Message from the Chair

Dear Shareholder,

Your board of directors is responsible for overseeing management to ensure the company stays on track to achieve its strategy and deliver value to you, the shareholder. We were once again very busy with these tasks in 2012 amidst the continued near-term challenges of the nuclear industry. This involved adjustment to our strategy to meet the needs of our market, both in the near term and long term. We were an active part of that decision and, as part of the process, also decided to expand the responsibilities of the audit committee to include recommendations on all matters of a financial and financing nature. Going forward, we believe the adjustment to Cameco’s growth plans is the right decision in order to deliver the best value to shareholders over the near and long term.

Governance continues to be an important consideration for the board, and we further enhanced enterprise risk management governance by incorporating strategic risks into our formal risk management system. We also adopted new independence rules for human resources committee members – the same as those adopted by the New York Stock Exchange.

We know that compensation is a primary focus for shareholders, and this year upon our regular compensation review, we made changes to enhance the integrity of our performance-driven executive compensation program. We are pleased with management’s performance in 2012, delivering strong results for the company, despite the current challenges in the market.

As we move into 2013, we remain confident in a bright future for Cameco and our industry, based upon strong 
long-term fundamentals of supply and demand. The board continues to work with management to plan for the future and ensure Cameco remains a leader in our field.

An important part of planning for the future is board renewal and strong board leadership. 
On that subject, over the last several years, we have added two board members with significant financial expertise to bring additional focus to financial performance for our strategic growth. In 2013, however, we are losing Oyvind Hushovd, who is retiring from the board after serving for 10 years. He has been a tremendous resource, bringing valuable operational, financial and general business experience as a mining executive at a time when Cameco saw significant growth and change.

I will also be stepping down from the position of board chair after this year’s AGM, but will continue to serve as a director. I am pleased that Neil McMillan will stand as your incoming chair. Mr. McMillan was nominated by the board as a result of their confidence in him, which I share, having witnessed his knowledge and abilities first-hand over the years we’ve worked together on Cameco’s board.

It has been a pleasure to have served as Cameco’s chair of the board for 10 years, and to have worked in that capacity with Jerry Grandey, Tim Gitzel, and my current and past directors. During this time, we have seen considerable growth at Cameco and successfully faced industry challenges. I look forward to continuing to contribute to the board, and remain very confident in our vision and strategy and what the future holds for Cameco.

Victor J. Zaleschuk

Chair of the board

March 15, 2013