Cameco IPO Presentation Deck

Expect Partnership to Enhance Cameco's Financial Profile and Diversify Business Mix Cameco Standalone Revenue (SM) $1,800 $19 0% 21% 79% 2020 Uranium Earnings (SM) Returning to Tier One Cost Structure- Responsible Supply Decisions During Trough $219 $1,475 1% 27% 72% 2021 Uranium Fuel Services Other $1,781 $96 22% 77% LTM June 2022 Fuel Services Earnings (SM) Production Consistently Supports Long-Term Needs of Our Customers $111 $115 $1,781 Cameco Energizing a clean-air world Westinghouse shown on a pro rata 49% basis. Revenue (LTM June 2022) Comparison of Cameco and Westinghouse (SM) Cameco $2,030 Adjusted EBITDA¹ (LTM June 2022) Westinghouse $395 ($37) LTM June 2022 2020 2021 LTM June 2022 2020 2021 Source: Cameco historical financial statements and MD&A,| Note: Cameco uses IFRS and Westinghouse U.S. GAAP. 'Adjusted EBITDA is a non-IFRS and non-GAAP measures which does not have a standardized meaning or a consistent basis of calculation under IFRS or U.S. GAAP and should not be considered in isolation or as a substitute for financial information prepared in according to IFRS or 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, for Cameco, and Adjusted EBITDA, for Westinghouse, are calculated differently. WEC Adjusted EBITDA of $701M converted to CAD based on average CAD/USD exchange rate over the period of 1.2659 and multiplied by Cameco's contemplated interest of 49%. Segment earnings shown before income taxes. A reconciliation of non-IFRS and non-GAAP measures to the most comparable financial measure can be found on slide 21. $435 Cameco Westinghouse 18

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