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<SEC-DOCUMENT>0000950123-10-030961.txt : 20100331
<SEC-HEADER>0000950123-10-030961.hdr.sgml : 20100331
<ACCEPTANCE-DATETIME>20100331170744
ACCESSION NUMBER:		0000950123-10-030961
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		42
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100331
DATE AS OF CHANGE:		20100331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		10720232

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>o60848e40vf.htm
<DESCRIPTION>40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>e40vf</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><U>FORM 40-F</U></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT<BR>
OF 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><!-- xbrl,dc --><B>For the fiscal year ended December&nbsp;31, 2009</B><!-- /xbrl,dc --></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Commission file number: 1-14228</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>CAMECO CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CANADA</B><BR>
(Province or other jurisdiction of incorporation or organization)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1090</B><BR>
(Primary Standard Industrial Classification Code Number)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>98-0113090</B><BR>
(I.R.S. Employer Identification)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2121 - 11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3, Telephone: (306)&nbsp;956-6200</B><BR>
(Address and telephone number of Registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Scott Melbye, Cameco Inc., One Southwest Crossing, Suite&nbsp;210, 11095 Viking Drive<BR>
Eden Prairie, Minnesota, USA, 55344, Telephone: (952)&nbsp;941-9078</B><BR>
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities registered pursuant to Section&nbsp;12(b) of the Act:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Title of Class: <B>Common Shares, no par value</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Name of Exchange where Securities are listed: <B>New York Stock Exchange</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: <B>None</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: <B>None</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Information filed with this Form:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT face="Wingdings">&#254;</FONT> Annual Information Form
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#254;</FONT> Audited annual financial statements</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Number of outstanding shares of each of the issuer&#146;s classes of<BR>
capital or common stock as of the close of the period covered by the annual report:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>392,838,733 Common Shares outstanding as of December&nbsp;31, 2009</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant by filing the information contained in this Form is
also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT> Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#254;</FONT> No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Exchange Act during the preceding 12&nbsp;months (or for such shorter period
that the Registrant was required to file such reports), and (2)&nbsp;has been subject to such filing
requirements for the past 90&nbsp;days.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT face="Wingdings">&#254;</FONT> Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT> No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant has submitted electronically and posted on its
corporate Web site, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months
(or for such shorter period that the Registrant was required to submit and post such files).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT> Yes
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings">&#111;</FONT> No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements in this Form 40-F constitute &#147;forward-looking statements&#148; within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. In Exhibit&nbsp;99.1 see &#147;Caution Regarding
Forward-Looking Information and Statements&#148;.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>










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<DIV style="font-family: 'Times New Roman',Times,serif">




<!--TOC-->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Certifications and Disclosure Regarding Controls and Procedures</I></B>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Certifications regarding controls and procedures</B></U><I>. </I>See Exhibits 99.9 and
99.10.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Evaluation of disclosure controls and procedures</B></U>. As of the end of the
period covered by this report, an evaluation of the effectiveness of Cameco
Corporation&#146;s &#147;disclosure controls and procedures&#148; (as such term is defined in Rules
13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;)), was carried out by Cameco Corporation&#146;s Chief Executive Officer
(&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;). Based on that evaluation, the CEO and CFO
have concluded that as of such date Cameco Corporation&#146;s disclosure controls and
procedures are effective to provide a reasonable level of assurance that information
required to be disclosed by Cameco Corporation in reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in United States Securities and Exchange Commission (the &#147;Commission&#148;) rules
and forms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It should be noted that while the CEO and CFO believe that Cameco Corporation&#146;s
disclosure controls and procedures provide a reasonable level of assurance that they are
effective, they do not expect the disclosure controls and procedures or internal control
over financial reporting to be capable of preventing all errors and fraud. A control
system, no matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Management&#146;s annual report on internal control over financial reporting</B></U><I>.</I>
Management, including Cameco Corporation&#146;s CEO and CFO, is responsible for establishing
and maintaining adequate internal control over financial reporting (as that term is
defined in Rules&nbsp;13a-15(f) and 15d-15(f) of the Exchange Act) for Cameco Corporation.
Management conducted an evaluation of the effectiveness of internal control over
financial reporting based on the Internal Control &#150; Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this
evaluation, management concluded that Cameco Corporation&#146;s internal control over
financial reporting was effective as of December&nbsp;31, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Attestation report of the registered public accounting firm</B></U><I>. </I>The
effectiveness of Cameco Corporation&#146;s internal control over financial reporting as of
December&nbsp;31, 2009 was audited by KPMG LLP, an independent registered public accounting
firm, as stated in their report in Exhibit&nbsp;99.2 &#150; 2009 Consolidated Audited Financial
Statements and their report in Exhibit&nbsp;99.6 &#150; Report of Independent Registered Public
Accounting Firm.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Changes in internal control over financial reporting</B></U>. During
the fiscal year ended December&nbsp;31, 2009, there were no changes in Cameco Corporation&#146;s
internal control over financial reporting that have materially affected, or are
reasonably likely to materially affect, Cameco Corporation&#146;s internal control over
financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Audit Committee Financial Expert</I></B>. Cameco Corporation&#146;s board of directors has determined that an
audit committee financial expert serves on its audit committee. The audit committee financial
expert is John H. Clappison. Mr.&nbsp;Clappison is an &#147;independent&#148; director as such term is used in
the rules of the New York Stock Exchange (the &#147;NYSE&#148;). Information concerning the relevant
experience of Mr.&nbsp;Clappison is included in his biographical information contained in Cameco
Corporation&#146;s Annual Information Form in Exhibit&nbsp;99.1. The Commission has indicated that the
designation of a person as an
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">audit committee financial expert does not make such person an
&#147;expert&#148; for any purpose, impose any duties, obligations or liability on such person that are greater than those imposed on members of
the audit committee and board of directors who do not carry this designation, or affect the duties,
obligations or liability of any other member of the audit committee or board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Code of Ethics</I></B>. Cameco Corporation&#146;s code of conduct and ethics (the &#147;Code&#148;) is applicable to all
directors, officers and employees of Cameco Corporation, including the CEO and CFO. The Code, as
well as Cameco Corporation&#146;s corporate governance practices and mandates of the board of directors
and its committees, and position descriptions for the chief executive officer and the non-executive
chair, can be found on Cameco Corporation&#146;s website at www.cameco.com under &#147;Governance&#148; and are
also available in print to any shareholder upon request. Since the adoption of the Code, there
have not been any amendments to the Code, nor have there been any waivers, including implied
waivers, from any provision of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Principal Accountant Fees and Services</I></B>. See Exhibit&nbsp;99.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Off-Balance Sheet Arrangements</I></B><I>. </I>In the normal course of operations, Cameco Corporation
enters into certain transactions that are not required to be recorded on its balance sheet. These
activities include the issuing of financial assurances and long-term product purchase contracts.
These arrangements are disclosed in the following sections of Exhibit&nbsp;99.3 &#150; 2009 Management&#146;s
Discussion and Analysis and the notes for Exhibit&nbsp;No 99.2 &#150; 2009 Consolidated Audited Financial
Statements:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Financial assurances</B></U>. In the 2009 Management&#146;s Discussion and Analysis,
see the disclosure at &#147;Liquidity and Capital Resources&#148; (pages 38-39). In the 2009
Consolidated Audited Financial Statements, see the disclosure at notes 11 and 26 of the
financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Long-term product purchase contracts</B></U>. In the 2009 Management&#146;s
Discussion and Analysis, see the disclosure at &#147;Liquidity and Capital Resources&#148; (pages
38-39). In the 2009 Consolidated Audited Financial Statements, see the disclosure at
note 26 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Tabular Disclosure of Contractual Obligations</I></B>. See Exhibit&nbsp;99.5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Identification of the Audit Committee</I></B><I>. </I>Cameco Corporation has a separately-designated standing
audit committee established in accordance with Section&nbsp;3(a)(58)(A) of the Exchange Act. Cameco
Corporation&#146;s audit committee is comprised of: John H. Clappison (chair), Nancy E. Hopkins, George
S. Dembroski, Oyvind Hushovd, J.W. George Ivany, A. Neil McMillan and Robert W. Peterson.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Audited Annual Financial Statements</I></B>. Cameco Corporation&#146;s Consolidated Audited Financial
Statements as at December&nbsp;31, 2009 and 2008, including the related report of the independent
registered public accounting firm, is included in Exhibit&nbsp;99.2 &#150; 2009 Consolidated Audited
Financial Statements. See Exhibit&nbsp;99.7 &#150; Reconciliation to United States GAAP for a reconciliation
of the differences between Canadian and U.S. generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Disclosure Pursuant to the Requirements of the New York Stock Exchange</I></B>.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Corporate governance practices</B></U>. Disclosure of the significant ways in
which Cameco Corporation&#146;s corporate governance practices differ from those required for
U.S. companies under the NYSE listing standards can be found on Cameco Corporation&#146;s
website at www.cameco.com under &#147;Governance&#148;.</TD>
</TR>




</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Presiding director at meetings of non-management directors</B></U>. Cameco
Corporation schedules regular director sessions in which Cameco Corporation&#146;s
&#147;non-management directors&#148; (as that term is defined in the rules of the NYSE) meet
without management participation. Mr.&nbsp;Victor J. Zaleschuk, as non-executive chair of
Cameco Corporation, serves as the presiding director (the &#147;Presiding Director&#148;) at such
sessions. Each of Cameco Corporation&#146;s non-management directors is &#147;independent&#148; as
such term is used in the rules of the NYSE with the exception of Donald H. F. Deranger.
Cameco Corporation&#146;s criteria for director independence are set out as Appendix &#147;A&#148; to
its board mandate, which can be found on Cameco Corporation&#146;s website at www.cameco.com
under &#147;Governance&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Communication with non-management directors</B></U>. Shareholders may send
communications to Cameco Corporation&#146;s Presiding Director or non-management directors by
mailing (by regular mail or other means of delivery) to the corporate head office at
2121-11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3 a sealed envelope marked
&#147;Private and Strictly Confidential-Attention: Chair of the Board of Directors of Cameco
Corporation&#148;. Any such envelope will be delivered unopened to the Presiding Director
for appropriate action. The status of all outstanding concerns addressed to the
Presiding Director will be reported to the board of directors as appropriate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Corporate governance guidelines</B></U>. According to Section&nbsp;303A.09 of the
NYSE Listed Company Manual, a listed company must adopt and disclose a set of corporate
governance guidelines with respect to specified topics. Such guidelines and the
charters of the listed company&#146;s most important committees of the board of directors are
required to be posted on the listed company&#146;s website and be available in print to any
shareholder upon request. Cameco Corporation operates under corporate governance
guidelines that are consistent with the requirements of Section&nbsp;303A.09 of the NYSE
Listed Company Manual. Cameco Corporation&#146;s corporate governance guidelines and the
charters of its most important committees of the board of directors can be found at
Cameco Corporation&#146;s website at www.cameco.com under &#147;Governance&#148; and are available in
print to any shareholder who requests them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Independent directors</B></U>. The names of Cameco Corporation&#146;s non-management
directors are: John H. Clappison; Joe F. Colvin; James R. Curtiss; George S. Dembroski;
Donald H.F. Deranger; James K. Gowans; Nancy E. Hopkins; Oyvind Hushovd; J.W. George
Ivany; A. Anne McLellan; A. Neil McMillan; Robert W. Peterson; and Victor J. Zaleschuk.
Each of the non-management directors is &#147;independent&#148;, as such term is used in the rules
of the NYSE with the exception of Donald H.F. Deranger.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><U><B>Audit committee</B></U>. John Clappison, who is the chair of Cameco
Corporation&#146;s audit committee, is a member of the audit committees of three other
publicly traded companies. The board of directors has determined that such simultaneous
service will not impair the ability of Mr.&nbsp;Clappison to effectively serve on Cameco
Corporation&#146;s audit committee.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "EXHIBIT INDEX" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Annual Information Form</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Consolidated Audited Financial Statements</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2009 Management&#146;s Discussion and Analysis</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Accountant Fees and Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tabular Disclosure of Contractual Obligations</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Report of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reconciliation to United States GAAP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Rule
13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of
1934, as amended</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Rule
13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of
1934, as amended</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Alain G. Mainville, P. Geo.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Charles Foldenauer, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Grant J. H. Goddard, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Lorne Schwartz, P. Eng.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of C. Scott Bishop, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Gregory M. Murdock, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of David Bronkhorst, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Leslie (Les) D. Yesnik, P. Eng.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>







<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>UNDERTAKING AND CONSENT TO SERVICE OF PROCESS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Undertaking</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation undertakes to make available, in person or by telephone, representatives to
respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to: the securities registered pursuant to Form 40-F;
the securities in relation to which the obligation to file an annual report on Form 40-F arises; or
transactions in said securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Consent to Service of Process</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation has previously filed a Form F-X in connection with the class of securities in
relation to which the obligation to file this report arises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any change to the name or address of the agent for service of process of Cameco Corporation shall
be communicated promptly to the Commission by an amendment to the Form F-X referencing the file
number of the relevant registration statement.
</DIV>

<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Exchange Act, Cameco Corporation certifies that it meets
all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed
on its behalf by the undersigned, thereto duly authorized.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATED this 31<SUP style="font-size: 85%; vertical-align: text-top">st</SUP> day of March, 2010.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CAMECO CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ <I>O. Kim Goheen</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice-President and<BR>

Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o60848exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6082801.gif" alt="(CAMECO LOGO)">
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Cameco Corporation</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ANNUAL INFORMATION FORM</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>For the Year Ended December&nbsp;31, 2009</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Dated March&nbsp;31, 2010</B>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation<BR>
Annual Information Form</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Table of Contents</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REPORTING CURRENCY AND FINANCIAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTE REGARDING RESERVES AND RESOURCES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">INCORPORATION AND SUBSIDIARIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">GENERAL DEVELOPMENT OF THE BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Three-Year Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>    <TD style="font-size: 10pt">&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">THE NUCLEAR BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Concentrates Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mining Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Development Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Uranium Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Uranium Measured and Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Uranium Inferred Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Uranium Reserves Reconciliation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Uranium Resources Reconciliation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Fuel Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Marketing of Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Overview of Impacts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cameco Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cameco Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Regulatory Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">US Regulatory Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Fuel Services Waste Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Treaty on the Non-Proliferation of Nuclear Weapons (the &#147;NPT&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Canadian Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">US Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Land Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Canadian Royalties and Certain Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Canadian Income Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">US Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Kazakhstan Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BRUCE POWER LP &#151; NUCLEAR ELECTRICAL GENERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">The Generating Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cameco Fuel Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">OPG Services to Bruce Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Nuclear Waste Management and Decommissioning</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Federal Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Ontario&#146;s Electricity Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Risks Relating to Cameco Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Risks Relating to Nuclear Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Risks Relating to Nuclear Electrical Generation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Description of Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Restrictions on Ownership and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Ratings of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Dividend Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LEGAL PROCEEDINGS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009 FINANCIAL STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MARKET FOR SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Price Range and Trading Volume of Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTORS AND OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Cease Trade Orders, Bankruptcies, Penalties or Sanctions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Interest of Management and Others in Material Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDIT COMMITTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Audit Committee Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Composition of the Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Relevant Education and Experience</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Fees Paid to External Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">External Audit Pre-Approval Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MATERIAL CONTRACTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INTEREST OF EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ADDITIONAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix &#147;A&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&nbsp;- i -&nbsp;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORTING CURRENCY AND FINANCIAL INFORMATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All monetary amounts in this Annual Information Form are expressed in Canadian dollars, unless
otherwise indicated. References to $(US) are to United States (&#147;US&#148;) dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financial information is presented in accordance with Canadian generally accepted accounting
principles. Differences between generally accepted accounting principles in Canada and the US, as
applicable to Cameco Corporation, are explained in the Company&#146;s Form 40-F, filed with the US
Securities and Exchange Commission (&#147;SEC&#148;), for the fiscal year ended December&nbsp;31, 2009, as well as
in the reconciliation to US GAAP filed with the Canadian securities authorities on SEDAR at
sedar.com and on EDGAR at sec.gov.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements contained in this Annual Information Form and in the documents incorporated
by reference which are not current statements or historical facts are &#147;forward-looking information&#148;
(as defined under applicable Canadian securities laws) and &#147;forward-looking statements&#148; (as defined
in the US Securities Exchange Act of 1934, as amended) which may be material and that involve
risks, uncertainties and other factors that could cause actual results to differ materially from
those expressed or implied by them. Sentences and phrases containing words such as &#147;believe&#148;,
&#147;estimate&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;outlook&#148;, &#147;predict&#148;, &#147;goals&#148;, &#147;targets&#148;, &#147;projects&#148;, &#147;may&#148;,
&#147;hope&#148;, &#147;can&#148;, &#147;will&#148;, &#147;shall&#148;, &#147;should&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;is designed to&#148;, &#147;continues&#148;, &#147;with
the intent&#148;, &#147;potential&#148;, &#147;strategy&#148; and the negative of these words, or variations of them, or
comparable terminology that does not relate strictly to current or historical facts, are all
indicative of forward-looking information and statements. Examples of forward-looking information
and statements include, but are not limited to: mineral resource and mineral reserve estimates, and
forecasts relating to mining, development and other activities at McArthur River, Inkai, Rabbit
Lake and Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are risk factors that could cause actual results to differ materially from the
forward-looking information and statements contained in this Annual Information Form and the
information incorporated herein. Factors that could cause such differences include, without
limitation: the impact of the sales volume of fuel fabrication services, uranium, conversion
services and electricity; volatility and sensitivity to market prices for uranium, conversion
services and electricity; competition; the financial results and operations of Bruce Power Limited
Partnership; the impact of change in foreign currency exchange rates (such as Canadian/US rates)
and interest rates; costs of supply critical to production; imprecision in production, cost
(including capital costs), decommissioning, reclamation, mineral reserve and tax estimates; the
impact of significant cost increases, in particular capital cost increases; litigation or
arbitration proceedings (including as the result of disputes with government authorities (including
tax authorities), suppliers, customers or joint venture partners); inability to enforce legal
rights; failure or inability to supply by one or more critical suppliers; defects in title;
environmental, safety and regulatory risks including increased regulatory burdens, long-term waste
disposal and the risk of uranium and production-associated chemicals affecting the soil and
groundwater at Port Hope and other sites; unexpected or challenging geological or hydrological
conditions (including at McArthur River, Cigar Lake and Rabbit Lake); adverse mining conditions;
reduction in mineral reserves due to geotechnical or other risks; political risks arising from
operating in certain developing countries (including Kazakhstan); nationalization risk; terrorism;
sabotage; a possible deterioration in political support for nuclear energy; changes in government
regulations and policies, including tax and trade laws and policies (including legislation in
Kazakhstan allowing the government to renegotiate previously signed agreements); demand for nuclear
power; replacement of production (including through placing Cigar Lake into production and
transitioning to new mining areas at McArthur River); failure to maintain or construct sufficient
tailings capacity for uranium production; the risk of uranium and conversion service suppliers
failure to fulfill delivery commitments or to require material amendments to agreements relating
thereto (including the HEU Commercial Agreement); failure to obtain or maintain necessary permits
and approvals from government authorities; legislative and regulatory initiatives regarding
deregulation, regulation or restructuring of the electric utility industry in Ontario; Ontario
electricity rate regulations; natural phenomena including inclement weather conditions, fire,
flood, underground floods (including flooding at McArthur River, Rabbit Lake or Cigar Lake),
earthquakes, tailings pipeline and dam failures, and cave-ins; ability to maintain and further
improve positive labour relations; strikes or lockouts; operating performance, disruption in the
operation of, and life of, the Company&#146;s and customers&#146; facilities; availability of reagents,
including at reasonable cost, and supplies critical to production (including the availability of
acid at the Company&#146;s operations in Kazakhstan and hydrofluoric acid at the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>conversion plant); decrease in electrical production due to
</DIV>


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</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">planned outages extending beyond their scheduled periods or unplanned outages; success and timely
completion of planned development and remediation projects (including the remediation of and return
to pre-flood construction and development at Cigar Lake); failure of radiation protection plans;
the risk of a significant decline in economic conditions; and other development and operating
risks. There may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. These factors are not intended to represent a complete list of the risk
factors that could affect Cameco. Additional risks are noted elsewhere in this Annual Information
Form under the heading <I>&#147;Risk Factors&#148; </I>and Cameco&#146;s management&#146;s discussion and analysis for the
fiscal year ended December&nbsp;31, 2009 (&#147;2009 MD&#038;A&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking information and statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions about: the absence of material adverse
changes in the ability of Cameco&#146;s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant
changes in current estimates for sales volume, purchases and prices for uranium, conversion
services and electricity; the expected spot prices and realized prices for uranium; Cameco&#146;s
effective tax rate; there being no significant adverse change in foreign currency exchange rates,
interest rates or tax rates; there being no significant changes in production, cost (including
capital costs), decommissioning, reclamation, tax and mineral reserve estimates; there being no
significant changes in Cameco&#146;s ability to comply with current environmental, safety and other
regulatory requirements, and the absence of any material increase in regulatory compliance
requirements; Cameco&#146;s ability to obtain regulatory approvals in a timely manner; the status of
geological, hydrological and other conditions at Cameco&#146;s mines; the absence of any material
adverse effects arising as a result of political instability, terrorism, sabotage, natural
disasters, adverse changes in government legislation, regulations or policies, or litigation or
arbitration proceedings; continuing positive labour relations, and that no significant strikes or
lockouts will occur; the success and timely completion of planned development and remediation
projects and the replacement of production; and that general economic conditions do not deteriorate
further. Forward-looking information and statements are also based upon the assumption that none
of the identified risk factors that could cause actual results to differ materially from the
forward-looking information and statements will occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking information and statements included in this Annual Information Form and the
documents incorporated by reference represent Cameco&#146;s views as of the date of such documents and
should not be relied upon as representing Cameco&#146;s views as of any subsequent date. While Cameco
anticipates that subsequent events and developments may cause its views to change, Cameco
specifically disclaims any intention or obligation to update forward-looking information and
statements, whether as a result of new information, future events or otherwise, except to the
extent required by applicable securities laws. Forward-looking information and statements
contained in this Annual Information Form and the documents incorporated by reference about
prospective results of operations, financial position or cash flows that is based upon assumptions
about future economic conditions and courses of action is presented for the purpose of assisting
Cameco&#146;s securityholders in understanding management&#146;s current views regarding those future
outcomes, and may not be appropriate for other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that forward-looking information and statements will prove to be
accurate, and actual results and future events could vary or differ materially from those
anticipated in them. Accordingly, undue reliance should not be placed on forward-looking
information and statements. Forward-looking information and statements for time periods subsequent
to 2010 involve greater risks and require longer term assumptions and estimates than those for
2010, and are consequently subject to greater uncertainty. Therefore, special caution should be
taken in terms of placing reliance on such forward-looking information and statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>NOTE REGARDING RESERVES AND RESOURCES</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Annual Information Form has been prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of US securities laws. All mineral reserve and
resource estimates included in this Annual Information Form have been prepared in accordance with
Canadian National Instrument 43-101&#151;Standards of Disclosure for Mineral Projects (&#147;NI 43-101&#148;) and
the Canadian Institute of Mining, Metallurgy and Petroleum (&#147;CIM&#148;) classification system. NI 43-101
is a rule developed by the Canadian Securities Administrators that establishes standards for all
public disclosure an issuer makes of scientific and technical information concerning mineral
projects. Information
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contained herein concerning mineral deposits may not be comparable with information made public by
companies that report in accordance with US standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves and resources included or incorporated by reference have been estimated as at
December&nbsp;31, 2009 in accordance with definitions adopted by the CIM and incorporated into NI
43-101. In this Annual Information Form, the terms &#147;mineral resource&#148;, &#147;inferred mineral
resource&#148;, &#147;indicated mineral resource&#148;, &#147;measured mineral resource&#148;, &#147;mineral reserve&#148;, &#147;probable
mineral reserve&#148;, and &#147;proven mineral reserve&#148; have the meanings adopted for those terms by the
CIM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Estimates of uranium reserves and resources were prepared by or under the supervision of the
qualified persons identified at <I>The Nuclear Business &#150; Reserves and Resources</I>. Cameco reports
mineral reserves and resources separately. The amount of reported mineral resources does not
include those amounts identified as mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports its mineral reserves and resources in accordance with NI 43-101, as required by
Canadian securities regulatory authorities. For US reporting purposes, the SEC&#146;s Industry Guide 7
under the Securities Exchange Act of 1934 applies different standards in order to classify
mineralization as a reserve. The mineral reserves reported by Cameco under NI 43-101 may not
qualify as reserves under SEC&#146;s Industry Guide 7.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An average uranium price of $54.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used to estimate
Cameco&#146;s mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral resources are not mineral reserves and do not have demonstrated economic viability, but
they do have reasonable prospects for economic extraction. Measured and indicated mineral
resources are sufficiently well defined to allow geological and grade continuity to be reasonably
assumed and permit the application of technical and economic parameters in assessing the economic
viability of the resources. Inferred resources are estimated on limited information not sufficient
to verify geological and grade continuity or to allow technical and economic parameters to be
applied. Inferred resources are too speculative geologically to have economic considerations
applied to enable them to be categorized as mineral reserves. There is no certainty that mineral
resources of any category will be upgraded to mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco has carefully prepared and verified the mineral reserve figures presented in this
Annual Information Form, such figures are estimates, which are, in part, based on forward-looking
information, and no assurance can be given that the indicated levels of uranium will be produced.
Estimated mineral reserves may have to be re-estimated based upon actual production experience.
Fluctuations in the price of uranium, production costs or recovery rates may render mineral
reserves unprofitable to develop at a particular site or sites for a period of time. See <I>Caution
Regarding Forward-Looking Information and Statements </I>and <I>Risk Factors</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INCORPORATION AND SUBSIDIARIES</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Incorporation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (&#147;Cameco&#148; or the &#147;Company&#148;) was incorporated under the <I>Canada Business
Corporations Act </I>(&#147;CBCA&#148;) on June&nbsp;19, 1987 to combine the uranium mining and milling operations of
Saskatchewan Mining Development Corporation (&#147;SMDC&#148;) with the uranium mining, refining and
conversion operations of Eldorado Nuclear Limited (&#147;ENL&#148;), since renamed Canada Eldor Inc. (&#147;CEI&#148;)
(the &#147;Reorganization&#148;). Pursuant to the Reorganization, in October&nbsp;1988, CEI and SMDC transferred
substantially all of their assets to Cameco in exchange for Cameco assuming substantially all of
their current and certain other liabilities and issuing common shares, one Class&nbsp;B Share and
promissory notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s articles, pursuant to the requirements of the <I>Eldorado Nuclear Limited Reorganization and
Divestiture Act </I>(Canada), as amended, and <I>The Saskatchewan Mining Development Corporation
Reorganization Act</I>, contain certain constraints and restrictions. For a description of them,
please see <I>Description of Securities</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2002, Cameco&#146;s articles were amended to increase the individual non-resident maximum share
ownership from 5% to 15% and to increase the limit on aggregate non-resident ownership voting
rights from 20% to 25%. The articles were
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amended in 2003 to permit the board to appoint one or more directors between meetings of
shareholders as permitted by the CBCA, subject to certain limitations, and to remove the
requirement that the chairman of the board must be ordinarily resident in the province of
Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s head office, registered office and principal place of business are located at 2121 &#150;
11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan, Canada S7M 1J3, telephone: (306)&nbsp;956-6200.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Subsidiaries</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco through subsidiaries owns 100% of Cameco Europe Ltd., a Swiss company which is a party to
the HEU Commercial Agreement. Under that agreement, Cameco Europe Ltd. has contractually committed
supplies of on average 7&nbsp;million pounds of uranium annually over the period January&nbsp;1, 2010 to
December&nbsp;31, 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns a 31.6% limited partnership interest in Bruce Power Limited Partnership (&#147;Bruce Power&#148;
or &#147;BPLP&#148;), an Ontario limited partnership, through its wholly owned Canadian subsidiaries Cameco
Bruce Holdings Inc. and Cameco Bruce Holdings II Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has a 60% interest in Joint Venture Inkai Limited Liability Partnership (&#147;JV Inkai&#148;), a
limited liability partnership in Kazakhstan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No other subsidiaries are individually or collectively material.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is one of the world&#146;s largest uranium producers. It is publicly traded on the Toronto
and New York stock exchanges. The Company&#146;s competitive position is based upon its large,
high-grade mineral reserves and low-cost mining operations, significant market position and access
to other supplies of uranium and uranium conversion services. Cameco is also one of the four
significant converters of uranium concentrates (&#147;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) to uranium
hexafluoride (&#147;UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>&#148;) in the western world,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> the only commercial supplier of
services to convert uranium concentrates to uranium dioxide (&#147;UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>&#148;) in the western
world, and, through a subsidiary, one of two Canadian commercial suppliers of fuel fabrication
services for CANDU reactors. Through subsidiaries, Cameco has a 31.6% limited partnership interest
in Bruce Power, which leases and operates four Bruce B reactors in south western Ontario. The
Company continues to explore for uranium in a number of countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the past four years, Cameco has made significant progress in becoming a more vertically
integrated nuclear energy company, adding conversion capacity, buying fuel manufacturing
facilities, investing in the development of a third-generation enrichment process and disposing of
its interest in Centerra Gold Inc. (&#147;Centerra&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The focus of Cameco&#146;s growth strategy is on its uranium segment. Cameco has a strategy to double its
annual uranium production to 40&nbsp;million pounds by 2018 to meet the world&#146;s rising demand for
uranium. For additional information on Cameco&#146;s growth strategy, see Cameco&#146;s 2009 MD&#038;A.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Three-Year Highlights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Major developments in Cameco&#146;s business in each of the fiscal years ended December&nbsp;31, 2007 to
December&nbsp;31, 2009 were as follows:
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Note:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In this Annual Information Form when the term &#147;western
world&#148; is used, it includes Argentina, Australia, Belgium, Brazil, Canada,
Czech Republic, Finland, France, Gabon, Germany, Hungary, India, Indonesia,
Japan, Lithuania, Mexico, Namibia, Netherlands, Niger, Pakistan, Philippines,
Portugal, Romania, Slovakia, Slovenia, South Africa, South Korea, Spain,
Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom and United
States.</TD>
</TR>

