Company Overview

November 2017

0 Cautionary Statements

Forward-Looking Statements BWX Technologies, Inc. (“BWXT”) cautions that statements in this presentation that are forward-looking and provide other than historical information involve risks and uncertainties that may impact actual results and any future performance suggested in the forward-looking statements. The forward-looking statements in this presentation include, but are not limited to, statements relating to our strategy and key highlights; bookings and backlog, to the extent they may be viewed as an indicator of future revenues; the expected U.S. Navy long-term procurement schedules and forecasts; the expected Canadian nuclear power forecast for services, refurbishment timelines and opportunities; R&D target market information, efforts and opportunities; the expected impact of adoption of updated accounting guidance; anticipated benefits of the acquisition of GE Hitachi Nuclear Energy Canada, Inc. (“GEH-C”) joint venture, which was re-named BWXT Nuclear Energy Canada Inc. (“BWXT NEC”); our outlook, priorities, growth opportunities in our businesses and guidance for 2017 and beyond. These forward-looking statements are based on current management expectations and involve a number of risks and uncertainties, including, among other things, the availability of Federal appropriations to government programs in which we participate; our ability to win new project awards; capital spending of power generating utilities; adverse changes in the industries in which we operate; termination, delays and other difficulties executing on contracts in backlog and adverse changes in the demand for or competitiveness of nuclear power. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risks, please see BWXT’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Non-GAAP Financial Information This presentation includes non-GAAP financial measures. These measures include Adjusted Revenue, Adjusted Operating Income and Adjusted Earnings per Share. Reconciliations to the most directly comparable GAAP measures are included in the presentation and the appendix. These measures should be considered in addition to results prepared in accordance with GAAP, but are not a substitute for GAAP results.

1 BWXT Overview

. Prolific, well-branded nuclear concern delivering best-in-class operational and financial results

. Highly differentiated in nuclear operations,

technology, services, component manufacturing, Nuclear Operations materials processing and waste management

. Participating in good markets with the potential for robust growth

. Entering new markets with cost-disruptive and Nuclear Services technology-disruptive products and services

. Executing a disciplined growth strategy from a position of financial strength and premium competitive positioning Nuclear Power

2 BWXT Investment Drivers

Attractive EPS Growth with Long Term Proven Management Team Outlook and Sustainable Margins

Stock chart shown is from the Investor & Analyst Day presentation on 10/04/17.

Effective Business Strategy with Strong Balance Sheet Prudent Capital Allocation and Reliable Cash Flow

1.4x Leverage ratio as of 9/30/17*

*Leverage ratio is calculated as total debt ($522M) / [adjusted operating income ($313M LTM) + depreciation and amortization ($56M LTM)]. Refer to slide 7 for reconciliation of adjusted operating income.

3 BWXT Timeline of Events

. December 2016: Acquired BWXT NEC

. January 2017: Effected a CEO leadership transition

. March 2017: Awarded missile tube production contracts for Columbia-class submarines ($76M) Fuel Bundle . April 2017: Named CTO and established formal R&D protocol

. May 2017: With partners CH2M and Fluor, won the Paducah Decommissioning and Remediation (D&R) contract ($1.5B)

. July 2017: Awarded large motors contract for Bruce Power (CA$34M)

. August 2017: Awarded NTP contract by NASA ($18.8M) and amended a Bruce Power contract to add steam drums (CA$48M) Missile Tubes

. September 2017: BWXT Joint Venture with APTIM awarded 2-year extension on Bechtel decommissioning contract ($140M) and, separately, the Company’s joint venture with AECOM awarded ($928M) extension

. October 2017: BWXT-led team awarded $4.7B liquid waste services contract by DOE (7-year award and 3-year option) Nuclear Thermal Propulsion

4 BWXT Operational Overview

Company Overview Locations

. 3Q17 LTM revenues of $1.7B . 6,100 employees worldwide . Nine major manufacturing facilities comprising some 3.3 million square feet of capacity . Highly credentialed personnel and operations

Key Operations o NRC (Cat I), CNSC • Lynchburg, VA • Barberton, OH • Euclid, OH o ~4,000 employees with DOE or • Mt. Vernon, IN • Erwin, TN DoD security clearances • Cambridge, Ontario • Peterborough, Ontario • Toronto, Ontario . Only manufacturer of large • Arnprior, Ontario commercial nuclear components in Key Offices Joint Ventures • Lynchburg, VA • West Valley, NY North America • Charlotte, NC • Niskayuna, NY • Los Alamos, NM • Oak Ridge, TN • West Milton, NY • Las Vegas, NV • Chattanooga, TN • Dravosburg, PA • Livermore, CA . Headquarters in Lynchburg, VA • Aiken, SC • Piketon, OH • Oak Ridge, TN • Washington, DC • Paducah, KY • Aiken, SC • Cambridge, Ontario • Idaho Falls, ID • Hancock County, MS . NYSE: BWXT • Peterborough, Ontario • Carlsbad, NM • New Orleans, LA

BWXT Operations BWXT Key Offices Joint Ventures

Note: All employee figures as of September 30, 2017.

5 Operating Groups

Nuclear Operations ($1.3B / 78%)

. Sole supplier of nuclear fuel, cores, and steam systems for the U.S. Navy fleet through Naval Reactors . Uranium down-blending for NNSA . Missile tubes for Electric Boat / NAVSEA U.S.S. John Warner . Research & Test Reactors for various customers

Nuclear Power ($242M / 14%)

. Leading supplier of components and services for the Canadian commercial nuclear power market . Steam generators, fuel, fuel handling and waste containers Steam Generator CANDUManufacturing Reactor

Nuclear Services ($133M / 8%) . M&O and environmental management at large, complex sites on behalf of U.S. Government (currently 17 sites) o Los Alamos, Livermore, WIPP, Savannah River Liquid Waste, Idaho National Lab, Naval Reactors Labs, Michoud Assembly Facility, Stennis Space Center, et al. Michoud Assembly Facility . Advanced reactors

. U.S. commercial nuclear services Note: Revenue figures are last 12 months.

