Notes

1. Cameco Corporation
2. Significant Accounting Policies
3. Explanation of Transition to IFRS
4. Accounting Standards
5. Determination of Fair Values
6. Use of Estimates and Judgments
7. Short-Term Investments
8. Accounts Receivable
9. Inventories
10. Property, Plant and Equipment
11. Intangible Assets
12. Long-Term Receivables, Investments and Other
13. Equity-Accounted Investees
14. Accounts Payable and Accrued Liabilities
15. Short-Term Debt
16. Long-Term Debt
17. Finance Lease Obligation
18. Other Liabilities

19. Provisions
20. Share Capital
21. Employee Benefit Expense
22. Finance Costs
23. Other Income
24. Income Taxes
25. Per Share Amounts
26. Statements of Cash Flows
27. Share-Based Compensation Plans
28. Pension and Other Post-Retirement Benefits
29. Financial Instruments and Related Risk Management
30. Capital Management
31. Commitments and Contingencies
32. Segmented Information
33. Group Entities
34. Jointly Controlled Assets
35. Jointly Controlled Entities
36. Acquisition of Controlling Interest in UFP Investments LLC (“UFP”)
37. Related Parties

Notes to Consolidated Financial Statements

For the years ended December 31, 2011 and 2010

($Cdn thousands except per share amounts and as noted)

1. Cameco Corporation

Cameco Corporation is incorporated under the Canada Business Corporations Act. The address of its registered office is 2121 11^th Street West, Saskatoon, Saskatchewan, S7M 1J3. The consolidated financial statements as at and for the year ended December 31, 2011 comprise Cameco Corporation and its subsidiaries (collectively, the "Company" or "Cameco") and the Company's interest in associates and joint ventures. The Company is primarily engaged in the exploration for and the development, mining, refining, conversion and fabrication of uranium for sale as fuel for generating electricity in nuclear power reactors in Canada and other countries. Cameco has a 31.6% interest in Bruce Power L.P. (BPLP), which operates the four Bruce B nuclear reactors in Ontario.