</TABLE>



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</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2007, Cameco provided an update on the Cigar Lake project including: (i)&nbsp;an
estimated production start-up of 2010; and (ii)&nbsp;capital and remediation cost estimates. These
March&nbsp;2007 estimates are no longer accurate and have been replaced by new estimates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Cameco discovered contamination of the soil and groundwater under its
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant in Port Hope and suspended operations to conduct an
investigation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2007, Cameco proceeded with a normal course issuer bid to purchase for
cancellation up to 17.7&nbsp;million (5%) of its common shares. 9,575,300 common shares were
purchased (none in 2008) at a cost of $429,327,000. The program expired in September&nbsp;2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June&nbsp;2008, Cameco  entered an agreement with General Electric (GE)&nbsp;and
Hitachi Ltd. subsidiaries, whereby it provided $124&nbsp;million (US)&nbsp;in cash and issued a $73
million (US)&nbsp;promissory note to acquire a 24% interest in GE-Hitachi Global Laser Enrichment
LLC (&#147;GLE&#148;), a uranium enrichment development company. The remainder of GLE is owned
indirectly by GE (51%) and Hitachi Ltd. (25%).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June&nbsp;2008,  Cameco  and its partners agreed with Tenex to a new pricing
structure under the HEU Commercial Agreement for the period 2011 to 2013, Cameco Europe Ltd.&#146;s
share of the material affected by the new price structure is approximately 7&nbsp;million pounds.
The Russian and US governments have approved the new pricing structure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2008, a joint venture of a Cameco subsidiary (70%) and Mitsubishi Development Pty
Ltd (30%) acquired the Kintyre uranium exploration project, located in Western Australia, from
Rio Tinto for $495.0&nbsp;million (US) (Cameco&#146;s share $346.5&nbsp;million (US)).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2008, Cameco gave notice of its intention to redeem the 5% $230&nbsp;million unsecured
convertible debentures on October&nbsp;1, 2008. 21,201,495 common shares were issued to holders
who chose to exercise their conversion rights and 3,090 common shares were issued upon
redemption of the remaining convertible debentures.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008, Cigar Lake rehabilitation continued. The October&nbsp;2006 water inflow area was
sealed and dewatering of the mine began in the summer of 2008. However, in August a new inflow
occurred on the 420 metre level, causing dewatering to be suspended.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2008, the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was restarted upon completion of a
year-long rehabilitation program. However, in November operations were suspended because
Cameco was unable to resolve a contract dispute with its sole supplier of hydrofluoric acid.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2009, Cameco agreed with the lenders of its $470&nbsp;million credit facility to
increase the limit to $500&nbsp;million. In the third quarter, Cameco cancelled this credit
facility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2009, Cameco added a $100&nbsp;million short-term bank credit facility, maturing in
February&nbsp;2010. In the fourth quarter, Cameco renewed this credit facility until February&nbsp;2011.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2009, Cameco issued 26,666,400 common shares for net proceeds of $441&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In April&nbsp;2009, Cameco entered into an Agreement on New Terms with Kyrgyzaltyn JSC
(&#147;Kyrgyzaltyn&#148;) and the Government of the Kyrgyz Republic that resolved all outstanding issues
with regards to the Kumtor Gold mine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June&nbsp;2009, UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production resumed at Port Hope.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2009, Cameco issued $500&nbsp;million of 5.67% unsecured debentures due in 2019.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In October&nbsp;2009, the water inflow at the 420 metre level was sealed and dewatering of the
Cigar Lake mine resumed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2009, Cameco disposed of its entire interest in Centerra in two steps: through
selling 88,618,472 common shares of Centerra through a public offering, at a price of $10.25
per share, for net proceeds of approximately $871&nbsp;million; and, Cameco transferred another
25,300,000 common shares of Centerra to Kyrgyzaltyn, under the April&nbsp;2009 Agreement on New
Terms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2009, JV Inkai commissioned its main processing plant and started commissioning its
first satellite plant.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>THE NUCLEAR BUSINESS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Overview</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The only significant commercial use for uranium is to fuel nuclear power plants for the generation
of electricity. In recent years, nuclear plants generated approximately 15% of the world&#146;s
electricity. According to the World Nuclear Association, nuclear plant electric generating
capacity is expected to grow modestly between now and the year 2019, primarily as a result of new
reactor construction, improved reactor operation and reactor life extensions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major stages in the production of nuclear fuel are: (a)&nbsp;uranium exploration; (b)&nbsp;mining and
milling; (c)&nbsp;refining and conversion; (d)&nbsp;enrichment; and (e)&nbsp;fuel fabrication (also known as fuel
manufacturing). Once a commercial uranium deposit is discovered and reserves delineated,
regulatory approval to mine is sought. Following regulatory approval, the mine is developed and
uranium ore is extracted and upgraded at a mill to produce uranium concentrate. Mining companies
usually sell uranium concentrate to electrical generating companies (&#147;utilities&#148;) around the world
on the basis of the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> contained in the uranium concentrate. Utilities
then contract with converters, enrichers and fuel fabricators to produce the required reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s involvement in the nuclear business consists principally of: (a)&nbsp;exploring for,
developing, mining and milling uranium ore to produce uranium concentrate; (b)&nbsp;supplying uranium
refining and conversion services to produce UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>; (c)&nbsp;purchasing
uranium, uranium conversion and enrichment services from third parties; (d)&nbsp;supplying fuel
manufacturing services for CANDU reactors; (e)&nbsp;selling produced and acquired uranium and uranium
conversion services, as well as acquired enrichment services, to utilities; and (f)&nbsp;the generation
and sale of electricity through its 31.6% limited partnership interest in Bruce Power.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Concentrates Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Market Background</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Demand</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The demand for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is directly linked to the level of electricity generated
by nuclear power plants. World annual uranium fuel consumption has increased from approximately 75
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 1980 to about 169&nbsp;million pounds in 2009. Cameco
estimates that annual world uranium fuel consumption  will reach 233&nbsp;million pounds in
2019, reflecting an average annual growth rate of about 3% per year over the period.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supply</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium supply sources include primary mine production and secondary sources such as excess
inventories, uranium made available from defence stockpiles and the decommissioning of nuclear
weapons, re-enriched depleted uranium tails, and used reactor fuel that has been reprocessed.
Russia supplies most of the requirements of the former Soviet Union and Eastern European countries
from inventories, reprocessed used reactor fuel, re-enriched depleted uranium tails and primary
mine production.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Primary Production</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium production industry is international in scope with a small number of companies
operating in relatively few countries. Cameco estimates 2009 world mine production was about 130
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>up 14% from 114&nbsp;million pounds in 2008.
Approximately 92% of estimated world production was sourced from eight countries (in order of
production, from greatest to least): Kazakhstan (26%), Canada (20%), Australia (16%), Namibia
(9%), Russia (7%), Niger (6%), Uzbekistan (5%), and the US (3%). 83% of estimated 2009 world
production was marketed by seven producers; Cameco accounting for about 16% of that production
(20.8&nbsp;million pounds).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, uranium mine production from existing primary supply (mines that are
currently in commercial operation) is expected to meet about 67% of global uranium requirements.
Secondary supplies (such as reprocessed uranium and blended down highly enriched uranium (&#147;HEU&#148;))
continue to bridge the gap. Cameco expects these secondary supplies to meet about 21% of world
demand to 2019.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Secondary Sources</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each year since 1985, world uranium production has been less than uranium consumption. The
resulting shortfall has been covered by a number of secondary sources. Excess inventories held by
utilities, producers, other fuel cycle participants and governments (including Russian and US
government inventories) have been and continue to be a significant source of supply. Utilities,
largely in Europe and some in Japan and Russia, also use reprocessed uranium and plutonium derived
from used reactor fuel. In addition, in recent years, re-enriched depleted uranium tails have been
generated using excess enrichment capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium from Nuclear Disarmament</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;1993, the United States and Russia signed an agreement (the &#147;Russian HEU Agreement&#148;) to
manage the sale of HEU. Under this agreement, over a term of 20&nbsp;years, 500 tonnes of HEU, derived
from dismantling Russian nuclear weapons, are to be diluted in Russia and delivered to the United
States as low enriched uranium (&#147;Disarmament LEU&#148;), suitable for use in nuclear power plants.
Disarmament LEU scheduled for delivery during the 20-year period represents approximately 400
million pounds of natural uranium as U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (&#147;Disarmament Uranium&#148;). Russia
plans to annually deliver Disarmament LEU from 30 tonnes of HEU, about 24&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent per year until the entire Disarmament LEU has been delivered.
To the end of 2009, about 300&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent had been
delivered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The USEC Privatization Act, which became law in 1996, regulates the introduction of Disarmament
Uranium into the US market. Under the USEC Privatization Act, Disarmament Uranium delivered after
1996 may be sold into the US market beginning in 1998 subject to an annual quota. The 2009 quota
was 20&nbsp;million pounds, which is the maximum level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2008, the DOE issued a policy statement, which contains a general framework explaining how
it will manage its surplus uranium inventories, including the need to dispose of them without
disruption to commercial markets. In December&nbsp;2008, the DOE released its Excess Uranium Inventory
Management Plan. The plan provides for the disposition of uranium based on a combined annual
quantity of no more than 10% of the annual US nuclear fuel requirements; however, the DOE may
exceed this annual limit for certain special purposes, such as initial core loads for new reactors.
The DOE indicated less than 3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> would
enter the market in 2009 with a gradual ramp
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">up to 5&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> by 2013. 20&nbsp;million pounds
are to be made available for initial cores for new US reactors beginning in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of DOE&#146;s announcements, the level of inventory excess to program requirements amounted
to about 153&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent. In the year 2009, about 1.6
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent was transferred to USEC
and used for US HEU downblending, leaving DOE with slightly more than 150&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent. Cameco expects this uranium will be
made available to the market over the next 25&nbsp;years generally as outlined in the DOE Excess Uranium
Inventory Management Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>HEU Commercial Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;24, 1999, a Cameco subsidiary, along with Compagnie Generale des Matieres Nucleaires (now
called &#147;AREVA&#148;), RWE Nukem Inc. of the United States and its affiliate RWE Nuklear GmBh of Germany
(collectively &#147;the Western Companies&#148;) signed an agreement (such agreement, as subsequently
amended, the &#147;HEU Commercial Agreement&#148;) with Joint Stock Company Techsnabexport (&#147;Tenex&#148;), the
commercial arm of the Russian Ministry for Atomic Energy, under which the Western Companies were
granted options to purchase a majority of the Disarmament Uranium. The Cameco subsidiary that is a
party to the HEU Agreement is Cameco Europe Ltd. In June&nbsp;2008, the Western Companies agreed with
Tenex to a new pricing structure for the period 2011 to 2013. Cameco Europe Ltd.&#146;s share of the
material affected by the new price structure is approximately 7&nbsp;million pounds. The Russian and US
governments have approved the new pricing structure. Under the HEU Commercial Agreement as
subsequently amended in 2001, 2004 and 2008, there remains on average about 7&nbsp;million pounds
uranium equivalent to be delivered annually to Cameco Europe Ltd. to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A series of related agreements between the US and Russian governments (collectively, the &#147;Bilateral
Agreement&#148;), which are integral to the HEU Commercial Agreement, require Tenex to return to Russia
the Disarmament Uranium not purchased by the parties to the HEU Commercial Agreement or sold by
Tenex, and allows Russia to use about 7&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>equivalent
annually for blending down HEU to Disarmament LEU. Pursuant to the Bilateral Agreement, the
balance of the returned uranium is to be placed in a monitored stockpile. In the event the
monitored stockpile exceeds 58&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent, Russia is
permitted to sell the excess into supply contracts in existence on March&nbsp;24, 1999, mainly with
utilities in Eastern Europe. At the end of 2009, Cameco estimates there were 13&nbsp;million pounds in
the monitored stockpile.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trade Restraints and Policies</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of anti-dumping proceedings brought in the early 1990s, the US and certain countries
entered into suspension agreements to limit access to the US market. Only the suspension agreement
with Russia remains in effect. In February&nbsp;2008, the United States Department of Commerce and
Russia signed an amendment to the Russian suspension agreement, which allows for additional Russian
supply directly to US utilities. The amendment sets out an annual LEU quota with very limited
quantities in 2011 to 2013. Upon completion of the Russian HEU Agreement, in 2014 the annual quota
increases to about 13&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>equivalent for the period 2014 to
2020. In addition to this quota, Russian uranium products may be supplied for initial cores in new
US reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US restrictions have no effect on the sale of Russian uranium to other countries. About 70% of
world uranium requirements arise from utilities in countries unaffected by the US restrictions.
However, utilities in some countries adopt policies that limit the amount of Russian uranium they
will purchase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Euratom Supply Agency in Europe, which must approve all uranium related contracts entered into
by members of the EU, limits the use of nuclear fuel supplies from any one source in order to
maintain security of supply (historically at an informal level of about 20%).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prices and Spot and Long-Term Volumes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities secure a substantial percentage of their uranium requirements by entering into long-term
contracts with uranium producers. Uranium contract terms generally reflect market conditions at
the time the contract is accepted, with delivery
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">beginning several years in the future. In awarding these contracts, utilities consider the
commercial terms offered, including price, as well as the producer&#146;s performance record and uranium
mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prices are established by a number of methods including fixed prices adjusted by inflation indices
and market referenced prices (spot and/or long term price indicators). Many contracts also contain
floor prices, ceiling prices and other negotiated provisions, such as discounts, that affect the
price ultimately paid. For example, ceiling prices limit the upside potential of price movement,
while floor prices establish a minimum price that will ultimately be paid. Instead of ceiling
prices, some contracts may include a discount off the market price, when the market price reaches a
threshold level. Prices under uranium supply contracts are usually confidential.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities and other market participants also acquire uranium through spot purchases from producers
and traders. Spot market purchases are those that call for delivery within one year. Traders and
investors or investment funds are active in the market and generally source their uranium from
organizations holding excess inventory including utilities, producers, governments and others.
Spot market volume in 2009 increased to about 54&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>from 43
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>in 2008. The 2009 volume set a record. Prior to 2008,
the volumes traded in the spot market have been smaller ranging from about 10% to 15% of annual
consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average spot price (TradeTech and Ux Consulting (UxC)) on December&nbsp;31, 2009 was $44.50
(US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, a 15% decrease from the December&nbsp;31, 2008 price of
$52.50 (US). The industry average long-term price (TradeTech and UxC) on December&nbsp;31, 2009 was
$61.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, down 13% from $70.00 (US)&nbsp;at December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates 2009 long-term contracting was about 150&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, approximately 15% higher than 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Marketing</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco markets uranium to utilities in direct competition with supplies available from various
sources worldwide. Cameco&#146;s marketing strategy is to commit its uranium production under long-term
contracts with a diversified mix of pricing mechanisms, as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales contracts historically contained some quantity flexibility that enables the purchaser to
reduce or increase the amount of uranium to be delivered from year to year within a specified
range. Recent contracts generally no longer provide such flexibility. In general, utilities
purchase from multiple suppliers in order to diversify their sources. Cameco sells uranium
concentrates for use by utilities in Argentina, Belgium, Canada, China, Finland, France, Germany,
Japan, Romania, South Korea, Spain, Sweden, Taiwan, the UK and the US.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, approximately 49% of Cameco&#146;s U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> sales were to five customers.
Cameco currently has commitments of approximately 300&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
under long-term contracts with about 50 customers worldwide. Cameco&#146;s five largest customers
account for approximately 47% of these commitments. 49% of Cameco&#146;s committed sales volume is to
purchasers in the Americas (US, Canada and Latin America), 21% in the Far East and 30% in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally the Company&#146;s contracts include a supply interruption clause that gives Cameco the right
to reduce, on a pro-rata basis, defer or cancel deliveries if there is a significant shortfall in
planned production or in deliveries under the HEU Commercial Agreement. A portion of the 2010
deliveries have been deferred for a five to seven year period as a result of the supply
interruption provisions in Cameco&#146;s contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the baseload contracts put in place to support the development of Cigar Lake contain
provisions which allow Cameco to reduce, defer or terminate deliveries in the event of any delay or
shortfall in Cigar Lake production. Cameco continues to discuss with its customers the possible
effect of the uranium production delay at Cigar Lake. For the Cigar Lake baseload contracts with
deliveries in 2009 and 2010, these volumes (as well as 2007 and 2008 delivery volumes) have been
deferred to the end of the respective contracts.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco participates in the uranium spot market from time to time, including making spot purchases
to take advantage of opportunities to place the material into higher priced contracts. In addition
to being a source of profit, this activity can provide insight into the underlying market
fundamentals and supports Cameco&#146;s sales activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has purchased uranium under spot and long-term contracts and may make similar purchases in
the future. At December&nbsp;31, 2009, Cameco had firm commitments to purchase approximately 31&nbsp;million
pounds uranium equivalent over the 2010-2013 period, of which on average about 7&nbsp;million pounds per
year is the result of the exercise of options under the HEU Commercial Agreement by Cameco Europe
Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco entered into a standby product loan facility with one of its customers in 2008. The
facility, which became effective April&nbsp;1, 2008, allows Cameco to borrow up to 2.4&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent from April&nbsp;1, 2008, to December&nbsp;31, 2011, and to repay it
from 2012 to 2014. Cameco pays standby fees of 2.0% of the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> long-term
market value at the time the facility was signed, and 5.0% interest on any amounts Cameco draws.
Borrowings must be repaid in kind. As at December&nbsp;31, 2009, there was nothing outstanding under
this facility. Revenue from deliveries to this customer, up to the limit of the loan facility, will
be deferred until the loan facility has been terminated or, if drawn upon, when the loans are
repaid. Revenues deferred to date have not had a material impact on Cameco&#146;s revenues or earnings.
Please see Note 11 to Cameco&#146;s audited consolidated financial statements and notes thereto for the
year ended December&nbsp;31, 2009 (&#147;2009 Financial Statements&#148;) for more details of this standby product
loan agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Mining Properties</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium production is generated from five sources: two sources in Saskatchewan, two
sources in the US and one in Kazakhstan. The Saskatchewan sources are the Rabbit Lake mine and
mill and the combined McArthur River mine &#151; Key Lake mill. The US sources are Crow Butte and Smith
Ranch-Highland in situ recovery (&#147;ISR&#148;) operations. The Kazakhstan source of production is the
Inkai ISR operation. Cameco has three material uranium properties: McArthur River and Inkai, which
are being mined, and Cigar Lake, which is being developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake mill processes McArthur River ore blended with stockpiled mineralized waste from the
McArthur River or Key Lake deposits. Mining at Key Lake ended in 1997.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows Cameco&#146;s share of uranium production (pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
for the past three years. For Cameco&#146;s share of forecast uranium production over the period 2010 to
2014, see page 55 of the Company&#146;s 2009 MD&#038;A at &#147;Uranium &#150; production overview.&#148;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,800,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,800,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,160,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,800,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Note:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Milled at Key Lake</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>McArthur River</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River in northern Saskatchewan is an underground uranium mine owned by two joint venture
partners: Cameco (69.805%), and AREVA (30.195%). Cameco is the operator. It contains the world&#146;s
largest known high-grade uranium deposit. At December&nbsp;31, 2009, the Company&#146;s share of proven and
probable mineral reserves was 543,400 tonnes of ore containing 234&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 19.53% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, its share of
measured and indicated mineral resources was 141,500 tonnes of ore containing 21.1&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 6.78% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, and its share
of inferred mineral resources was 421,800 tonnes of ore containing 111.3&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average grade of 11.97% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A technical report on the McArthur River mine entitled &#147;McArthur River Operation, Northern
Saskatchewan, Canada&#148;, dated February&nbsp;16, 2009 with an effective date of December&nbsp;31, 2008, (the
&#147;McArthur River Report&#148;), has been prepared
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">for Cameco in accordance with NI 43-101 by four Cameco &#147;qualified persons&#148; and one non-Cameco
&#147;qualified person&#148;, as defined in NI 43-101. The following description of the McArthur River mine
is based on the McArthur River Report with certain updates to reflect developments since the date
of the McArthur River Report. The following description has been prepared by or under the
supervision of David Bronkhorst, P. Eng., Alain G. Mainville, P. Geo., Gregory M. Murdock, P. Eng.,
Lorne D. Schwartz, P. Eng, and Leslie D. Yesnik, P. Eng., each of whom is a &#147;qualified person&#148;, but
not independent of Cameco within the meaning of NI 43-101. A copy of the McArthur River Report is
available electronically on SEDAR at sedar.com and on EDGAR at sec.gov. Conclusions, projections
and estimates set out in this Annual Information Form regarding McArthur River are subject to the
qualifications, assumptions and exclusions that are detailed in the McArthur River Report. To
fully understand the summary information set out below and elsewhere in this Annual Information
Form, the McArthur River Report filed on SEDAR or EDGAR should be read in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province, such as McArthur River, and taxes, environmental
matters and uranium sales, see <I>Canadian Royalties and Certain Taxes, Environmental Matters </I>and
<I>Uranium Concentrates Business, </I>respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description and Location</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This property is located near Toby Lake in northern Saskatchewan, approximately 620 kilometres
north of Saskatoon. The McArthur River mine site is compact, occupying approximately an area of
one kilometre in the north/south direction and half a kilometre in the east/west direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River uranium deposit is located in the area subject to mineral lease ML-5516,
totalling 1,380 hectares. Under this mineral lease, Cameco acquired the right to mine this
deposit. The current mineral lease expires in March&nbsp;2014 with the right to renew for successive
ten-year terms absent a default by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surrounding the McArthur River uranium deposit are 21 mineral claims, totalling 83,438 hectares.
The mineral lease and mineral claims are contiguous. Title to the 21 mineral claims is secured
until 2017, as a result of previous assessment work completed by Cameco. A mineral claim grants
the holder the right to explore for minerals within the claim lands and the right to apply for a
mineral lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface facilities and mine shafts for the McArthur River operation are located on lands owned
by the province of Saskatchewan. Cameco acquired the right to use and occupy the lands under a
surface lease agreement with the province of Saskatchewan. The most recent surface lease agreement
was signed in April&nbsp;1999 and has a term of 33&nbsp;years. Obligations attached to the surface lease
relate primarily to annual reporting regarding the status of the environment, land development and
progress on northern employment and business development. The McArthur River surface lease
presently covers about 651 hectares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The means of access to the property is by an all-weather road and by air. Supplies are transported
by truck and can be shipped through Cameco&#146;s transit warehouse in Saskatoon. A 1.6 kilometre
unpaved air strip and air terminal is located approximately one kilometre east of the mine site
within the surface lease, allowing flights to and from the McArthur River property. McArthur River
ore is transported to the Key Lake mill for processing some 80 kilometres to the southwest along a
gravel highway. Site operations are carried out throughout the year despite cold winter
conditions. The fresh air necessary to ventilate the underground workings is heated during the
winter months using propane-fired burners. There is easy access to and sufficient water from
nearby Toby Lake to satisfy all industrial and residential water requirements. The site is
connected to the provincial power grid. There are standby generators in case of grid power
interruption. Personnel are recruited from the northern area communities and major Saskatchewan
population centers such as Saskatoon. Underground development work is tendered to a number of
mining contractors. Cameco personnel conduct all production functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River is a developed producing property, with surface right holdings that meet all of its
mining operation needs as well as sufficient site facilities and infrastructures. No tailings
management facilities are required as McArthur River ore is milled at the Key Lake mill.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The site consists of an underground mine, one full service shaft and two ventilation shafts along
with numerous surface facilities, including inert waste rock stockpiles, a large capacity mine
water treatment plant and ponds, a freshwater pump house, powerhouse, electrical substations,
standby diesel generators as well as maintenance and warehousing facilities. Other major
facilities include an ore body freezing plant, a concrete batch plant, an administration and
maintenance shops building and an ore load-out building.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste rock piles from the excavation of the three shafts and all underground development are
confined to a small footprint within the surface lease. Waste piles have been segregated into three
separate areas: clean waste, mineralized waste (&#062;0.03% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) and
potentially acid generating waste. The latter two stockpiles are contained on engineered lined
pads. The clean waste piles include piles for mine development waste, crushed waste, and various
piles for concrete aggregate and backfill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The topography and the environment are typical of the taiga-forested lands common to the Athabasca
basin area of northern Saskatchewan. The surface facilities are approximately 550 metres above sea
level.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>History</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There have been numerous changes in ownership of participating interests in the joint venture that
governs the McArthur River property. The joint venture was formed in 1976 and the original joint
venture partners were Canadian Kelvin Resources Ltd. and Asamera Oil Corporation Ltd. In 1977,
SMDC, a predecessor company to Cameco, acquired an interest in the joint venture and in 1980,
became operator of the joint venture project. In 1988, Eldorado Resources Limited merged with SMDC
to form Cameco and Cameco became operator of the joint venture project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of the more recent significant changes in ownership occurred in 1998 and 1999. In 1998, Cameco
bought all of the shares of Uranerz Exploration and Mining Ltd. (and changed Uranerz&#146;s name to UEM
Inc.), thereby increasing its direct and indirect participating interest in the McArthur River
joint venture to 83.766%. In 1999, AREVA acquired one-half of the shares of UEM Inc., thereby
reducing Cameco&#146;s direct and indirect participating interest in the McArthur River joint venture to
69.805% and increasing AREVA&#146;s direct and indirect participating interest in the McArthur River
joint venture to 30.195%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2009, the participating interest in the McArthur River joint venture held by UEM Inc.
(27.922%) was distributed equally to its shareholders, Cameco (13.961%) and AREVA (13.961%). As a
result, Cameco (69.805%) and AREVA (30.195%) each now hold their respective interests in the
McArthur River joint venture directly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface exploration programs were active from 1980 through to 1992. Significant mineralization of
potentially economic uranium grades were first discovered as a result of surface drilling in the
1988 and 1989 exploration seasons. Surface drilling programs delineated a mineralized zone over
1,700 metres in length, occurring at depths ranging between 530 to 640 metres below surface.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground exploration began in 1993 and continued until 1997. Following review of the
environmental impact statement, public hearings, and receipt of approvals from the governments of
Canada and Saskatchewan, the Atomic Energy Control Board (&#147;AECB&#148;) issued construction licences for
McArthur River in August&nbsp;1997 and May&nbsp;1998. In October&nbsp;1999, Cameco received an operating licence
from federal authorities and operating approval from provincial authorities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geological Setting and Mineralization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River deposit is located in the south-eastern portion of the Athabasca basin, within
the south-west part of the Churchill structural province of the Canadian Shield. The crystalline
basement rocks underlying the deposit are members of the Aphebian aged Wollaston Domain,
metasedimentary sequence and consist of two distinct parts: a hanging wall pelitic sequence of
cordierite and graphite bearing pelitic and psammopelitic gneiss with minor meta-arkose and
calc-silicate gneisses; and a sequence consisting of quartzite and silicified meta-arkose and rare
pelitic gneisses. These basement rocks are unconformably overlain by flat lying, unmetamorphosed
sandstones and conglomerates of the Helikian Athabasca Group. These sediments consist of the A, B,
C and D units of the Manitou Falls Formation; and a
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">basal conglomerate containing pebbles and cobbles of quartzite. The sandstone is over 500 metres
thick in the deposit area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium mineralization has been delineated from surface drilling over a strike length of
approximately 2 kilometres, generally occurring at depths ranging between 500 metres to 640 metres
below surface. Underground drilling programs have covered approximately 750 metres of the strike
length delineated from surface. The mineralization is structurally controlled by a
northeast-southwest trending reverse fault (the &#147;P2 Fault&#148;) which dips 40-65 degrees to the
southeast. The fault has thrust a wedge of basement rock into the overlying sandstone. The
vertical displacement of the fault exceeds 80 metres at the northeast end of the deposit decreasing
to 60 metres at the southwest end.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling has delineated four distinct mineralization zones with mineral reserves (Zones
1 to 4). Two additional Zones, A and B, are on the northern portion of the deposit and are
indicated through surface drill holes only. Ore widths are variable along strike. Five of the six
mineralized zones occur in sandstone and basement rock along the faulted edge of the basement
wedge. Zone 2 is the exception as it is entirely hosted in structurally disrupted basement rock in
a unique area of the deposit where a massive footwall quartzite unit lies in close proximity to the
main zone of faulting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although all rocks at McArthur River are altered to some degree, alteration is strongest in or near
faults, often associated with mineralization. In the pelitic hanging wall basement rocks above the
P2 Fault, chloritization is common and most intense within a metre of mineralization. Pervasive
silicification is the predominant alteration characteristic of the sandstone. Intensity of
silicification increases 375 metres below surface and continues to the unconformity. This brittle
sandstone is strongly fractured along the path of the main fault zone, resulting in poor ground
conditions and high permeability to water.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In general, the high-grade mineralization, characterized by botryoidal uraninite masses and
subhedral uraninite aggregates, constitutes the earliest phase of mineralization in the deposit.
Pyrite, chalcopyrite, and galena were also deposited during this initial mineralizing event. Later
stage, remobilized uraninite occurs as disseminations, veinlets, and fracture coatings within
chlorite breccia zones and along the margins of silt beds in the Athabasca sandstone.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration, Drilling and Estimates</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The original McArthur River resource estimates were derived from surface diamond drilling. The
drill hole data consists of assay results from 42 drill holes compiled with all relevant geological
and technical data. The very high grade encountered in these drill holes justified the development
of an underground exploration project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From 1994 to present, several drilling campaigns from underground levels at 530 metres and 640
metres depth were completed. Diamond drilling was followed by systematic radiometric probing of
the holes using a high flux probe adapted to the very high radioactivity encountered. Drill holes
intersected mineralized zones on a grid spacing of 10 x 10 metres. Radiometric probing was at 0.10
metre spacing in the radioactive zones. Where core recovery allows it, sampling and assaying of
the cores as well as density measurements are performed to confirm correlations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data from underground exploration drill holes have been interpreted and estimates of mineral
reserves and resources have been made in four mineralized zones (Zones 1 to 4). In addition to
this drilling, hundreds of freeze holes and raise bore pilot holes have provided data supporting
the interpretation. In areas of no underground drill holes, surface exploration drill holes are
the basis for the mineral resource estimates for four additional areas labelled MCA South, MCA
North, Zones A and B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has been undertaking surface exploration drilling since 2004 to test the extension of
mineralization previously identified from historical surface drill holes, to test new targets along