6 BWXT Financial Overview

Characteristics and Performance Adjusted - Revenue and Operating Margin(1)(2)

$M 2,500 18.0% 18.9% 20% . Generally very long-cycle businesses with 16.8% highly visible backlogs 2,000 15.1% 15% . Favorable competitive context in chosen 1,500 1,654 10% 1,451 1,416 1,551 markets 1,000 5% . Dependable and predictable customers 500

- 0% . Market cap of ~$5.6B as of Sept. 29, 2017 2014 2015 2016 3Q17 LTM . Balance sheet capacity and attractive capital Adjusted Revenue Adjusted Operating Margin allocation options 3Q17 LTM Adjusted Revenue reflects a 4.9% CAGR from 2014

Operating Income (1)(2) GAAP - Revenue and Operating Margin

$M 400 $M 2,500 17.8% 20% 15.4% 313 2,000 14.5% 300 279 15% 237 1,500 219 1,661 10% 1,451 1,416 1,551 200 295 1,000 239 5% 206 500 100 1.7% - 0% - 25 2014 2015 2016 3Q17 LTM 2014 2015 2016 3Q17 LTM Revenue Operating Margin

Adjusted Operating Income Operating Income (GAAP) Notes: 1) 3Q17 LTM adjusted revenue, adjusted operating income, and adjusted operating margin excludes $7.9M related to a favorable contract settlement in 2Q17. 3Q17 3Q17 LTM Adjusted Operating Income reflects a 13.9% LTM adjusted operating income and adjusted operating margin also excludes CAGR from 2014 $(21.5M) pension MTM loss and $(4.5M) executive restructuring charges in 4Q16. 2) See Appendix for reconciliation of GAAP to adjusted, non-GAAP items.

7 BWXT Strategy

. Maintain strong execution of core business Operational – Safety, quality, schedule and cost Excellence . Sustain solid backlog at attractive margins . Strengthen key customer and partner relationships

. Continue strong cash generation from operations Financial . Balanced capital allocation: provide capital for organic growth; return capital through dividends and share repurchases; retain Strength capacity for M&A . Continued focus on improving financial efficiency and capacity

. Pursue organic growth by expanding in core / adjacent markets while Business minimizing risks Growth . Continue to grow through M&A

8 BWXT Strategic Overview

. Strategic Context o Classic value shop organization operating in highly regulated markets and activities o Long-cycle businesses with highly visible backlogs

o Limited competition USS Ronald Reagan o Competitive differentiation driven by rare credentials and experiential qualifications

. Strategic Planning and Execution o Planning Premise: Capital Allocation = Strategy

o Every strategic option has clearly identified costs and Specialty Fuels business consequences o Every strategic choice is tracked, controlled and resourced in accordance with the strategic plan o No air gaps between the strategic plan, the business plan and the capital structure

o Analysis is market-based and presented in a CANDU® Fuel Bundles problem-solution dialectic

9 Sources and Uses of Capital

$884M Capital Generated Since Spin at 6/30/15* $758M Use of Capital (In Millions) Since Spin at 6/30/15* (In Millions)

$67 $250 $81

$363 $561 $129 $73

$118

Share Repurchase Programs Cash from Operations Acquisition Legal Settlements Capital Expenditures Borrowings - Credit Agreement Dividends Repayments - Credit Agreement

*As of 9/30/17

10 Strategic Market Mapping

2017-2019 Analyzed Markets 2018-2020 Analyzed Markets

Navy Nuclear Platforms Navy Strategic Nuclear Materials

Canadian Nuclear Power Canadian Nuclear Power

Medical & Industrial Isotopes RTR & Radioisotopes Research & Test Reactors

Technical Services Group Nuclear Technical Services

Space Nuclear Power and Propulsion Advanced Reactors Advanced Reactor Design

U.S. Nuclear Power U.S. Nuclear Power

11 BWXT Pillars of Growth

Growth

Demand-driven Growth in the Technology- R&D-driven Strategic growth in Navy Canadian driven growth organic growth acquisitions nuclear commercial in nuclear propulsion nuclear power services, market with including abundant advanced opportunities in reactors for reactor space servicing and refurbishment

Capabilities

12 Operating Segments

13 Nuclear Operations Group (NOG) Overview

Overview Business Status Highlights

. Sole manufacturer of naval nuclear reactors . Strong operating profit history for submarines and aircraft carriers . Low / moderate forecast risk . Complex, regulated and high-consequence manufacturing . Strong customer focus

. Nearly 3M sq. ft. manufacturing capacity in . Unyielding quality expectations 4 states ‒ Virginia – Naval Reactors . Heavy oversight by Government customer ‒ Ohio – Control Rod Drive Mechanisms / Heavy and NRC regulator Components . Increasing product demand ‒ Indiana – Missile Tubes and Heavy Components ‒ Tennessee – Fuel Material . ~4,100 Employees . High Enriched Uranium (HEU) to Low Enriched Uranium (LEU) fuel conversion for government and commercial use . Manufactures research test reactor fuels and medical isotope targets . Owns / operates the only two NRC-licensed U.S. commercial facilities authorized to handle and process HEU

. Proud nuclear Navy heritage since 1950s USS Ronald Reagan USS Seawolf

Note: Employee figure as of September 30, 2017.

14 NOG Financials

Key Financial Highlights Revenue and Operating Margin

$M 1,750 22.9% 25% . $1.3B 3Q17 LTM Revenues 22.2% 21.8% 21.2% 1,500 20% . $297M 3Q17 LTM Operating Income 1,250 1,269 1,294 (1)(2) 1,221 . $3.0B Backlog 1,000 1,180 15%

750 10% 500 5% Notes: 250 1) Backlog figure as of September 30, 2017. 0 0% 2) Backlog does not include ~$800M of negotiated contracts not 2014 2015 2016 3Q17 LTM yet awarded. Revenue Operating Margin

Bookings and Backlog(1)

$M 4,000 3,485

2,970 2,778 3,000 2,311

2,442 2,000

1,620 1,000 1,281

711 - USS John C. Stennis 2014 2015 2016 3Q17 LTM Bookings Backlog

Note: 1) 2015 bookings and backlog were lower due to the timing of the pricing agreement announced in April 2016.

