RESPONSIBILITY
Scorecard
The 23 key performance indicators we have chosen are appropriate for the company at this stage in our sustainable development program. We have used programs such as the Global Reporting Initiative (GRI) as a basis for developing guidelines more specific to our industry, activities and impact communities.
Below is the complete scorecard, designed to apply to our core business and have lasting relevance for our growth as a company.

Emissions to air of constituents of potential concern (COPCs), resulting from a facility's processes, excluding fugitive dust.
COPCs are identified as those emissions that are of concern to regulatory or community stakeholders and may include: uranium and other metals, radionuclides (excluding radon), volatile organic compounds (VOCs), ozone depleting substances, oxides of nitrogen, sulphur oxides, hydrogen fluoride, ammonia, and particulate matter.
What does this mean?There has been an overall downward trend in air emissions over the past four years primarily due to improvements in acid plant operation at Rabbit Lake and operational improvements made within the Fuel Services Division.
Where are we going?The installations of a new acid plant at Key Lake, and a new converter on the acid plant at Rabbit Lake, are expected to significantly reduce emissions of sulphur dioxide.
- The title Air Emissions changed from Mass Loading of Point Source Emissions.
- The definition was also refined, to ensure that emissions from HVAC systems, underground ventilation and open tanks and reservoirs are included in the total.
- Historic data has been updated to reflect the changes.

Average annual radiation dose to workers in jobs with potential radiation exposure. Measured in milliSieverts (mSv).
The regulatory limit is 50 mSv per year, and no more than 100 mSv over a five-year period.
What does this mean?On average, doses at Cameco operations are significantly below regulatory limits and remain generally stable.
Where are we going?The corporate objective is to maintain a long-term downward trend for doses.

Total amount spent on corporate donations and sponsorships.
What does this mean?Donations and sponsorships have remained fairly consistent, reflecting corporate financial results over the three year period.
Our corporate investment budget has made it possible to make major contributions in education and literacy, health and wellness, youth and community development.
Where are we going?Each year Cameco targets one percent of forecasted after tax net earnings to go toward community investment initiatives projects.
We will further develop the corporate community investment program, with a more proactive approach to partnerships and initiatives in regions where our business is expanding.

Total percentage of regular working hours where employees are counted as absent from the workplace. This includes employees on a sick leave, short and long-term disability, worker's compensation, at medical appointments or away without leave.
What does this mean?A slight downward trend in absenteeism.
Where are we going?We have continued our focus on wellness and disability management programs and enhanced our efforts toward attendance management.
All of Canada operations included.

| 2005 | 53% |
| 2006* No survey was conducted in 2006 |
|
| 2007 | 57% |
| 2008 | 59% |
| 2009 | 60% |
Engaged employees, as measured through the Hewitt Associates Employee Opinion Survey.
Generally an engaged employee consistently speaks positively about the organization, has a desire to stay with the organization and exerts time and effort to contribute to the organization's success.
What does this mean?Employee engagement scores again showed a modest improvement but the overall score is below our desired level.
Where are we going?Cameco has set a goal of pushing our engagement score to the Hewitt survey's "best employer zone". We will do this by focusing on specific and relevant engagement drivers by work location and corporately. These include leadership development and accountability.
All of Canada, USA, and Australia operations included

On a rolling 12-month average, the total percentage of regular employees voluntarily leaving the organization.
What does this mean?The decrease in part reflects the downturn in external economic environment and the slightly less competitive labour market. It also reflects Cameco's focus on activities that strengthen our ability to retain and attract workers.
Where are we going?We continue to focus on strategies for our critical workforce segments. Our efforts toward operational excellence and accountability align employers more closely with the goals of the company.
All Canada, USA, and Australia operations included

The amount of energy (all forms) consumed per unit of production normalized against baseline. This applies only to operations in commercial production.
What does this mean?With the exception of 2008, energy intensity has been slowly increasing since 2005. Expansion of mining operations has caused increases in fuel consumption, as expected.
In 2008, reduced production caused the energy intensity to increase substantially.
Where are we going?The trend in energy intensity is expected to improve, as all sites have now returned to historic production levels, and energy efficiency projects are being implemented at various locations.
- The wording of the definition has changed for clarity, but not for intent.
- Minor corrections were made to the energy data in historic years.




The CGQ rating is based on RiskMetrics Group's proprietary formula developed to rate the practices of publicly-traded companies in the following areas: board issues, charter and bylaws, executive and director compensation, progressive practices, ownership, director education and audit.
What does this mean?The high ratings we received in both our index and industry accurately reflect our commitment to a high standard of corporate governance.
Where are we going?In March 2010 RiskMetrics Group began to use a new rating methodology, Governance Risk Indicators (GRId), to determine issuers' performance in four distinct areas: audit, board, compensation and shareholder rights. This rating system is very different from their previous system, so our future ratings will not be comparable to past ratings. In this new measure of governance, our goal will be to have a low level of concern in each area.