strike and to evaluate the P2 trend both north and south of the McArthur River mine. As of December
31, 2009, 115 surface drill holes totalling nearly 60,000 metres were drilled along the P2 trend
comprising a combination of conventional and directional drilling. The P2 trend has now been
tested at approximately 200 metre intervals for a distance of 4.3 kilometres north of the McArthur
River mine site and 1.5 km to the south. Included in the above diamond drilling totals were 13
holes totalling 5,900 m completed last fall to confirm and increase the Zone B resource. For 2010,
a total of $5.0&nbsp;million (Cameco&#146;s share $3.5&nbsp;million) has been budgeted for diamond drilling to
test the P2 trend south of the mine.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 1993, over 650 underground drill holes, totalling approximately 58,000 metres, have provided
detailed information for 750 metres of strike length. Over 1,500 additional underground drill
holes, totalling in excess of 105,000 metres, were drilled for geotechnical information, probe and
grout covers, service and drain holes and freeze holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration drilling and development continued on both surface and underground in 2009. Activity
for 2009 focused on evaluation of mineral resources, both to the north and to the south of the
current mineral reserves. In 2008, mineral resources to the south of McArthur River were
considered to have greater near term development potential for future mining due to established
infrastructure and were made a higher priority exploration target. As a result, McArthur River was
able to increase reserves in 2009 relative to 2008, after accounting for 2009 production. A surface
drill program to the north of the McArthur River main shaft was conducted. This program was
successful and increased both the grade and total inferred resources at the site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tunnelling of a north exploration drift was initiated in 2007 and will be followed up with
underground exploration once sufficient access has been established. This year, Cameco plans to
initiate a multi-year project, the <I>McArthur River expansion</I>, to accelerate the advancement of the
underground exploration drifts on the 530 metre level to the north and south of the existing mine.
This work is expected to further delineate Zone A and B inferred resources to the north as well as
resources to the south. As part of the project, Cameco will also initiate a preliminary assessment
to determine the potential options and feasibility for mining these resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is satisfied with the quality of data obtained from the surface exploration and underground
drilling at McArthur River and considers it valid for use in the estimate of mineral resources and
mineral reserves at McArthur River. This is supported by the annual reconciliation of the mine
production to within 5% of the estimate of pounds of uranium for the last five years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Operations and Development</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Construction and development of the McArthur River mine began in 1997 and was completed on schedule
and mining commenced in December&nbsp;1999. Upon completion of mine commissioning, commercial
production was achieved on November&nbsp;1, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At present, the site includes three shafts. The first shaft is used to move workers, material and
waste rock. The second shaft is used for mine exhaust air ventilation. The third shaft is
equipped as an emergency means of egress. The first and third shafts are also used for fresh air
ventilation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the mine at McArthur River. Cameco holds a &#147;Uranium
Mine Facility Operating Licence&#148; from the Canadian Nuclear Safety Commission (&#147;CNSC&#148;) and an
&#147;Approval to Operate Pollutant Control Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; both from
the Saskatchewan Ministry of Environment (&#147;SMOE&#148;). These permits are current. The CNSC licence
was renewed for a five-year term in 2008 and expires on October&nbsp;31, 2013. The SMOE permits were
renewed in 2009 and the &#147;Approval to Operate Pollutant Control Facilities&#148; expires on October&nbsp;31,
2014 and a &#147;Permit to Operate Waterworks&#148; expires on October&nbsp;31, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River currently has four Zones with delineated mineral reserves (Zones 1 to 4). Zones A
and B are categorized as inferred mineral resources. Parts of Zones 1, 2, 3, and 4 also have
mineral resources. Since mine start-up in 1999, only Zone 2 has been mined. To sustain production
levels, Cameco needs to move to new mining areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zone 2 is divided into four panels (Panels 1, 2, 3 and 5). Panel 5 represents the upper portion of
Zone 2, overlying a portion of the other Panels. Until late 2009, all mine production was from
Panels 1, 2 and 3, and there are still limited reserves that Cameco will extract from these Panels
in the next few years.
</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6082802.gif" alt="(GRAPHIC)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, the initial raisebore chamber tunnel for Zone 2 (Panel 5) was completed within the
protection of freezewalls. This marks the first time development has been accomplished through the
unconformity into the Athabasca sandstone. Zone 2 (Panel 5) is expected to account for
approximately two-thirds of McArthur River mine production in 2010. Cameco intends to produce over
85&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from this area. Portions of the new production
raises for
Zone 2 (Panel 5) will intersect the freezewall originally developed for Zone 2 (Panels 1, 2 and 3).
This original freezewall is now redundant. The steel freezepipes from this freezewall are being
removed. Timely removal represents the largest remaining schedule risk that could impact 2010
production rates in this area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2008, the extraction area for lower Zone 4 development on the 590 metre level
encountered a small inflow of water that was captured and controlled. The inflow has not caused
Cameco to alter any planned mining on the 590 metre level. Overall, lower Zone 4 is classified as
higher risk development and Cameco adjusted its development and production schedules to recognize
and mitigate these risks. In 2009, development of this lower zone continued. Cameco completed the
raisebore chamber on the 530 metre level, completed all freezehole drilling and began freezing the
ground. Production from this area is expected in late 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining of the McArthur River deposit faces a number of challenges, including groundwater
control, weak rock formations and radiation protection. Based on these challenges, non-entry
mining methods &#151; including the raise boring method &#151; are required to mine the majority of the
deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sandstones that overlay the ore zones and basement rocks contain significant amounts of water,
which is at hydrostatic pressure that will flow into the underground workings unless controlled.
Ground freezing is used to form an impermeable freeze wall, to prevent water from the sandstones
entering into the active ore zones, and to help stabilize highly fractured footwall rocks during
mining operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ore extraction is performed by the raise boring method, with broken ore falling to the extraction
level. A line-of-sight remote controlled loader transports the ore to a grinding circuit. This
circuit grinds the ore to a size that is acceptable for the Key Lake leaching circuit. From the
grinding circuit, ore is pumped 680 metres to surface for storage in four ore slurry-holding tanks.
Ore is drawn out of the ore slurry holding tanks and pumped into containers on a transport truck
for shipment to the Key Lake mill over an 80 kilometre all-weather road. Once a raise has been
bored through the ore zone, it is backfilled with concrete. After all the rows of raises are
complete in a chamber, equipment is removed from the area and the chamber is backfilled with
concrete. A new chamber is then excavated to allow for the adjacent area to be mined and the cycle
is repeated.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to continue using the current raise boring mining method to extract ore from
lower Zone 1, Zone 2 (Panels 1, 2, 3 and 5) and the lower mining area of Zone 4. Alternate mining
methods planned for other Zones of the ore body include boxhole boring and blasthole stoping. The
recent success in Zone 2, Panel 5 now provides the potential for more extensive use of the
raisebore method in the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Boxhole boring is a vertical development technique used at a few mines around the world, however,
this will represent its first application to uranium mining as a production method. Cameco has some
additional experience with boxhole boring, as it previously tested this method at Rabbit Lake and
Cigar Lake. Additional testing at McArthur River will be required to evaluate the productivity of
this method and will require additional operational development during test work and initial mining
phases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Technical challenges associated with boxhole boring include reaming through frozen ground, raise
stability, controlling raise deviation, material handling and control of radiation exposure.
Accordingly, Cameco has scheduled a long lead-time for implementation to ensure the technical
challenges are understood and risks mitigated. Until Cameco has fully developed and tested the
boxhole boring method at McArthur River, there is uncertainty as to future estimated productivity.
Three raises in waste were completed in 2009 and the fourth will be completed at the end of the
first quarter in 2010. The first test of the method in ore is planned to take place in 2010 with
the ground now frozen and development access underway. Cameco has CNSC approval for the boxhole
test program in waste and expects to provide the CNSC with a second submission for boxhole boring
in ore for 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Cameco&#146;s McArthur River mine was temporarily suspended on April&nbsp;6, 2003, as increased
water inflow from an area of collapsed rock in a new development area, located just above the
530-metre level, began to flood portions of the mine. Remedial work to return the mine to safe
operating condition was carried out during the second quarter of 2003 and was sufficiently advanced
in July&nbsp;2003 for mine production to resume. The excess water inflow was sealed off in July&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the water inflow incident in 2003, and as a result of a series of subsequent capacity
improvements, Cameco has increased the peak pumping capacity at the McArthur River mine to more than
1,850 cubic metres per hour. Cameco has water treatment capacity and regulatory approval to treat
and release 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr in non-routine circumstances. Beyond that, Cameco
has water storage capability of 50,000 cubic metres in a surface pond which could provide several
weeks of storage for any inflows in excess of hourly treatment capacity. In Cameco&#146;s view, this is
sufficient capacity to handle an estimated maximum inflow. Cameco reviews the dewatering system and
requirements at least once a year and before beginning work on any new zone.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Milling</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake joint venture has two joint venture partners: Cameco (83<SUP style="font-size: 85%; vertical-align: text-top">1</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%) and AREVA (16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%). In
March&nbsp;2009, a 33<SUP style="font-size: 85%; vertical-align: text-top">1</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>% participating interest in the Key Lake joint venture, which up to that time had
been held by UEM Inc., was distributed equally to its shareholders, Cameco (16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%) and AREVA (16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%).
As a result, Cameco and AREVA each now hold their respective interests in the Key Lake joint
venture directly. The Key Lake joint venture is operated by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake joint venture entered into a toll milling agreement with AREVA in June of 1999, as
amended in January&nbsp;2001 (the &#147;Original Toll Milling Agreement&#148;), to process all of AREVA&#146;s share of
McArthur River ore at the Key Lake mill. The terms of the Original Toll Milling Agreement include
a provision for processing at cost plus a toll milling fee and provide that the Key Lake joint
venture owners are responsible for decommissioning the Key Lake mill and certain capital costs,
including the costs of any tailings management associated with milling AREVA&#146;s share of McArthur
River ore. The Original Toll Milling Agreement further provides that after June&nbsp;1, 2009, the
agreement will automatically be extended for one-year periods unless six months notice is given by
AREVA stating its desire to terminate the agreement effective at the end of any operating year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the distribution by UEM of its interests in the Key Lake and McArthur River joint
ventures to its shareholders (the &#147;UEM Distribution&#148;), the Original Toll Milling Agreement has been
amended (the &#147;Amended Toll Milling Agreement&#148;) to reflect that with respect to AREVA&#146;s entitlement
to its pro-rata share of ore produced from the McArthur River joint venture which it held directly
prior to the UEM Distribution (16.234%) (the &#147;First Ore Stream&#148;),
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the fees and expenses under the Original Toll Milling Agreement will not change. Further, AREVA
will continue to not be responsible (as a Key Lake owner) for any pro-rata proportion of costs of
the decommissioning the Key Lake mill and capital costs in connection with the First Ore Stream.
The Amended Toll Milling Agreement provides that with respect to AREVA&#146;s pro-rata share of ore
produced from the McArthur River joint venture which it received as a result of the UEM
Distribution (13.961%) (the &#147;Second Ore Stream&#148;), the fees and expenses and the responsibility for
decommissioning the Key Lake mill and capital costs will be the same as those for a Key Lake joint
venture owner under the Original Toll Milling Agreement. The termination rights of AREVA under the
Amended Toll Mill Agreement remain the same as those in the Original Toll Milling Agreement
described above except that the Second Ore Stream must be milled at the Key Lake mill for the
entire life of the McArthur River project regardless of any termination rights of AREVA. Cameco
has not entered into a formal toll milling agreement with the Key Lake joint venture, but its share
of McArthur River ore is milled at Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, McArthur River ore is blended with low grade mineralized material down to
approximately 4% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The uranium in the blended ore is then dissolved in a
leaching circuit. The resulting uranium bearing solution is separated from the barren ore solids
in a counter current decantation circuit and is further concentrated in a solvent extraction
circuit. The uranium is precipitated out of solution by the addition of ammonia, producing
ammonium diuranate that is thickened and centrifuged before the uranium is transferred to a
calciner. The calciner dries and calcines the uranium before it is packed into 200 litre drums.
The final product is about 98% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the Key Lake mill, where ore from McArthur River is
processed. Cameco holds a &#147;Uranium Mill Operating Licence&#148; from the CNSC and an &#147;Approval to
Operate Pollutant Control Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; both from the SMOE.
These permits are current. The CNSC operating licence was renewed for a five-year term in 2008
and expires on October&nbsp;31, 2013. The SMOE permits were renewed in 2009 and will expire on
November&nbsp;30, 2014.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2009, the CNSC approved an amendment to Key Lake&#146;s operating licence, allowing flexibility
in the annual licensed production limit. Under certain conditions, Cameco has approval to produce
up to a maximum of 20.4&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>per year providing that the
average annual production, calculated using 2003 as the base year, does not exceed 18.7&nbsp;million
pounds. Therefore, if production in a given year falls below the target of 18.7&nbsp;million pounds,
Cameco may produce up to the annual maximum in subsequent years, until the shortfall is recovered.
The amendment provides Cameco the opportunity to recover annual production shortfalls from 2003
onwards. A key benefit of this change is the ability to continue to operate the Key Lake mill even
after the 18.7&nbsp;million pound production target is achieved, avoiding the potential for restarts in
cold winter temperatures. Cameco continues to plan for annual production of 18.7&nbsp;million pounds
(100% basis) for the next few years primarily based on the transition to new mining areas under the
McArthur River mine plan and demonstrated historic capacity of the Key Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed and implemented an action plan to modify Key Lake&#146;s effluent treatment process
to reduce concentrations of molybdenum and selenium discharged into the environment. The CNSC
operating licence includes a condition for the Key Lake mill to implement this action plan. Based
upon work conducted in 2009, release of both metals to the environment is now controlled at reduced
concentrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A revitalization assessment of the Key Lake mill was completed in the first part of 2008.
Subsequently, detailed engineering commenced and further assessment of alternative options began.
The revitalization plan includes upgrading circuits to new technology for simplified operation,
increased nominal production capacity, and improved environmental performance. The first aspects
of the plan involve construction of a new acid plant and oxygen plant. Engineering and project
planning for these replacement plants was advanced in 2008 and construction of a new acid plant
commenced in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are two tailings management facilities at the Key Lake site. One is an above ground
impoundment with tailings stored with compacted till embankments. This facility has not received
tailings since 1996. Cameco is reviewing several decommissioning options regarding this facility.
The other tailings management facility is located within the Deilmann pit (the &#147;Deilmann TMF&#148;),
which was mined out in the 1990s. At present, tailings from processing McArthur River ore are
deposited in the Deilmann TMF.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2009, Cameco received regulatory approval for the deposition of tailings to a higher
elevation in the Deilmann TMF. At current production rates, the approved capacity of the Deilmann
TMF is now six years, assuming only minor storage capacity losses due to sloughing from the pit
walls. Sloughing has occurred in the past, resulting in the loss of approved capacity. Significant
sloughing would constrain McArthur River production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Technical studies show that stabilizing and reducing water levels in the pit enhances the stability
of the pitwalls, thereby reducing the risk of pitwall sloughing. In recent years, Cameco doubled
dewatering treatment capacity, allowing Cameco to stabilize the water level in the pit, and has
recently begun to reduce this water level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco completed and received regulatory approval for an action plan for the long-term
stabilization of the Deilmann TMF pitwalls. Cameco is now carrying out engineering required to
implement this action plan. Cameco expects it will take approximately five years to complete the
work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also completed prefeasibility work to assess options for long-term storage of tailings at
Key Lake. Cameco is proceeding with technical studies and environmental assessment work to support
an application for regulatory approval to deposit tailings in the Deilmann TMF to a significantly
higher elevation. This would provide enough tailings capacity for many years of mill production at
Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are five large rock stockpiles at the Key Lake site. Three of the stockpiles contain
non-mineralized waste rock and two contain low-grade mineralized material. The latter are
currently used to lower the grade of McArthur River ore to approximately 4%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> before entering the milling circuit. The dilution of the high-grade ore
serves three purposes: recovery of uranium from the low-grade material, reduced radiation
exposures in the mill, and final disposal of the low- grade waste. The remaining non-mineralized
waste rock stockpiles will require decommissioning upon site closure.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning Key Lake and McArthur River</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2003, Preliminary Decommissioning Plans (&#147;PDPs&#148;) for both the Key Lake and McArthur River
operations were prepared by Cameco and approved by both the CNSC and the SMOE. The estimated cost
of implementing these PDPs and addressing known environmental liabilities are reflected in two
other associated documents called preliminary decommissioning cost estimates (&#147;PDCEs&#148;). These
documents were revised in 2008 in support of the federal licence renewal process. Financial
assurances to cover the 2008 PDCEs for McArthur River and for Key Lake operations were posted with
the SMOE in the form of irrevocable standby letters of credit. Based on the total estimated
decommissioning costs presented and approved in these PDCEs, Cameco has increased the financial
assurance posted with the province of Saskatchewan to $120.7&nbsp;million and $36.1&nbsp;million for
decommissioning the Key Lake and McArthur River operations, respectively.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production Forecast, Mine Life and Payback</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annual production from McArthur River is forecast at a rate of 18.7&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year until 2016, and declines thereafter until 2033. Cameco
estimates that McArthur River will have a mine life of at least 24&nbsp;years with an expected pay back
of capital invested in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, 19.08&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was produced by milling McArthur River
ore at Key Lake (Cameco&#146;s share was 13.3&nbsp;million pounds). Average mill metallurgical recovery for
2009 was 98.5%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sampling and Analysis</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface drill hole locations at McArthur River are verified in the field by differential GPS or
mine site surveyors. Holes are generally drilled on sections spaced at between 50 and 200 metres
with 12 to 25 metres between holes on a section where necessary. Drilled depths averaged
670 metres. Vertical holes generally intersect mineralization at angles of 25 to 45 degrees,
resulting in true widths being about 40% to 70% of the drilled width. Angled holes usually
intercept the mineralized material perpendicularly, giving true width. All holes are
radiometrically probed. A geologist examines the surface drill hole core in the field and
determines and logs its overall characteristics including lithology, alteration, structure and
mineralization. Any stratigraphy exhibiting noteworthy alteration, structures and radiometric
anomalies are
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">sampled for assay. Specific basement sampling procedures were based on the length of the interval
to be sampled, and attempts were made to avoid having samples cross lithological boundaries. In
addition, all core with radioactivity greater than 1000 counts per second is split and sampled for
assay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Detailed delineation drilling has been performed from underground drill bays over a strike length
of 750 metres in the southern portion of the McArthur River deposit. Underground development has
begun on the northern portion of the deposit, which will allow for future delineation drilling.
Drilling is done from 30 metre spaced drilled stations with three fans of holes from each station
and provides coverage of about 10 metres across the deposit which is considered to be adequate for
mineral resource estimation. Underground drill samples are rarely analyzed because each hole is
gamma logged with a downhole radiometric probe. The drill hole fans provide representative access
for the gamma probes across the entire deposit. Radiometric probing is performed at 0.1 metre
spacing in the radioactive zones and 0.5 metre spacing in unmineralized zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For surface drill holes, all uranium grade data is obtained from assaying core. Core recovery is
generally considered excellent with local exceptions. The sample quality and representativeness of
the surface drill holes is adequate for mineral resource estimation and mine planning. This has
been validated on a number of occasions with underground drilling results in the vicinity of
mineralized intervals drilled from the surface.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For underground drill holes, a small portion of the assay data used for mineral resource estimation
is generated by assaying core to ascertain the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> content past the probe
limit of a hole or to provide correlation samples to compare against a probed interval. In these
circumstances, the core is logged, photographed and then sampled for uranium analysis. The entire
interval is sampled rather than splitting the core. This provides very high-quality samples in
these areas. Core recovery in these areas can be excellent to poor. The sample quality and
representativeness of the underground drill holes is adequate for mineral resource estimation and
mine planning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following information is recorded for each sample: (a)&nbsp;hole number, date and name; (b)&nbsp;sample
number; (c)&nbsp;from and to intervals and length; (d)&nbsp;recovered length; (e)&nbsp;SPP2 range of
radioactivity; (f)&nbsp;weight; (g)&nbsp;core diameter; and (h)&nbsp;rock type, alteration, and mineralization.
The sample number is written on a plastic bag and the sample is placed within. The bags are placed
in a metal or plastic shipping drum, scanned by the radiation department and shipped to the
Saskatchewan Research Council (&#147;SRC&#148;) in Saskatoon for analysis in accordance with the
Transportation of Dangerous Goods regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sample information is verified by SRC personnel and samples are sorted according to radioactivity
level. All samples are dried and further crushed and ground in secure radioactive facilities or in
the main laboratory if determined to have minimal radioactivity. Samples are diluted and undergo
ICP-OES analysis. A quality control sample is prepared and analyzed with each batch of samples.
One of every 40 samples is analyzed in duplicate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A number of quality control measures and data verification procedures are taken. Surveyed drill
hole collar coordinates and hole deviations are entered in the database, displayed in plan views
and sections and visually compared to the planned location of the holes. Core logging information
is visually validated on plan views and sections and verified against photographs of the core or
the core itself. Downhole radiometric probing results are compared with radioactivity measurements
made on the core and drilling depth measurements. The uranium grade based on radiometric probing
is validated with sample assay results when available. Comparisons of the information in the
database against the original data are done, namely paper logs, deviation survey films, assay
certificates and original probing data files. Since 2000, information collected from production
activities, such as freeze holes, raise bore pilot hole probing, radiometric scanning of scooptram
buckets and mill feed sampling, have been regularly compared to the drill hole data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Quality assurance/quality control for underground drill hole information is focused on quality
probing results. This is ensured by checks of the calibration of probes prior to use, by visually
monitoring the radiometric measurements and by duplicating probe runs on occasions. Additional
quality control is obtained through comparisons of the probing results with the core measurements
and by visual inspection of the radiometric profile of each hole by an experienced geologist at the
mine site or in Saskatoon. Reconciliation of the model to production is a very good indicator that
grades estimated in the block model accurately reflect the mined grades.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 20 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco employs a data and quality assurance coordinator (&#147;DQAC&#148;) who is responsible for reviewing
the quality of geochemical data received from laboratory contractors. The DQAC reviews the
analyses provided by the lab using the results of standard reference materials as a benchmark. The
DQAC together with project geologists determine whether reassaying should be completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security of Samples</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All samples collected from McArthur River for determining uranium content by chemical analysis are
prepared and analyzed under close supervision of a qualified geoscientist at the SRC which is a
restricted access laboratory licensed by the CNSC for possession, transfer, import, export, use and
storage of designation nuclear substances. Sample security is largely defined by regulation and
all samples are stored and shipped in compliance with regulations. Tampering of samples is
considered unlikely because of the high grades and the fact that core is scanned immediately after
it is received at a sample preparation laboratory and grade is estimated at that point.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>McArthur River Resource and Reserve Estimates</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for McArthur River are found below at <I>The Nuclear
Business </I>&#151; <I>Uranium Concentrates Business &#151; Reserves and Resources</I>. The key assumptions, parameters
and methods used in making these estimates are:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">1. Key Assumptions
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium mineralization is continuous in quality and quantity between sampled
areas.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Water control measures, including freezewalls, are effective at preventing
water inflow.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reported mineral reserves include appropriate provisions for dilution or
mining recovery. Mineral reserves have been estimated with an average allowance of 20%
dilution and a 95% mining recovery. The reported mineral resources do not include
allowances for dilution and mining recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are recoverable by the current raise bore mining method and
the planned mining methods of boxhole boring and blasthole stoping.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diamond drilling, ground support systems, and mining plans mitigates the risks
associated with potentially adverse ground conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Radiation protection measures in place continue to be effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An average uranium price of $54 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was
used to estimate the mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No known environmental, permitting, legal, title, taxation, socio-economic,
political, marketing or other issues are expected to materially affect the mineral
resource and mineral reserve estimates.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">2. Key Parameters
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological model employed for McArthur River involves geological
interpretations on section and plan derived from surface and underground drill hole
information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For mineral resources estimated from surface drill holes, the uranium grade is
determined from assay sample. For mineral resources and mineral reserves estimated
from underground drill holes, grades were obtained from radiometric probing converted
to percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> on the basis of a correlation between
radiometric counts and assay values.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 21 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Densities were determined from regression formulas based on density
measurements of drill core and chemical assay grades.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limits and continuity of the mineralization are structurally controlled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated at a cut-off grade of 0.8%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated at a minimum mineralized thickness of 1.0
metre and at cutoff grade of 0.1% to 0.5% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at McArthur River were estimated based on the use of the
raisebore, boxhole and blasthole stoping methods combined with freeze curtains. All
material extracted by mining is radiometrically scanned for grade and that which is
greater than 0.8% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is treated as ore and is fed to an initial
processing circuit located underground consisting of grinding to produce an ore slurry
which is hoisted hydraulically by pumps to surface. On surface the ore slurry is
transported to the Key Lake mill for final processing and production of uranium. The
mining rate is planned to vary between 110 and 130 tonnes per day at a full mill
production rate of 18.7&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year based on
98.4% mill recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US dollars to Cdn dollars using a fixed exchange rate of US$1.00 =
Cdn$1.05 (reflecting the exchange rate at December&nbsp;31, 2009).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">3. Key Methods
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources, based on pre-1993 surface drilling, were estimated using the
two-dimensional cross-sectional method on vertical sections at 50 metre or 100 metre
spacing using Autodesk Generic CADD software.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources for Zones A and B, where additional holes were drilled from
the surface since 2004, were estimated using 3-dimensional block models.
Three-dimensional wire frame models were created from the geological interpretation of
mineralization outlines using lithology, structure and uranium grade information
interpreted on 25 or 50 metre spacing vertical cross-sections and plan views.
Estimates of the grade and density of blocks of 5 metre x 10 metre x 2 metre were
obtained from inverse squared distance method.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources and mineral reserves delineated by underground drill holes
were estimated using 3-dimensional block models. Three-dimensional wire frame models
were created from digitized mineralization boundaries interpreted on 10 metre spacing
vertical cross-sections and plan views. Estimates of the grade and density of blocks
of 1 metre x 5 metre x 1 metre were obtained from ordinary kriging or inverse squared
distance method.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured mineral resources. Only mineral reserves have demonstrated economic
viability. The amount of reported mineral resources does not include amounts
identified as mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
reliability of any mineral reserve and resource estimation is a function of the quality of
available data and of engineering and geological interpretation and judgment. Results from
drilling, testing and production, as well as material changes in uranium prices, subsequent to the
date of the estimate, may justify revision of such estimates.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Inkai</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Property Description and Location</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Inkai operation is located in the Central Asian Republic of Kazakhstan. Inkai comprises
three contiguous licence blocks: two production areas (Blocks 1 and 2) and one exploration area
(Block 3). Licence Series&nbsp;AY 1370D, dated April&nbsp;20, 1999, is for extraction of uranium in the area
defined as Block 1 (about 16.6 square kilometres). Licence Series&nbsp;AY 1371D, dated April&nbsp;20, 1999,
is for exploration and further mining in the areas designated as Blocks 2 (about 230 square
kilometres) and 3 (about 240 square kilometres). JV Inkai&#146;s mineral reserves and resources are
located on Blocks 1 and 2. Block 3 is currently being drilled in order to estimate its mineral
resources. The main processing plant is located on Block 1 and a satellite plant is located on
Block 2. Additionally, at the Block 1 mine site there is an administrative office, shops, garage,
laboratory, emergency response building, low-level radioactive waste and domestic landfills,
engineering, and construction offices. In Block 2 there is an office, small shops, and a food
services facility. At site, there is also a camp for 400 employees with catering and leisure
facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JV Inkai owns and operates Inkai. JV Inkai is owned by Cameco (60%) and JSC KazAtomProm (40%). JSC
KazAtomProm is a Kazakh Joint Stock Company owned by the Republic of Kazakhstan (&#147;KazAtomProm&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the Company&#146;s share of proven and probable mineral reserves was 53,686,000
tonnes of ore containing 80.9&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of
0.07% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; its share of measured and indicated mineral resources was
7,975,000 tonnes of ore containing 13.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average
grade of 0.07% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; and its share of inferred mineral resources was
152,818,000 tonnes of ore containing 153&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average
grade of 0.05% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A technical report on Inkai mine entitled &#147;Inkai Operation, South Kazakhstan Oblast, Republic of
Kazakhstan&#148;, dated March&nbsp;31, 2010 with an effective date of December&nbsp;31, 2009, (the &#147;Inkai
Report&#148;), has been prepared for Cameco in accordance with NI 43-101 under the supervision of Alain
G. Mainville, P. Geo., and Charles J. Foldenauer, P. Eng., each of whom is a &#147;qualified person&#148;,
but not independent of Cameco within the meaning of NI 43-101. The following description of the
Inkai operation is based on the Inkai Report. A copy of the Inkai Report is available
electronically on SEDAR at sedar.com or on EDGAR at sec.gov. Conclusions, projections and
estimates set out in this Annual Information Form regarding Inkai are subject to the
qualifications, assumptions and exclusions that are detailed in the Inkai Report. To fully
understand the summary information set out below and elsewhere in this Annual Information Form, the
Inkai Report filed on SEDAR or EDGAR should be read in its entirety.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>The Resource Use Contract</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;1999, JV Inkai received from the government of Kazakhstan a mining licence for Block 1 and
an exploration licence for Blocks 2 &#038; 3. The licence for Block 1 expires in 2024. The associated
subsoil use contract (the &#147;Resource Use Contract&#148;), covering both licences, was signed by the
Republic of Kazakhstan and JV Inkai in July, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Amendment No.1 to the Resource Use Contract was signed to extend the period for
exploration at Blocks 2 and 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, JV Inkai received an initial approval for the mining licence for Block 2 to replace its
exploration licence. Final approval was received in 2009 when Amendment No.2 to the Resource Use
Contract was signed by JV Inkai and the Kazakhstan Ministry of Energy and Mineral Resources
(&#147;MEMR&#148;). (Until March&nbsp;12, 2010, the MEMR was the ministry designated as the &#147;Competent Authority&#148;
under the Subsoil Law (defined below). The current Competent Authority is the Ministry of Industry
and New Technologies.) The mining licence for Block 2 expires in 2030.
</DIV>