15 NOG Strategic Context

. Execute the Backlog . Columbia-class Submarine Readiness o Process and Hardware development / qualification . Missile Tube Production – Capture 60% of Total COLUMBIA Class o Capital and Facility Readiness o Lessons Learned from Columbia MTs Applied to Virginia MTs o Continuous Production . Strategic Nuclear Materials o Leverage Category 1 NRC sites’ capability and expertise

. Additional Virginia-class Submarines VIRGINIA Class o Capital and Human Resources Planning . Accelerated (CVN) Ford-class Carriers o Readiness Planning . Expand Research and Test Reactor / Medical Isotopes o Domestic and Global . Support BWXT Growth FORD Class NASA Nuclear Thermal Propulsion o FORD Class

16 NOG 2017 Priorities and Outlook

. Maintain excellent safety record Sustain . Continue focus on quality Operational Excellence . Meet schedule and growing demand signal USS California

. Maximize production at all sites . Increase backlog Maintain Financial Strength . Execute on FY16-18 pricing agreement and FY16-19 downblending contract totaling over $3B

. Maintain margins in high teens Mt. Vernon Facility

. Capitalize for growth . Ready for Columbia-class – 12 new submarines Business . Support Navy demand for additional attack submarines Growth . Capture additional missile tube work . Expand research test reactors and target opportunities Missile Tubes

Solid Backlog Foundation with Organic Growth

17 Nuclear Power Group (NPG) Overview

Overview Business Status Highlights . Designs and fabricates complex components . Acquisition of BWXT NEC approximately for the commercial nuclear industry doubles BWXT’s business in Canada – Supplied >300 steam generators worldwide . Growth areas include plant life-extension – Only North American commercial nuclear work in Canada and comprehensive fuel manufacturer of large components handling support

. Provides specialty nuclear plant engineering . ~950 Employees and field services – Steam generator, heat exchanger, reactor and valve inspection / repair / replacement . Completed purchase of BWXT NEC in December 2016 – Supplies fuel, fuel handling systems and related engineering services

– Designs and supplies reactor inspection and maintenance tooling delivery systems to the CANDU nuclear power generation market

. Nearly 400K sq. ft. manufacturing capacity Commercial Nuclear Components and CANDU® Fuel

Note: Employee figure as of September 30, 2017.

18 NPG Financials

Key Financial Highlights Revenue and Adjusted Operating Margin(1)(2) . $242M 3Q17 LTM Revenue $M 500 30% 17.2% 400 20% . $34M 3Q17 LTM Operating Income 14.0% 10.2% 9.7% . $528M Backlog(1) 300 10%

. Strong top and bottom line growth 200 242 0% opportunities due to increased 162 100 -10% 121 refurbishment work through 2034 111 0 -20% Note: 2014 2015 2016 3Q17 LTM 1) Backlog figure as of September 30, 2017. Revenue Adjusted Operating Margin

Bookings and Backlog Revenue and GAAP Operating Margin

$M 600 $M 500 26.5% 30% 528 473 400 20% 14.0% 400 9.7% 308 300 10% 234 200 (3.3%) 242 0% 266 200 236 162 197 194 100 -10% 111 121

0 0 -20% 2014 2015 2016 3Q17 LTM 2014 2015 2016 3Q17 LTM Bookings Backlog Revenue Operating Margin Notes: 1) 2014 Adjusted operating margin excludes $15M loss related to unfavorable verdict in $15M / $111M (2014 GAAP Revenue) = 13.5% the AREVA litigation. 13.5% + (3.3%) (2014 GAAP Operating Margin) = 10.2% (Adj. 2014 Operating Margin) 2) 2016 Adjusted operating margin excludes $15M gain related to the reversal of the $(15M) / $162M (2016 GAAP Revenue) = (9.3%) unfavorable verdict in the AREVA litigation. (9.3%) + 26.5% (2014 GAAP Operating Margin) = 17.2% (Adj. 2016 Operating Margin)

19 NPG Revenue Mix and Attributes

Percentage of 2017 . Components Revenue (YTD) . Design (varies y/o/y) . Manufacturing . Engineering Services Steam Generator . Field Services / Construction 19% . Inspection, repair, modification 37% and replacement . Field training and staffing Field Services 16% . Fuel . Pellet manufacturing 28% . Tube manufacturing . Fuel assembly manufacturing Fuel Bundle

. Fuel Handling / Engineered Solutions . Engineering . Parts, kits and specialty tooling BRIMS II

20 NPG Strategic Context

. Canadian governments support de- Ontario Refurbishment Timelines carbonization of power generation . Ontario has banned generation of electricity from coal Market Size: CA$26B . Ontario has a carbon cap and trade Announced by Bruce Power and program Ontario Power Generation . Ontario’s investment in renewable power drove electricity prices to record heights . Hydro-electric & nuclear are the lowest cost carbon-free generation options . Ontario (60% nuclear) announced plans to extend life of 10 reactors . Aging of Canada’s 19 operating reactors drives demand for services . CANDU® new-builds being considered . With BWXT NEC acquisition, BWXT is one of Canada’s largest nuclear companies

21 NPG 2017 Priorities and Outlook

. Maintain excellent safety record Sustain . Continue focus on exceptional quality Operational Excellence . Deliver products and services as committed Feeder Inspection

Complete BWXT NEC . Fully realize cost and revenue synergies Integration . Complete transition to standard BWXT IT platforms

CANDU® Fuel Bundles

. Capture additional refurbishment equipment supply . Expand construction capabilities to capture Grow Business refurbishment project opportunities . Position business to support potential new-builds in Canada and abroad Plant Refurbishment

Capitalize on Investments in Life Extension and Potential New-Builds

22 Nuclear Services Group (NSG) Overview

Company Overview Locations

. Three major business lines in technical services and nuclear technology . National Footprint

o NSG headquarters in Provides nuclear utility outage Lynchburg, VA services at 19 U.S. plants o Key operations in Lynchburg, VA and Chattanooga, TN o Joint venture operations across the Weapons Complex, Energy Labs, Naval Reactors, and NASA sites . Major customers o DOE / NNSA / NR o NASA Site o U.S. Commercial Nuclear Fleet Office

. ~500 employees Plant

Note: Employee figure as of September 30, 2017; includes full-time and part-time employees.

