LADOCS1 - #97049v40 /0

E S l tiEnergySolutions

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February 2009February 2009

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Forward-Looking Statements DisclaimerThis presentation contains forward-looking statements that involve substantial risksand uncertainties. You can identify forward-looking statements by words such asanticipate, believe, could, estimate, expect, intend, may, plan, should, will, would orsimilar words. You should consider these statements carefully because they discussour plans, targets, strategies, prospects and expectations concerning our business,operating results, financial condition and other similar matters. We believe that it isimportant to communicate our future expectations to our investors There may beimportant to communicate our future expectations to our investors. There may beevents in the future, however, that we are not able to predict accurately or control. Ouractual results may differ materially from the expectations we describe in our forwardlooking statements. Factors or events that could cause our actual results to materiallyg ydiffer may emerge from time to time, and it is not possible for us to accurately predictall of them. Before you invest in our common stock, you should be aware that theoccurrence of any such event could have a material adverse effect on our business,results of operation and financial position. Any forward-looking statement made by usin this presentation speaks only as of the date on which we make it. We undertake noobligation to update or revise any forward-looking statements, whether as a result ofnew information future events or otherwise except as required by law

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new information, future events or otherwise, except as required by law.

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The “Nuclear Fuel Cycle”

“FRONT END”

Uranium Mining & Fuel Fabrication /Conversion to UF6Uranium Mining & Milling Enrichment Fuel Fabrication /

Engineering

Nuclear Reactor Produces Electricity and/or Materials

Reprocessing

“BACK END”

Specialized Nuclear Spent Fuel Storage / DecontaminationLogistics, Processing &

Spent Fuel Management/ ServicesTransport. Services& DecommissioningProcessing &

DisposalManagement/

Recycling

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Nuclear Services “Pure-Play”

Sector Company Nuclear Sector Focus

Uranium Mining & Milling

Conversionto UF6 Enrichment Fuel

Fabrication Plant

Engineering Nuclear Reactor

Operation

Specialized Nuclear Services

Spent Fuel Management

Spent FuelRecycling

Decontam.& Decomm.

Logistics, Processing &

Disposal g p p

Areva (France)

Cameco (Canada)

clea

r Pro

duct

s /

Serv

ices

USEC

Bechtel

Fluor

Nuc

nstr

uctio

n

Jacobs Engineering

McDermott (BWXT)

Shaw Group

Washington Group Engi

neer

ing

& C

on

* Washington Group

GE / Hitachi

MHI (Japan)

Toshiba (Japan)

Rea

ctor

Eq

uipm

ent

4

( p )

100% of our revenues are derived from the provision of nuclear services.

* Part of URS Corporation as of November 2007.

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A Leading Provider of Technology-Based Nuclear Services

Federal Services

Logistics, Processing & Disposal Services (LP&D)

T h l d j tUnique off site processing Technology and project management leader

Significant DOE bidding cycle

Unique off-site processing and disposal

Significant capacity

Crown jewel asset GNEPLife-of-plant contracts

Commercial Services International

Existing on-site services Strong presence in the U.K.Reactor D&D

Large components

License stewardship

Reactor operation

Opportunities in diverse geographies including Canada Europe Russia and

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Canada, Europe, Russia and Far East

Logistics, Processing & Disposal Services

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Off-Site Logistics, Processing & Disposal Services

LP&D differentiates EnergySolutions from all other providers

Logistics Processing Disposal

Encompasses all aspects of complex planning and transportation of radioactive materialsDedicated fleet of tractors

Operates multiple processing facilities in South Carolina and Tennessee

The most diverse capabilities in

Owns the largest commercial radioactive disposal facility for Class A LLRW in the U.S. Located in Clive, UT

Dedicated fleet of tractors, trailers, railcars and shipping containers

The most diverse capabilities in the U.S. for handling, treating and processing of radioactive materials

Operates the Barnwell, SC facility pursuant to a long-term lease with the state. The facility receives Class A, B, and C LLRW from Atlantic Compact only

Memphis, TN Operations

Bear Creek Operations,Oak Ridge, TN

Clive, UT Disposal Site

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Operations

Gallaher Operations, Kingston, TN

Manufacturing Sciences Corp, Oak Ridge, TN

Barnwell Disposal,Barnwell, SC

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“Life-of-Plant” Contracts Are Visible Sources of Long-Term RevenueApproximately 80% of operating reactors in the U.S. are “life-of-plant” customers of EnergySolutions

Life-of-plant (“LOP”) contracts provide customers with ongoing processing & disposal services for the remaining lives of their nuclear plants, as well as D&D disposal when the plants are shutdown

