Disclaimer

We are making statements and providing information about our expectations for the future which are considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. These include our statements about our aim to double our annual uranium production by 2018 and how we expect to achieve this goal, our statement that our customers and contracting strategy provide relatively predictable revenue with significant upside, and other statements using words such as "intend", "can", "will", "strive", "slated", "potential", "could", "promise", "expected" and "targeting". It is important to understand that these statements represent our current views, and can change significantly. We are presenting this information to help you understand management's current views of our future prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. This information is based on a number of material assumptions, and is subject to a number of material risks, which are discussed in our current annual MD&A, including under the heading "About forward-looking information". In particular, we have made assumptions about 2018 production levels at our existing mines, and assumptions about the development of mines that are not operating yet and their 2018 production levels. If an assumption about one or more mines proves to be incorrect, we will not reach our 2018 target production level unless the shortfall can be made up by additional production at another mine. The material risks that could prevent us from reaching our target include the risks that we may not be able to maintain or increase production levels at McArthur River or Inkai, there are further delays in reaching full production levels at Cigar Lake, development of Kintyre is delayed because of political, regulatory or Aboriginal issues, we cannot move ahead with production at the Kintyre or Millennium projects, lack of milling capacity, uranium prices or development and operating costs make it uneconomical to develop projects under consideration and disruption in production or development due to natural phenomena, labour disputes, political risks or other development and operating risks. Information of a scientific and technical nature concerning Cigar Lake, McArthur River and Inkai was prepared under the supervision of Alain Mainville, P. Geo., Cameco's director, mineral resources management, who is a qualified person for the purpose of NI 43-101.