23 NSG Business Units

. Technical Services o M&O and environmental management at large, complex sites on behalf of U.S. Government • DOE: Los Alamos, Livermore, Portsmouth, West Valley, Waste Waste Isolation Pilot Plant Isolation Pilot Plant, Savannah River Liquid Waste, Idaho National Lab, Oak Ridge Los Alamos National Lab • Naval Reactors Labs: Bettis, KAPL, Kesselring, NRF • NASA: Michoud Assembly Facility and Stennis Space Center . Nuclear Services U.S. commercial nuclear power steam generator and o Steam Generator Inspection balance of plant servicing o Test services and component development for research and test reactors . Advanced Reactors o Gen IV Reactors: X-Energy, TerraPower o Small Modular Reactors: NuScale o Space Reactors

Nuclear Thermal Propulsion

24 NSG Financials

Key Financial Highlights Adjusted - Revenue and Operating Income(1)(2)

. $133M 3Q17 LTM Revenue(1)(2) 30 150

(1)(2) Income Operating ($M) 130 ($125M 3Q17 LTM Adjusted Revenue) 128 121 125 . $19M 3Q17 LTM Operating Income(2) 20 125 ($11M 3Q17 LTM Adjusted Operating Income)(2) 16 10 100 12 Revenue ($M) Notes: 11 1) Operating income includes equity income from unconsolidated joint ventures. 8 As a result, revenue is not indicative. 2) 3Q17 LTM revenue and 3Q17 LTM operating income includes $7.9M related 0 75 to a favorable contract settlement in 2Q17. It is excluded from 3Q17 LTM 2014 2015 2016 3Q17 LTM adjusted revenue and 3Q17 LTM adjusted operating income. Adjusted Operating Income Adjusted Revenue

Bookings(2) GAAP - Revenue and Operating Income

$M 250 30 150

133

Operating Income Operating ($M) 130 200 128 121 20 125 150

19 100 115 117 115 130 16 10 100 12 Revenue ($M) 50 8

0 0 75 2014 2015 2016 3Q17 LTM 2014 2015 2016 3Q17 LTM

Bookings Operating Income Revenue Notes: 1) 3Q17 LTM adjusted revenue excludes $7.9M related to a favorable contract settlement in 2Q17. $133M (GAAP 3Q17 LTM Revenue) - $7.9M = $125M (Adj. 3Q17 LTM Revenue) 2) 3Q17 LTM adjusted operating income excludes $7.9M related to a favorable contract settlement in 2Q17. $19M (GAAP 3Q17 LTM Op. Income) - $7.9M = $11M (Adj. 3Q17 LTM Op. Income) 3) Bookings for most joint ventures not included since contracts fulfilled by unconsolidated joint ventures.

25 NSG Competitive Context

. Technical Services o Long-cycle business o Concentration in the DOE market differentiated in nuclear operations and nuclear environmental management o Competing with large A&D and EPC firms Idaho National Lab o Generally not consolidating revenue: Operating income booster . Nuclear Services o One of three significant players in steam generating services Gaining market share with superior technology and o SG Inspection and Repair outage performance o Exploiting other BWXT channels to market to build the business . Advanced Reactors o Merchant supplier for fuel, component and reactor design and manufacturing o Uniquely positioned in nuclear space opportunities in power and propulsion Advanced Reactors

26 NSG Priorities and Outlook

. Maintain high safeguards and security standards at remote sites Sustain Operational Excellence . Maintain industry best worker dose and outage durations in the U.S. nuclear steam generator services market U.S. Nuclear SG Services

. Drive bottom-line performance through superior site performance in technical services Maintain . Build backlog primarily in the DOE / NNSA market with Financial Strength opportunistic growth in adjacent markets . Drive margins through technology-driven investments Technical Services

. Gain market share in technical services . Drive growth through technology investments in existing and new markets Business . Space nuclear power and propulsion Growth . Medical radioisotopes . Nuclear materials processing . Exploit other BWXT channels to market Medical Radioisotopes

Multiple growth scenarios in technical services and technology

27 Financial Information

28 Financial Information

Unaudited Third Quarter Year-to-Date $ in millions, except per share amounts 2017 2016 2017 2016

Revenues $419.4 $379.5 $1,257.6 $1,146.7 Adjusted Revenues (1) $419.4 $379.5 $1,249.7 $1,146.7 GAAP Operating Income 73.7 62.4 249.2 193.4 Adjusted Operating Income (2) 73.7 62.4 241.3 207.4 GAAP Earnings Per Share, Diluted 0.46 0.39 1.63 1.42 Adjusted Earnings Per Share, Diluted (2) 0.46 0.39 1.57 1.29 Capital Expenditures 20.6 12.4 49.4 30.9

Note: 1) 2017 Year-to-Date adjusted revenue excludes $7.9M related to a favorable contract settlement in 2Q17. 2) See Appendix for reconciliation of GAAP to adjusted, non-GAAP items.

29 Revised 2017 Business Outlook

Adjusted EPS(1) 2017 Guidance(1)(2)

$2.01– $2.07 2.10 . Revenues between $1.6B and $1.7B

2.00 . 2017 adjusted EPS guidance of $2.01 - $2.07 . Nuclear Operations Group revenues near record level achieved in 2016 1.90 and high-teen operating margin expected with upside potential 1.80 $1.76 . Nuclear Power Group revenues of $275M to $290M with an operating 1.70 margin near 12%, inclusive of amortization of intangibles

1.60 . Nuclear Services Group operating income of $15M to $20M, excluding the benefit of a contract dispute settlement of $7.9M 1.50 $1.42 . R&D expenses, captured mostly in our “Other” segment, expected to be 1.40 $1.32 approximately $10M to support increased R&D efforts 1.30 . Corporate unallocated spend of $15M to $20M 1.20 . Effective tax rate expected to be in the 31% to 33% range 1.10 . Capital expenditures around $100M to support expected Columbia-class 2014 2015 2016 2017E work, missile tube growth and potential for additional Virginia-class submarines . Depreciation and amortization in the range of $55M to $60M

(1) 2017E Adjusted EPS $2.01 – $2.07 Beyond 2017

. In the 3-5 year range after 2017 (i.e. 2020-2022), the company anticipates an adjusted EPS CAGR in the low double digits based upon our robust organic growth strategy and remaining balance sheet capacity Note: 1) Adjusted EPS exclude any mark-to-market adjustment for pension and postretirement benefits recognized during 2017, which are not known at the time Guidance is first provided. Also excluded is the benefit of a contract dispute settlement, which would add $7.9M to 2017 consolidated and NSG segment results. For 2014, 2015 and 2016, see Appendix for reconciliation of GAAP to adjusted, non-GAAP items. 2) Items that are revised in in this company overview presentation (Q3) are underlined.

