At Cameco, we endeavor to actively engage with our five key stakeholder groups:

• Employees
• Governments & Regulators
• Corporate Owners
• Customers
• Communities

We want to understand your concerns as they relate to Cameco's operations. Your participation has informed our decision-making processes, policies and practices, helping us to improve our social, environmental and economic performance.

Sometimes accomplishing our goals is more difficult than anticipated and there are some areas that require further improvement. We value your feedback and will continue working with you to address our sustainable development progress.

Employees

At the end of 2009, Cameco had over 3000 employees around the world. Considering the diversity of our workforce, it is a challenge to effectively communicate with everyone about their specific concerns and needs.

We prefer face-to-face communication such as employee meetings. However, Cameco also provides a number of other options to keep employees informed, deal with emerging issues and collect vital feedback:

• company intranet, the Cameco Insider
• newsletters
• CEO updates
• employee surveys
• employee focus groups

In these ways we strive to be accountable and open with employees about our social and environmental objectives, results and plans for the future.

Governments & Regulators

Our relationships with regulatory agencies and government officials are critical to our business, impacting the company at all stages of project development, from exploration to decommissioning. We engage elected officials at all levels to ensure that we understand local issues and requirements, and to explain our business operations. This shared understanding and open dialogue allows us to maintain public support for our operations.

Strong relationships with our regulators at the local, national and international level are equally important as they make decisions that directly affect our business. We make a concerted effort to understand and meet or better the expectations of our regulators.

Cameco representatives are continuously engaged with regulators as part of ongoing operations and new projects. We report regularly on operational activities and the results from our environmental monitoring and safety programs. We also participate in public licensing and environmental assessment processes.

We seek to earn the trust and confidence of our regulators while pursuing our shared goal of sustaining safe, clean and healthy operations.

Corporate Owners

Cameco communicates regularly with investors and financial analysts through

• one-on-one meetings with senior management
• telephone inquiries
• emails
• regularly scheduled conference calls
• quarterly and annual reports
• annual information form (AIF)
• news releases
• shareholder events
• management proxy circulars
• annual general meetings
• surveys
• site visits

Every 12 to 18 months we conduct an investor perception study to determine investment community sentiment toward Cameco, to get insights into preferred investor relations practices and to determine where the investment community stands in the area of corporate governance and corporate sustainable development, including corporate social responsibility.

In addition to our financial success, investors are increasingly interested in how we deal with our business risks and the systems and procedures we have in place to assess and address these risks.

Customers

Cameco has a diversified portfolio of customers that we aim to keep fully satisfied through our specialized and personal customer service. Because we are an integrated fuel producer, we can offer one-stop shopping by packaging uranium conversion services and, for Candu reactors, fuel manufacturing.

We work with our customers to help them plan for future requirements and closely monitor the needs of all nuclear utilities in our markets. Marketing representatives communicate with customers regularly through face-to-face meetings, telephone calls, emails, surveys and seminars. We also offer site visits and are open to sharing company information with customers for their own sustainable development reporting needs.

Communities

It is through our relationships with local communities that we build and maintain public support for our operations. We strive to provide significant employment and economic benefits that come from our activities for communities near our operating sites.

Each year Cameco supports hundreds of community events and organizations, including capital projects that have a lasting impact on the health and quality of life of local people. We also encourage and support our employees to become involved by donating their time and money to local organizations. Our relationship with our communities varies by region.

To keep Saskatchewan communities informed about our operations and development plans, we:

• have established public information programs at many of our sites
• conduct an annual tour of communities in the northern administration district (NAD)
• maintain northern affairs offices located in La Ronge, Patuanak, Black Lake, Wollaston Lake and Fond du Lac
• maintain close relationships with the Athabasca Working Group, Community Vitality Monitoring Partnership Process and members of the northern Saskatchewan Environmental Quality Committee

In Port Hope we interact with the local community at the town fair, regular community forums and through ongoing dialogues with municipal leadership. The Community Liaison Forums were created to foster a stronger relationship with the people of Northumberland County and provide a venue for information sharing and open dialogue about Cameco's operations.

In the village of Taikonur, near the Inkai operation in Kazakhstan, community meetings and public hearings are conducted to discuss plans for construction, environmental monitoring and operation activities. Residents of the community can also request additional information about operations from the office in Almaty.

Cameco undertakes annual surveys of public opinion in a number of jurisdictions where we operate. This exercise helps us understand local opinions about the industry as well as our own reputation and performance.