Disclaimer

We are making statements and providing information about our expectations for the future which are considered to be forward-looking information or forward-looking statements under Canadian and United States securities laws. These include our statements about our aim to double our annual uranium production by 2018 and how we expect to achieve this goal, our statement that our uranium revenue is expected to rebound in 2011, the timing expectations shown in our "Double U Project Pipeline", the number of new nuclear reactors we expect will be built by 2020 and our statement that our uranium contract portfolio and discipline and expertise in managing our operations give us a steady revenue stream that we can rely on as we grow. They also include other statements using words such as will, slated, potential, could, expect, ensure, continue, plan, anticipate, seek and target, or statements described as goals or milestones. These statements represent our views as of March 14, 2011, and can change significantly. We are presenting this information to help you understand management's current views of our future prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. This information is based on a number of material assumptions, and is subject to a number of material risks, which are discussed in our current annual MD&A, including under the heading "Caution about forward-looking information". In particular, we have made assumptions about 2018 production levels at our existing mines, and assumptions about the development of mines that are not operating yet and their 2018 production levels. If an assumption about one or more mines proves to be incorrect, we will not reach our 2018 target production level unless the shortfall can be made up by additional production at another mine. The material risks that could prevent us from reaching our target include the risks that we may not be able to maintain or increase production levels at McArthur River, Inkai and our other operating properties, there are further delays in reaching full production levels at Cigar Lake, development of Kintyre is delayed because of political, regulatory or Aboriginal issues, we cannot move ahead with production at Kintyre, Millennium or our other projects under evaluation, we cannot upgrade mineral resources to mineral reserves, lack of milling capacity, uranium prices or development and operating costs make it uneconomical to develop projects under evaluation, and disruption in production or development due to natural phenomena, labour disputes, political risks or other development and operating risks.

Qualified Persons

Information of a scientific and technical nature concerning Cigar Lake was prepared under the supervision of Grant Goddard, P. Eng., Cameco's Vice-President, Saskatchewan Mining North, concerning McArthur River was prepared under the supervision of David Bronkhorst, P. Eng., Cameco's Vice-President, Saskatchewan Mining South, and concerning Inkai was prepared under the supervision of Charles Foldenauer, JV Inkai's General Manager, Operations and Development. Each of these individuals is a qualified person for the purpose of NI 43-101.

Cameco 2010 Annual Report