30 BWXT Key Highlights

31 Appendix

32 Reconciliation of GAAP to Adjusted, Non-GAAP Items(1)

For the Nine Months Ended September 30, 2017 (In millions, except per share amounts)

Performance Framework Impairment Guarantees mPower Agreement & (Gains) / GAAP Release Deconsolidation Litigation Charges Non-GAAP

Operating Income$ 249.2 $ - $ - $ (7.9) $ - $ 241.3 Other Income (Expense) (9.8) - - - (0.4) (10.2) Provision for Income Taxes (75.6) - - 2.8 0.0 (72.7) Net Income 163.9 - - (5.1) (0.4) 158.4 Net Income Attributable to Noncontrolling Interest (0.4) - - - - (0.4) Net Income Attributable to BWXT$ 163.5 $ - $ - $ (5.1) $ (0.4) $ 158.1

Diluted Shares Outstanding 100.4 100.4 Diluted Earnings per Common Share$ 1.63 $ - $ - $ (0.05) $ 0.00 $ 1.57

Effective Tax Rate 31.6% 31.5%

For the Nine Months Ended September 30, 2016 (In millions, except per share amounts)

Performance Framework Impairment Guarantees mPower Agreement & (Gains) / GAAP Release Deconsolidation Litigation Charges Non-GAAP

Operating Income$ 193.4 $ - $ - $ 13.9 $ - $ 207.4 Other Income (Expense) 20.3 (9.3) (13.6) - (1.5) (4.0) Provision for Income Taxes (64.3) 3.4 - (5.6) (0.6) (67.1) Net Income 149.4 (5.9) (13.6) 8.3 (2.1) 136.2 Net Income Attributable to Noncontrolling Interest (0.4) - - - - (0.4) Net Income Attributable to BWXT$ 149.1 $ (5.9) $ (13.6) $ 8.3 $ (2.1) $ 135.8

Diluted Shares Outstanding 104.9 104.9 Diluted Earnings per Common Share$ 1.42 $ (0.06) $ (0.13) $ 0.08 $ (0.02) $ 1.29

Effective Tax Rate 30.1% 33.0%

Note: 1) Tables may not foot due to rounding.

33 Reconciliation of GAAP to Adjusted, Non-GAAP Items(1)(2)

For the Twelve Months Ended December 31, 2016 (In millions, except per share amounts)

Pension & Performance Framework Impairment One Time OPEB MTM Guarantees mPower Agreement & (Gains) / Tax (Benefit) Executive GAAP (Gain) / Loss Release Deconsolidation Litigation Charges / Charges Restructuring Non-GAAP

Operating Income$ 239.3 $ 21.5 $ - $ - $ 13.9 $ - $ - $ 4.5 $ 279.2 Other Income (Expense) 18.0 (0.2) (9.3) (13.6) - (1.6) - - (6.6) Provision for Income Taxes (73.7) (7.1) 3.4 - (5.6) - (5.0) (1.6) (89.6) Net Income 183.6 14.2 (5.9) (13.6) 8.3 (1.6) (5.0) 2.8 182.9 Net Income Attributable to Noncontrolling Interest (0.6) ------(0.6) Net Income Attributable to BWXT$ 183.1 $ 14.2 $ (5.9) $ (13.6) $ 8.3 $ (1.6) $ (5.0) $ 2.8 $ 182.3

Diluted Shares Outstanding 103.8 103.8 Diluted Earnings per Common Share$ 1.76 $ 0.14 $ (0.06) $ (0.13) $ 0.08 $ (0.02) $ (0.05) $ 0.03 $ 1.76

Tax Rate 28.6% 32.9%

For the Twelve Months Ended December 31, 2015 (In millions, except per share amounts)

Pension & One Time OPEB MTM Spin / Other Impairment Tax (Benefit) GAAP (Gain) / Loss Restructuring (Gains) / Charges / Charges Litigation Non-GAAP

Operating Income$ 205.9 $ 54.7 $ 42.6 $ - $ - $ (65.7) $ 237.5 Other Income (Expense) 15.1 0.0 - 2.9 - (29.1) (11.0) Provision for Income Taxes (80.4) (19.2) (12.2) (1.0) 7.7 31.6 (73.5) Net Income 140.6 35.4 30.4 1.9 7.7 (63.2) 152.9 Net Income Attributable to Noncontrolling Interest 0.1 - - - - - 0.1 Net Income Attributable to BWXT$ 140.8 $ 35.4 $ 30.4 $ 1.9 $ 7.7 $ (63.2) $ 153.1

Diluted Shares Outstanding 107.6 107.6 Diluted Earnings per Common Share$ 1.31 $ 0.33 $ 0.28 $ 0.02 $ 0.07 $ (0.59) $ 1.42

Tax Rate 36.4% 32.5%

Notes: 1) Financials are presented on a continuing operations basis and exclude the results of operations from our former Power Generation business. 2) Tables may not foot due to rounding.

34 Reconciliation of GAAP to Adjusted, Non-GAAP Items(1)(2)

For the Twelve Months Ended December 31, 2014 (In millions, except per share amounts)

Pension & One Time OPEB MTM Spin / Other Impairment Tax (Benefit) GAAP (Gain) / Loss Restructuring (Gains) / Charges / Charges Litigation Non-GAAP

Operating Income$ 25.1 $ 141.1 $ 36.3 $ - $ - $ 16.1 $ 218.6 Other Income (Expense) 7.0 0.4 - (14.4) - - (7.0) Provision for Income Taxes (1.7) (52.2) (12.3) - (5.8) (4.3) (76.2) Net Income 30.4 89.2 24.1 (14.4) (5.8) 11.8 135.4 Net Income Attributable to Noncontrolling Interest 8.3 - - - - - 8.3 Net Income Attributable to BWXT$ 38.7 $ 89.2 $ 24.1 $ (14.4) $ (5.8) $ 11.8 $ 143.7

Diluted Shares Outstanding 108.8 108.8 Diluted Earnings per Common Share$ 0.36 $ 0.82 $ 0.22 $ (0.13) $ (0.05) $ 0.11 $ 1.32

Tax Rate 5.3% 36.0%

Notes: 1) Financials are presented on a continuing operations basis and exclude the results of operations from our former Power Generation business. 2) Tables may not foot due to rounding.