CUSTOMERNO. OF

OPERATING REACTORS

CAPACITY IN MWE

Signed Agreement

g p p p

St bl f i

Benefit to EnergySolutions

Signed AgreementAmerenUE 1 1,137Arizona Public Service 3 3,825Constellation 5 3,957Detroit Edison 1 (1) 1,111Dominion 7 6,003Duke 7 6,996Entergy 11 9 903

Stable source of recurring revenueSecure long-term relationships with important utility customers

Entergy 11 9,903Exelon 17 (2) 17,362FirstEnergy 4 3,760Florida Power and Light Co. 8 5,984Nebraska Public Power 1 757Omaha Public Power 1 476Progress 5 4,131S th C lif i Edi 2 2 150Guaranteed disposal capacity

Benefit to Customers

Southern California Edison 2 2,150Southern Nuclear Operating 6 5,715STP 2 2,560TXU 2 2,208Wolf Creek 1 1,165

Total 84 79,200(1) Excludes Fermi-1.

Guaranteed disposal capacityAccurate identification of D&D costs

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( )(2) Excludes tw o Zion reactors.

LOP contracts provide a visible stream of complementary, high-margin revenue to our LP&D business segment.

Commercial Services

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Broad Range of Services at U.S. Nuclear Plants and Other Commercial Facilities

Locations of 104 Operating Nuclear Power Reactors in the U.S.

In-plant services

Liquid waste processingLiquid waste processing

Radioactive materials management

Fuel pool services

WA

IDOR

MT

WY

MN

ND

SD WI

ME

MI

NH

NY

VT

MARI

1

33

42

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Technology based solutions

Large component disposal

CA

NV

AZ

CO

NM

UT

WY

KS

OK

IL

INIANE

AR

KYMO

TNNC

SC

VA

OH

CTMI NY

PANJ

MDWV

RI

DENJ

4

3

2

1

3

1

1

2

11

3 7

5

42

9

2

42

License stewardship

13 shut down reactors

Zi t t d i D b 2007

ALTX

MS

LA

FL

GA SC

4

2

2 1 5

5

4

Source: Nuclear Regulatory Commission.

Zion contract award in December 2007Operating ReactorNumber of Operating Nuclear Power Reactors/State

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License Stewardship A New Approach to D&D

EnergySolutions’ proprietary business model for decommissioning projects is a radically new turn-key D&D solution that is highly attractive to existing owners of shutdown plants

Cost certainty

Accelerated site restoration

Benefit to the Utility Owner Shutdown Reactor Locations

Indian Point 1 Millstone 1Big Rock Point

Indian Point 1 Millstone 1Big Rock Point

Accelerated site restoration

Demonstration of commitment to environmental responsibility

Benefit to EnergySolutions

Dresden 1Fermi 1

GE VBWR

Humboldt Bay 3LaCrosse

Zion 1 & 2

Peach Bottom 1Rancho Seco

Three Mile Island

Dresden 1Fermi 1

GE VBWR

Humboldt Bay 3LaCrosse

Zion 1 & 2

Peach Bottom 1Rancho Seco

Three Mile Island

Revenue visibility

Opportunity to realize cost and time efficiencies

Benefit to EnergySolutionsCVTR

SONGS 1

CVTR

SONGS 1

efficiencies

Disposal facility ownership mitigates key project risk

The decommissioning funds for plants in SAFSTOR (nuclear plant in retirement) exceed $3 billion and represent a significant D&D opportunity

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EnergySolutions is the only company capable of providing this solution given our integrated disposal facilities.

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Zion Project UpdateLicense Stewardship

P t t thi t d bj t t NRC d th l t l th C ill

In December 2007 we entered into a license stewardship agreement for the decommissioning of Exelon's two reactors in Zion, IL

Pursuant to this agreement, and subject to NRC and other regulatory approvals, the Company will become the NRC licensee and assume full responsibility for decommissioning and site restoration

Key Highlights: Zion 1 and 2 ReactorsKey Highlights:

Sole source (approx. $1B) contract over approx. ten years – a first in the nuclear services industry

EnergySolutions will be compensated from the Zion D&D trust fund

Unique opportunity to bulk ship waste to the Clive facility, expediting the clean-up effort and

d i lif i dreducing lifetime costs compared to conventional approaches

Provides a template for other license stewardship opportunities in the U.S.

