Solid

World Leader...

For two decades, world uranium consumption has exceeded mine production by wide margins. Inventories and other sources are running low. Uranium prices have increased dramatically over the past two years, as markets react to tightening supply. As the world's largest low-cost uranium producer, Cameco is ideally positioned to deliver solid financial results – well into the future.

Strategic

Our Planet Needs Nuclear...

World demand for electricity is putting stress on current supply. Nuclear energy is a clean, reliable and cost- competitive way to generate large amounts of electricity – without releasing billions of tonnes of carbon dioxide and other pollutants into the atmosphere. In addition to uranium mining, Cameco is also involved in uranium conversion and in the generation of clean electricity. We bring the full benefit of uranium's incredible energy potential to our shareholders.

Superior

Growth Opportunities...

For a solid nuclear investment, Cameco is the clear choice. Our high-quality uranium mining, processing and nuclear generation assets position us to deliver strong earnings and cash flow. Our vision for nuclear growth is powered by a solid balance sheet, and guided by financial discipline and a commitment to sustainable development. We will deliver on the potential promise of nuclear energy to our shareholders.

Our Profile

Cameco, with its head office in Saskatoon, Saskatchewan, is the world's largest uranium producer as well as a significant supplier of conversion services. The company's competitive position is based on its controlling ownership of the world's largest high-grade reserves and low-cost operations. Cameco's uranium products are used to generate clean electricity in nuclear power plants around the world, including Ontario where the company is a partner in North America's largest nuclear electricity generating facility. The company also explores for uranium in North America and Australia, while holding a majority interest in a mid-tier gold company. Cameco's shares trade on the Toronto and New York stock exchanges.

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Forward-looking statement

Statements contained in this document which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium, electricity in Ontario and gold; the impact of the sales volume of uranium, conversion services, electricity generated and gold; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; adverse mining conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks.

Although Cameco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. Cameco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.