Senior Vice-President and CFO Mr. Kim Goheen
Montreal, QC
December 8, 2009

You are advised to refer to the March 2007 Cigar Lake and February 2009 McArthur River Technical Reports, containing detailed information concerning Cigar Lake and McArthur River, Cameco’s material properties mentioned during this presentation, as updated by Cameco’s March 2009 Annual Information Form, because this presentation only contains summary information about them. These documents are available at www.sedar.com and provide the date of each reserve estimate, details of key assumptions and parameters used in the estimate, details of the quantity and grade or quality of the reserve estimates, and a general discussion of the extent to which the estimates may be materially affected by any known environmental, permitting, legal, taxation, socio-political, marketing or other relevant issues. These documents also provide information with respect to data verification in the estimation. You are also referred to page 46 of the Annual Information Form for a breakdown of the reserve estimates contained in this presentation into the categories of proven and probable reserves.

Information of a scientific and technical nature concerning Cigar Lake was prepared under the supervision of Grant Goddard, P. Eng. Cameco’s General Manager, Cigar Lake and concerning McArthur River was prepared under the supervision of David Bronkhorst, P. Eng., Cameco’s General Manager, McArthur River, each of whom 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 March 27, 2009 and MD&A for the year ended 2008 and first, second and third quarter of 2009, as well as in the Cigar Lake and McArthur River Technical Reports, all 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 January 22, 2010 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 January 22, 2010, regarding those outcomes and may not be appropriate for other purposes.