Cameco IPO Presentation Deck

Transaction Overview Overview Joint Venture Structure / Ownership Approvals / Conditions Timing Pro Forma WEC Capital Structure Financing Strategy . . . Cameco Energizing a clean-air world Acquisition of Westinghouse Electric Company corporate group by an acquisition entity jointly owned by Brookfield Renewable and Cameco for a base purchase price of US$7.875 billion, subject to customary adjustments for cash, indebtedness and working capital Subject to the approval of a majority of the minority of Brookfield Business Partners unitholders¹ Subject to customary closing conditions and certain regulatory approvals Closing is anticipated to occur in the second half of 2023 Cameco Brookfield Renewable and its institutional partners will hold 51.0% of the equity interests in the acquisition entity and Cameco will hold the remaining 49.0% The board of the acquisition entity will be composed of six directors, with three directors appointed by Brookfield and three directors appointed by Cameco Directors to vote in accordance with the percentage ownership of the party that nominated such directors A list of key reserved matters will not be undertaken unless approved by a majority of the directors, including at least one Cameco director and one Brookfield director Brookfield Renewable Reserved matters will include decisions such as approval of the annual budget, entry into material contracts, making significant investments, entering into new lines of business and related-party transactions Current Westinghouse capital structure expected to remain in-place; estimated debt position of US$3.4B Implies a total estimated equity purchase price of -US$4.5B Cameco's required equity contribution is ~US$2.2B net to its 49.0% interest in Westinghouse WWestinghouse 'As defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. Goldman Sachs and a banking affiliate of CIBC World Markets Inc. have provided a fully committed financing facility Permanent financing with a mix of capital sources (cash, debt and equity) designed to preserve balance sheet and ratings strength, while maintaining healthy liquidity 5

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