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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendment No.&nbsp;2 to the Resource Use Contract was signed to: (i)&nbsp;extend the exploration period for
Block 3 until July&nbsp;13, 2010; (ii)&nbsp;provide final approval for mining at Block 2; (iii)&nbsp;combine
Blocks 1 and 2 for mining and reporting purposes; (iv)&nbsp;adopt the new tax code that took effect
January&nbsp;1, 2009; (v)&nbsp;reflect current Kazakh legal and policy requirements for subsoil users like JV
Inkai to procure goods, works and services under certain prescribed procedures and foster greater
local content; and (vi)&nbsp;prescribe certain percentages of Kazakh employment by JV Inkai (100% of
workers; at least 70% of the engineering and construction staff; and at least 60% of the management
staff must be Kazakh; all measured over the life of the Resource Use Contract).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2010 JV Inkai filed an application with the MEMR declaring it had made a potential
commercial discovery in Block 3 that requires further assessment of commercial viability. JV Inkai
also requested the MEMR approve an extension of its Block 3 licence for five years, the period
required for an appraisal of a potential commercial discovery under the Subsoil Law. Without this
approval, JV Inkai&#146;s rights to Block 3 will expire on July&nbsp;13, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Subsoil Law, JV Inkai holds its rights to Blocks 1, 2 and 3 on the basis of the licences
it received for those Blocks and the Resource Use Contract. JV Inkai also has obligations under
those licences and the Resource Use Contract which it must comply with in order to maintain its
rights to Blocks 1, 2 and 3.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Work Programs</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to following its obligations under its licences and the Resource Use Contract, JV
Inkai, like all subsoil users, is required to abide by the work program appended to its Resource
Use Contract, which relates to mining operations over the life of the mine (the &#147;Work Program&#148;), as
well as the annual work programs which it must submit to the Competent Authority for approval each
year. Such annual work programs cover, <I>inter alia</I>, the introduction of new technologies or
processes and define the levels of production volumes anticipated by the subsoil user in the coming
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any changes in the Work Program or in annual work programs require an application to be made to the
Competent Authority, generally supported by a technical study and corporate approvals of the
subsoil user approving the requested changes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Procurement Requirements</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Kazakhstan law, all subsoil users, including JV Inkai, must procure goods, works and services
for subsoil use operations under prescribed statutory procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In particular, subsoil users are required no later than 30 calendar days from the date of approval
of an annual work program, to approve an annual procurement program for the following year. JV
Inkai has approved annual procurement programs for 2009 and 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Local Content Requirements</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 2002, Kazakhstan has implemented a policy aimed at replacing imports, and fostering greater
involvement, support and stimulation of local producers (the &#147;Local Content Policy&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Local Content Policy, subsoil users are obliged to purchase local goods, works and
services (&#147;GWS&#148;) in such percentages as may be specified in their subsoil use contracts. The
Resource Use Contract obligates JV Inkai to use GWS unless specifically approved to the contrary by
the applicable regulatory authorities. As a result, at least 40% of the cost of equipment and
materials must be for equipment and materials purchased of Kazakh origin and 90% of the contract
work must be of Kazakh origin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Environmental Requirements </I></U>
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JV Inkai&#146;s mining activities must comply with the environmental requirements of Kazakhstan
legislation and regulations. In addition, in the Resource Use Contract, JV Inkai has committed to
conduct its operations in accordance with good international mining practices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental protection legislation in Kazakhstan has evolved rapidly, especially in recent
years. As the subsoil use sector has evolved, there is presently a trend towards greater
regulation, heightened enforcement and increased liability for non-compliance with respect to
environmental issues. The most significant development was the adoption of the Ecological Code
dated January&nbsp;9, 2007 (and effective from February&nbsp;3, 2007), which replaced the three main prior
laws on environmental protection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both under the prior and the existing legislative regime, a subsoil user, such as JV Inkai, is
obliged to comply with environmental requirements during all stages of the subsoil use project.
Kazakhstan environmental legislation requires that a State environmental expert examination precede
the making of any legal, organisational and economic decisions with respect to an operation that
could impact the environment and public health. The principal document that the subsoil user must
provide in connection with the State environmental expert examination is an environmental impact
assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Ecological Code requires that a subsoil user obtain environmental permits to conduct its
operations. A permit certifies the holder&#146;s right to discharge emissions into the environment,
provided that it introduces the &#147;best available technologies&#148; and complies with specific technical
guidelines for the emissions set forth by the environmental legislation. Government authorities and
the courts enforce compliance with these permits, and violations may result in civil or criminal
penalties, the curtailment or cessation of operations, orders to pay compensation, orders to remedy
the effects of violations and orders to take preventative steps against possible future violations.
In certain situations, the issuing authority may modify, renew or revoke the permits. JV Inkai has
applied for and received a permit for environmental emissions valid until December&nbsp;2010 and
emissions permit(s) for drilling activities valid until December, 2012. Also, JV Inkai holds valid
permits under the Water Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As an industrial company, JV Inkai is also required to undertake programs to reduce, control or
eliminate various types of pollution and to protect natural resources. It must also submit annual
reports on pollution levels to the Kazakhstan environmental, tax and statistics authorities. The
authorities conduct tests to validate JV Inkai&#146;s results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Ecological Code and the Resource Use Contract set out requirements with respect to
environmental insurance. Legal entities carrying out environmentally hazardous activities are
required to obtain insurance to cover these activities, in addition to the civil liability
insurance which must be held by owners of facilities the activities of which may cause harm to
third parties. JV Inkai currently maintains both the required environmental insurance and the civil
liability insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is subject to decommissioning liabilities which are largely defined by the terms of the
Resource Use Contract. JV Inkai has established a separate bank account and has made the required
contributions to the account as security for decommissioning Inkai. Contributions are set as a
fraction of gross revenue and are capped at $500,000 (US). The account has been fully funded by JV
Inkai in this amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Republic of Kazakhstan regulations, JV Inkai must submit a documented plan for
decommissioning the mining facility to the government six months before completion of mining
activities. A preliminary decommissioning plan has been established for the purposes of estimating
total decommissioning costs. The decommissioning plan considers the issues and costs under a
&#147;decommission now&#148; scenario. The plan is updated every five years, or as significant changes take
place at the operation which would affect the decommissioning estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No active restoration of post-mining groundwater is done in Kazakhstan. Natural attenuation of ion
constituents as a passive form of groundwater restoration is determined to be sufficient.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recently, the Parliament of Kazakhstan ratified the country&#146;s accession to the United Nations
Framework Convention on Climate Changes (&#147;Kyoto Protocol&#148;). Based on its current operations, JV
Inkai may incur additional capital expenditures to ensure compliance with the Kyoto Protocol;
however, JV Inkai believes that the costs of such compliance would not be material.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Other Licences</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JV Inkai holds the following additional material licences with regard to its mining activities:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Licence for performance of works connected with stages of life cycle of objects of use of atomic
energy&#148;, issued on January&nbsp;18, 2010, by the Committee of Atomic Energy of the MEMR;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Licence for operation of mining production and mineral raw material processing&#148;, issued on
December&nbsp;23, 2009, by the Committee of State Energy Supervision of the MEMR;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Licence for transportation of radioactive substances within the territory of the Republic of
Kazakhstan&#148;, issued on November&nbsp;18, 2008, by the Committee of Atomic Energy of the MEMR; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;Licence for dealing with radioactive substances&#148; issued on August&nbsp;29, 2008, by the Committee of
Atomic Energy of the MEMR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These licences are currently in force and are of indefinite term.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Taxation </I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Resource Use Contract lists the taxes, duties, fees, royalties and other governmental charges
that are payable by JV Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, on January&nbsp;1, 2009 a new Tax Code of the Republic of Kazakhstan (the &#147;Tax Code&#148;) took
effect. Pursuant to this law, a number of changes have been introduced to the taxation regime of
subsoil users.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The most significant changes to the tax regime previously applicable to the Resource Use Contract
now introduced by the Tax Code are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The abolition of the stabilization of tax regimes provided by subsoil use contracts. Prior
to the October&nbsp;2009 amendment, the Resource Use Contract contained a tax stabilization
provision. At the request of the MEMR, in October&nbsp;2009 JV Inkai signed an amendment to the
Resource Use Contract to adopt the Tax Code, which included elimination of the Resource Use
Contract&#146;s tax stabilization provision. Cameco does not expect that the Tax Code will have a
material impact on JV Inkai at this time; however, elimination of the tax stabilization
provision could be material in the future.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate of the corporate income tax on aggregate income was set at 20% during the period
January&nbsp;1, 2009 to January&nbsp;1, 2010; 17.5% during the period January&nbsp;1, 2010 to January&nbsp;1,
2011; and 15% commencing January&nbsp;1, 2014. However, these rates have been suspended until
2014, with the government setting the corporate income tax rate at 20%. In 2007, JV Inkai
became subject to income tax. As such, this 20% income tax rate is now the corporate income
tax rate to which JV Inkai is subject. Under the Resource Use Contract the corporate income
tax rate was 30%.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Tax Code has replaced the previous royalty regime with a new tax &#151; the Tax on
Production of Useful Minerals, a mineral extraction tax (&#147;MET&#148;). MET must be paid on each
type of mineral and certain other substances extracted. Under the prior law, JV Inkai would
pay royalties, calculated on a graduated scale, based on the sales price of production in each
year.</TD>
</TR>




</TABLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the Resource Use Contract, a one-time payment of a commercial discovery bonus is
payable when confirmation is received of Kazakh-defined recoverable reserves located in a
particular licence area. Under the Tax Code the rate for future commercial discoveries is
increased to 0.1% of the value of Kazakh-defined recoverable reserves. Previously, the bonus
was calculated as 0.05% of the value of Kazakh-defined recoverable reserves. JV Inkai paid a
bonus of $14&nbsp;million (US)&nbsp;in 2008 in relation to reserves at Block 2.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Tax Code changes the calculation of excess profits tax from that contained in the
Resource Use Contract. However, JV Inkai is currently of the view that it will not be liable
to pay any excess profits tax for the foreseeable future.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Pre-emptive Rights</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amendments to the Subsoil Law of December&nbsp;2004 and October&nbsp;2005, provide the Republic of
Kazakhstan with a pre-emptive right to acquire subsurface use rights and equity interests in
entities holding subsoil use rights and in any entity which may directly or indirectly determine or
exert influence on decisions made by a subsoil user, if the main activity of such entity is related
to subsoil use in Kazakhstan, when such entity wishes to transfer such rights or interests. This
pre-emptive right permits the Republic of Kazakhstan to purchase any such subsoil use rights or
equity interests being offered for transfer on terms no less favourable than those offered by other
purchasers. The Competent Authority has the right to terminate a subsoil contract if a transaction
takes place in breach of this law. According to the Subsoil Law requirements, these provisions
apply both to Kazakhstan and overseas entities, including publicly traded companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, Article&nbsp;14 of the Subsoil Law requires that assignments and transfers of subsoil use rights
may be made only with the prior consent of the Competent Authority. During its tenure as the
designated Competent Authority, MEMR has customarily interpreted this requirement very widely to
include any alienation of rights, including, for example, in bankruptcy or by merger or
amalgamation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;19, 2009, a Governmental Resolution &#147;On Determination of the List of Subsoil (Deposit)
Areas having Strategic Importance&#148; came into force whereby 231 blocks, including all three of JV
Inkai&#146;s Blocks, were prescribed as strategic deposits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Subsoil Law &#147;if a subsoil user&#146;s actions in the performance of subsoil use operations
with respect to strategic deposits result in a significant adverse change to the economic interests
of Kazakhstan, which create a threat to national security, the Competent Authority is entitled to
require an amendment to the contract for the purpose of restoring the economic interests of
Kazakhstan&#148;. The Subsoil Law prescribes strict deadlines for the parties to negotiate and execute
any such required amendments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subsoil Law also allows the Competent Authority with the consent of the State to unilaterally
refuse to perform its obligations under a contract if it determines that the subsoil use operations
conducted thereunder will result in a material adverse change in the economic interests of
Kazakhstan, which create a threat to national security. In such circumstances, the Competent
Authority must provide not less than 2&nbsp;months prior notice of such refusal. Under this provision,
the Competent Authority also has the right to unilaterally terminate a contract without having to
comply with the civil law provisions requiring a party to apply to a court or arbitration panel for
termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The stated basis for exercise by the Competent Authority of any of the aforesaid powers is a
&#147;significant change in the economic interests of the State&#148;, but so far no clear definition of
&#147;significant change&#148; and &#147;economic interests&#148; have been developed under Kazakhstan Law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>2007 MOU</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A non-binding memorandum of understanding (&#147;MOU&#148;) signed between Cameco and KazAtomProm in May&nbsp;2007
targets an increase in the total annual production capacity from Inkai to 10.4&nbsp;million pounds on a
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">timeframe yet to be confirmed. While the existing ownership would not change, Cameco&#146;s share of
the additional capacity under the MOU would be 50%, raising Cameco&#146;s expected share of the future
annual production at Inkai to 5.7&nbsp;million pounds if the 10.4&nbsp;million pound production target is
achieved. A binding agreement to finalize the terms of the MOU and various government approvals
will be required to implement this production increase. This MOU also contemplates studying the
feasibility of constructing a uranium conversion facility as well as considering other
collaborations in uranium conversion. Cameco is currently in discussions with KazAtomProm regarding
these initiatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Kazakh Government and Legislation</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakhstan is organized as a constitutional republic, with a President as its elected head of
state, a prime minister appointed by the President as its head of government and a bicameral
parliament, consisting of the Majilis (lower house) and the Senate (upper house). The country is
divided into 14 oblasts and two municipal districts, representing its financial centre, Almaty, and
its capital, Astana, each headed by a governor known as an Akim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The governmental and political systems in Kazakhstan have been quite stable since independence,
although popular elections and democratic freedoms in the country have fallen short of
international standards. The government is characterized by a strong presidency, the powers of
which have been expanded by successive constitutional referendums. The current President, Nursultan
Nazarbayev, has served in that capacity since independence. He was last re-elected to the post in
December&nbsp;2005 for his current 7-year term (with respect to future elections, the term of the
President&#146;s mandate has been shortened to 5&nbsp;years). The parliament is dominated by the Nur Otan
party, which is headed by President Nazarbayev.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakhstan&#146;s legal system is based on European-style codes, which are supported and
supplemented by ancillary legislation. Most legal relations are governed by the Civil Code of the
Republic of Kazakhstan. The Civil Code broadly recognises, <I>inter alia</I>, the rights of foreign
companies and citizens to enter into transactions and to own property in Kazakhstan. These rights
are established in the Constitution and may be limited only by those restrictions set forth in the
legislation of Kazakhstan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the
Law on the Subsoil and Subsoil Use, dated January&nbsp;27, 1996, as amended (the &#147;Subsoil Law&#148;). This
law defines the framework and the procedures connected with the granting of subsoil rights, and the
regulation of the activities of subsoil users. The subsoil, including mineral resources in their
underground state, are state property, while resources brought to the surface belong to the subsoil
user, unless otherwise provided by contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;1999 the Subsoil Law was amended. Based upon the provisions of the August&nbsp;1999
amendments, Cameco believes licences held by JV Inkai are governed by the version of the Subsoil
Law in effect at the time of their issuance in April, 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsoil rights become effective upon conclusion of a contract with the Competent Authority.
Pursuant to the Subsoil Law, the subsoil user is accorded, <I>inter alia</I>, the exclusive right to
conduct mining operations; to erect production and social facilities; to freely dispose of its
share of production; and to conduct negotiations for extension of the contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, the Parliament of the Republic of Kazakhstan is considering a draft Subsoil Law (the
&#147;Draft Subsoil Law&#148;). The Draft Subsoil Law, if enacted in its proposed form, will introduce
significant changes in terms of the regulation of the activities of subsoil users.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current Subsoil Law contains a stabilization clause, Article&nbsp;71, which provides that amendments
and changes in legislation that worsen the position of the subsoil user shall not apply to subsoil
use contracts concluded prior to the introduction of such amendments and changes. The guarantees
expressly do not extend to amendments and changes to legislation in the sphere of defense, national
security, environmental protection and health. The government has gradually weakened this
stabilization guarantee, particularly in
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relation to new projects, and the national security exception is applied broadly to encompass
security over strategic national resources. The Draft Subsoil Law retains the stabilization clause,
however, it expands the list of exceptions to the guarantee of stability by adding taxation and
customs regulation. Amendment No.&nbsp;2 to the Resource Use Contract eliminated its tax stabilization
provision with respect to JV Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dispute resolution procedure set forth in the Draft Subsoil Law does not permit exclusive
submission of a dispute for resolution by international arbitration. Instead it provides that if
the disputes related to the performance, amendment or termination of a subsoil use contract cannot
be resolved by means of negotiations, the parties may submit the dispute for resolution to a court
in accordance with the laws of Kazakhstan. JV Inkai&#146;s Resource Use Contract provides for
international arbitration. The Draft Subsoil Law does not address which of these conflicting
provisions will prevail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Draft Subsoil Law does not change the existing provisions regarding the State&#146;s pre-emptive
right as discussed in <U><I>Pre-emptive Rights</I></U>; however, it provides for certain additional
exemptions which include: (i)&nbsp;the transfer of shares or other securities which are traded on an
organized securities market and are issued by a subsoil user legal entity if such legal entity&#146;s
core activities relate to subsoil use in the Republic of Kazakhstan; and (ii)&nbsp;the transfer, in full
or in part, of the subsoil use right between legal entities in which not less than 99% in the
participatory interest (shareholding)&nbsp;is owned by one entity. An initial placement of shares in a
subsoil user would still be subject to obtaining a waiver of the State&#146;s pre-emptive rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Draft Subsoil Law also establishes a procedure (previously unspecified), to be followed when
seeking a waiver of the Kazakhstan Government&#146;s pre-emptive right, as well as a non-exhaustive list
of documents required for submission to the Competent Authority in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current Subsoil Law provides for a judicial procedure for setting aside termination or renewal
of a subsoil use contract in applicable circumstances. Under the Draft Subsoil Law, the Competent
Authority has the power to renew a subsoil use contract that was earlier terminated by the
Competent Authority without the need for recourse to the courts, provided an application for
renewal is made within 6&nbsp;months of the termination and the Competent Authority believes that the
decision to terminate the contract was made on the basis of inaccurate or unreliable information or
the failure to perform or duly perform contractual obligations due to force-majeure circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Draft Subsoil Law does not contemplate the concept of combined subsoil use contracts for both
production and exploration. Since the Resource Use Contract is a combined contract for exploration
and production of uranium, there may be a risk that the State may require JV Inkai to negotiate a
new production contract to replace its existing combined exploration and production contract.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Republic of Kazakhstan is a vast country of 15.2&nbsp;million people, situated in the centre of the
Eurasian land mass. Kazakhstan borders Russia, Uzbekistan, China, Kyrgyzstan and Turkmenistan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Inkai operation is located in the Suzak District of South Kazakh Oblast, Kazakhstan near the
small town of Taikonur, approximately 370 km north of the city of Shymkent and approximately 125 km
east of the city of Kyzl-Orda. The road to Taikonur is currently the primary access road for
transportation of people, supplies and uranium product for the mine. The road is constructed of
gravel and crosses the Karatau Mountains. Railroad transportation is available from Almaty to
Shymkent then northwest to Shieli, Kyzl-Orda and beyond. A line also runs from the town of Dzhambul
to KazAtomProm&#146;s Centralia facility to the south of Taikonur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai lies in the Betpak Dala Desert, which is characterised by an arid climate with minimal
precipitation and relatively high evaporation. The average precipitation varies from 130 to 140
mm/y with snow accounting for 22 to 40% of this amount. The region is also characterized by strong
and almost uninterrupted winds. The prevailing direction of the wind is north-east averaging 3.8 to
4.6 m/sec. Dust
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">storms are common. Major hydrographic systems in the area include the Shu, Sarysu and Boktykaryn
Rivers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Site operations are carried out throughout the year despite cold winter (lows of -35&#176;C) and hot
summer (highs of &#043;40&#176;C) conditions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface elevation at Inkai ranges from 140 to 300 m above mean sea level. The Inkai deposit is
sub-divided into two morphologically diverse regions: the Sandy-brackish intercontinental deltas of
Shu and Sarysu rivers; and the Betpak Dala plateau.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, Taikonur has a population of about 450 people who are mainly employed in uranium
development and exploration. Whenever possible, JV Inkai hires personnel from Taikonur and
surrounding villages. The town has a school, medical clinic and small store. Most of the food is
purchased in Shymkent or Shieli.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is a developed mineral property with sufficient surface rights to meet future mining
operation needs for the current mineral reserves. It obtains its electrical supply from the Kazakh
power grid. JV Inkai has access to sufficient water for all of its planned industrial activities
from groundwater wells. Potable water for use at camp is supplied from shallow wells on site.
There are low low-level radioactive waste and domestic landfills.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Project History</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were several changes in ownership of participating interests in JV Inkai in the late 1990&#146;s.
The current participants and their participating interests are Cameco, with a 60% direct
participating interest, and KazAtomProm, with a 40% direct participating interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">JV Inkai was first registered by the Kazakhstan Ministry of Justice on March&nbsp;21, 1996, under
registration number 1032-1900-TOO (YO)&nbsp;as a Kazakh-German-Canadian joint venture, established by
and among Cameco, Uranerzbergbau-GmbH and National Joint Stock Company Atomic Power Engineering and
Industry &#147;KATEP&#148; (&#147;KATEP&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1997 KazAtomProm was established. Consequent upon Presidential Decrees of July&nbsp;14 and July&nbsp;22,
1997, and a subsequent agreement between KATEP and KazAtomProm of March&nbsp;5, 1998, all of KATEP&#146;s
participating interest in JV Inkai was transferred to KazAtomProm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;11, 1998, pursuant to an Acquisition Agreement between Uranerzbergbau-GmbH, Cameco and
Cameco Resources (US)&nbsp;Inc., Cameco acquired all of the participatory interest of
Uranerzbergbau-GmbH in JV Inkai. As the result of such acquisition, Cameco became the owner of a
66 2/3% participatory interest in JV Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;20, 1998, Cameco agreed to transfer a 6 2/3% participatory interest in JV Inkai to
KazAtomProm, which resulted in Cameco holding, in total, a 60% participating interest in JV Inkai.
Thereafter, JV Inkai was re-registered by the Kazakhstan Ministry of Justice on December&nbsp;7, 1998,
under registration number 9783-1958-TOO (I/U) (business identification number 960340001136).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Inkai deposit was discovered in 1976-78 by crew GPC-27 of Volkovskaya Expedition. Exploration
drilling progressed until 1996. All historic exploration and delineation drilling within Blocks 2
and 3 was carried out in 1980-90s, prior to JV Inkai obtaining its licences for the property. (See
section 6.2 of the Inkai Report for more information.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regional and local hydrogeology studies were completed on the Inkai mine dating back to 1979.
Numerous borehole tests characterize the four aquifers within the Inkai deposit: the Uvanas,
Zhalpak, Inkuduk and Mynkuduk.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kazakh-approved estimates of uranium reserves for Block 1 as at November&nbsp;1993 and for Block 2
as at February&nbsp;1996 are given in Tables 6-1 and 6-2 of the Inkai Report. Cameco does not consider
these estimates as current mineral resources or mineral reserves as defined in sections 1.2 and 1.3
of NI 43-101 as they are not classified in accordance with the categories set out in NI 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A pilot test was performed in the northeast area of Block 1 starting in December&nbsp;1988. The test
lasted for 495&nbsp;days and recovered approximately 92,900 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> of the
uranium in situ. This test was a technical success in achieving a high uranium recovery rate from a
test area in a relatively short time frame.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Geological Setting</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The geology of south-central Kazakhstan is comprised of a large relatively flat basin of Cretaceous
to Neogene age continental clastic sedimentary rocks. The Cretaceous-Cainozoic Chu-Sarysu basin
extends for more than 1,000 km from the foothills of the Tien Shan Mountains located on the basin
south and southeast sides, and merges into the flats of the Aral Sea depression to the northwest.
The basin is up to 250 km wide, bordered by the Greater Karatau Mountains on the southwest and the
Chuskoa uplift on the northeast. The basin is composed of gently dipping to nearly flat lying
fluvial-derived unconsolidated sediments composed of inter-bedded sand, silt, and local clay
horizons.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cretaceous-Cenozoic sediments host several stacked and relatively continuous, sinuous
&#147;roll-fronts&#148;, or oxidation-reduction fronts hosted in the more porous and permeable sand and silt
units. Several uranium deposits and active ISR uranium mines occur at these regional oxidation
roll-fronts, developed along a regional system of superimposed mineralization fronts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Inkai deposit is hosted within the Iynkuduk and Mynkuduk Formations, which comprise feldspathic
sandstones or sub-arkoses, typically containing 50% to 60% quartz and 10% to 15% feldspar. Clay
content is in the range of 5% to 10%. The redox boundary can be readily recognised in core by a
distinct colour change from gray on the reduced side to yellowish stains on the oxidized side,
stemming from the oxidation of pyrite to limonite. In cross-section, the redox boundary is often
&#147;C&#148; shaped forming the classic &#147;roll-front&#148;. The sands have a high horizontal permeability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No exploration activity has been conducted by JV Inkai at Blocks 1 and 2. Instead, historic data
were processed and relied upon for JV Inkai mineral reserve and resource estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the end of February&nbsp;2010, the following activities have been carried out under the Licence
Series&nbsp;AY 1371D (Blocks 2 and 3) of the Inkai mine:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. $133.7&nbsp;million (US)&nbsp;has been invested into the exploration and the development of mineral
processing infrastructure during the pilot test mining period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. The Block 2 mineral reserves have been estimated and put on the Kazakh State balance sheet of
mineral resources;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Exploration work continued at the northern flank (Block 3) of the Inkai deposit; the results of
this work are as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">a. 726 exploration drillholes have been drilled between 1999 and March&nbsp;3, 2010; more than
6000 samples have been analyzed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">b. Mineralization zones have been delineated and a significant increase in their extent
(compared with the predecessors&#146; results) has been established in the more densely drilled
south-western part of Block 3.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">c. The additional drilling has allowed for tracing the presence of mineralization
throughout the whole Block 3 with a greater degree of certainty.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">d. In some areas, the density of exploration drilling performed will allow for the
estimation of mineral resources in the inferred category later in 2010, once assay results
are available.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">General exploration oversight is performed by the Geological Department of JV Inkai, including
strategic directions of the drilling program and management of contractors. Geological oversight
is performed under contract by Expedition 7 of Volkovgeology based in Taikonur. It includes
day-to-day directing and coordinating of drilling activities, control of the drilling quality, core
recovery, surveying work, as well as geological logging, sampling and ongoing day-to-day data
processing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Drilling is performed by a number of contractors, supervised by Expedition 7 of Volkovgeology.
They are: Volkovgeology, Joint Drilling, 2K and YuKSU. The number of drilling rigs actively
drilling on Block 3 varied in the last eighteen months from two to over twenty, belonging to up to
four different contractors. In early March&nbsp;2010, there were three contractors with fifteen
drilling rigs working on Block 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon its 2003 and 2007 validation of Kazakh estimated uranium reserves for Blocks 1 and 2,
Cameco considers the historic Kazakh exploration data adequate for reserve and resource estimation.
See <I>Sampling and Analysis </I>below<I>. </I>The exploration data from JV Inkai&#146;s exploration program at
Block 3 is reliable for reserve and resource estimation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mineralization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Seven mineralized zones have been identified on Blocks 1 and 2 of the Inkai operation, including
three zones in the Mynkuduk horizon and four zones in the Inkuduk horizon. The bulk of the
mineralization in Inkai Block 1 is contained in the Mynkuduk horizon, of Turonian age, that
unconformably overlays Permian argillites. This horizon is at a depth of about 500m and consists of
fine to medium sands with occasional layers of clay or silt. Above the Mynkuduk horizon, the lower
part of the Inkuduk horizon is also locally mineralized. Mineralization in Block 2 is primarily
contained in the Middle and Lower Inkuduk horizons between 350m to 420m below surface.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineralization comprises sooty pitchblende or nasturan (85%) and coffinite (15%). The pitchblende
occurs as micron-sized globules and spherical aggregates while the coffinite occurs as small
crystals. Both uranium minerals occur in pores on interstitial materials such as clay minerals, as
films around and in cracks within sand grains, and as pseudomorphic replacements of rare organic
matter, and are commonly associated with pyrite.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Drilling</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai&#146;s Block 1, 2 and 3 uranium deposits evaluation surveys were conducted by drilling vertical
holes. Delineation of the deposits and their geological structural features were carried out by
drilling on grid at prescribed density at 3.2 to 1.6km line spacing and 200 to 50m (3.2-1.6km x
200-50m) hole spacing. Increasing level of geological knowledge and confidence is obtained by
further drilling at grids of 800-400 &#215; 200-50m and 200-100 &#215; 50-25m grid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Vertical holes are drilled with a triangular drill bit for use in unconsolidated formations down to
a certain depth and the rest of the hole is cored. A relatively large number of core holes are
drilled, although the host rocks are relatively unconsolidated. At Inkai, approximately 30% of all
exploration holes are cored through the entire mineralized interval and 70% core recovery is
recommended. Radiometric probing, hole deviation, geophysical and hole diameter surveys are done
by site crews and experienced contractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No new delineation drilling was carried out on Blocks 1 and 2 by JV Inkai; rather, the historic
data were processed. The historical drilling at Inkai is 4898 holes, including 510 drilled on Block
3.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As the mineralized horizons lie practically horizontally and the drill holes are nearly vertical,
the mineralized intercepts represent the true thickness of the mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of the end of February&nbsp;2010, 1236 holes have been drilled in Block 3, including 510 prior to
2006 and the 45 in 2006, and 681 in the 2008-2010 period drilled by JV Inkai.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Sampling and Analysis</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sampling of the mineralization is based on drilling on grids that progressively tighten with
increasing levels of geological knowledge and confidence. The line spacing with drill hole spacing
decrease as follows: 3.2 to 1.6km x 200-50m, 800-400m x 200-50m and 200-100m x 50-25.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Where core recoveries are better than 70%, and radioactivity is greater than 40 micro-roentgen per
hour, core samples are taken at irregular intervals of 0.2m to 1.2m. Sample intervals are also
differentiated by barren or low permeability material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The average core sample length is 0.4m. The sampling is conducted sectionally from the half of core
divided along its axis and cleared from the clay envelope. The split core is also tested for
grainsize analysis and carbonate content following the same procedure. The procedures for each are
set out in detail in the Inkai Report at sections 12 and 13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Core recovery is generally considered to be acceptable given the unconsolidated state of the
mineralized material. Resource estimates are based on gamma log results from probing drill holes.
Core sample assays are composited for correlation purposes if core recovery was at least 70%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Detailed sampling procedures guide the sampling interval within the mineralization. Since gamma
probing of the drill holes is used for resource estimation, assays from core sampling are only used
for correlation purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Cameco qualified person has witnessed core handling, logging and sampling at the Inkai mine and
considers that the methodologies are very satisfactory and the results representative and reliable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data relevant to Block 1 of the Inkai deposit as well as some of the data relevant to Block 2
of the same deposit have been used to produce the &#147;Report of the Expedition No 7 on the First Stage
of the Detailed Prospecting of the Inkai Uranium Deposit for the Period 1979-1991&#148; issued by
Volkovgeology in 1991. This report consists of three volumes in Russian.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The information available to Cameco as of March&nbsp;2003 was more than sufficient to allow for
comprehensive data verification and for validating the historic Kazakh mineral resource and reserve
estimate. All the 1,294 drill holes shown on the Volkovgeology cross sections were studied and
coded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the drill hole core that could be recovered (and according to the drill logs, this recovery
was very good) was sampled and assayed for uranium and radium content. The location of each sample
and the assay results were recorded on the drill hole log, referred to as a passport.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange of digital drillhole information between JV Inkai and Cameco is very good. All of the
drillhole information at Inkai is available for Cameco review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current database has been thoroughly validated a number of times by geologists with JV Inkai,
Volkovgeology, the State Reserves Commission and Cameco geologists and is considered relevant and
reliable. This is supported by the results of the leach tests on Block 2, by recent production,
drilling results and exploration drilling in Block 3.
</DIV>






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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Security of Samples</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to historic Kazakh exploration on Blocks 1, 2 and 3, Cameco has been unable to locate
the documentation on sample security at this time. However, based on the rigorous QA/QC used in
other areas of sampling and on the strict regulations imposed by the Kazakhstan Government, Cameco
believes that the security measures taken to store and ship samples were of the highest quality.
In addition, JV Inkai&#146;s current security sampling measures meets this same high quality standard.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mineral Resource and Mineral Reserve Estimates</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated mineral resources and reserves at the Inkai mine are located in Block 1 and Block 2.
No mineral resources or reserves have been estimated for Block 3. The resource models follow the
Kazakhstan &#147;State Committee of Mineral Reserves (&#147;GKZ&#148;)&#148; guide and use the Grade-Thickness (&#147;GT&#148;)
estimation method on 2-dimensional blocks in plan. They were created by Volkovgeology, a
subsidiary of KazAtomProm which is responsible for prospecting, exploration and development of
uranium deposits in Kazakhstan. In 2003, Cameco performed a validation of the Kazakh reserves
estimate for Block 1 and confirmed the estimated pounds of uranium to within 2.5% of the Kazakh
estimate. The same Kazakh estimate was validated by an independent consulting firm in 2005. In
2007, Cameco and an independent consulting firm verified the Block 2 Kazakh indicated reserves
estimate and obtained results in agreement with the Kazakh estimate. The Block 1 mineral reserve
and resource estimates are based on 944 surface drillholes. The Block 2 mineral resource and
reserve estimates are based 1052 drillholes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Historic drilling pattern densities over Blocks 1 and 2 were sufficient to satisfy the Kazakhstani
State Reserve Commission requirements in defining reserves in the C2, C1 and B categories within
Block 1 and C2 and C1 categories within Block 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s reconciliation of the Kazakh classification system to the Canadian Institute of Mining,
Metallurgy and Petroleum (&#147;CIM&#148;) standard definitions are set out in Section&nbsp;6.3 (Table 6-4) of the
Inkai Report. In brief, Cameco considers that Kazakhstan&#146;s reserves categories B, C1 and C2
correspond respectively to NI 43-101 mineral resource categories of measured, indicated and
inferred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for Inkai are found below at <I>Nuclear Business &#151; Reserves
and Resources</I>. The key assumptions, parameters and methods used in making these estimates are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Assumptions</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Blocks 1 and 2 mineral resources have been estimated and classified
on the basis of sampling density, interpretation of geological and grade
continuity and estimation confidence.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Dilution and mining loss are not relevant factors given the uranium
extraction method of in situ recovery. The recovery obtained from the in situ
leaching process is included in the metallurgical recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In situ recovery rates are assumed to vary between 13,000 and 16,000
lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per day and a full mill production rate of 5.2
million lbs of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year based on 80% recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An average uranium price of $54 (US)&nbsp;per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used to estimate the mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The mineral reserve estimates for the Inkai mine assume annual
production of 5.2&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. JV Inkai has
regulatory approval to produce 2.6&nbsp;million pounds, and intends to increase
production to 5.2&nbsp;million pounds per year in 2011. Cameco expects JV Inkai will
receive all permits and approvals required for this level of production and will
seek regulatory approvals for an increase in production to 3.9&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>per</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>year in 2010 and thereafter for a further increase to 5.2&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>per year in 2011. The approval process for the initial
production increase to 3.9&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year is
under way and has the support of KazAtomProm. Once the initial approval is
received, the subsequent application for an increase to 5.2&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year will be made. If JV Inkai does not receive
approval to increase production, half of the mineral reserves will be
re-categorized as mineral resources.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than this possible permit issue, no known environmental,
permitting, legal, title, taxation, socio-economic, political, marketing or other
issues are expected to materially affect the mineral resource and mineral reserve
estimates for Inkai.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Parameters</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grades (%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) were obtained from downhole
gamma radiometric probing of drillholes, checked against assay results and
prompt-fission neutron probing results in order to account for desiquilibrium.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An average density of 1.70 t/m3 was used, based historical and
current sample measurements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A minimum grade-thickness of 0.130 m% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Methods</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves were estimated based on the use of the in situ
recovery mining method and yellowcake production at the Inkai mine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="4%" style="background: transparent">&nbsp;</TD>
   <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological interpretation of the ore body outlines was done on
section and plan views derived from surface drill hole information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources and mineral reserves were estimated with the GT
(grade thickness) method using 2-dimensional block models.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The estimated blocks are delimited within the same water-bearing
horizons, taking into account local confining layers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the
indicated and measured resources. Only mineral reserves have demonstrated economic
viability. Reported mineral resources do not include those amounts identified as
mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral resources have a great amount of uncertainty as to
their existence and as to whether they can be mined legally or economically. It
cannot be assumed that all or any part of the inferred mineral resources will ever
be upgraded to a higher category.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
reliability of any mineral reserve and resource estimation is a function of the quality of
available data and of engineering and geological interpretation and judgment. Results from
drilling, testing and production, as well as material changes in uranium price, subsequent to the
date of the estimate, may justify revision of such estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mining Operations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining at Inkai is based on the ISR process. JV Inkai utilizes a conventional well established ISR
technology. As the result of extensive test work and operational experience, a very efficient
process of uranium recovery was established. The process consists of the following major steps:
</DIV>





