Cameco IPO Presentation Deck

Favorable Macroeconomic Backdrop Supportive of Nuclear Growth TWh 50,000 40,000 30,000 20,000 10,000 1990 Growing Demand for Electricity¹ 2000 26,762 2020 75% 2030 2040 46,703 2050 Thermal Replacement Energy Poverty Electrifying Industry Cameco Energizing a clean-air world Challenges to Achieving Net-Zero Carbon Targets Replace up to 85% of grid running on carbon emitting thermal power with a clean, reliable alternative Lift one-third³ of the global population out of energy poverty and insecurity Electrify industries largely powered by carbon emitting thermal energy today Expect Growing Global Electricity Demand and an Accelerating Focus on Electrification and Decarbonization to Drive Demand for Nuclear Energy Source: 'IEA World Energy Outlook 2021. Projections based on the Stated Policies Scenario; 2 IPCC Summary for Policymakers- Global Warming of 1.5° C; ³Our World in Data: Energy poverty and indoor air pollution. 7

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