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Remediated site will be returned to Exelon upon completion of the project

Federal Services

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Highly Customized Nuclear Services Solutions for Unique DOE and Federal Projects

Facility operations

Location of Major DOE and DOD Nuclear Sites Nuclear Services Provided

S l t d E S l ti ’ O it F d l P j t

Materials management

Recycling and equipment disposition

Professional engineering services

Puget SoundNaval Shipyard

Argonne-West (2)LawrenceBerkeley

L b LawrenceRMI

PETC

Knolls AtomicPower Lab

SPRUMIT

Brookhaven

RPI

INL

HanfordWest Valley

Selected EnergySolutions’ On-site Federal Projects

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On-site environmental and technology-driven management services on large projects

Radioactive materials preparation profiling

Princeton PlasmaPhysics Lab

Lab LEHRLawrenceLivermore

National Lab

SLAC

Sandia National Lab – LivermoreETEC

MareIslandNaval

Shipyard GJPO

Pantex Plant

Ames Fermi Lab

Argonne – EastMound Plant

Paducah

Bettis

BrookhavenNational Lab

EML

Aberdeen ProvingGround

Newport NewsShipbuilding

Norfolk NavalShipyard

BatteleColumbus

Oak Ridge

Fernald

Rocky Flats

Nevada TestSite Los Alamos

MoabYucca

Mountain

Radioactive materials preparation, profiling, processing, treatment and disposal

Transportation and logistics

Emergency response

Rocketdyne

General Atomics Sandia NationalLab – Albuquerque

Inhalation ToxicologyResearch Institute

PortsmouthSavannah River Site

Source: DOE.

Pinellas Plant

Y-12

g y p

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Success in the Federal market is driven by access to applied technology and proven project management credentials – areas where EnergySolutions is a leader.

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Federal Services Momentum –Recent Tier 1 Win at Hanford

Ke Highlights

In May 2008 EnergySolutions was awarded a Tier 1 contract valued at $7.1 billion (over ten years) to clean up and close nuclear waste stored in tanks at the Hanford site in Washington

Structured as a 5 year base period with option to extend up to an additional 5 years

EnergySolutions has 40% interest in

Key Highlights

EnergySolutions has 40% interest in contracting consortium

Consortium will safely maintain the 177 underground tanks (stored in 18 farms) while conducting final retrieval and transfer of the waste and closure of the tanks

Key factors in Win:

Capital and human resources necessary to perform as a Tier 1 contractorperform as a Tier 1 contractor

Pre-existing knowledge of the Hanford Tanks site through previous on-site work

Significant operational know-how and

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engineering and technology (E&T) expertise

Highly qualified key personnel

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Approximately $19.7 billion of Near-Term Prime Contracting Opportunities with the DOE

EnergySolutions is well-positioned for upcoming DOE prime contract awards:

Strong existing relationship with the DOE

Extensive experience on DOE sites due for re-bid

Critical mass and technological know-how to be a lead prime / Tier 1 contractor

($ in billions)

Expected Federal Contract Opportunities

Estimated Contract

Value

ES On-Site Experience

Adv. Mixed Waste Treatment Plant $0.6 X$Paducah Remediation $0.4 X

Portsmouth D&D $1.4 XPantex M&O $5.0 XWaste Isolation Pilot Plant $1.5 XY-12 Plant M&O $7.5 XY 12 Plant M&O $7.5 XOak Ridge Disposition Program $1.7 XPaducah D&D $1.6 XTOTAL $19.7

Source: Estimated contract value is based on our internal estimates using public DOE data

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and DOE announcements. The DOE typically awards five-year contracts with five-year extensions.

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Long-Term Opportunity in Recycling of Spent Nuclear Fuel

EnergySolutions is the exclusive owner of BNFL’s spent fuel recycling technology in the U.S., Canada and Mexico

EnergySolutions was one of three companies chosen by the DOE to evaluate potential l ti f l f l li t d d d li tlocations for a nuclear fuel recycling center and an advanced recycling reactor

The Company has received $13.2 million from the DOE to perform Global Nuclear Energy Partnership (GNEP) Deployment Studies, more than any other team involved in the project

Current“Once Through”

Process

Recycling Spent Nuclear Fuel

S t F lExistingNuclearReactor

NuclearWaste

ExistingNuclearReactor

Recyclingand Fuel

FabricationFacilities

Fuel SpectrumReactorsSpent

FuelNewFuel

NuclearW t

Spent Fuel

GeologicRepository

(Yucca Mountain)Geologic

Repository

Waste

Above: EnergySolutions’ vitrified product store design can hold the entire volume of high level waste by products from

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Source: U.S. Government Printing Office.

Repository hold the entire volume of high-level waste by-products from the potential recycling of all the existing fuel in the U.S.

