Cameco IPO Presentation Deck

Historical Non-GAAP and Non-IFRS Reconciliations Westinghouse Adjusted EBITDA and Adjusted Free Cash Flow Reconciliation (US$M) Proportionate Share (49%) LTM ended LTM ended June 30, 2022 June 30, 2022 559 Net income Depreciation & Amortization Interest costs (net, including accretion) Income tax (recovery) Restructuring and acquisition related expenses Gain (loss) on disposal of fixed assets Non-operating income Impact of derivative instruments Other non-operating items Adjusted EBITDA Capital expenditures Adjusted Free Cash Flow Adjusted EBITDA margin (Adj. EBITDA/Revenue) Adjusted Free Cash Flow margin (Adj. FCF/Adj. EBITDA) 2019 26 284 243 (6) 97 (9) (36) 0 13 613 138 475 18% 78% 2020 42 289 221 15 70 5 (3) (20) 28 646 133 513 20% 79% 2021 126 303 186 (17) 67 7 0 2 21 695 154 541 21% 78% 299 183 (433) 89 (1) (1) 12 (7) 701 145 556 21% 79% 344 Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by revenue Adjusted free cash flow is calculated as Adjusted EBITDA less Capital expenditures Adjusted free cash flow margin is calculated as Adjusted free cash flow divided by Adjusted EBITDA Source: Westinghouse and Cameco historical financial statements and MD&A. 71 272 21% 79% Net earnings (loss) Finance costs Gain on Derivatives Finance income Cameco Energizing a clean-air world Cameco Adjusted EBITDA Reconciliation ($M) Depreciation and amortization Income tax expense (recovery) Adjusted EBITDA 2020 (53) 96 (37) (11) 209 14 218 2021 (103) 77 (13) (7) 190 (1) 144 LTM ended June 30, 2022 63 78 29 (9) 203 31 395 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 IFRS and U.S. GAAP and should not be considered in isolation or as a substitute for financial information prepared in according to IFRS and U.S. GAAP. Other companies may calculate these measures differently, so you may not be able to make a direct comparison to similar measures presented by other companies. 21

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