Cameco IPO Presentation Deck

Cameco is Strategically Positioned to Benefit from Clean Energy and Favourable Uranium Market Fundamentals Right Vision and Strategy • Vision aligned with the world's growing need for carbon-free energy ● Nuclear power can help avoid some of the worst consequences of climate change Our strategy is positioning Cameco to achieve our vision Growing Demand Driven By Global focus on: Electrification Decarbonization Country net-zero targets Company net-zero targets Energy security Infrastructure investments • Uncertain Supply Planned supply curtailments Unplanned supply disruption Cameco Energizing a clean-air world Underinvestment in existing capacity Underinvestment in new capacity Decreasing secondary supply Geopolitical and trade policy risk Cameco is Well-Positioned Strategy to capture full- cycle value ● ● Idled tier-one and tier-two capacity Long-term contract portfolio Operational flexibility Project pipeline - brownfield More than mining - invested across the fuel cycle 11

View entire presentation