International Services

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Comprehensive Nuclear Services for the U.K. Government

NDA Contracts Bring Significant Additional

EnergySolutions manages 10 sites with 22 nuclear reactors for the U.K.’s Nuclear Decommissioning Authority (“NDA”), providing reactor operation, defueling and decommissioning services

High profit and cash flow contractsBase fee

NDA Contracts Bring Significant Additional Value to EnergySolutions …

HunterstonDecommissioning

Incentive fee

Contracted visible revenue stream

Extremely talented employee pool in a resource-constrained industry

ChapelcrossDefueling

SizewellWylfa

Operatingresource constrained industry

Reactor operation experience expands the scope of future project opportunities

Contracted through March 2013

Defueling

BerkeleyDecommissioning

TrawsfynyddDecommissioning

... With Limited Liability Exposure

Ownership of Magnox reactors, reactor employees’ benefits and nuclear-related

BradwellDecommissioning

DungenessDefuelingHinkley

Decommissioning

OldburyOperating

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p yliabilities remain with the NDA

Cost-plus contract structure

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Strong Platform for Growth within the U.K.and Beyond

EnergySolutions is well-positioned for significant government nuclear clean-up contract opportunities as well as operation, maintenance and decommissioning of nuclear reactors across the U.K. and beyond

NDA is overseeing clean-up of all nuclear facilities in the U.K.

Total clean-up cost is estimated at £64 billion

(£ in billions)

Site 5-yr Oppn. Tier I Tier IIDounreay Site £0.7 X XHarwell Site £0.3 X XMagnox North Reactors (re-bid) £1 6 X

Opportunity( )

NDA announced these will be bid as one Magnox North Reactors (re bid) £1.6 X

Magnox South Reactors (re-bid) £1.2 XWinfrith Site £0.2 X XTOTALSource: NDA/British Nuclear Group 2006/2007 Lifetime Plans.

will be bid as one contract for work beginning in 2013

Also,

1 of 2 pre-qualified teams to operate the U.K. National Nuclear Laboratory

S f S f

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Significant Tier II opportunities at the Sellafield site in the U.K.

Other opportunities in Western Europe including Germany, Italy, Spain

Financial Overview

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Key Financial Highlights

Significant free cash flow with modest capital expenditures and working capital requirements

Visible revenue stream supported by long-term contracts

Diversified growing revenue baseDiversified, growing revenue base

Critical size / scale

Robust margins

Financial flexibility

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Segment Gross Margin Snapshot

cess

ing

ervi

ces

2007 Pro FormaGross Margin Comments

High margin business with strong free cash flow

($ in millions)

2008 YTD(1)

Gross Margin2007 Pro Forma

RevenueLo

gist

ics,

Pro

c&

Dis

posa

l Se

2008

flow

Visible revenue from LOP contracts

Complements and benefits from growth in Commercial and Federal Services projects

40.5% 39.2%$262.8

Com

mer

cial

Se

rvic

es

2008 margin spike due to one-time project now completed

Various large components projects as they get released from on-site storage at utilities

Long-term growth from License Stewardship

20.2% 34.3%$137.4

eral

Ser

vice

s

initiative

Long-term, visible contracts

Tier 1 and Tier 2 projects have different revenue and gross margin profiles28.0% 15.1%$151.4

Fede

atio

nal

JV consolidation in 2008 results in lower overall gross margin with no earnings impact

Strong gross profit contribution from cost-plus contracts and history of base and incentive fees

Significant pass through revenue results in5.1% 6.7%$1,253.1

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Inte

rn Significant pass-through revenue results in lower gross margin percentage

Fx exposure to British Pound

5.1% 6.7%

(1) Through 9/30/08

$1,253.1

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Conservative Ongoing Business Snapshot

Logistics, Processing & Disposal $85 – 95M EBITDALife of Plant contracts with 84 of 104 U.S plants

Existing Federal (DOE, DOD) contracts

S d t i i l i d t i l h it lSecondary customers: mining, large industrial, hospitals

Commercial Services $15 – 17M EBITDAPrimary customers: U.S. Nuclear Utilities

Secondary customers: mining, large industrial, hospitals

Federal Services $15 – 17M EBITDACustomers: U.S. Department of Energy, U.S. Department of Defense

Ten year $7.1B Hanford TANK contract started in 10/08

International $40 – 45M EBITDACustomers: U.K. Nuclear Decommissioning Authority

Current Magnox North & Magnox South contracts

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EnergySolutions has high near-term visibility and significant long-term contracts that generate positive cash flow

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EnergySolutions Business Strategy

We are committed to growth and maintaining our leadership in nuclear services

C i d d b f f h flContinue to paydown debt from free cash flow

Pursue large component disposal exemptions and alternate financing forms

Focus on decommissioning of shut-down U.S. reactors through license stewardship program

C OContinue prime contracting momentum with the DOE

Expand international operations in selected markets (U.K., Germany, Italy, Spain)

Become a long-term leader in spent fuel recycling

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