Information of a scientific and technical nature concerning Cigar Lake was prepared under the supervision of Grant Goddard, P. Eng., Cameco's Vice-President, Saskatchewan Mining North, concerning McArthur River was prepared under the supervision of David Bronkhorst, P. Eng., Cameco's Vice-President, Saskatchewan Mining South, and concerning Inkai was prepared under the supervision of Charles Foldenauer, JV Inkai's General Manager, Operations and Development. Each of these individuals is a qualified person for the purpose of NI 43-101.

Please note that the statements made in this presentation, including statements regarding the company's objectives, projections, outlook, estimates, expectations or predictions, contain forward-looking information and statements within applicable Canadian and US securities laws. Cameco cautions that such information and statements involve risk and uncertainty and that actual results could differ materially from those contained in them. In addition, certain material factors or assumptions were applied in drawing the conclusions or making the forecasts or projections contained in them. Additional information about the material factors that could cause the results to differ materially, and the material factors or assumptions that were applied, are contained in Cameco's annual information form dated February 16, 2011 and MD&A for the year ended 2010 both of which are available on SEDAR and EDGAR.

You are advised that the forward-looking statements and statements made in this presentation represent management's views as of February 28, 2011 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 you in understanding management's views, as of February 28, 2011, regarding those outcomes and may not be appropriate for other purposes.

Cautionary Note to Investors in the United States

Information contained in this presentation, regarding our reserves has been prepared in accordance with the requirements of securities laws in effect in Canada. National Instrument 43-101 – Standards of Disclosure for Mineral Project ("NI 43-101") is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral reserve estimates contained in this presentation have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ significantly from the requirements of the U.S. Securities and Exchange Commission ("SEC"), and and mineral reserve information contained in this presentation may not be comparable to similar information disclosed by United States companies.