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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium in-situ leaching with sulphuric acid;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium recovery from solution with ion exchange resin;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Precipitation of uranium with hydrogen peroxide;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Product thickening, dewatering, and drying;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Packaging of final product U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (yellowcake).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is designed to produce a dry uranium product that meets the quality specifications of uranium
refining and conversion facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ISR uranium mining at Inkai requires large quantities of sulphuric acid due to the relatively high
levels of carbonate in the ore bodies. The availability of sulphuric acid required for ISR mining
was restricted due to a fire at one sulphuric acid plant in Kazakhstan in the third quarter of 2007
and delays in the start-up of a new plant. As a result, JV Inkai and other ISR operations in
Kazakhstan were subject to reduced acid allotments. This shortage continued throughout 2008, though
it was resolved by the end of that year. JV Inkai received sufficient supply during 2009 to
acidify the well fields as planned. This was due, in part, to the increase in the number of supply
sources from two to four. This increase in acid supply contributed to JV Inkai exceeding expected
2009 production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, supply of sulphuric acid is not a concern to JV Inkai and it is not expected to
constrain production in the future. In Kazakhstan, a number of new sulphuric acid plants have
commenced production and several more are planned. In addition, sulphuric acid can be sourced from
Russia. Currently, JV Inkai has one supplier, who procures acid from three sources: two Kazakh and
one Russian. Nevertheless, because of the 2007-2008 shortage of sulphuric acid that delayed Inkai
mine production, JV Inkai continues to assess its supply of sulphuric acid and whether additional
steps are required to further mitigate the risk of any potential supply shortage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the current mine plan to produce 5.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>annually,
the remaining capital costs, as of January&nbsp;1, 2010, for JV Inkai are estimated to be $359.2&nbsp;million
(US), which includes $208.6&nbsp;million (US)&nbsp;for wellfield development. Wellfield development costs
are expected to gradually decline over the last five years of production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payback for JV Inkai, including all 2009 and prior costs, is estimated to be achieved during 2012
on an undiscounted, after-tax basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the current mineral reserves, the Inkai mine is expected to produce 107.9&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>recovered by the mill. At the planned maximum annual production of 5.2
million lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, there are more than enough mineral reserves to produce this
quantity of uranium through the current term of each of JV Inkai&#146;s licences (2024 for Block 1 and
2030 for Block 2). The projected mine life is twenty one years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a uranium sales contract between JV Inkai and a Cameco subsidiary for a portion of 2010
Inkai production. JV Inkai currently has no other forward-sales commitments for its uranium
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Kazakhstan&#146;s transfer pricing law (effective January&nbsp;1, 2009), product is purchased from JV
Inkai based on the current uranium spot price.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration and Development</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;1999, JV Inkai received from the government of Kazakhstan a mining licence for Block 1 and
an exploration licence for Blocks 2 &#038; 3. The associated Resource Use Contract was signed by the
government and JV Inkai in July&nbsp;2000.
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Test mining operations commenced in April&nbsp;2002 at Block 2 and an expansion of the test mine was
completed in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2005, JV Inkai decided to proceed with an ISR commercial processing facility (now
known as the main processing plant) at Inkai, located at Block 1, and thereafter construction
commenced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter of 2008, commissioning of the front half of the main processing plant was
completed and the processing of solutions from Block 1 was initiated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, JV Inkai commissioned its main processing plant and started commissioning the first
satellite plant. In February&nbsp;2010, regulatory acceptance was received for the commissioning of the
main processing plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The present Inkai mine facility consists of a main processing
plant with an ion exchange (IX)
annual capacity of 2.6&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, a product recovery drying and
packaging facility with an annual capacity of 5.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, and a satellite plant
with an IX annual capacity of 2.6&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The satellite plant
produces uranium loaded ion exchange resin which is taken to the main processing plant for further
processing. The current plan is for engineering design and construction to commence in 2011 for an
additional satellite processing plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exploration work conducted on the northern flank (Block 3) of the Inkai deposit resulted in
identifying extensive zone of mineralization hosted by several horizons in the lower and middle
parts of the Upper Cretaceous stratigraphic level and traced along approximately 25 kilometers from
the Block 2 of the Inkai deposit in the southwest through to the Mynkuduk deposit in the northeast.
The mineralization thus identified is a potential commercial discovery that requires further
assessment of its commercial viability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Kazakh law, JV Inkai has to make a potential commercial discovery to extend the licence for
Block 3 beyond July&nbsp;2010. To support this, JV Inkai is spending $31.3&nbsp;million (US)&nbsp;on Block 3
in 2010 and filed in February&nbsp;2010 an application with the MEMR declaring that it had made a
potential commercial discovery in Block 3 that requires further assessment of commercial viability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Cameco subsidiary has agreed to provide loan funding, up to $370&nbsp;million (US)&nbsp;to JV Inkai.
Further funding may be required. As of December&nbsp;31, 2009, the amount outstanding on the loan was
$337&nbsp;million (US), including accrued interest. Of the cash available for distribution each year, 80%
is used to repay the loan until it is repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has agreed to provide all funds required by JV Inkai in connection with work on Block 3
until completion of a feasibility study.
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Rabbit Lake</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake, in northern Saskatchewan, is a uranium mining and milling complex, wholly owned by
Cameco, which has been in operation since 1975. Based upon the current mine plan, Eagle Point
mineral reserves are forecast to be depleted in 2015. The mineral reserve and resource estimates
for Rabbit Lake are found below at <I>The Nuclear Business &#150; Uranium Concentrates Business &#151; Reserves
and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three permits required to conduct mining and milling at Rabbit Lake. Cameco holds a
&#147;Uranium Mine Operating Licence&#148; from the CNSC and an &#147;Approval to Operate Pollutant Control
Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; from SMOE. These permits expire on October&nbsp;31,
2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake 2009 production was 3.8&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, just over target and
6% higher than 2008. Reduced mill head grade was addressed through increased tonnage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco extended the mine life at Rabbit Lake by two years to 2015 by adding mineral
reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2010, the underground drilling reserve replacement program will continue. Cameco plans to test
and evaluate areas east and northeast of the mine where Cameco has had good results. Drilling will
also continue on other parts of the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Substantial work has been carried out to renew the Rabbit Lake mill and associated facilities. A
full replacement of the mill-distributed control system was completed in 2008. Selected plant
equipment and process vessel replacement is ongoing. Extensive projects to reduce mill effluent
concentrations of uranium (completed in 2006) and molybdenum and selenium (completed in 2009) are
meeting current regulatory requirements. At the Eagle Point mine, construction commenced on a new
exhaust air raise in 2009 that, when completed in 2010, will allow safe access to a new mining
zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to regulatory approval, after an initial two-year mine ramp up period, Cameco expects that
the Rabbit Lake mill will process just over one-half of the uranium solution resulting from the
milling at AREVA&#146;s JEB mill of the current Cigar Lake reserves. A screening level environmental
assessment (an &#147;EA&#148; under the Canadian Environmental Assessment Act (&#147;CEAA&#148;) relating to this
uranium solution processing at Rabbit Lake (including the expansion of the Rabbit Lake in-pit
tailings management facility (&#147;RLITMF&#148;)) was approved by regulatory authorities in the summer of
2008. The expansion was completed in 2009. As a result of the further extension of the mine life
of the Eagle Point mine at Rabbit Lake, Cameco is working to increase tailings capacity. A new
tailings management facility would require an EA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to complete the majority of the required mill modifications prior to commencement of
uranium solution processing at Rabbit Lake. The processing of Cigar Lake uranium solution at
Rabbit Lake is governed by a toll milling agreement. (See <I>Cigar Lake &#150; Toll Milling Agreements</I>
below<I>)</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Crow Butte</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte is an ISR uranium operation located near Crawford, Nebraska. Cameco holds a 100%
interest in Crow Butte through its wholly owned subsidiary, Crow Butte Resources Inc. The mineral
reserve and resource estimates for Crow Butte are found below at <I>The Nuclear Business &#150; Uranium
Concentrates Business-Reserves and Resources</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Smith Ranch-Highland</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch &#151; Highland is an ISR uranium operation located near the towns of Glenrock and Douglas,
Wyoming. It is owned 100% by Cameco through its wholly owned subsidiary, Power Resources, Inc.
(&#147;PRI&#148;). The mineral reserve and resource estimates for Smith Ranch &#151; Highland are found below at
<I>The Nuclear Business &#150; Uranium Concentrates Business-Reserves and Resources</I>. The Smith Ranch mill
processes all Smith Ranch &#151; Highland ISR mined uranium.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Development Project</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has one material uranium development project &#151; Cigar Lake &#151; in northern Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continued development and start up of production at this development project is subject to the
timely receipt of all necessary approvals, permits and licences.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Cigar Lake</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is the world&#146;s second largest known high-grade uranium deposit. Cigar Lake is owned by
joint venture partners Cameco (50.025%), AREVA Resources Canada Inc. (&#147;AREVA&#148;) (37.1%), Idemitsu
Canada Resources Ltd. (&#147;Idemitsu&#148;) (7.875%) and TEPCO Resources Inc. (&#147;TEPCO&#148;) (5.0%). Cameco has
been the operator of Cigar Lake since January&nbsp;2002. At December&nbsp;31, 2009, Cameco&#146;s share of Cigar
Lake proven and probable mineral reserves was 278,800 tonnes of ore containing 104.7&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 17.04% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>;<SUB style="font-size: 85%; vertical-align: text-bottom">
</SUB>its share of measured and indicated mineral resources was 12,000 tonnes of ore containing 0.6
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 2.27%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; and its share of inferred mineral resources was 240,300 tonnes of ore
containing 66.8&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 12.61%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the Cigar Lake Joint Venture (&#147;CLJV&#148;) decided to proceed with development of the
Cigar Lake mine. Development of the Cigar Lake project began in January&nbsp;2005. Development has
been delayed due to two water inflow incidents that occurred in 2006 and an additional water inflow
incident that occurred in August&nbsp;2008 (see <I>Water Inflow Incidents and Remediation </I>below). The
first incident in April&nbsp;2006 resulted in the flooding of the second shaft, which was under
construction. The second incident in October&nbsp;2006 resulted in the flooding of the underground
development areas. In November&nbsp;2006, Cameco commenced work at Cigar Lake to remediate the
underground development areas. In August&nbsp;2008, this remediation work was interrupted by another
inflow that prevented the mine from being dewatered. In October&nbsp;2009, Cameco successfully sealed
the August&nbsp;2008 inflow and the underground workings were dewatered in February&nbsp;2010. Safe access
to the 480 metre level, the main working level of the mine, has been established. Crews have
re-entered this level and work to inspect, assess and secure the underground development has begun.
Cameco expects work to secure the underground to be completed before October&nbsp;2010 depending on the
condition of the mine. This work will be followed by restoration of underground mine systems and
infrastructure in preparation for resumed construction activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Development of the Cigar Lake mine is expected to be complete in 2013, with the commissioning of
the mine facilities and initial production targeted for mid-2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s estimates its share of the remaining capital cost to complete the Cigar Lake project to be
$507.1&nbsp;million, including its share of construction costs and costs to modify the McClean Lake JEB
mill and Rabbit Lake mill. Including the $404.6&nbsp;million spent by Cameco on construction costs and
mill modification costs prior to December&nbsp;31, 2009, Cameco&#146;s share of the aggregate capital costs
at Cigar Lake are estimated to be $911.7&nbsp;million. In addition, Cameco&#146;s share of the projected
sustaining capital expenditures for Cigar Lake and Rabbit Lake sites is estimated to be $226
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, Cameco estimates its share of remaining remediation costs at Cigar
Lake to be $29.4&nbsp;million. Including the $64&nbsp;million spent and expensed at Cigar Lake from 2006
through 2009, Cameco&#146;s share of the aggregate remediation costs at Cigar Lake are estimated to be
$93.3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The costs to complete Cigar Lake and the target dates for securing the underground and for initial
production are forward-looking information. They are based on the assumptions and subject to the
material risks discussed under the headings <I>Caution Regarding Forward-Looking Information and
Statements </I>and <I>Risk Factors</I>, and specifically on the assumptions and risks listed here.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assumptions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena or an equipment failure do not cause a material delay or disrupt
Cameco&#146;s plans;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are no additional water inflows;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the seals used for previous water inflows do not fail;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are no labour disputes; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco obtains contractors, equipment, operating parts and supplies, and regulatory
permits and approvals when it needs them.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material risks:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unexpected geological, hydrological or underground condition, such as an additional
water inflow, further delays Cameco&#146;s progress;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco cannot obtain or maintain the necessary regulatory permits or approvals; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena, labour disputes, equipment failure, delay in obtaining the required
contractors, equipment, operating parts or supplies, or other reasons cause a material
delay or disruption in Cameco&#146;s plans.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has adopted an &#147;assurance of success&#148; program for Cigar Lake. This program involves
risk-based quality assurance planning for the project. Prior to implementation, the principal
processes involved in the project are thoroughly risk-assessed, with the goal of ensuring that all
risks are well understood, measures are taken to mitigate those risks, and alternatives are
developed to address those risks that cannot be fully mitigated. As the project is carried out,
there is a systematic monitoring and evaluation of any changes or conditions that were not
anticipated in the original plan. Any such changes or conditions are also risk-assessed and the
plan is revised on an ongoing basis to mitigate, or develop alternatives to address, any new risks
to the success of the project that are identified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, building on its assurance of success approach to operational excellence, has already
implemented enhanced water management strategies and tactics to mitigate the risk of water inflows.
Cameco also has made significant changes to the Cigar Lake mine design and plans to enhance
operational effectiveness. This is underpinned by significant evolutions in the systems, procedures
and practices carried out in the project and demonstrated successfully in the results achieved to
date, including the successful dewatering and re-entry to the mine and Shaft No.&nbsp;2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is cognizant of the risks associated with advancing the Cigar Lake project, but based on its
remediation and mining plan, its operational experience, its demonstrated competence and its
economic analysis, Cameco is confident in this project and its successful completion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A technical report on the Cigar Lake project entitled &#147;Cigar Lake Project, Northern Saskatchewan,
Canada&#148; dated March&nbsp;31, 2010 with an effective date of December&nbsp;31, 2009 (the &#147;Cigar Lake Technical
Report&#148;) was prepared for Cameco in compliance with NI 43-101 by or under the supervision of C.
Scott Bishop, P. Eng, Grant J.H. Goddard, P. Eng., Alain G. Mainville, P. Geo, Lorne D. Schwartz,
P. Eng, each of whom is a &#147;qualified person&#148;, but not independent of Cameco within the meaning of
NI 43-101. The following description of the Cigar Lake Project is based on and, in some cases
directly extracted from, the Cigar Lake Technical Report. A copy of the Cigar Lake Technical
Report is available electronically on SEDAR at sedar.com or from EDGAR at sec.gov. Conclusions,
projections and estimates set out in this Annual Information Form regarding Cigar Lake are subject
to the qualifications, assumptions and exclusions that are detailed in the Cigar Lake Technical
Report. To fully understand the summary information set out below and elsewhere in this Annual
Information Form, the Cigar Lake Technical Report filed on SEDAR or EDGAR should be read in its
entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province, such as Cigar Lake, and taxes, environmental matters
and uranium sales, see <I>Canadian Royalties and Certain Taxes, Environmental Matters and Uranium
Concentrates Business, </I>respectively.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description and Location</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake mine site is located near Waterbury Lake, approximately 660 kilometres north of
Saskatoon. The Cigar Lake mine site was initially developed for test mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral property consists of one mineral lease (ML-5521) and 25 mineral claims (Nos. S-106540
to 106564 inclusive), totalling 93,048 hectares. The mineral lease and mineral claims are
contiguous. The Cigar Lake deposit is located in the area subject to mineral lease ML-5521,
totalling 308 hectares. The right to mine this uranium deposit was acquired under this mineral
lease. The current mineral lease ML-5521 expires on December&nbsp;1, 2011 with the right to renew for
successive ten-year terms absent a default by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surrounding the Cigar Lake deposit are 25 mineral claims, totalling 92,740 hectares. A mineral
claim grants the holder the right to explore for minerals within the claim lands and the right to
apply for a mineral lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is an annual requirement of $2.3&nbsp;million either in work or cash to retain title to mineral
lease ML-5521 and the 25 mineral claims. Based on previous work submitted and approved by the
Province of Saskatchewan, title is secure until 2022.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface facilities and mine shafts for the Cigar Lake project are located on lands owned by the
province of Saskatchewan. Cameco acquired the right to use and occupy the lands under a surface
lease agreement with the province of Saskatchewan. The most recent surface lease was signed in May
2004. The term of this surface lease expires in May&nbsp;2037. Obligations attached to the surface
lease agreement primarily relate to annual reporting regarding the status of the environment, land
development and progress made on northern Saskatchewan employment and business development. The
Cigar Lake surface lease covers a total of 984 hectares of Crown land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake airstrip is under a separate surface lease covering a total of 17.2 hectares. The
airstrip lease was renewed with the province of Saskatchewan in 2007 and will expire in May&nbsp;2028.
Cameco also holds a Miscellaneous Use Permit (&#147;MUP&#148;) issued by the Province of Saskatchewan which
authorizes the use of a 41 km portion of the access road serving the surface facilities. The MUP is
re-issued on an annual basis, and was most recently re-issued on November&nbsp;2, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All current mineral reserves and mineral resources are contained within mineral lease ML-5521.
Underground workings are confined to a small portion of the area of the mineral lease where initial
test mining was concentrated. A total of 53 tonnes of high-grade mineralization in bulk bags from
the test mining is stored on the surface storage pad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste rock generated at the Cigar Lake mine site is currently stored in one of four waste rock
piles on site, depending on the nature of the waste rock. The first two of these are the clean
waste stockpiles, which will remain at the minesite. The third is mineralized waste, contained on a
lined pad (&#062;0.03% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>), which is planned to be disposed of underground at
the Cigar Lake mine. No mineralized waste has been identified in the development to date. The
fourth is potentially acid generating waste rock which will be temporarily stored at site on a
lined pad and will be eventually transported to the Sue C pit at the McClean Lake facility for
permanent disposal. The costs of the eventual disposal of the Cigar Lake potentially acid
generating waste rock in Sue C pit is addressed in the Potentially Reactive Waste Rock Disposal
Agreement between the McClean Lake Joint Venture (&#147;MLJV&#148;) and CLJV dated January&nbsp;1, 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No tailings will be stored at the Cigar Lake site since all ore mined will be transported to the
McClean Lake JEB mill and Rabbit Lake mill for processing. As a result, Cigar Lake project
tailings will be generated at both the McClean Lake JEB mill and the Rabbit Lake mill. The toll
milling agreements as (described below) cover the generation of tailings at the McClean Lake JEB
mill and Rabbit Lake mill and manage the financial liabilities associated with these tailings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although there was sufficient capacity for the Cigar Lake tailings in the Rabbit Lake in-pit
tailings management facility (&#147;RLITMF&#148;) when the Rabbit Lake Toll Milling Agreement described below
was originally signed, ongoing production, from the Eagle Point mine at Rabbit Lake, has consumed
some of the capacity in the RLITMF. Consequently, it was determined that the RLITMF would have to
be expanded. In August&nbsp;2008, the Rabbit Lake Solution Processing Environmental Impact Statement
was accepted. With this approval, expansion of the RLITMF commenced and it was completed and
commissioned for use in 2009.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;24, 2010, Cameco announced an increase in Rabbit Lake&#146;s mineral reserves, further
extending Eagle Point&#146;s mine life. As a result, Cameco is working to increase Rabbit Lake&#146;s
operational tailings capacity. Regulatory approval is required to proceed with the capacity
increase. Capital cost estimates included herein for the Cigar Lake project do not include the
cost of further expanding Rabbit Lake&#146;s tailings capacity. Cameco, and not other members of the
CLJV, will be responsible for paying the costs of this additional capacity increase.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the property is by an all weather road and by air. Supplies are transported by truck and
can be shipped through Cameco&#146;s transit warehouse in Saskatoon. Saskatoon is a major population
centre located 660 kilometres south of the Cigar Lake deposit with highway and air links to the
rest of North America. An unpaved airstrip is located east of the minesite, allowing flights to
the Cigar Lake property. The water for the industrial activities and the camp comes from nearby
Waterbury Lake. A lake, called Cigar Lake, overlies part of the inferred mineral resources. The
site is connected to the provincial electricity grid with a 138kV overhead power line. There are
standby generators in case of grid power interruption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Personnel are recruited on a preferential basis: initially from the communities of northern
Saskatchewan, followed by the Province of Saskatchewan, and then outside to other provinces. The
development and construction work is tendered to a number of contractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The climate is typical of the continental sub-arctic region of northern Saskatchewan. Summers are
short and cool even though daily temperatures can reach above 30&#176;Celsius (&#176;C) on occasion. Mean
daily maximum temperatures of the warmest months are around 20&#176;C and only three months on average
have mean daily temperatures of 10&#176;C or more. The winters are cold and dry with mean daily
temperatures for the coldest month below -20&#176;C. Winter daily temperatures can reach below -40&#176;C on
occasion. Freezing of surrounding lakes, in most years, begins in November and break-up occurs
around the middle of May. The average frost-free period is approximately 90&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Average annual total precipitation for the region is approximately 450 millimetres, of which 70%
falls as rain. Site activities are carried out throughout the year despite cold winter conditions.
The fresh air necessary to ventilate the underground workings is heated during winter months using
propane-fired burners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is in discussions with the Province of Saskatchewan to increase the area of the surface
lease. The increase is required to implement the proposed discharge of treated effluent to Seru
Bay at nearby Waterbury Lake (see <I>Regulatory Approvals </I>below). Except for this required increase,
the surface leases grant sufficient rights, subject to regulatory approvals, for mining operations
for the current mineral reserves and the lands subject to the surface leases are sufficient for
personnel accommodation, access to water, airport, site roads and other necessary buildings and
infrastructure. Tailings management facilities will not be required at Cigar Lake, as ore will
not be milled at Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The topography and the environment are typical of the taiga forested lands common to the Athabasca
basin area of northern Saskatchewan. The area is covered with 30 to 50 metres of overburden.
Vegetation is dominated by black spruce and jack pine. Occasional small stands of white birches
may occur in more productive and well-drained areas. The surface facilities are approximately 490
metres above sea level.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>History</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first uranium mineralization discovery at Cigar Lake was in May&nbsp;1981. Since that time, the
deposit has been defined by approximately 278 holes and almost 115,000 metres of core drilling from
surface. Cigar Lake Mining Corporation (&#147;CLMC&#148;) was the operator of the project from 1985 to 2001.
Effective January&nbsp;1, 2002, Cameco replaced CLMC as operator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Public hearings on the Cigar Lake project&#146;s environmental impact were concluded in 1997 and, based
on the recommendation of the joint federal-provincial panel, the governments of Canada and
Saskatchewan authorized the project to proceed to the regulatory licensing stage.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2001, the CLJV approved a feasibility study and detailed engineering design was initiated.
In 2004, the environmental assessment for construction and operation of Cigar Lake was completed
and the CNSC issued a construction licence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the CLJV approved a construction budget for Cigar Lake as well as changes,
subject to regulatory approval, to the milling facilities at McClean Lake and Rabbit Lake.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geological Setting</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit is located approximately 40 kilometres inside the margin of the eastern part
of the Athabasca basin. It occurs at the unconformity contact between rock of the Athabasca Group
and underlying lower Proterozoic Wollaston Group metasedimentary rocks, an analogous setting to the
Key Lake, the McClean Lake and Collins Bay deposits. Cigar Lake shares many similarities with
these deposits, including general structural setting, mineralogy, geochemistry, host rock
association and the age of the mineralization. However, the Cigar Lake deposit is distinguished
from other similar deposits by its size, its very high grade, and the high degree of associated
hydrothermal clay alteration. The geological setting at Cigar Lake is similar to that at the
McArthur River mine in that the sandstone overlying the basement rocks of the deposit contains
significant water at high hydrostatic pressure. However, unlike McArthur River, the deposit is
flat lying. The Cigar Lake deposit is approximately 1,950 metres long, 20 to 100 metres wide, and
ranges up to 12 metres thick, with an average thickness of 4.9 metres. It occurs at depths ranging
between 410 to 450 metres below the surface.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral lease ML-5521, which covers the Cigar Lake deposit, is surrounded by 25 mineral claims.
AREVA is responsible for all exploration activity on these 25 surrounding claims under the CLJV
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsequent to the discovery of the Cigar Lake deposit, the majority of exploration activities over
the next few years were concentrated on mineral lease ML-5521, which hosts the Cigar Lake deposit,
with only moderate activity on the 25 surrounding mineral claims. All exploration activities
ceased after the 1986 field season for a period of 12&nbsp;years, until exploration work on the 25
surrounding mineral claims recommenced in 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 1999 work program on these claims started with a period of data compilation and review of all
the work conducted to date, following which additional exploration was started focussing upon
developing further understanding of the Cigar trend and developing knowledge of the large,
unexplored parts of the project. Since the inception of exploration activities to the end of the
2009 drilling program, a total of 115 exploration diamond drillholes (totalling 55,024 metres) and
an additional 38 shallow drillholes (totalling 2,140 metres) have been completed on these claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration drilling in 2006 confirmed the existence of unconformity style mineralization outside
the mineral lease, approximately 650 metres east of Phase 1 mineralization. Additional exploration
has been conducted in this area since 2006 and has delineated a mineralized zone approximately 210
metres in strike length and 30 metres in across-strike length.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data from the exploration program on the 25 mineral claims is not part of the database used for
the estimate of the mineral resources and mineral reserves at Cigar Lake.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mineralization</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three distinct styles of mineralization occur within the Cigar Lake deposit: high-grade
mineralization at the unconformity (&#147;unconformity&#148; mineralization) which includes the ore; fracture
controlled, vein-like mineralization higher up in the sandstone (&#147;perched&#148; mineralization); and
fracture controlled, vein-like mineralization in the basement rock mass.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The body of high-grade mineralization located at the unconformity contains the bulk of the total
uranium metal in the deposit and represents the economically viable style of mineralization,
considering the available mining methods and ground conditions. It is characterized by the
occurrence of massive clays and high-grade uranium concentrations.
</DIV>


