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.