Cameco IPO Presentation Deck

Strategic Partnership Between Cameco and Brookfield Renewable Create Platform for Strategic Growth Reliable and Secure Fuel Supplies Accretive on Key Metrics New Revenue Opportunities Enhanced Financial Strength Cameco Energizing a clean-air world Cameco Expected to Complement Cameco's Participation in the Nuclear Fuel Value Chain • Complements Cameco's tier-one uranium assets and fuel services with Westinghouse's global nuclear fuel and plant services platform for light water reactors • Expected to augment and expand Cameco's ability to meet the growing demand for nuclear fuel supplies and services that are reliable and secure Expect New Revenue Opportunities in Addition to WEC's Contribution • Expanded ability for Cameco to satisfy existing and new customer needs • Expected to result in additional revenue opportunities for Cameco in the future Brookfield WWestinghouse Expect Acquisition to Create a Strategic Partnership Allowing Further Participation in and Support for the Growing Momentum for Nuclear Energy • Positions Cameco to create a platform for strategic growth across the nuclear fuel value chain • Expected to reinforce Cameco's position as one of the global leaders in championing the clean energy transition Renewable Expected to be Accretive to Cameco • Expected to be accretive to Cameco's cash flow after closing of the acquisition, prior to giving effect to new revenue opportunities Westinghouse's strong, long-term customer relationships and reliable revenue streams are expected to generate stable cash flow, and complement Cameco's existing business Provides Platform for Further Growth • Expect to maintain strong balance sheet through disciplined funding strategy and continued execution of strategy • Expanding reach in an industry that has historically performed well during varying macroeconomic environments due to the baseload nature of nuclear power and strong customer base 17

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