Caution about forward-looking information

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 plan to provide 36 million pounds of annual uranium supply by 2018, while at the same time maintaining optionality to allow us to be the first to respond when the market signals new production is needed; our ability to spread out our capital spend over a longer period of time to improve near-term results and also prepare for the longer term; the increasing future gap between uranium supply and demand; our ability to achieve our growth plans safely, efficiently and profitably; our expectations regarding future production at our projects and planned activities for 2013; and our expectation that our acquisition of NUKEM will strengthen our position in nuclear fuel markets and improve our access to unconventional and secondary sources of supply. They also include other statements using words such as plan, will, expect and continue, and statements described as goals or milestones. These statements represent our views as of March 15, 2013 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 under the heading “Caution about forward-looking information” and elsewhere, and you should refer to them. In particular, we have made assumptions about the demand for uranium, our expected production level and production costs, our expected level of uranium by-product supply, the reliability of our reserve and resource estimates, the geological, hydrological and other conditions at our mines and our ability to continue our operations without any significant disruptions due to accidents or other development or operating risks. The material risks that could prevent us from reaching our production targets and our uranium supply target for 2018 include the risks that actual sales volumes or market prices are lower than we expect; production costs are higher than planned, or necessary supplies are not available; our mineral reserve and resource estimates are not reliable, or we face unexpected or challenging conditions; we are unable to obtain the expected level of uranium by-product supply; or our operations are disrupted for any reason.

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 Dave Neuburger, Vice-President, International Mining. Each of these individuals is a qualified person for the purpose of NI 43-101.