13Centrus LEU Supply Contracts • The company has a diverse base of supply that includes inventory, medium- and long- term supply contracts, and spot purchases • Centrus has long-term supply contracts for SWU with TENEX and Orano . These contracts include a fixed and discount-to-market price components • TENEX supplies LEU under The Transition Supply Agreement, which runs through 2028 but remains subject to US-Russia trade agreement that established quotas limiting Russian imports • Current agreement is set to expire in December 2020, but US Department of Commerce initiated a review and has on-going negotiations to extend and modify the quotas limiting imports. There is no assurance that negotiations will result in favorable quotas. • A one-time market-related price reset with TENEX in 2018, which was applied to purchases in 2019 and beyond, had a dramatically positive impact on the company's financial results beginning Q3 of 2019 Centrus 13#14Offtake Partners Supply SWU and uranium to leading US, Japanese and European utilities • Have business relationships with >35 nuclear operators in the US, Asia, and Europe Leading customers include Exelon, Dominion Energy, Florida Power & Light, and Synatom Global Network of Enriched Uranium Suppliers Centrus Utility Customers: U.S., Asia, Europe $18 Order Book Through 2028 • Sales of SWU and uranium to utilities generate strong cash flows and gross margin • Q1-Q2 2020: $61.7M revenue and $29.5M gross profit in LEU segment (this figure excludes $32.4M that Centrus collected as part of a customer's bankruptcy proceeding) Centrus • $1 billion order book (including approximately $300 million of deferred revenue) with contracts extending to the end of the decade • Due to the nature of the long-term contracts in our order book, we have visibility on a significant portion of our revenue for 2020-2022 in the LEU segment#15Centrus Nuclear Fuel Supplier 15#16Domestic Uranium Enrichment Capability Required • The last of America's Cold War-era enrichment plants shut down in 2013. • Longstanding U.S. policy and nonproliferation treaty obligations prohibit the use of foreign enrichment technologies for national security purposes. A domestic technology - like the one Centrus has developed - is required. • April 2020 report from the White House Nuclear Fuel Working Group calls for "immediate action to support U.S. uranium mining and restore the viability of the entire front-end of the nuclear fuel cycle." • Proposes a $150M/yr uranium reserve starting in 2021. By 2023, the initiative could be expanded to include direct purchases of domestic uranium enrichment. Centrus U.S. Nuclear Deterrent Low Enriched Uranium (LEU) to produce tritium, which has a 12.5-year holf-life and is a critical component in warheads. Naval Reactor Fuel Highly Enriched Uranium (HEU) for the U.S. submarine and carrier fleet. Proprietary and Confidential Nonproliferation & Nuclear Security High Assay Low Enriched Uranium (HALEU) to replace HEU in research reactors, reducing a key proliferation/terrorism risk U.S. Military Micro-Reactors HALEU fuel for micro-reactors under new initiative from DOD's Strategic Capabilities Office.#17Pioneering High-Assay, Low Enriched Uranium (HALEU) What is HALEU? Potential HALEU Requirements from Advanced Reactors MTU HALEU (19.75%-equivalent) HALEU is uranium that has been enriched in U- 235 up to 20%, compared to the 4-5% level used in today's commercial reactors • Higher U-235 concentration = smaller fuel cores, smaller reactors, more efficient fuel consumption, longer periods between refueling, and reduced waste production. Centrus HALEU Enrichment Plant • Under a contract with the U.S. Department of Energy, Centrus is building the only U.S. facility that will be licensed to produce HALEU 80/20 USG-Centrus cost-share, with USG contribution capped at $115MM Leverages proven centrifuge technology Scheduled completion 2022 and will have a NRC license to enrich up to 20% • Initial capacity is demonstration scale - enough to fuel 1-2 small reactors- but can be expanded modularly to meet any level of demand Centrus Metric Tone HALEU (MTU) **** US DOMs High Temp Gas Reactors Chart does not include potential HALEU demand for accident- tolerant fuel designs for existing reactors (up to 500 MTUy HALEU) U.S. Department of Energy Centrus AC100 centrifuge design is the "most advanced," "least risk" option to meet U.S. national security requirements#18HALEU: Three Primary Markets U.S. Military Mobile Nuclear Power Plants Mid 2020s P. DoD Pele Project: prototype reactor by 2023 fueled by HALEU TRISO 100+ reactors possible Large fuel core; lasts 3-20 years without refueling Requires domestic enrichment & fabrication technology Centrus Company estimate prietary information Micro-Reactors for Remote Locations Mid 2020s Micro-reactors (1-10 MW) ideal for isolated locations where diesel generation is extremely expensive (rural Alaska, Islands, etc.) Lifetime core (20+ years) requires large quantity of fuel up front Advanced Reactors Late 2020s Security Building Coling Towen Provide grid-scale carbon- free power Replace aging fossil fuel and existing nuclear plants Continuous refueling in some cases 18#19Technology, Manufacturing and Engineering