Welcome to the USEC Incorporated fourth quarter 2009 earnings results conference call. This call is being recorded. With us today from the company is Mr. John Welch, President and Chief Executive Officer and Mr. Steven Wingfield, the Director of Investor Relations. Management will make opening remarks, which will be followed by a question-and-answer period. At this time, I would like to turn the call over to Mr. Steve Wingfield. Please go ahead, Sir.

Before turning the call over to John Welch, I want to welcome all of our callers as well as those listening to our webcast via the Internet. This conference call follows our earnings news release issued earlier this morning. That news release is available on many financial websites, as well as our corporate website, usec.com. I want to inform all of our listeners that our news releases and SEC filings, including our 10-K, 10-Qs and 8-Ks are available on our website. We expect to file our annual report on Form 10-K later today. A replay of this call also will be available later this morning on the USEC website. I would like to remind everyone that certain of the information that we may discuss on this call today may be considered forward-looking information that involves risk and uncertainty including assumptions about the future performance of USEC. Our actual results may differ materially from those in our forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in our forward-looking statements is contained in our filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Finally, the forward-looking information provided today is time-sensitive and is accurate only as of today, March 1, 2010. This call is the property of USEC. Any redistribution, retransmission, or rebroadcast of this call in any form without the express written consent of USEC is strictly prohibited. Thank you for your participation. Now I would like to turn the call over to John.

Good morning. Thank you for joining us to discuss USEC’s fourth quarter and 2009 results. Over the course of the next few minutes I will address our ongoing activities to deploy the American Centrifuge Technology and the standards of the AC100 machines being prepared for Lead Cascade testing. I will also discuss other efforts designed to address the concerns raised last summer by the Department of Energy’s Loan Guarantee Program. I will also briefly discuss our financial results for the year and our outlook for 2010 and provide sufficient time for your questions. Taking a look at the bottom line we reported net income for the year of $58.5 million compared to net income of $48.7 million in 2008. Our annual results were bolstered by a fourth quarter where we reported net income of $49.5 million or roughly double the net income reported in the fourth quarter of 2008. Full-year 2009 SWU sales volume was 30% higher than 2008 due to the timing of nuclear utility refuelants. A significant factor in our fourth quarter was the receipt of approximately $70 million pre-tax related to a trade case settlement with Eurodif and its affiliates. As you know, we began demobilizing construction activities for the American Centrifuge Plant in August. We saw a reduction in expense in the fourth quarter but the larger impact was on capital spending. Advanced technology expense in the fourth quarter of 2009 was approximately $25 million which was a decrease of about $4 million compared to the same quarter in 2008. For the full-year our expense related to American Centrifuge Technology was approximately $118 million compared to $109 million in 2008. In addition, capital spending for 2009 related to building the American Centrifuge Plant was $379 million which was about $80 million less than 2008. So although…

Thanks John and good morning everyone. Starting at revenue for the quarter total revenue was $468 million, an increase of $36 million or 8% from the same quarter last year. For the full-year our revenue topped $2 billion for the first time. $2.37 billion to be more precise. For the full-year that was an increase of $422 million or 26%. As is typical for USEC our SWU sales made up the majority of revenue. Revenue from SWU sales was 21% and 40% higher for the quarter and year respectively compared to the same period for 2008. For the full-year SWU volume increased 30% compared to 2008 due to the timing of utility customer refueling. As SWU contracts that we have signed in recent years at higher prices and with price adjusters become a larger portion of our backlog we are seeing an increase in average prices billed to customers. In 2009 prices improved an average of 7% compared to 2008.Uranium revenue was $31 million in the fourth quarter which was a decrease of $32 million compared to the same quarter in 2008. For the full-year uranium revenue totaled $181 million, a decrease of $36 million or 17%. Looking at the annual results the average price billed to customers for uranium was up 28% over the prior year but uranium sales volume was 35% lower due to the mix and timing of sales contracts. Uranium market prices generally declined during the past year so we do not expect to see the same kind of price increase in 2010. As those who follow the company closely know, we under-feed the enrichment process when it makes economic sense. We can obtain uranium for resale by using more electric power and using less natural uranium feed stock. The economics of under-feeding the enrichment process,…

(Operator Instructions) The first question comes from the line of Analyst for Laurence Alexander - Jefferies & Company. Analyst for Laurence Alexander - Jefferies & Company: The Lead Cascade is expected to be up and running in early 2010. How do you see that playing out with the resubmittal of the DOE application? Do you think it has to run for a certain amount of time before you would resubmit? Any kind of color you could give us on when you expect now to resubmit that application?

Let me take the first cut at it and Phil may want to jump in later. Clearly one of the most important aspects of the Department of Energy is to see the Lead Cascade operation. It is fully reflective of the machines for the commercial plant and will be operating in a commercial plant mode. There are some things that clearly are there that are a function of running it. So we would want to run it continuously, get it up and running as quick as we can and then keep it running continuously and it certainly helps address a lot of the technical concerns, many of which are reflective to go back to not the technology itself but the ability to manufacture and assemble machines. That would be demonstrated through that process. Also, as you know there are the financial concerns as well. So it is hard to pick a point in time when you would go do it just based on cascade operations but that clearly is an important milestone in getting ready to come back at the loan application. Phil anything you want to add?

