CAMECO CORP

Decrease

Discount rate

$

(8,905)

$

11,365

$

(2,432)

$

2,902

Rate of compensation increase

2,522

(2,328)

n/a

n/a

A

% change in any of the other assumptions would not have a significant impact on the defined benefit obligation.

The methods and assumptions used in preparing the sensitivity analyses are the same as the methods and assumptions used

in determining the financial position of Cameco’s plans as at December 31, 2025. The sensitivity analyses are determined by

varying the sensitivity assumption and leaving all other assumptions unchanged. Therefore, the sensitivity analyses do not

recognize any interdependence in the assumptions. The methods and assumptions used in determining the above sensitivity

are consistent with the methods and assumptions used in the previous year.

In addition, an increase of one year in the expected lifetime of plan participants in the pension benefit plans would increase the

defined benefit obligation by $

462,000

.

To

measure the longevity risk for these plans, the mortality rates were reduced such that the average life expectancy for all

members increased by one year. The reduced mortality rates were subsequently used to re-measure the defined benefit

obligation of the entire plan.