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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The high-grade, unconformity mineralization consists primarily of three dominant rock and mineral
facies occurring in varying proportions. These are quartz, clay (primarily chlorite with lesser
illite) and metallic minerals (oxides, arsenides, sulphides). In the two higher-grade eastern
lenses, the ore consists of approximately 50% clay matrix, 20% quartz and 30% metallic minerals,
visually estimated by volume. In this area, the unconformity mineralization is overlain by a very
weakly mineralized contiguous clay cap one to five metres thick. In the lower-grade western lens,
the proportion changes to approximately 20% clay, 60% quartz and 20% metallic minerals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Drilling</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake uranium deposit was discovered in 1981 on mineral lease ML-5521 by drill hole number
WQS2-015 of a regional program of diamond drill testing of geophysical anomalies (electromagnetic
conductors) located by airborne and ground geophysical surveys. The deposit was subsequently
delineated by a major surface drilling program during the period 1982 to 1986, followed by several
small campaigns of drilling for geotechnical and infill holes to 2002 when the last surface hole
prior to 2007 was drilled. An additional 51 holes were drilled from 2007 through 2009 for various
geotechnical and geophysical programs. In total, 114,940 metres of diamond drilling has been
completed in 278 surface holes to delineate the deposit. Of the 278 surface drillholes and wedged
intersections drilled, 117 have been drilled within the geologically interpreted deposit limits and
intersected minimum composite intervals with grade times thickness (GT)&nbsp;value greater than 3.0
metres % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, equivalent to 2.5 metres at 1.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the surface holes, diamond drilling has been done from underground access locations
primarily to ascertain rock mass characteristics in advance of development and mining, both in ore
and waste rock. In the period from 1989 to 2006, 132 underground diamond drillholes totalling
11,108 metres were drilled. No underground drilling was conducted during the period 2007 to 2009,
due to the flooding of the underground workings. Only ten of these underground holes have
intersected the ore body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A total of 347 freeze and temperature monitoring holes have been drilled from the underground
workings to the end of 2006 during the construction phase, of which approximately 150 were gamma
surveyed before the underground workings were flooded in 2006. The freeze holes are drilled by
percussion methods so no core is available for assays and uranium content is estimated by probing
the holes with radiometrics. Cameco plans to reconfirm the current conversion factors for
estimating uranium grade from the freeze hole radiometrics by drilling several core holes and using
them for calibration purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is satisfied with the quality of data obtained from the exploration drilling program on
mineral lease ML-5521 and considers it valid for use in the estimate of mineral resources and
mineral reserves at Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to complete additional surface drilling in 2010 over the Phase 1 mineral resource at
Cigar Lake.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sampling and Analysis</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Drilling in the eastern part of the deposit, an area 700 metres long by 150 metres wide, labelled
Phase 1, has been done at a nominal drill hole fence spacing of 50 metres east-west by 20 metres
north-south. On three of these fences, wedging from primary holes generated intersections at 10
metres spacing along the fences. Two fill-in fences were drilled at a spacing of 25 metres, with
holes at nominally 20 metres along the fences. As well, along the central east-west axis of the
eastern zone, five holes were drilled at 25 metres spacing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The western part of the deposit, an area of 1,200 metres long by 100 metres wide, labelled Phase 2,
has been drilled at a nominal drill hole fence spacing of 200 metres east-west by 20 metres
north-south.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All holes were core drilled. All holes were gamma probed. In-hole gamma surveys and hand held
scintillometer surveys were used to guide sampling of core for assay purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the early stages of exploration drilling, sampling of mineralized intervals was done on a
geological basis, whereby sample limits were determined based on geological differences in the
character of the mineralization. Samples were of various lengths, up to 50 centimetres. Beginning
in 1983, sampling intervals for core from the ore body have been fixed
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 44 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">at the property standard 50 centimetres. Subsequently, all sample results have been mathematically
normalized to the standard interval of 50 centimetres for mineral resource estimation purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the upper and lower contacts of the mineralized zone, two additional 50 centimetre samples were
taken to ensure that the zone was fully sampled at the 1,000 parts per million (0.1%)
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In total, more than 4,400 samples have been assayed from all the surface and underground holes
drilled to define and delineate the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for some of the earliest sampling, in 1981 and 1982, the entire core from each sample
interval was taken for assay. This practice of sampling the entire core reduces the sample bias
inherent when splitting core.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For holes drilled into the deposit, sampling of drill core and gamma probing of underground
drillholes was undertaken to the same standards as done for surface holes. However, most of the
holes drilled into the deposit were rotary holes for ground freezing, from which no core was
recovered. In these holes, reliance will be placed on radiometric assays for grade determinations
to be used in future mineral resource and mineral reserve estimations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reliance for grade determinations in mineralized rock has been placed primarily on chemical assays
of drill core. Core recovery through the ore zone has generally been very good. Where necessary,
uranium grade determination has been supplemented by radiometric probing from gamma logs (gamma
surveys within the drillholes).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For mineral resource and mineral reserve estimation purposes, where core recovery was less than
100%, the assayed value was assumed to be representative of the whole interval. Only 48 samples
were identified with recoveries less than 75% out of a total of 2,612 assayed samples for Phase 1
mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From about 1983 onward, all drilling and sample procedures have been standardized and documented.
This has imparted a high degree of confidence in the accuracy and reliability of results of all
phases of the work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sample composites were calculated by taking the weighted average for the mineralized intercept in
each drill hole using a 1.0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off grade. Vertical surface
drillholes generally represent the true thickness of the zone as the mineralization is flat lying.
The greatest true width among the drill hole composites is 11.5 metres, and the lowest, 0.5 metres
with an average true width of about five metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The highest and lowest assay values among the sample are respectively 82.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 0.0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The highest and lowest density
values among the samples are respectively 8.44 grams per cubic centimetre and 1.27 grams per cubic
centimetre.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The original database, from which the mineral resource and mineral reserves were estimated, was
compiled by previous operators. The majority of uranium assays in the database were obtained from
Loring Laboratories Ltd. The original signed assay certificates are available and have been
reviewed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The quality assurance &#150; quality control procedures that were used were typical for the time period
of the analyses. More recent assaying at the Saskatchewan Reaseach Council includes the
preparation and analysis of standards, duplicates and blanks. Cameco has reviewed the data and is
of the opinion that the data is of adequate quality to be used for mineral resource and mineral
reserve estimation purposes. Furthermore, the continuity and high grade nature of the ore zone has
been confirmed from radiometrics of closely spaced underground freeze hole drilling.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Security of Samples</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is not aware of the security measures in place at the time of the deposit delineation.
However, the current core logging area is the same facility as was used during the delineation
drilling. It is well removed from the mine site and a locked gate bars road access to anyone not
authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has no reason to doubt that sample security was maintained throughout the process.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 45 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cigar Lake Resource and Reserve Estimates</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for Cigar Lake are found below at <I>The Nuclear Business</I>
- -<I>Uranium Concentrates Business-Reserves and Resources</I>. The key assumptions, parameters and methods
used in making these estimates are:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">1. Key Assumptions
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Phase 1 mineral resources have been estimated within minimum mineralization
thickness of 1.0 metres and by applying a cut-off grade of 1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to the resource block model. This classification is based on
sampling density interpretation of geological continuity and estimation confidence.
The Phase 2 mineral resources have been estimated with a minimum mineralization
thickness of 2.5 metres and by applying a cut-off grade of 5.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to the resource block model.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Phase 1 mineral resources have been estimated with no allowance for mining
dilution or mining recovery to the resource block model. Phase 2 mineral resources
incorporate an allowance of 0.5 metres of dilution material above and below the deposit
at 0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated at a cut-off grade of 2.0%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and a minimum mineral thickness of 1.5 metres applied to the
Phase 1 mineral resource block model, after estimating the diluted grade of the jet
boring system cavity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit, plus 20% external dilution at 0%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Dilution from sump slimes and drilling cuttings is also
included as part of the 20% external dilution. Mineral reserves have been estimated
based on 90% mining recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining rates are assumed to vary between 100 and 140 tonnes per day during peak
production and a full mill production rate of approximately 18&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year based on 98.5% mill recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An average uranium price of $54 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was
used to estimate the mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No known environmental, permitting, legal, title, taxation, socio-economic,
political, marketing or other issues are expected to materially affect the mineral
resource and mineral reserve estimates.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2. Key Parameters
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grades (percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) were obtained from chemical
assaying of drill core and checked against radiometric results. In areas of lost core
or missing samples, reliance was placed on radiometric grade determined from the gamma
probing.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where density was not directly measured for each sample, a correlation between
uranium grade and density was applied.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at Cigar Lake are based on estimated quantities of uranium
recoverable by a tested mining method.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of US $1.00 =
Cdn $1.05 (reflecting the exchange rate at December&nbsp;31, 2009).</TD>
</TR>



</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 46 -<!-- /Folio -->
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">3. Key Methods
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources and mineral reserves were estimated based on the use of the
jet boring mining method combined with bulk freezing of the ore body. Jet boring
produces an ore slurry with initial processing consisting of crushing and grinding
underground, leaching at the McClean Lake JEB mill and yellowcake production split
between the McClean Lake JEB mill and Rabbit Lake mill.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological interpretation of the ore body outline was done on section and
plan views derived from core drill hole information. Phase 1 mineral resources and
mineral reserves were estimated using a 3-dimensional block model. Phase 2 mineral
resources were estimated using a 2-dimension block model. For Phase 1, a block size of
4 metres x 4 metres x 1 metre was used. For Phase 2, an increased block size of 40
metres x 10 metres was used.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological model does not incorporate the results of the underground freeze
holes since the conversion of radioactivity measurements to uranium grade has not yet
been confirmed by chemical assays.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ordinary kriging served to estimate the grade and density of the blocks.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured resources. Only mineral reserves have demonstrated economic viability.
Reported mineral resources do not include those amounts identified as mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
reliability of any mineral reserve and resource estimation is the function of the quality of
available data and of engineering and geological interpretation and judgment. Results from
drillings, testing and production, as well as a material change in the uranium price or a change in
the planned mining method, subsequent to the date of the estimate, may justify revision of such
estimates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project Preliminary Decommissioning Plan (&#147;PDP&#148;) was initially completed in May&nbsp;2002
and was most recently revised as part of the licensing that occurred in 2008. This decommissioning
plan considers the environmental liabilities up to the end of the construction of the facility.
This PDP was approved by both federal and provincial regulatory agencies and is supported by a
financial assurance based on a preliminary decommissioning cost estimate (&#147;PDCE&#148;) of $27.7&nbsp;million.
The financial assurance is posted with the SMOE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once operations begin, Cameco will need to review the PDP, and account for changes to the
reclamation and remediation liabilities associated with the management of ore and any associated
wastes. As such, the PDCE will also be reviewed and if required revised to reflect any changes in
the PDP. The Cigar Lake PDP discusses the approach to addressing liabilities associated with
mining. The future liabilities will be addressed in subsequent revisions to the Cigar Lake PDP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reclamation and remediation activities associated with the Cigar Lake project waste rock and/or
tailings at the McClean Lake and Rabbit Lake facilities are covered by the PDP and PDCE prepared
for these facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mining Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining of the Cigar Lake deposit faces a number of challenges including control of groundwater,
weak rock formations, a relatively thin flat-lying deposit and radiation protection. Based on
these challenges, it was identified that a non-entry mining method would be required to mine the
deposit.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 47 -<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The jet boring mining method was selected for the mining of the Cigar Lake deposit after many years
of exploration and test mining activities. The method consists of cutting approximately 4.5 metre
diameter cavities with a high pressure water jet in previously frozen ore. It was developed and
adapted specifically for this deposit and one of its primary features is its non-entry approach,
whereby personnel are not exposed to the ore body as all mining will be conducted from headings
located in the basement rock below it. Through the application of the non-entry mining method, the
containment of the ore cuttings within cuttings collection systems, and the application of ground
freezing, the amount of radiation exposure to workers has been minimized to acceptable levels that
are below regulatory limits. Experience with non-entry mining of high grade uranium ore at
Cameco&#146;s McArthur River mine has demonstrated the effectiveness of this mining approach to manage
radiation exposures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake ore will be processed at three locations. Size reduction will be conducted at Cigar
Lake, leaching will occur at McClean Lake and final yellowcake production will be split between
McClean Lake and Rabbit Lake for a total estimated annual production rate of approximately 18
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> when the mine is in full operation. The MLJV owns the
McClean Lake operation, including the McClean Lake JEB mill, and AREVA is the operator of the MLJV.
Cameco owns and operates the Rabbit Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first stage of processing will take place underground at Cigar Lake. The ore slurry produced
by the jet boring mining system will be pumped to the underground crushing and grinding facility.
The resulting finely ground, high density ore slurry will be pumped to surface storage tanks,
thickened and loaded into truck mounted containers, similar to those currently being used at the
McArthur River mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The containers of ore slurry will be trucked to AREVA&#146;s McClean Lake operations, 70 kilometres to
the northeast for processing. Initially, all the Cigar Lake ore will be processed at the McClean
Lake JEB mill. As Cigar Lake production ramps up to full capacity, the final uranium solution
processing will be split between the McClean Lake JEB mill and Rabbit Lake mill as described below
under <I>Toll Milling Agreements</I>. Rabbit Lake mill modifications to process Cigar Lake ore have not
yet started. The McClean Lake JEB mill modifications required to process Cigar Lake ore are largely
complete.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Water discharged from the mine is treated and released to Aline Creek. Cameco has applied for
approval to change the discharge location to Seru Bay (see <I>Regulatory Approvals </I>below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CLJV has entered into toll milling agreements for the processing of the Cigar Lake uranium at
the McClean Lake JEB and Rabbit Lake mills.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Toll Milling Agreements</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Initially all Cigar Lake ore will be processed at the McClean Lake JEB mill located at AREVA&#146;s
McClean Lake operations. Thereafter, as Cigar Lake production ramps up to planned full capacity, a
portion of the uranium processing will be completed at Cameco&#146;s Rabbit Lake mill. These milling
arrangements are subject to two toll milling agreements described below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>JEB Toll Milling Agreement</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The JEB Toll Milling Agreement, made effective January&nbsp;1, 2002, sets out the terms and conditions
by which the MLJV will process Phase 1 ore delivered to the McClean Lake JEB mill into JEB uranium
solution, further process the JEB uranium solution into uranium concentrates and process any
potential Phase 2 ore into uranium concentrates at the McClean Lake JEB mill. Phase 1 ore is the
current Cigar Lake mineral reserves and Phase 2 is part of the current Cigar Lake mineral
resources. Mineral resources in Phase 2 are in the inferred category and have been evaluated from
a preliminary perspective only. Further drilling and mining studies are needed before these
resources can be fully evaluated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All uranium solution resulting from the mill processing at the McClean Lake JEB mill of Phase 1 ore
is allocated for further processing between the McClean Lake JEB mill and the Rabbit Lake mill
based upon two categories: Phase 1(a) ore and Phase 1(b) ore. Phase 1 (a)&nbsp;ore represents the
first 160&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> recovered collectively by the
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McClean Lake JEB and Rabbit Lake mills. Phase 1(b) ore represents the balance of the Phase 1 ore
which is equal to approximately 47&nbsp;million pounds of Cigar Lake mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">100% of the uranium solution resulting from the processing of Phase 1 ore is allocated to the
McClean Lake JEB mill to process into uranium concentrates. This allocation ends on the latter of
the expiration of the initial ramp period of 730&nbsp;days (the period starts after the testing and
commissioning) and the date the JEB mill achieves 2.5&nbsp;million pounds of uranium concentrates from
processing Phase 1 ore during any consecutive three-month period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thereafter, the McClean Lake JEB mill will process at least 42.7% of the Phase 1(a) uranium
solution into uranium concentrates (50% of the Phase 1(b) uranium solution). McClean Lake will
send up to 57.3% of the Phase 1(a) uranium solution to the Rabbit Lake mill for further processing
into uranium concentrates (50% of the Phase 1(b) uranium solution).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the toll milling and related services, the CLJV pays the MLJV toll milling charges comprising
the CLJV&#146;s share of McClean Lake JEB mill expenses and a toll milling fee based upon the type of
Cigar Lake ore being processed (Phase 1(a), Phase 1(b) and, if applicable, Phase 2).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires the MLJV to modify the McClean Lake JEB mill to process Phase 1 ore. The
McClean Lake JEB mill modifications to process Cigar Lake ore slurry are largely complete. The
remaining modifications are expected to be complete in 2013, other than the construction of the
uranium solution loading facility which is expected to be complete in 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In certain circumstances, standby costs are payable relating to the McClean Lake JEB mill. Cameco
estimates under this agreement, it will pay $43&nbsp;million to AREVA in standby costs, which will be
expensed as incurred. This amount is not included in the capital cost to complete the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MLJV is responsible for all costs of decommissioning the McClean Lake JEB mill.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Rabbit Lake Toll Milling Agreement</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described above under <I>JEB Toll Milling Agreement</I>, all uranium solution resulting from the
processing at the McClean Lake JEB mill of Phase 1 ore is allocated for further processing between
the McClean Lake JEB mill and the Rabbit Lake mill. The Rabbit Lake Toll Milling Agreement, made
effective January&nbsp;1, 2002, sets out the terms and conditions by which Cameco will process its
allocation of uranium solution from Phase 1 ore into uranium concentrates at the Rabbit Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the toll milling and related services, the CLJV pays Cameco toll milling charges comprising the
CLJV&#146;s share of Rabbit Lake mill expenses and a toll milling fee based upon the type of Cigar Lake
ore being processed (Phase (1)(a) and Phase 1(b)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires Cameco to modify the Rabbit Lake mill to process its allocation of uranium
solution from milled Phase 1 ore and Cameco plans to do so prior to the commencement of processing
at Rabbit Lake. Detailed design of the Rabbit Lake mill modifications is planned to start in 2011.
A uranium solution receiving station and associated handling equipment are targeted for completion
in 2015<B>. </B>The required transportation infrastructure is targeted for completion in 2014. The
majority of the modification costs are expected to be paid by Cameco either in its capacity as mill
owner or 50.025% CLJV owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In certain circumstances, standby costs are payable relating to the Rabbit Lake mill. Currently,
under the agreement, none are expected to be payable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is responsible for all costs of decommissioning the Rabbit Lake mill.
</DIV>


