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2008 Financial Outlook

Full Year 2008 Guidance
Below is a table summarizing Cameco's 2008 consolidated outlook as well as the outlook for each of our business segments. Updates from the outlook contained in the table published in the first quarter were made to the following items (in bold): consolidated tax rate, uranium unit cost of product sold, uranium production, nuclear electricity revenue, nuclear electricity unit cost of product sold and nuclear electricity capacity factor. Where there are changes from the outlook presented in the table published in the first quarter, we have provided footnotes that contain the outlook presented in the first quarter table. Where we believe the changes are material in nature, an explanation has been provided in the second quarter MD&A under the heading "Outlook for the Year 2008". This information is provided for the convenience of the reader.

2008 Outlook	Consolidated	Uranium	Fuel Services	Nuclear Electricity	Gold

Revenue	Increase 3% to 10%¹	Increase 10% to 20%²	Decrease 5% to 10%	Increase 10% to 15%⁷	-

Administration costs	Increase 10% to 15%	-	-	-	-

Tax rate	5% to 10%³	-	-	-	-

Sales volume	-	32 to 34 million lbs	Decrease 5% to 10%	-	-

Unit cost of product sold	-	Increase 10% to 15%⁵	-	About $37 per MWh⁸	-

Capacity factor	-	-	-	About 87%⁹	-

Production	-	19.6 million lbs⁶	9 to 12 million kgU	-	770,000 to 830,000 oz

Capital expenditures	$534 million⁴	-	-	$39 million	$88 million (US)¹⁰

¹	As reported in the annual MD&A, this is the outlook for the uranium, fuel services and nuclear electricity businesses and does not include gold.
²	Based on a uranium spot price of $64.50 (US) per pound, reflecting the UxC spot price as of August 11, 2008. Changes in the uranium spot price will impact the prices we realize under our contracts.
³	Outlook contained in the first quarter table – tax rate expected to be in the 10% to 15% range.
⁴	As reported in the annual MD&A, Cameco's consolidated outlook for capital expenditures does not include Bruce Power or Centerra capital expenditures.
⁵	Outlook contained in the first quarter table – unit cost of product sold to increase 5% to 10% over 2007.
⁶	Outlook contained in the first quarter table – production to be 20.6 million pounds U₃O₈.
⁷	Outlook contained in the first quarter table – revenue expected to increase 5% to 10% over 2007.
⁸	Outlook contained in the first quarter table – unit cost of product sold to be about $35 per MWh. Total operating costs now expected to rise 5% over 2007, compared to the previous estimate of 3% reported here in the first quarter.
⁹	Outlook contained in the first quarter table – capacity factor for the Bruce B units expected to average about 88%.
¹⁰	Outlook contained in the first quarter table – capital expenditures expected to be $78 million (US) (100% basis). We expect Centerra to fund these expenditures.

The foregoing update to the outlook for the year 2008 contained in our annual MD&A for the year ended 2007 is forward-looking information and, except as stated in the footnotes above, is based upon the same key assumptions and subject to the same material risk factors that could cause results to differ materially which were discussed under the heading "Caution Regarding Forward-looking Information and Statements" in our annual MD&A. These include assumptions regarding production levels, sales volumes, costs and market prices, and the risk of variations in them; assumptions regarding competition levels, and the risk of significant increases in them; the risk of material adverse changes in foreign currency exchange rates and interest rates, and the assumption that they will remain constant or improve in our favour; the risk of unexpected or challenging geological, hydrological or mining conditions which deviate significantly from our assumptions regarding those conditions; political risks and the risk of adverse changes in government legislation, regulations and policies, which we have assumed will not occur; and the success and timely completion of planned development and remediation projects, and the risks associated with those projects. This foregoing update represents Cameco's views as of August 13, 2008 and should not be relied upon as representing Cameco's views as of any subsequent date.