Leader 11#20Leveraging Technical Strengths to Grow and Diversify Project management, engineering, technical, and waste management support to domestic and international projects, including decontamination of nuclear facilities and de-classification support. Centrus 440,000 sq. foot manufacturing facility in Oak: Ridge, Tennessee capable of producing classified and unclassified high-precision parts, for customers in high-consequence industries (nuclear, defense, aerospace) Contract work for U.S. National Laboratories and other public and private sector customers. Recent success managing large, complex capital projects 120 Centrifuge cascade (2014-2016) Advanced centrifuge testing and demonstration for ORNL (2016-2018) Piketon cascade D&D (2016-2018) DOE/Oak Ridge D&D contract (2018-2019) Centrus Proprietary information On time On budget 28#21Pursuing Four Key Avenues of Growth Enrichment • Deploy a 16-machine cascade under the HALEU demonstration program Seek offtake commitments to support build-out of at least a 120-machine cascade for HALEU production for commercial and government advanced reactor deployments Develop Next Generation (NeXGen) enrichment technology designed to reduce capital costs of future deployment Modular design permits expansion as demand requires and permits deploying latest technology Provide HALEU for next-generation reactor fuel for government and commercial use Supply Chain Integration Expand vertically in nuclear fuel supply chain, e.g., deconversion, fuel fabrication Manufacturing Produce classified and unclassified high-precision parts, focused on HALEU requirements and customers in high-consequence industries (nuclear, defense, aerospace) Supply chain integration Centrus Pueding the Parkan D&D Centrus Proprietary Information Enrichment Decommissioning & Decontamination Services Provide project management, engineering, technical, and waste management support to domestic and international projects Manufacturing Focus on work in a classified environment and customers requiring decontamination of nuclear facilities and de- classification support#22Financial Summary: Income Statement Forte Fiscal Period Ending Curncy USD $1,000,000 Bwwwmum +Technical Solutions Gross Profet-Total Gross Margin-Total Gross Profit-"Pro-loma" LEU Segment |***| Total OtherOperating Expense Adjusted EBITDA Centrus Puelling the Future) Noter 01 LSD P (32) (213) 4 01 102 (45) 10.3 155 ⠀⠀ 218 COM Dec-31-201 - 124 17 18 01 SOLT Centrus Proprietary Information 20 17.4 ⠀. #02019 Technical Solutions cost of goods sold indudes $18.3 million of total project loss for HALEU (**) Represens $32. 4 million collected in 20, 2020 as part of a customer's bankruptcy proceeding (***) Pro-toma includes Separate Work Units and Uranium, excluding one-time itemi Jun-30-2020 FEL 121 0.7 10.5 13.7 KEY POINTS AND TRENDS: LEU supply contract price reset in 2018-positive impact begins to show in Q32019 financials 1 . . Price reset leads to adjusted EBITDA of $32.5 million for the trailing twelve months We expect our revenue in the 3Q20 to be lower than our 2Q 20 due to timing of deliveries We anticipate that our 4Q20 revenue and gross margin in the LEU segment will be higher than our 2020, as we typically have more deliveries in 4Q (excluding the one-time claim settlement in 2Q20) >$32 million in TTM adjusted EBITDA We anticipate FY21 and FY22 LEU segment revenues to be slightly higher and gross margin to be similar to FY20, based on our current order book and under current market conditions (excluding the one-time claim settlement in 2Q20)#23Financial Summary: Capital Structure Key Balance Sheet Components $119 million cash at June 30, 2020 $74 million notes due 2027 (8.25%); no other debt (Notes have a carrying value of $111 million as of 6/30/2020 including capitalized interest) Preferred stock (8%) with liquidation preference of $131 million as of June 30, 2020 $890 million in tax NOLs Centrus Centrus Proprietary Information#24Centrus Energy: an Outstanding Opportunity World's most diversified supplier of enriched uranium fuel to utilities in North America, Asia, and Europe, with extensive relationships in U.S. and global nuclear markets Opportunity to capitalize as global demand grows in the next 10 years The US Government's Nuclear Fuel Working Group sign and Advanced Reactor Development Program signals major opportunity in HALEU fuel for Advanced Reactors Strong customer value proposition and world class technical, engineering, and manufacturing capabilities provide platform for growth Integrated supplier of domestic HALEU fuel for national security and commercial purposes Centrus Centrus Proprietary Information.#25Financial Summary: EBITDA Calculation For the Fiscal Period Ending Currency USD $1,000,000 Not Income Add Back: + Restructuring Changes + Gaini (Loss) On Sale of Assets *Non-operating components of nel periodic benelt exp. (inc.) + Interest Expense Subtotal Operating Income + Depreciation *Amortization of Goodwill and Intangible Subtotal Depreciation and Amortization EBITDA Centrus Actual Mar-31-2019 USD (0.1) (0.4) 0.2 02 USD (0.1) 1.3 Sep-30-2019 USD Centrus Proprietary Information 0.9 0.9 21.7 1.9 USD 0.1 2.5 Actual 01 USD 11.3 0.1 0.1 10.3 USD 33.7 105) 31.0 32.9