Cameco IPO Presentation Deck

Important Notes/Disclaimers Cameco Energizing a clean-air world Cameco Corporation ("Cameco", the "Company", "we", "our" or "us") has filed a preliminary prospectus supplement to its base shelf prospectus with the securities authorities in each of the provinces and territories of Canada and a registration statement on Form F-10 (No. 333-267625), including a base prospectus (the "Registration Statement"), with the Securities and Exchange Commission (the "SEC") for the offering of the Company's common shares to which this communication relates. Before you invest, you should read the base prospectus in that Registration Statement including the "Risk Factors" set forth therein and other documents the Company has filed with the SEC for more complete information about the Company and the offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the prospectus, once available, if you request it from CIBC Capital Markets, 161 Bay Street, 5th Floor, Toronto, ON M5J 2S8 or by telephone at 1-416-956-6378 or by email at [email protected]; or from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone: 1-866-471-2526, or by facsimile: 212-902-9316 or by emailing [email protected] or Goldman Sachs Canada Inc., TD North Tower, 77 King Street West Suite 3400, Toronto, ON M5K 187. Information has been incorporated by reference in the base shelf prospectus from documents filed with securities commissions or similar authorities in Canada. Copies of the documents incorporated therein by reference may be obtained on request without charge from the secretary of the Company at 2121-11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3, by telephone at (306) 956-6200, and are also available electronically at www.sedar.com and via EDGAR on the SEC website at www.sec.gov. A prospective investor should not rely on parts of the information contained in this presentation to the exclusion of others. Neither the Company nor any of the underwriters have authorized anyone to provide prospective investors with additional or different information. The Company and the underwriters are not offering to sell the common shares in any jurisdiction where the offer or sale of such securities is not permitted. Readers should not construe the contents of this presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisers in relation to such matters. Additional information about Cameco, including audited consolidated financial statements as at and for the years ended December 31, 2021 and 2020 and related MD&A, its unaudited interim consolidated financial statements as at and for the three- and six-month periods ended June 30, 2022 and 2021 and related MD&A and its Annual Information Form for the year ended December 31, 2021 are available on SEDAR at www.sedar.com and via EDGAR on the SEC website at www.sec.gov. MARKET AND INDUSTRY DATA Cameco has obtained any market and industry data and other statistical information presented in this presentation from a combination of internal company surveys and third-party information. Such third-party publications and reports generally state that the information contained therein has been obtained from sources believed to be reliable. Although Cameco believes these publications and reports to be reliable, it has not independently verified the data or other statistical information contained therein, nor has it ascertained the underlying economic or other assumptions relied upon by these sources. Cameco has no intention and undertakes no obligation to update or revise any such information or data, whether as a result of new information, future events or otherwise, except as required by law. CURRENCY In this presentation, unless otherwise specified or the context requires otherwise, all dollar amounts are expressed in Canadian dollars. FINANCIAL INFORMATION Cameco financial information is prepared using International Financial Reporting Standards ("IFRS") as prescribed by the International Accounting Standards Board. Brookfield WEC Holdings Sub-Aggregator LP ("Westinghouse" or "WEC") financial information is prepared using United States Generally Accepted Accounting Principles ("U.S. GAAP") prescribed by the Financial Accounting Standards Board. 2

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