Cameco IPO Presentation Deck

■ - Westinghouse: Strong Financial Profile - Long-Term Relationships W Westinghouse Operating Plant Services 13% 6% Revenue Profile Energy Systems 81% Environmental Services 2021 Net Revenue: US$3.3B Predictable Business with Stable Revenue Reactors require an outage to re-fuel every 18-24 months Original equipment manufacturer (OEM) status provides predictable demand $613 2019 18% $475 2019 Cameco Energizing a clean-air world 78% Adjusted EBITDA (US$M) & Adjusted EBITDA Margin (%)¹ +7% CAGR $646 2020 20% 2021 21% Adjusted Free Cash Flow (US$M) and Adjusted Free Cash Flow Margin (%)¹ +7% CAGR $513 2020 $695 79% $541 2021 $701 78% 30-Jun-22 LTM 21% $556 30-Jun-22 LTM 79% Source: WEC historical financial statements | Adjusted EBITDA, Adjusted EBITDA margin, Adjusted free cash flow and Adjusted free cash flow margin are non-GAAP measures which do not have a standardized meaning or a consistent basis of calculation under U.S. GAAP and should not be considered in isolation or as a substitute for financial information prepared in according to U.S. GAAP. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue. Adjusted free cash flow is calculated as Adjusted EBITDA less Capital expenditures. Adjusted free cash flow margin is calculated as Adjusted free cash flow divided by Adjusted EBITDA. A reconciliation of non-GAAP measures to the most comparable financial measure can be found on slide 21. 16

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