The following table shows the estimated uranium reserves as at December 31, 2009, on a property basis and Cameco's share.

1. Cameco reports mineral reserves and mineral resources separately.
2. Estimated metallurgical recovery factors must be applied in order to obtain the expected amounts of recovered pounds U₃O₈. Cameco's share of U₃O₈ content does not include the estimated metallurgical recovery factor.
3. Mineral reserves incorporate allowances for dilution and mining losses.
4. Mining method: OP - Open Pit; UG - Underground; ISR - In situ recovery.
5. Mineral reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Cameco's data verification procedures have been employed in connection with the mineral reserve estimations for each property.
6. For the purpose of estimating mineral reserves in accordance with NI 43-101, an average uranium price of $54 (US)/lb U₃O₈ was used.
7. The key economic parameters underlying the mineral reserves include an exchange rate of $1.00 US=$1.05 Cdn (reflecting the exchange rate at December 31, 2009).
8. Environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues are not expected to materially affect the above estimates of mineral reserves.
9. Totals may not add up due to rounding.
10. Our mineral reserve estimates of Inkai assume annual production of 5.2 million pounds of U₃O₈, Inkai has regulatory approval to produce 2.6 million pounds, and applied for approval to increase production to 5.2 million pounds per year in 2005. We expect to receive all permits and approvals required for the construction and operation of the new ISR mine at Inkai in 2010, including approval to increase annual production to 5.2 million pounds. There can be no certainty, however, that we will receive these permits or approvals. If Inkai does not receive approval to increase production we will recategorize half of its mineral reserves as mineral resources.

Uranium Measured and Indicated Resources

Cautionary Note to Investors concerning estimates of Measured and Indicated Resources

This section uses the terms "measured resources" and "indicated resources." US investors are advised that, while those terms are recognized and required by Canadian securities regulatory authorities, the US Securities and Exchange Commission does not recognize them. Investors are cautioned not to assume that any part or all of the mineral deposit in these categories will ever be converted into proven or probable reserves.

The following table shows the estimated uranium measured and indicated resources as at December 31, 2007 on a property basis and Cameco's share.

Uranium Inferred Resources

Cautionary Note to Investors concerning estimates of Inferred Resources

This section uses the term "inferred resources." US investors are advised that, while this term is recognized and required by Canadian securities regulatory authorities, the US Securities and Exchange Commission does not recognize it. Under Canadian securities regulations, estimates of inferred resources may not form the basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that part or all of an inferred resource exists or is economically or legally mineable.

The following table shows the estimated uranium inferred resources as at December 31, 2007 on a property basis and Cameco's share.