Cameco IPO Presentation Deck

Cameco's Disciplined Strategy of Full-Cycle Value Capture Strategically aligned contracting discipline ● Strategically patient long-term contracting Balanced portfolio Optimize market- related portion of contract portfolio, with focus on protection from commodity volatility Marketing Strategy Execution ● Financial Operations Risk-managed financial discipline Self-manage risk Supports opportunistic investment in nuclear fuel value chain Cameco Energizing a clean-air world Operationally flexible supply discipline Align production with contract portfolio and market signals Clean Environment Environment IIIII ESG Governance 4 Supportive Communities Social Safe, healthy, and rewarding workplace 13

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