Direct and indirect emissions of greenhouse gases (GHGs), including carbon dioxide, methane, nitrous oxide, sulphur hexafluoride, hydro fluorocarbons (HFCs), and per fluorocarbons (PFCs) expressed as a carbon equivalent (CO2e).
What does this mean?The greenhouse gas emissions have been slowly increasing since 2005. Expansion of mining operations has caused increases in fuel consumption, and therefore emissions, as expected.
Where are we going?GHG emissions are expected to stabilize or decrease as energy efficiency and renewable energy projects are implemented.
- Minor corrections have been made to historic energy data; slight increases each year compared to previously reported data were the result - trending was not altered.
- The wording of the definition has changed for clarity, not for intent.

Number of lost time injury (LTI) incidents per 200,000 hours worked for Cameco employees and contractors.
What does this mean?There has been a steady improvement in the LTI frequency over the last three years.
Where are we going?Cameco's objective is to strive for zero workplace injuries and maintain a downward trend in the frequency of injuries.
Data has been updated as the status of some events has changed over time.

Total number of Cameco employees.
What does this mean?Increased employment continues to be the result of our growth plans to double production in support of our goal to be a dominant nuclear energy company.
Where are we going?We can anticipate a further increase in our workforce as we develop new projects and bring them into production.
All Canada, USA, and Australia regular and temporary employees included

Based on affirmative answers to the poll question:
Are you supportive of the continuation of Cameco's operations in Port Hope?
Cameco's operations in Port Hope continue to enjoy a very high level of support among the general public within the community.
Where are we going?Cameco aims to maintain the very highest levels of public support for our industry and our company, particularly in the communities and regions where we operate.

Based on affirmative answers to the poll question:
Are you supportive of the continuation of uranium mining in Saskatchewan?
The uranium mining industry in Saskatchewan continues to enjoy a very high level of support among the general public within the province.
Where are we going?Cameco aims to maintain the very highest levels of public support for our industry and our company throughout Saskatchewan, particularly in the communities and regions where we operate.

The net change in the mass of radiologically contaminated material, as defined by local jurisdiction. The mass includes materials generated or produced as a by-product that have not been reused, recycled, or processed for reduction and/or mineral recovery.
The definition has primarily changed to account for, and 'give credit' for, all of the diversion strategies being implemented at each of the operations. In other words, rather than track all radioactive wastes being generated, Cameco felt it more important to track only the residual materials that are either being stored and/or that could be managed in a more sustainable fashion in the future. All diverted materials are being managed in appropriate sustainable ways - through reuse, recycle and recovery tactics.
The definition was also clarified to exclude a particular liquid waste stream disposed at the Key Lake site within its historic tailings management facility. Accounting for an annual average of 5.4M kg's previously tracked under this KPI, this fluid is collected and treated through the mill water treatment facility (a form of processing for elimination of waste), and is otherwise accounted for under the treated water KPIs.
What does this mean?With one exception in 2008, the mass of radioactive waste has been declining since 2006.
The substantial peak in 2008 was a result of two major projects:
- Removal of an ore pad liner at Key Lake (7.8M kg's); and,
- Remediation at Port Hope, where excavated contaminated concrete and soil required disposal (4.4M kg's)
Where are we going?
Waste reduction / diversion strategies are being investigated to divert wastes from the approved license storage facilities, such as processing of metal wastes; improved management of packaging; various decontamination techniques for recycling; and incineration or gasification units combined with air pollution controls and energy recovery systems.
Until such technologies can be implemented, it is anticipated that the annual mass of radioactive waste will be somewhat dynamic due to various site cleanup activities, and demolition of aging mill infrastructure.
The KPI does not include tailings, waste rock, mineral product, or materials containing sufficient uranium such as to be considered a valuable commodity on the international market.

A reportable incident is any discharge of a pollutant to the environment, other than a discharge explicitly authorized by the appropriate regulatory authority. Each jurisdiction defines what constitutes a reportable incident.
What does this mean?Although the total number of reportable incident incurred in 2009 is slightly above our long term average of 22, it is within the long term statistical range for normal operations.
Where are we going?Operations continue to implement measure to reduce incident frequency. However, since Cameco is planning on increasing production at existing facilities and bringing new facilities on line, we expect the total number of reportable incidents to stay within the historical range going forward.
Data has been updated as the status of some events has changed over time.

