Cameco Annual Report 2011

Management's discussion and analysis

This management's discussion and analysis (MD&A) includes information that will help you understand management's perspective of our audited consolidated financial statements (financial statements)and notes for the year ended December 31, 2011. This information is based on what we knew on February 8, 2012.

We encourage you to read our financial statements and notes as you review this MD&A. You can find more information about Cameco, including our financial statements and our most recent annual information form, on our website at, on SEDAR at or on EDGAR at You should also read our annual information form before making an investment decision about our securities.

On January 1, 2011, we adopted International Financial Reporting Standards (IFRS), which have become the generally accepted accounting principles required to be used by most Canadian publicly accountable enterprises. Our financial statements and notes for the year ended December 31, 2011 have been prepared using IFRS. Amounts relating to the year ended December 31, 2010 in this MD&A and our financial statements have been revised to reflect our adoption of IFRS. Amounts for periods prior to January 1, 2010 are presented in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP) in effect prior to January 1, 2011. When we refer to Canadian GAAP in this MD&A, we mean Canadian GAAP as in effect before adoption of IFRS.

Presentation and terminology used in our financial statements and this MD&A differ from that used in previous years. Details of the more significant accounting differences can be found in note 3 to our financial statements.

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.

2011 Highlights
About Cameco
The Nuclear Industry Today
The Long-Term View
Our Strategy
Financial Results
Our Operations & Development Projects
Mineral Reserves & Resources
Additional Information
Forward-Looking Information