Caution Regarding Forward-Looking Information

Statements contained in this business review which are not current statements or historical facts are "forward-looking information" (as defined under Canadian securities laws) and "forward-looking statements" (as defined in the U.S. Securities Exchange Act of 1934, as amended) which may be material and that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by them. Sentences containing words such as, "believe", "will", "promise", "remain", "estimate", "anticipate", "could", "should", "may", "strive", "fulfill", "expected", "potential", "strategy", "intend", "objective", "outlook", "forward", "position" and "annually", and the negative of these words, or variations of them, are all indicative of forward-looking information and statements.

The forward-looking information and statements included in this business review are subject to material risk factors that could cause actual results to differ materially, and are based upon a number of material assumptions which may prove to be incorrect. For example: our comments regarding the expected impact of difficult economic times on Cameco, including future demand for its uranium products and that Bruce Power provides reliable income, on existing nuclear electrical generation (that we expect them to remain unaffected and that our customers are there for us in the current difficult economic circumstances), and on future growth in nuclear electrical generation assumes the absence of material adverse consequences due to current difficult economic conditions and that these economic conditions do not deteriorate beyond currently anticipated levels; our statement that during the year we made substantial progress towards significantly increasing our production capability for future years, the transition of the McArthur River mine to new mining areas, our expectation that, following regulatory approval and Key Lake revitalization, the McArthur River mine will be in a position to expand production by 15%, our estimate that the McArthur River mine will have a mine life of at least 25 years, our 2009 production estimate for McArthur River-Key Lake operation, our plans for Key Lake mill revitalization to ensure long-term, efficient operations, the extension of the expected Rabbit Lake mine life to 2013, the ramp up of Inkai to full production by 2012, our plans to substantially increase our US ISR production, our expectation that sealing the August 2008 Cigar Lake water inflow will take most of 2009 and that Cigar Lake will be a significant contributor to Cameco's growing production profile, our expectation that we remain on the path to increase uranium production in the future from our existing asset base, and the resumption of UF₆ production at Port Hope in the second half of 2009, are all based upon the assumption that our current plans can be implemented as anticipated, but they are subject to the risk of delays, natural disasters, political, development and operating risks or other unforeseen occurrences; our comments on the expected impact of the period of financial volatility on the nuclear renaissance, on the growth in electricity demand, and on plans for, and construction of, new nuclear plants, assumes the absence of material adverse consequences due to current economic conditions and that these economic conditions do not deteriorate beyond currently anticipated levels; our estimates for construction and decommissioning of nuclear plants over the next decade assume that forecast construction and decommissioning levels can be achieved and are subject to the risk of delays, natural disasters, and political, economic, development and operating risks or other unforeseen occurrences; our estimate of 2018 annual uranium consumption assumes the growth in global electrical demand and continuing development of new nuclear generation capacity, and is subject to the risk that global electrical demand and new nuclear generation development is less than expected and the risk of delays, natural disasters and political, economic, development and operating risks or other unforeseen occurrences; our 2009 production estimates assume that forecast production levels can be achieved, and are subject to the risk of natural disasters or other occurrences delaying, reducing or suspending production.

There may be other material risk factors and assumptions that cause actual results to vary aterially from the forward-looking information and statements included in this business review. See our Annual Information Form and MD&A, including the sections in them titled "Caution Regarding Forward-Looking Information".

The forward-looking information and statements contained in this business review represent management's views as of March 18, 2009 and should not be considered current as of any subsequent date. While we anticipate that subsequent developments may cause our views to change, we specifically disclaim any obligation to update our views except to the extent required by applicable securities laws. This forward-looking information is presented for the purpose of assisting Cameco's shareholders in understanding management's current views regarding those future outcomes, and may not be appropriate for other purposes.

qualified persons

In this business review scientific and technical information regarding McArthur River and Cigar Lake was prepared under the supervision of the following qualified persons, all of whom are Cameco employees: (i) McArthur River – David Bronkhorst, general manager – McArthur River and (ii) Cigar Lake – Grant J.H. Goddard, general manager – Cigar Lake.