35 Historical Segment Information

Three Months Ended Twelve Months Ended 3/31/2016 6/30/2016 9/30/2016 12/31/2016 12/31/2016 12/31/2015 (unaudited) (in thousands) REVENUES Nuclear Operations Group$ 295,255 $ 325,660 $ 316,899 $ 331,458 $ 1,269,272 $ 1,179,896 Nuclear Services Group 33,994 32,224 28,759 33,044 128,021 121,247 Nuclear Power Group 36,199 47,946 36,123 41,304 161,572 121,061 Adjustments and Eliminations (622) (3,448) (2,276) (1,946) (8,292) (6,675) TOTAL$ 364,826 $ 402,382 $ 379,505 $ 403,860 $ 1,550,573 $ 1,415,529

OPERATING INCOME Nuclear Operations Group$ 64,942 $ 64,407 $ 62,537 $ 76,617 $ 268,503 $ 257,400 Nuclear Services Group 5,803 4,405 652 1,311 12,171 7,955 Nuclear Power Group 6,954 26,674 5,031 4,149 42,808 11,803 Other (1,890) (1,271) (1,907) (1,330) (6,398) (13,949) SUBTOTAL$ 75,809 $ 94,215 $ 66,313 $ 80,747 $ 317,084 $ 263,209 Unallocated Corporate (3,200) (5,757) (3,940) (13,456) (26,353) (25,747) mPower Framework Agreement (30,000) - - - (30,000) - Income Related to Litigation Proceeds - - - - - 65,728 Special Charges for Restructuring Activities - - - - - (16,608) Cost to Spin-off Power Generation Business - - - - - (25,987) Mark to Market Adjustment - - - (21,468) (21,468) (54,654) TOTAL$ 42,609 $ 88,458 $ 62,373 $ 45,823 $ 239,263 $ 205,941

36 Background

37 Proud Nuclear Navy Heritage

Nimitz Class Sturgeon Class Seawolf Class Ford Class

Nautilus

1970 2020 1950 1990 2000 1960 1980 2010

Destroyer Prototype

Columbia Class

NR-1 Los Angeles Class Seawolf Ohio Class

Virginia Class

38 Our Operating Segments

Nuclear Operations Group Nuclear Power Group Nuclear Services Group 3Q17 LTM Revenue: $1,294M 3Q17 LTM Revenue: $242M 3Q17 LTM Revenue: $133M

. Manufactures naval nuclear reactor . Designs / manufactures components and . Manages / operates govt.-owned cores and fuel material for every new systems for commercial nuclear industry facilities supporting defense, nuclear submarine and aircraft carrier in the U.S. non-proliferation and advanced . Supplies fuel to the CANDU® industry Navy’s fleet technology development programs . Provides related engineering and plant ‒ Virginia-class Submarines . Decommissions / decontaminates legacy maintenance services and projects ‒ Columbia-class Submarines radiological and hazardous waste and ‒ Ford-class Aircraft Carriers provides environmental management . Manufactures Missile Tubes . Delivers advanced commercial nuclear . Owns / operates the only two NRC- systems and plant design licensed commercial facilities in U.S. . Services for nuclear reactor systems for authorized to handle / process high- commercial, utility and government enriched uranium (HEU) clients . Downblends HEU for govt. / commercial use . Delivers advanced nuclear reactor technologies

Attributes Attributes Attributes . Stable customer . Stable customers . Stable customer . Long-duration contracts . Positioned for upside to business cycle . Long-duration contracts . Well-defined / disciplined approach to . Focused on high value-add segments . Limited working capital capital expenditures of addressable markets

39 BWXT Now & Beyond

Global landscape favors BWXT products / services

State of Business

Nuclear Operations Group Nuclear Power Group Nuclear Services Group . Continued delivery of Virginia-class . Right-sizing for existing markets . Actively pursuing bids submarines and Ford-class carriers . Upcycle for Canadian domestic . Improving operational performance . Development and delivery of nuclear fleet . Adjacent market growth opportunities Columbia-class submarines . Increased opportunities in targeted . Successful entry into adjacent international markets market: Missile tubes

Our Vision for the Future

. Expand our leadership position in profitable markets with the application of nuclear energy for national security and power generation . Seek to organically and acquisitively expand into new, adjacent markets that align with our core competencies . Continue to drive operational excellence through safe and secure, innovative and quality processes . Focus on maximizing shareholder value through trusted customer relationships and a balanced capital allocation approach

40 NOG Products Overview

41 NOG

NFS NOG-E NOG-L NOG-B NOG-MTV

Facility

Erwin, Euclid, Lynchburg, Barberton, Mount Vernon, Location TN OH VA OH IN

Employees ~720~290 ~2,150 ~640 ~280

Manufacturing Capacity 271,000285,000 930,000 800,000 580,000 (Approx. Sq. Ft.)

. Fuel Material . Control Rod . Naval . Heavy . Heavy Drive Reactors Components Components . Downblending Products Mechanisms . Missile Tubes

Note: All employee figures as of September 30, 2017.

42 NOG

Nuclear Fuel NOG-E Services Control Rod Drive Fuel Mechanisms

NOG-M NOG-L NOG-B Vessels, Steam All Fueled Reactor Steam Generators Generators & Components / Power & Pressurizers Pressurizers Units

USS Ronald Reagan USS Seawolf

43 USU.S. Navy Navy Long ‐Long-Termterm Procurement Procurement Forecast

Year 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Aircraft Carrier Construction CVN-79 John F. Kennedy

(1) CVN-80 Enterprise CVN-81 (Unnamed) CVN-82 (Unnamed) CVN-83 (Unnamed) Aircraft Carrier Refueling and Complex Overhaul (RCOH) CVN-73 George Washington CVN-74 John C. Stennis CVN-75 Harry S. Truman CVN-76 Ronald Reagan CVN-77 George H.W. Bush CVN-78 Gerald R. Ford

Aircraft Carrier Program Plan Aircraft Carrier CVN Designators Construction & Execution Nimitz Class: CVN 68 - CVN 77 For d Cla s s : CVN 78 - CVN 83+

Year 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Submarine Type

(1) SSN (Virginia Class) 222212212111111111122221

SSBN (Columbia Class) 1 1 1111111111

2nd SSN (Virginia Class) (2) 1 1 1111111111 1 Program Submarine 3rd SSN (Virginia Class) (2) 11 1

Source: Modified and adapted from Huntington Ingalls, Office of the Chief of Naval Operations (Annual Long-Range Plan for Construction of Naval Vessels for FY 2016). Notes: 1) Illustrative build schedule that may not directly align with BWXT. 2) Not in plan of record.