ROAC is a financial measure to evaluate the returns that a company realizes from the capital employed. It is calculated by dividing pre-tax operating profit, by average capital.
What does this mean?ROAC has been affected by significant unusual items in the past two years. In 2008, ROAC decreased as a result of mark-to-market losses on financial instruments combined with higher average capital due to debenture conversions into common shares and borrowings to finance acquisitions. In 2009, ROAC increased as a result of higher earnings, mainly due to mark-to-market gains on financial instruments.
Where are we going?Cameco plans to focus on increasing uranium production, exercising prudent financial management to ensure the company continues to grow and generate positive returns.

Total percent of regular and temporary employees at our northern Saskatchewan operations classified as "Residents of Saskatchewan's North" ("RSN"). An RSN is defined as a person who has resided in Saskatchewan's North for a period of 10 years or one half of his or her age, whichever is lesser.
What does this mean?Although there has been a decrease in the percentage of RSN employees at our Saskatchewan Operations, the absolute number of RSN's has continued to increase.
Where are we going?As part of various surface lease agreements, Cameco has committed to achieve 67% of RSN employment at our sites, including both Cameco employees and contract labour. We will continue to provide training and opportunities for RSN workers.
Northern sites, La Ronge regular and temporary Cameco employees included.

Annual shareholder return based on TSX market close on last trading day of each calendar year.
Where are we going?Cameco plans to focus on increasing uranium production, exercising prudent financial management to ensure the company continues to grow and generate positive returns.

The ROB annually rates the boards of companies in the S&P/TSX index. The marking system includes criteria designed to go beyond mandatory regulatory requirements; particularly looking at board composition, shareholding and compensation, shareholder rights and disclosure.
What does this mean?There are changes to the marking system each year so scores are not precisely comparable with the scores of prior years. Every year companies increase the quality of their own governance practices which influences the comparable ranking.
Where are we going?Our goal is to continue to obtain top quartile ranking in this measure of governance.

The volume of water that has been, or has potentially been, contaminated by our business operations, treated, and discharged to surface water bodies.
What does this mean?The volume of treated water discharged continues to rise, due primarily to increased throughput of Key Lake's reverse osmosis plant and expansion in mining.
Where are we going?It is anticipated that the volume of treated water discharged to surface water bodies will continue to increase as Cigar Lake commences underground development and McArthur River and Eagle Point expand underground operations.
- ISR operations do not currently discharge any treated waters to surface water bodies.
- The title Effluent Volume was changed to Treated Water Discharged.
- The wording of the definition has been changed for clarity, but not for intent.

The quality of the treated water discharged to surface water bodies, based on water quality guidelines for the protection of aquatic life set forth by the Canadian Council of Ministers of the Environment (CCME).
The higher the index value, the better the treated water quality, measured by a score out of 100.
What does this mean?Treated water quality has improved by 4% from 2008 to 2009, and has shown continual improvement over the last 5 years as a result of water treatment process improvements.
Where are we going?Water quality is expected to continue to improve as new technologies are researched and implemented at our operations.
Water assessments are being performed at various operations to identify other potential areas of improvement.
- A number of parameters monitored in Cameco's treated water discharges are compared against the CCME guidelines and formulated into a water quality index (WQI).
- The title Water Quality Index was changed to Treated Water Quality.
- The wording of the definition has changed for clarity, but not for intent.
- Quality checks on the historic data revealed some errors in data entry for a couple of sites; the data has since been updated.

Un-reclaimed, stockpiled rock and overburden (sand, soil and vegetation) that has been extracted and relocated through mining activities.
An un-reclaimed stockpile is one that does not satisfy one or more of the following criteria:
- designed to eliminate potential long-term environmental liability;
- re-graded to acceptable slopes to maintain long-term stability; or
- established self-sustaining vegetation.
What does this mean?
The tonnage of un-reclaimed waste rock has remained relatively stable over the past number of years.
Where are we going?Modest reductions will be realized with continued improvements in management of waste rock from McArthur River and Eagle Point. Otherwise, further significant reductions will take several years to materialize, as established vegetation is a required component of a reclaimed surface.
- The title was modified from Total un-reclaimed waste rock to Un-reclaimed waste rock.
- The definition has been changed from previous year.

Domestic, commercial and industrial wastes disposed in Cameco-operated or external landfills.
What does this mean?There has been a downward trend on waste to landfill since 2007.
Where are we going?Waste reduction / diversion strategies are being investigated to divert wastes from the landfill, such as industrial scale composting, increased recycling, and incineration or gasification technologies.
Until such technologies can be implemented, the trend is expected to continue to fluctuate, as several operations progress with large-scale projects such as mill upgrades, construction and decommissioning of facilities.
The wording of the definition has changed for clarity, but not for intent. Minor corrections were made to historic data.

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