Lead Cascade provides a tremendous amount of information with respect to reliability and availability of a plant. The early operation over a short period of time provides insight into I will say years and years of operations. So we would look for a short period of time of having a full cascade up and operating at the conditions you would see in a commercial plant in order to integrate that into a loan guarantee resubmittal. That is why we would want to see at least a short period of time for the experience, the data and I will say the manufacturing and verification of our QA program to address the tremendous number of concerns or I will say the concerns, not a tremendous number, but the concerns that have been expressed in order to make sure that the 30-year operation of these plants at commercial plant levels are met and realized at the levels necessary to support a loan guarantee. Analyst for Laurence Alexander - Jefferies & Company: A question on the DOE $45 million in funding. Could you give us any further color around those negotiations and kind of what sort of options as far as source and vehicle of funding and permitted uses of those funds?

Really the discussions with DOE have just begun. The funds have not been appropriated specifically but we are working on alternative approaches with DOE that would permit the $45 million of funding. As a point of record, they do not include the sale of any DOE uranium. I think that is important to the miners. We are looking at a series of alternatives there likely that would not require appropriated funds but we have really only just begun the process. It is set up as a cost matching type of activity so for the $45 million Department of Energy would be putting into the demonstration activities there would be an equivalent amount put in there by USEC.

We are also sharing with them a work scope associated with that $45 million on a cost sharing basis which basically represents a $90 million program. That work scope has already been shared with both the department and we are working on I will say the fine details of reporting what will happen when and the degree of I will say verification that the DOE is looking for in order to give them the confidence that the money they are providing on this cost sharing program is providing value and advancing the technology and the commercialization of that technology. Analyst for Laurence Alexander - Jefferies & Company: Regarding the negotiations with TVA, post 2012, I am wondering if there is any progress on that front and if those negotiations assume Paducah keeps running through 2018 or 2020?

Clearly we are focused on those discussions with TVA and with power representing 70% of our production costs with the production of SWU at Paducah that is going to be a major driver in our decision making process. We have the ability to extend the plant as long as we want. It has at least a 10-year supply of Freon, that is the coolant that the plant uses to operate, we have plenty of Freon available and it really depends on the economics of the supply and the demand in the market as to how we proceed with that extension.

The next question comes from the line of Gabriela Bis - Goldman Sachs.

Regarding your guidance on the uranium sales of $250 million I know we haven’t really seen this level of revenues for you for quite some time and I wanted to know if you are implicitly assuming uranium prices are going to increase significantly in 2010 or is there something else in that assumption that I am missing?

I think it very much is a function of the timing and mix of customer sales and sales we expect. So we have seen our uranium revenue change over time but that is a function of where we see things at this point.

Regarding your credit facility, I wanted to know if you could walk us through what the ACP spending restrictions you mentioned are? Is it a dollar amount or a percentage of revenues? What kind of restrictions are included in that credit facility?

I will point out we will have a significant amount of information in the 10-K filing in addition to what was provided in the 8-K on Friday evening as well as the credit facility is available for folks as an attachment if they are interested in going through additional information. Our flexibility around the American Centrifuge Project was a very important aspect of the credit facility. We were very focused as we were going through our discussions with our lenders on insuring we had sufficient flexibility. One is for example that the ACP subsidiaries we had established last year and where we are looking to push our ACP assets down to, those are not guarantors of the credit facility. So they are separate and distinct and the structure really facilitates the DOE loan guarantee down the road. So that was a very important aspect. Now, the specific spend basket is for $90 million, my apologies, you hear in the background apparently our fire alarms are being tested here. I will put you on mute for just a moment. This is a first. Back to the ACP spending basket. It begins at $90 million and it can be supplemented in two ways. One is for every dollar of additional commitments that we receive through our follow-on syndication efforts we expect that can increase the basket to a maximum of $165 million. In addition there are no restrictions on funding from DOE, for example, for the project. That would be in addition to that basket. Then subject to any restrictions in the credit agreement we are able to provide to the extent there is any long-term equity or long-term capital raised that is also able to be directed towards project spending. Again, it provides for the flexibility we were seeking in this process.

I think you mentioned you expect $60 million in the first quarter? Or no, $40-50 million in the first quarter, correct? Of that $90 million?

Let me clarify. It is at the point at which we close. That is the first piece. So the $40-50 million is for total project related spending and that is in the first quarter. That includes what was already spent in January and February. Also recall we have been going through what I would characterize as the wind down in spend profile related to demobilization and we expect that trend to continue to trend down until further decision is made.

At this time there are no further questions in the queue. I will turn the conference back to management for any additional remarks.

Thank you for your participation this morning. Clearly we continue to have significant challenges but we are committed to addressing the issues head on. Significant progress is being made on a number of fronts by the USEC team and we believe the administration’s recent vocal support for and positive action regarding nuclear power is certainly greatly encouraging. We appreciate your support and your interest and investment in USEC. We look forward to talking to you over 2010 to report progress on the project as we move forward. Operator, thank you very much.

That does conclude today’s conference call. We thank you for your participation.