44 Major Contract Structure for NOG

. Pricing agreement every 2-3 years includes annual awards / options ‒ Cost parameters set for initial contract awards ‒ Subsequent years’ option prices as authorized by Congress . Fixed price incentive fee contracts ‒ Target costs include fee percentage around 15%; operating margin approximately 13% ‒ Share cost underruns / overruns with customer; BWXT rewarded for underruns / penalized for overruns up to ceiling price / responsible for costs above ceiling price ‒ Contract execution at underrun enhances margins . Contract execution as long as 7 years . Employ best practices and cost-saving initiatives for best customer cost results maintaining highest quality standards

Annual Award / Option Pricing Agreement Framework

PRICING AGREEMENT #1

PRICING AGREEMENT #2

PRICING AGREEMENT #3

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 Year 14

Initial Option Agreement Award Exercise Execution

45 HEU Downblending Capabilities

HEU NUCLEAR FUEL SERVICES, INC. LEU

Commercial NFS patented conversion technology Fuel

HEU U-Metals U-Compounds Government Stockpile

HEU U-Oxides U-Compounds HALEU Unused Reactor Fuel Future Research Test Reactor, Next 3-5 metric tons of HEU downblended / year Generation Commercial . Current contract 2016 - 2019 Reactor, . Following contract planning in SMR progress

Impact of Considered best option for eliminating HEU as potential terrorist target vs. long-term storage or burial Downblending

46 Materials Laboratory & Testing Services

Primary Services . Nuclear Materials Engineering – Hot cell facility permits highly active material such as spent nuclear fuel to be analyzed for nuclear utility and Government customers

. Non-Destructive Evaluation – Designs / builds high-precision inspection systems

. Metallurgy – Specializes in nuclear fuel-related material R&D for Government customers

. Radioisotope & Analytical Chemistry Lab – Analyzes highly active / environmental samples from DOE sites and commercial customers

. Black Programs – Operates an 1,800 sq. ft. Sensitive Compartmented Information Facility (SCIF) to perform Top Secret projects

Non-Destructive Evaluation Hot Cell Operations

47 NPG Geographic Coverage

Canada

France Romania

U.S.A. China South Korea

Argentina

Strong North American Business with International Presence

48 NPG

Facility

Cambridge Peterborough Toronto Arnprior Dundas Intech Int.

Employees 575 262 44 32 17

. Component . Fuel assembly . Fuel pellet . Fuel tube . Field service Design manufacturing manufacturing staffing . Fuel handling Products & . Manufacturing services Services . Engineering . Engineering Services services . Field Services

Note: All employee figures as of September 30, 2017.

49 CANDU® Outage Cycles

Outage Field Services Market CANDU® Customer Outages 2014 - 2018 14 . Outage / Field Services market extends for over 30 years 12 . Low-risk, high-margin, specializedOutage/ Field work 10 Services . Size of market fluctuates yearly and quarterly depending on planned 8 customer outage cycles . As a result, revenueComponents for this segment 6 will fluctuate y/o/y and q/o/q in sync with number of outages 4 . As a percentage of BWXT Canada’s 2 total revenue, outage / field services segment will decrease 2017–2034, due to impact of BWXT NEC 0 acquisition and an uptick in 2014 2015 2016 2017* 2018 * refurbishment work during the same OPG / Bruce NB Power International period * Anticipated outage volume

50 Impact of BWXT Nuclear Energy Canada Inc.

Business Overview Site Locations . Global supplier of products and services to the CANDU industry with over 60 years of experience Peterborough, ON Arnprior, ON BWXT NEC HQ Tube operation . Business lines include: Fuel bundle assembly & nuclear services ‒ Nuclear Fuel: CANDU fuel bundles and components, including fuel tubes ‒ Nuclear Services: parts and services to nuclear power plants, including refurbishment, engineering, and specialized tooling

. 350+ employees Toronto, ON Pellet operation

Fuel Bundle

Fuel Handling Parts Reactor Inspection & Maintenance Delivery System

51 NPG Summary of Products & Services

52 NSG

Overview Business Status Highlights

NSG includes three organizations: . Rebuilding contract mix . Advanced Reactors and Engineering ‒ Improving contract performance ‒ Pursuing new work in all organizations . Designs, engineers, and manufactures complex reactor components, fuels and systems ‒ Expanding markets, including additional contracts for equipment supply . Conducts nuclear R&D ‒ Building on Advanced Reactors and Nuclear Services . Nuclear Services contract base to include new work scope . Provides specialty plant maintenance services . Focusing on contract execution; strengthening partner for the commercial nuclear industry / customer relationships . Develops and deploys specialty tooling, data . Increasing depth / breadth of future bidding acquisition and processes for nuclear utilities . Building on bench strength; increasing projects . Technical Services capability for growth . Manages / operates govt.-owned nuclear weapons sites, related facilities and national Targeted Customers laboratories . U.S. Department of Energy (DOE) . NASA ‒ Defense programs, nuclear non-proliferation . U.S. Department of Defense (DoD) . International and advanced technology development . U.S. Commercial Nuclear Facilities Agencies . Decontamination, decommissioning and legacy waste cleanup . Environmental remediation . Waste management . Nuclear operations . Project execution, management and services Advanced Test Reactor Technical Services

53 NSG

Nuclear Advanced Reactors Technical Services Services

Lynchburg, VA; 17 government sites Locations Lynchburg, VA Chattanooga, TN nationwide

Employees ~50 ~100 ~350

. Engineering Design Center . Steam Generator Services . Management and . Gen IV Reactor Design . Field Inspection Services Operations . Ops Support . Outage Support . Nuclear Operations . NSG Corporate . Tube Inspections . Security Products/ Management . Plugging . Emergency Response Services . Tooling Design and . Operations and Fabrication Maintenance . BOP Services . ES&H . Quality . D&D Note: All employee figures as of September 30, 2017.

54 NSG Contracts

 M&O nuclear weapons enterprise  Laboratory Management National Nuclear Security Agency  Key sites (partners): (NNSA) – Los Alamos National Laboratory (Bechtel, Univ. of Calif., AECOM) – Lawrence Livermore National Laboratory (Bechtel, Univ. of Calif., AECOM) – Nevada National Security Site (Northrop Grumman, AECOM, CH2M)

Nuclear Energy  Key sites (partners): (NE) – Idaho National Laboratory (Battelle, AECOM)

 Key sites (partners): – Portsmouth Gaseous Diffusion Plant (Fluor) – Paducah Gaseous Diffusion Plant (CH2M, Fluor) Environmental – West Valley Demonstration Project (CH2M, ECC) Management (EM) – Waste Isolation Pilot Plant (AECOM) – Savannah River Liquid Waste Disposition Program (AECOM, Bechtel, CH2M) – Naval Reactors Enterprise D&D [BWSR] (BAPL/KAPL/KSO/NRF) (APTIM) – Isotek Systems (Energy Solutions)

 Key sites (partners): Office of Science – Oak Ridge National Laboratory (Univ. of Tennessee, Battelle)

 Key sites (partners): NASA – Synergy Achieving Consolidated Operations & Maintenance (PAE Applied Technologies) – Development of Nuclear Thermal Propulsion System and Ground Test Activities

 Key sites (partners): Commercial – Advanced reactor development companies Nuclear – NuScale – U.S. nuclear utilities

55 NSG Attributes

. Average government technical services contract is 10 years with options Long-Term Recurring . High ROIC; limited working capital requirements Operating Profit Stream . EBITDA booster

Business Model . Model leverages U.S. Government letter of credit for M&O sites Strong Free Cash Flow . Short invoice turnaround with U.S. Government and commercial customers

. Decades of history in DOE and Naval Reactors markets . Differentiating credentials in nuclear operations and environmental Established Market Leader management . Presence at more than a dozen government sites

. Market Driven By National Commitment to maintain the stockpile and modernize the nuclear triad Security, Energy and . Large DOE budgets for multi-decade cleanup projects Environmental Imperatives . Expectation for continued operation of the commercial nuclear fleet

. Reactor, system design, testing, servicing specialists with extensive tool Service delivery backed by development and process improvement capability extensive operational experience and technology . Strong owner-operator perspective and approach to business . Differentiates from classic EPC and defense industry competitors

56 New Operating and Reporting Structure (2017)

. During the first quarter of 2017, BWXT adjusted its reporting structure to better align the operations and strategic focus of the Company. ─ The Advanced Reactor organization and U.S. Services organization in our former Nuclear Energy segment is now combined with our Technical Services segment. The combined operating segment was renamed Nuclear Services Group. ─ The former Nuclear Energy operating segment now includes our legacy Canadian business and the newly acquired GE-Hitachi Nuclear Energy Canada Inc. (n/k/a BWXT Nuclear Energy Canada Inc.) and was renamed Nuclear Power Group. . Historical financials have been recast to reflect the updated operating structure.

Nuclear Operations Group Nuclear Power Group Nuclear Services Group (BWXT NOG) (BWXT NPG) (BWXT NSG)

BWXT Technical Nuclear Advanced BWXT NEC Canada Services Energy Reactor Group U.S. Design

57 2015 Power Generation Spin-Off

Transaction Overview . BWXT completed its spin-off of the company’s Power Generation business on June 30, 2015 – Tax-free spin-off to the Babcock and Wilcox Company (BWC) shareholders – Our former Power Generation business is now referred to as Babcock & Wilcox Enterprises, Inc. (NYSE:BW) . As of the spin-off effective date, shareholders of record owned 100% of two independent, publicly traded companies – Benefits of the spin include greater management focus on the distinct business of government and nuclear operations as well as a greater ability to attract an investor base suited to BWXT’s specific operational and financial characteristics

Nuclear Operations Group Nuclear Energy Technical Services Group Power Generation (BWXT NOG) (BWXT NE) (BWXT TSG)

Note: Reflects BWXT operating segments at the time of spin-off of BW (June 30, 2015).

58 Current R&D Efforts and Opportunities

. Medical and Industrial Radioisotopes o Disruptive technology defended by unique intellectual property (IP) o First revenues in 2019; margin accretive o Addressable market of $3B (therapeutic and diagnostic) • First product addressable market of ~$1B • Seventeen total products addressable with this technology Medical Radioisotope Imaging . Space Nuclear Power and Propulsion o NASA Nuclear Thermal Propulsion System (NTP) • $19M contract for two years for core design and fuel sample manufacturing • Long term potential revenues of $600M-$1B during research, development, and 1st unit testing • Additional, large recurring revenues if NTP becomes the human exploration architectural baseline o Multi-Application Reactor System (MARS) • Customer funded R&D in second half of 2017 • First project revenues in 2018 • Significant growth potential in space power and propulsion . Nuclear Materials Processing o Enabling technology for multiple programs and product lines Nuclear Thermal Propulsion

59 BWXT R&D Context

. Tollgate 1 (Scoping Opportunities) . R&D portfolio and process is now o Idea screening, initial product scope owned and controlled by the CTO and preliminary product assessment . Tollgate 2 (Product Plan) o Development of market analysis and business case, top level technology . Highly-disciplined tollgate process with maturation plan, customer CTQs and built-in off-ramps product requirements definition . Tollgate 3 (Concept Development) o Conceptual design, IP assessment and . Dedicated internal research and opportunities, product specification, concept selection, revised execution development budget targeted towards plan high ROI projects . Tollgate 4 (Design Development) o Develop concept in design w/costs, FMEA design, manufacturing and construction estimates . Significant customer funded R&D . Tollgate 5 (Detailed Design) o Advanced design, detailed FMEA, execute V&V, manufacturing validation, . Merit based funding approach final product review . Tollgate 6 (Initial Commercialization) o Complete V&V plan, customer feedback, . Matrixed approach pushes technology updated standards, tooling, and design development and resulting business . Tollgate 7 (Full Commercial Release) o Handoff to commercial support team, lines into operating groups execute go-to-market strategy

60 For more information, contact:

M. Alan Nethery Vice President and Chief Investor Relations Officer [email protected] (980) 365-4300

61