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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Water Inflow Incidents and Remediation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;5, 2006, a water
inflow occurred at the base of Shaft No. 2, through a failed valve
assembly on a grouting standpipe, which led to the flooding of the shaft and cessation of
activities in the shaft. As the shaft was not complete and not connected through to the main mine
workings, the flooding was limited to Shaft No. 2.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dewatering of Shaft No.&nbsp;2 was completed in April&nbsp;2009 and remediation was completed in May&nbsp;2009.
Resumption of sinking of Shaft No.&nbsp;2 is planned after remediation of the main mine workings is
underway. The ground will be frozen in the area surrounding the shaft to allow sinking to be
completed. A hydrostatic liner will be installed in the shaft from the current depth of 392 metres
through to the 480 metres level, where it will transition back to a non-hydrostatic liner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;23, 2006, the underground mine at Cigar Lake was flooded following a water inflow, which
caused a suspension of underground activities. In response to the incident, Cameco developed and
proceeded with its remediation plan to restore the underground workings at Cigar Lake. Cameco&#146;s
plan was developed in consultation with CNSC staff and the Saskatchewan ministries of Environment
and Labour.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The activities associated with each of the proposed remediation phases were described in the Cigar
Lake Technical Report prepared in 2007 and since that time, as work has been executed and plans
refined, the remediation phases have been refined and greater understanding of how the phases
interact with each other has been gained.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, the source of the October&nbsp;2006 water inflow was sealed and the effectiveness of the seal
demonstrated. The inflow was sealed by drilling holes from surface down to the source of the water
inflow and to a nearby tunnel where reinforcement was needed and pumping concrete and grout through
the drillholes to an area of fallen rock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dewatering of the mine commenced in July&nbsp;2008. It was suspended on August&nbsp;12, 2008 when the rate of
the inflow to the mine significantly increased. Shaft No.&nbsp;1 had been pumped down to 430 metres
below surface when the increase was observed. The location of this inflow was later identified as
a fissure located in a tunnel on the 420 metre level. The 420 metre level was developed many years
ago to assess the practicality of developing a working level above the orebody.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;23, 2009, Cameco announced that the inflow on the 420 m level which forced suspension of
dewatering on August&nbsp;12, 2008 was sealed by remotely placing an inflatable seal between the shaft
and the source of the inflow and subsequently backfilling and sealing the entire development behind
the seal with concrete and grout. The 420 m level is not part of future mine plans and will be
abandoned. Cameco plans to install a permanent bulkhead and fill the entire 420 metre level with
concrete backfill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crews entered Shaft No.&nbsp;1 in November&nbsp;2009 and work focused on refurbishing the shaft including
installing the ladderway, replacing mechanical and electrical components and extending the in-shaft
pumping system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2010, dewatering the underground development was completed. Safe access to the 480
metre level, the main working level of the mine, has been established. Crews have re-entered this
level and work to inspect, assess and secure the underground development has begun. This work will
be followed by restoration of underground mine systems and infrastructure in preparation for
resumed construction activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The remaining aspects of the remediation plan to restore underground workings at Cigar Lake are
summarized below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mine needs to be secured. This involves inspecting the mine and completing any additional
remedial work identified such as determining if additional reinforcement is required in higher risk
areas. The objective is to make the mine safe from an inflow and significant ground failure
perspective. Cameco expects the mine to be secured before October&nbsp;2010, depending on the condition
of the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to complete an underground rehabilitation program. This involves rehabilitating the
remaining lower priority areas of the mine (including 480 and 500 metre levels) and re-establishing
the full mine ventilation circuits. Some of the specific tasks will include re-establishing the
permanent refuge stations and communications, the installation of the emergency back up pump
capacity, completing the installation and rehabilitation of the designed underground pumping
capacity, re-establishing the ore body freezing program, commencing the Shaft No.&nbsp;2 freezing
program, and
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">generally preparing areas to resume construction and development activities.
A large portion of this work is related to the replacement
of electrical components and equipment damaged due to flooding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of securing the mine and underground rehabilitation program, detailed assessments of
the underground conditions will provide further input to the overall Cigar Lake design and
strategy, allowing the mine plan to be further optimized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As the mine is secured, the underground rehabilitation program is significantly progressed and
regulatory requirements are met, Cameco plans to resume underground construction activities that
had been interrupted by the October&nbsp;2006 water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The remediation and completion plan for Shaft No.&nbsp;2 has been undertaken in a staged approach as
described below. Cameco completed the dewatering of Shaft No.&nbsp;2 in April&nbsp;2009 and remediation of
the shaft in May&nbsp;2009. Drilling of freeze holes to cover the affected area of Shaft No.&nbsp;2 will be
carried out from the 480 metre level after refurbishing the main areas of the underground mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following ground freezing, resumption of shaft sinking activities will take place and the shaft
will be sunk to its final depth of 500 metres. A hydrostatic liner will be installed during
sinking and the 480 metre level shaft station will be established. Following sinking, shaft
furnishings will be installed in the fresh air compartment. Completion of shaft sinking and shaft
furnishing is scheduled for 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The underground mine has installed pumping capacity of 1,550 cubic metres per hour consisting of
1,250 cubic metres per hour through surface boreholes and 300 cubic metres per hour in-shaft.
Cameco plans to increase the installed pumping capacity to 2,500 cubic metres per hour. The
existing installed capacity is sufficient to handle volumes greater than either of the previous two
water inflows. To accommodate remediation activities in the mine while the Seru Bay environmental
assessment process is advancing, interim approval was received in 2009 for increased non-routine
discharge capacity, up to 1,100 cubic metres per hour. The Seru Bay discharge capacity currently
being reviewed is consistent with the mine dewatering capacity. In Cameco&#146;s view, this is
sufficient capacity to handle an estimated maximum inflow, and Cameco intends to install additional
capacity to assure the long-term success of the project. (See <I>Regulatory Approvals </I>below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, a substantial number of surface facilities were completed. Surface
construction is approximately 50% complete at Cigar Lake. The remaining important surface
construction includes the Waterbury Centre (new administration/services building), Seru Bay
pipeline, the installation of the surface ore process facilities, new propane tank farm, 138 kV
electrical substation expansion and permanent camp expansion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Just prior to the mine inflow of October&nbsp;23, 2006, the capital construction project was
approximately 60% complete, based on the previous mine design. Underground development required
for the start of production is now estimated to be 50% complete, based on required infrastructure
changes identified in the revised mine plan. Remaining underground work to be completed includes
mine remediation, Shaft No.&nbsp;2, installation of designed underground pumping capacity including the
installation of emergency back-up pump capacity, brine system freezing infrastructure and ore
freezing program, underground ore extraction system, ore processing circuit including changes due
to the new mine plan, and mine development.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Approvals</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project has regulatory obligations to both the federal and provincial governments.
Being a nuclear facility, primary regulatory authority resides with the federal government and its
agency, the CNSC. The main regulatory agencies that issue permits/approvals and inspect the Cigar
Lake project are: the CNSC (federal), Fisheries and Oceans Canada (federal), Environment Canada
(federal), Transport Canada (federal), and the SMOE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One of the initial steps in the regulatory process was to assess the project under the federal and
provincial environmental assessment (EA)&nbsp;processes.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1995, the Cigar Lake Project, Environmental Impact Statement (the &#147;1995 EIS&#148;) was submitted to
the Joint Federal-Provincial review panel on Uranium Mining Developments in Northern Saskatchewan
(the &#147;Panel&#148;). In 1997, the Panel recommended that pending identification of a suitable waste rock
disposal location, the project should proceed. The
Canadian and Saskatchewan governments both accepted the Panel&#146;s recommendation and in 1998 both
government bodies approved the project in principle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, an environmental assessment study report for the Cigar Lake mine portion of the
project was submitted and subsequently accepted by the CNSC as meeting the requirements of <I>Canadian
Environment Assessment Act </I>(&#147;CEAA&#148;) and licensing/permitting process for the Cigar Lake project
could proceed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC issued a construction licence for the Cigar Lake project in December&nbsp;2004. Construction
began in January&nbsp;2005. In 2007, the CNSC extended the term of this licence from December&nbsp;31, 2007
to December&nbsp;31, 2009 so that actions resulting from the 2006 water inflow event could be addressed
and the initial phase of water remediation could proceed. The licence was subsequently amended
again in June, 2008 to enable Cameco to proceed with certain activities associated with mine
dewatering, shaft remediation, mine entry and securing/assessing the underground workings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, approval to commence mine dewatering of the Cigar Lake main shaft was also received,
following extensive efforts from surface to plug the source of the 2006 inflow. However, during
dewatering, a new source of water inflow developed in August&nbsp;2008, leading to the decision to
suspend dewatering to ensure the new source of inflow was understood and that appropriate measures
to mitigate it could be taken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, after sealing the new source of water inflow, again from surface, Cameco re-initiated
dewatering of the main shaft. In addition, the CNSC licence was extended from December&nbsp;31, 2009 to
December&nbsp;31, 2013 allowing for completion of the mine construction project, including completion of
remediation, Shaft No.&nbsp;2 and surface construction. Additional regulatory approvals for these
licence activities will be required to complete remediation and resume pre-flood underground
construction and development activities. In addition, the CNSC licence contains a condition that
the revised mine plan requires regulatory approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrent with the completion of mine construction, an operating licence application will be
prepared for submission to the CNSC. The operating licence process, consisting of document
production and two formal hearings, can proceed while construction is being completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The processing of Cigar Lake ore slurry feed at the McClean Lake JEB mill was approved as part of
an environmental impact statement for the Cigar Lake project submitted in 1995 and approved in 1997
by the Panel. An amendment to the McClean Lake JEB mill&#146;s licence to operate is still required in
order to process the ore from the Cigar Lake mine at the McClean Lake JEB mill. No issues
surrounding this licence amendment approval are anticipated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The processing of Cigar Lake uranium solution at the Rabbit Lake mill was approved by the CNSC on
June&nbsp;19, 2008. In August&nbsp;2008, the environmental assessment process for the Rabbit Lake aspect of
the project was completed and the &#147;Rabbit Lake Solution Processing Environmental Impact Statement&#148;
was issued. For a discussion of the status of regulatory approvals regarding the RLITMF, see &#150;
<I>Property Description and Location</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake water treatment/effluent discharge system has been designed to take into account
both the results of metallurgical test work programs and Cameco&#146;s experience at other facilities.
The design is intended for both typical and emergency water treatment and effluent discharge
scenarios. The current system has been approved and licensed by the CNSC and the SMOE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2008, Cameco submitted to the CNSC a project description application for measures
intended to better manage the increased quantities of water inflow that could potentially be
experienced during the construction and operation of the Cigar Lake project. The project involves
establishing infrastructure to allow for the discharge of treated water directly to Seru Bay of
Waterbury Lake. This application has triggered under the CEAA a joint federal and provincial
screening level environmental assessment, which process is currently ongoing. A decision on this
assessment is anticipated in 2010. Interim approvals and measures are in place to support
increased discharge to the Aline Creek system if the need were to arise prior to receiving approval
for the Seru Bay discharge point.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production Forecast, Mine Life and Payback</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining plan for Cigar Lake has been designed to extract all of the current mineral reserves.
The mine life based on current mineral reserves will be approximately 15&nbsp;years with an estimated
full production rate of approximately 18&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year
recovered from the mill. Cigar Lake will produce less than the full production rate of
approximately 18&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in the early and late years of the
current Mineral Reserve life. As a result of two mine inflows, the mining plan has been updated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a general summary of the Cigar Lake production schedule guidelines and parameters:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total mill production of 206.1&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on an
overall milling recovery of 98.5%;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total mine production of 557 thousand tonnes of ore;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Average mill feed grade of 17% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Production is scheduled to start in mid-2013;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining rate is variable to produce a constant production level of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The average mine production varies annually from 100 to 140
tonnes per day during peak production depending on the grade of ore being mined;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Three year ramp up to full production of approximately 18&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year (recovered after milling); and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mine operating life of approximately 15&nbsp;years.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Payback, excluding all 2009 and prior costs as sunk costs, would be achieved during 2017 on an
undiscounted pre-tax basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forecasts of production, mine life and payback are forward-looking information. They are based on
the assumptions and subject to the material risks discussed under the headings <I>Caution Regarding
Forward-Looking Information and Statements</I>, <I>Risk Factors </I>and the introduction under <I>The Nuclear
Business &#150; Development Project &#151; Cigar Lake</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake production schedule relies upon the ground being sufficiently frozen prior to the
start of jet boring mining system. As part of the mining plan, the orebody has been divided into
production panels, with one jet boring mining system unit operating in any panel. At least four
production panels need to be frozen at any point in time to achieve the full production rate of 18
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year. Cameco&#146;s base case production schedule assumes
all of the ground freezing is conducted from underground. Cameco is currently assessing an
opportunity to drill freeze holes from surface that may allow portions of the orebody to be frozen
sooner than could be achieved from underground. If successfully implemented, this could decrease
the ramp-up time required to achieve the full production rate of approximately 18&nbsp;million pounds
annually and bring forward up to 10&nbsp;million pounds of production into the first four years of
operation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exploration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of Cameco&#146;s future production could result from its global exploration
activities. Since 2002, Cameco has more than tripled its annual investment in exploration. Cameco
invested about $54&nbsp;million in uranium exploration during 2009 and plans to invest $90-95&nbsp;million in
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, $23&nbsp;million of the $54&nbsp;million was invested in six brownfield and advanced exploration
projects. The largest investment ($11.2&nbsp;million) was at Kintyre, Australia for delineation
drilling. Cameco also carried out significant
programs at McArthur River, Rabbit Lake, and the Millennium deposit. Approximately $31&nbsp;million was
invested in
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">regional exploration programs (including support costs). Saskatchewan was the largest
single region, followed by Australia, northern Canada and the rest of the global program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco carries out exploration on a large and expanding land position, which, at December&nbsp;31, 2009,
had reached an area of approximately 4.2&nbsp;million hectares (10.4&nbsp;million acres). These exploration
lands are principally located in Canada, the US, Australia, Mongolia, Kazakhstan and Peru.
Exploration activities include brownfields work in close proximity to operating mines, greenfields
exploration in new target areas, and alliances or other agreements with junior exploration
companies that own prospective uranium targets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to invest approximately $90 to $95&nbsp;million on uranium exploration in 2010 as part of
Cameco&#146;s long-term strategy. Approximately $40&nbsp;million of the planned amount will be used for
exploration at Kintyre and for Inkai block 3 in Kazakhstan. Approximately $11&nbsp;million will be
invested in six brownfield exploration projects in the Athabasca Basin and Australia. Cameco
expects to allocate the rest of the exploration funds among 48 projects worldwide, the majority of
which are at drill target stage. Among the larger investments planned are $5&nbsp;million on two
adjacent projects in Nunavut, a $2&nbsp;million program on the Dawn Lake project in Saskatchewan, and a
$3&nbsp;million investment on the Wellington Range project in Northern Territory, Australia.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reserves and Resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The disclosure in this Annual Information Form of a scientific and technical nature regarding
Cameco&#146;s material uranium properties (McArthur River/Key Lake, Cigar Lake and Inkai), including
mineral reserve and resource estimates, was prepared by or under the supervision of the following
qualified persons:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="68%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Qualified Persons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Properties</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco<br>
David Bronkhorst, General Manager, McArthur River, Cameco<br>
Greg Murdock, Technical Superintendent, McArthur River, Cameco<br>
Lorne D. Schwartz, Chief Metallurgist, Mining Technical Services, Cameco<br>
Les Yesnik, General Manager, Key Lake, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McArthur River/Key Lake</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco<br>
C. Scott Bishop, Chief Mine Engineer, Cigar Lake, Cameco<br>
Grant J.H. Goddard, General Manager, Cigar Lake, Cameco<br>
Lorne D. Schwartz, Chief Metallurgist, Mining Technical Services, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cigar Lake</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco<br>
Charles J. Foldenauer, Deputy General Director, Operations, Inkai
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inkai</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>As director, mineral resources management at Cameco, Mr.&nbsp;Mainville oversees and coordinates
the work performed by Cameco qualified persons on the estimation of mineral reserves and
resources and reports to management and Cameco&#146;s reserve oversight committee of the board on
matters relating thereto.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using
the subcategories of proven reserves, probable reserves, measured resources, indicated resources
and inferred resources. Cameco reports mineral reserves and resources separately. (See <I>Note
Regarding Reserves and Resources</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports all its mineral reserves as a quantity of contained ore supporting the mining plans
and provides an estimated metallurgical recovery for each of its properties. Metallurgical
recovery is a term used in the mining industry to indicate the proportion of valuable material
physically recovered by the metallurgical extraction process. The estimated recoverable amount of a
commodity is obtained by multiplying the mineral reserves &#147;Content&#148; by the &#147;Estimated Metallurgical
Recovery Percentage&#148;.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Reserves</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium mineral reserves as at December&nbsp;31, 2009 on a
property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #ffffff"><B>PROVEN</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #ffffff"><B>PROBABLE</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #ffffff"><B>TOTAL RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="48" style="border-bottom: 1px solid #ffffff"><B>(tonnes in thousands; pounds in millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>share of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Mining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>metallurgical</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>method</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>recovery (%)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="49" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">557.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,059.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,096.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,043.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,434.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,477.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,403.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,403.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,803.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,803.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,931.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,703.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">493.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,461.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8,511.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>263.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>97,831.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>475.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>106,342.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>738.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>478.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated metallurgical recovery factors must be applied in order to obtain the expected amounts of recovered pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Cameco&#146;s share of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> content is not adjusted for the estimated metallurgical recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves incorporate allowances for dilution and mining losses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Cameco&#146;s data verification procedures have been employed in connection with the mineral reserve estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, an average uranium price of $54 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used to estimate mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">7.</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of $1.00 US=$1.05 Cdn (reflecting the exchange rate at December&nbsp;31, 2009).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD>No known environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues are expected to materially affect the above estimates of mineral reserves except for the potential Inkai permitting issue discussed at <I>Inkai &#151; Mineral Resources and Mineral Reserve Estimates</I>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">9.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">10.</TD>
    <TD>&nbsp;</TD>
    <TD>Smith Ranch, Highland and Reynolds Ranch are now reported under Smith Ranch &#150; Highland as they are all part of the same operation.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above reserves, Cameco has contractually committed supplies, including
supplies under the HEU Commercial Agreement, of approximately 31&nbsp;million pounds of uranium from
January&nbsp;1, 2010 until the end of 2013.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Measured and Indicated Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cautionary Note to Investors concerning estimates of Measured and Indicated Resources:</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This section uses the terms &#147;measured resources&#148; and &#147;indicated resources&#148;. US investors are
advised that while those terms are recognized and required by Canadian securities regulatory
authorities, the SEC does not recognize them. Investors are cautioned not to assume that any part
or all of the mineral deposit in these categories will ever be converted into proven or probable
reserves.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium measured and indicated resources as at December&nbsp;31,
2009 on a property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>TOTAL MEASURED AND</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>MEASURED</B><B></B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="10" style="border-bottom: 1px solid #000000"><B>INDICATED</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>INDICATED</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="44" style="border-bottom: 1px solid #ffffff"><B>(tonnes in thousands; pounds in millions)</B>    </TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco&#146;s</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Mining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>method</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="45" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">792.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center" nowrap>OP, UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,291.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,291.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,964.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,418.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,382.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">762.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,012.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,774.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,834.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,170.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,005.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,322.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,386.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,080.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,080.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,638.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,886.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,996.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>163.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46,882.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>198.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>139.6</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral resource estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>Smith Ranch, Highland, Reynolds Ranch and Northwest Unit are now reported under Smith Ranch &#150; Highland as they are all part of the same operation.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 56 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Inferred Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cautionary Note to Investors concerning estimates of Inferred Resources:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>This section uses the term &#147;inferred resources&#148;. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the SEC does not recognize
it. &#147;Inferred resources&#148; have a great amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource
will ever be upgraded to a higher category. Under Canadian securities regulations, estimates of
inferred resources may not form the basis of feasibility or pre-feasibility studies. Investors
are cautioned not to assume that part or all of an inferred resource exists or is economically or
legally mineable.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium inferred resources as at December&nbsp;31, 2009 on a
property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="20" style="border-bottom: 1px solid #000000"><B>INFERRED</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="20" style="border-bottom: 0px solid #000000"><B>(tonnes in thousands; pounds in millions)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cameco&#146;s share</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Property</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Method</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,696.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">861.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,370.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,843.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>267,651.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>576.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>353.9</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="font-size: 1pt">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral resource
estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Reserves Reconciliation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral reserves reflects the changes in
mineral reserves during 2009. The net change to mineral reserves was primarily the result of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mining and milling activities, which used 22&nbsp;million pounds</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identifying additional reserves  &#151; 14&nbsp;million pounds at McArthur River and 8&nbsp;million
pounds at Rabbit Lake</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reclassifying reserves to resources &#150; 8&nbsp;million pounds at Cigar Lake and 5.5&nbsp;million
pounds at Ruby Ranch and Ruth</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Reserves</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">December 31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">2009Addition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">December 31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Throughput<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Deletion)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves
&#151; Proven</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(76,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(884</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,316</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,226</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,164</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Proven Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>246,763</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(17,800</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(59,348</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>169,615</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves
&#151; Probable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,819</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(997</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,840</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(287</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,420</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte
&#151; Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(316</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,208</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,745</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,896</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,807</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,689</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(194</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(575</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Probable Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>248,303</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(4,377</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>65,172</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>309,098</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="15" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495,066</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(22,177</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,824</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>478,713</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 3px double #000000">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Corresponds to millfeed. The discrepancy between the 2009 millfeed and Cameco&#146;s share of 2009 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> produced is due to mill recovery, mill inventory and the processing of low-grade material.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of information provided
by mining and milling, and subsequent re-classification of reserves or resources, as applicable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Smith Ranch, Highland and Reynolds Ranch are now reported under Smith Ranch &#150; Highland as they are all part of the same
operation.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 58 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Resources Reconciliation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral resources reflects the changes in
mineral resources during 2009. The more noteworthy changes in Cameco&#146;s share of uranium mineral
resources in 2009 were:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding 20&nbsp;million pounds of resources at Tamarack, Rabbit Lake and Crow Butte</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upgrading 14&nbsp;million pounds of resources to reserves at McArthur River, Zone 4</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>downgrading 5.5&nbsp;million pounds of reserves to resources at Ruby Ranch and Ruth</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">2009 Addition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Deletion)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">December 31, 2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 0px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources
&#151; Measured</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,573</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte
&#151; Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(128</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(216</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">660</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(13,529</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27,514</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources-Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,877</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte
&#151; Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(319</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,984</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,078</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,962</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>86,877</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,144</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>112,021</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured &#038; Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127,920</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11,615</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>139,535</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of
information provided by mining and milling, and subsequent re-classification of reserves or resources, as
applicable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Smith Ranch, Highland, Reynolds Ranch and Northwest Unit are now reported under Smith Ranch &#150; Highland
as they are all part of the same operation.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 59 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) (Continued)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2009 Addition</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">(Deletion)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">December 31, 2009</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources
&#151; Inferred</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,049</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte
&#151; Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,775</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">942</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>335,625</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18,223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>353,848</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 3px double #000000">&nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of
information provided by mining and milling, and subsequent re-classification of reserves or resources, as
applicable.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Smith Ranch, Highland, Reynolds Ranch and Northwest Unit are now reported under Smith Ranch &#150; Highland
as they are all part of the same operation.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Fuel Conversion Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Market Background</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Demand</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services is directly linked to the level of electricity
generated by light water moderated nuclear power plants. The demand for UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion
services is linked to the level of electricity generated by heavy water moderated nuclear power
plants such as CANDU reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates world demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services to
be about 65&nbsp;million kgU in 2009. Western world demand accounted for about 57&nbsp;million kgU, with the
remaining 8&nbsp;million kgU coming from Russia, China and Eastern Europe. In 2010, total world
conversion services demand is expected to increase by about 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most utilities operating nuclear reactors purchase their uranium requirements in the form of
concentrates directly from mining and milling operators. The uranium contained in the concentrates
is refined and converted to fuel grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> or to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for enrichment. The
enriched UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then converted to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>. The natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> are fabricated into pellets and loaded into fuel bundles for eventual
use in nuclear reactors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supply</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion industry consists of Cameco and three other significant
producers with an annual conversion nameplate capacity of about 51&nbsp;million kilograms of uranium.
Cameco is the only commercial supplier of conversion for natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> customers in the
western world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2005, Cameco entered into a 10-year toll-conversion agreement with BNFL (now Springfields
Fuels Ltd. (&#147;SFL&#148;)). Under the agreement, a base quantity of 5&nbsp;million kilograms of uranium as
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>, supplied by Cameco&#146;s Blind River operation, is to be converted annually into
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> by SFL&#146;s U.K. plant. Due to this agreement, the plant, which has a nameplate
capacity of 6&nbsp;million kilograms of uranium, is expected to remain in operation through 2016.
Cameco entered into a number of long-term contracts for significant volumes of conversion services
to base load this agreement. SFL,
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 60 -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">coupled with Cameco&#146;s Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant,
accounts for about 35% of western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>nameplate conversion capacity. <SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supplies of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> are also available from secondary sources including excess western
inventories, Russian inventory sales in the form of LEU, re-enriched depleted tails in the form of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>and Russian and US uranium derived from dismantling nuclear weapons. These sources
are discussed in more detail in <I>Uranium Concentrates Business</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Russia supplies most of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion requirements of the former Soviet Union and
Eastern Europe in the form of LEU. Russia has not been a significant supplier of toll conversion
services to the western world due to the level of integration in the Russian nuclear fuel cycle.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco competes on the basis of price, location and service with two other full-scale commercial
suppliers of conversion services in the western world and with the secondary supplies mentioned
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similar to their procurement of uranium requirements, utilities secure a substantial percentage of
their conversion service requirements by entering into long-term contracts with primary conversion
service providers. Prices are established by a number of methods, including fixed prices adjusted
by inflation indices and market referenced prices (spot or long term price indicators). Contracts
can also contain floor prices, ceiling prices and other negotiated provisions that affect the price
ultimately paid. Fixed price contracts with adjustment for inflation are by far the most common.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Marketing of Conversion Services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s marketing strategy for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services is similar to that for uranium
concentrates. Cameco sells its services directly to utilities located in many parts of the world
primarily through long-term contracts. Cameco currently has UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services
commitments of about 92&nbsp;million kilograms of uranium with about 50 customers worldwide under
long-term contracts. Cameco&#146;s five largest customers account for approximately 38% of these
commitments. 51% of Cameco&#146;s committed UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services volume is to purchasers
in the Americas, 26% in the Far East and 23% in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, the majority of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services commitments are under
contracts that contain fixed prices with inflation escalators. Therefore, in the short term
Cameco&#146;s financial results are relatively insensitive to changes in the spot price for conversion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UO</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>2</I></SUB>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is the only commercial supplier of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for CANDU reactors operated in Canada by
Bruce Power, OPG, NB Power and Hydro Quebec. Cameco also exports UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>to South Korea
and, occasionally, to Romania for its CANDU reactors and to the United States and Japan for use as
blanket fuel in boiling water reactors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Operations</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns and operates Canada&#146;s only uranium refinery and conversion facilities. Cameco has a
uranium refining facility within close proximity to Lake Huron and approximately eight kilometres
west of Blind River, Ontario (approximately 600 kilometres north-west of Toronto, Ontario). Blind
River has a population of about 4,000. Cameco also has two conversion plants within the
Municipality of Port Hope, Ontario (pop. approx. 16,000) approximately 100 kilometres east of
Toronto, on the shore of Lake Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Fuel Manufacturing Inc. (&#147;CFM&#148;) is one of two Canadian commercial suppliers of fuel
manufacturing services for CANDU reactors. CFM&#146;s plants are located in Port Hope for the
manufacture of fuel bundles and in Cobourg,
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ontario, for the manufacture of zirconium parts for
fuel bundles and various reactors parts. CFM&#146;s Cobourg plant is 10 kilometres east of its Port
Hope plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Blind River refinery and Port Hope conversion facilities and the CFM plant in Port Hope
were re-licensed by the CNSC for a five-year period that commenced on March&nbsp;1, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blind River &#151; Refining</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River facility has an annual licensed capacity of 18&nbsp;million kilograms of uranium as
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. It includes a uranium refinery, a large storage area for uranium concentrates, and
weighing and sampling facilities. The Blind River facility refines uranium concentrates into
nuclear grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. Nearly all of the UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is shipped to Port Hope for
conversion into either UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>or to Springfields, UK for conversion into
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>(see <I>Uranium Fuel Conversion Services </I>&#151; <I>Market Background </I>&#151; <I>Supply </I>above for
details of the Springfields arrangement). A small quantity of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is supplied to
others for blending with enriched uranium to produce reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blind River produced 12.9&nbsp;million kgU of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2009 compared to 10.6&nbsp;million kgU in
2008. As in 2008, Cameco continued to limit production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2009 because
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope was suspended until June&nbsp;2009. Production in the first half
of 2009 was also impacted by the limited supply of uranium feed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium concentrate inventory stored at Blind River has been declining over the past several
years and is now causing changes to the refinery&#146;s customary operating schedule. In the past, many
customers stored large inventories at the Blind River facility, providing ample feedstock.
Customers now hold virtually no inventory as concentrates and provide the feedstock on a
just-in-time basis. Accordingly, the Blind River refinery may be subject to more shutdowns as
Cameco manages production to match the delivery of uranium feed. This, in turn, could impact the
supply of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> feed for the conversion facilities at Port Hope and impacts those
operations as well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The EA for the proposed increase in the Blind River licensed production capacity from 18 to 24
million kgU per year was approved by the CNSC in the fall of 2008. A written request for a licence
amendment was submitted to the regulators in December&nbsp;2008. Once Cameco receives regulatory
approval to increase annual capacity to 24&nbsp;million kgU per year, construction to increase the
capacity will begin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Port Hope &#151; Conversion</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion plants produce natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and natural UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. In
2009, the plants, together with SFL and CFM, produced 12.3&nbsp;million kilograms of uranium. The
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant is licensed for 2.8&nbsp;million kilograms of uranium per year and produces
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> used as fuel in Canadian and other CANDU reactors, as well as blanket fuel for light
water nuclear reactors. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, licensed for 12.5&nbsp;million kilograms of uranium
per year, converts UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then shipped to
enrichment plants in the United States, Europe and Japan for further processing to low enriched
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> prior to conversion to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, which is used as reactor fuel for
light water nuclear reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil and groundwater under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant
was discovered. Production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> was suspended to allow a comprehensive investigation.
Production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>was not affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco received regulatory approval and restarted the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant in late September&nbsp;2008
after making significant upgrades to structures and equipment related to liquid management
practices. In late November&nbsp;2008, Cameco once
again suspended UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production because it was unable to resolve a contract dispute and
obtain commercially viable supplies of hydrofluoric acid (HF)&nbsp;from its sole supplier. Also because
of logistical issues, alternative supplies could not be quickly established. UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
production resumed in June&nbsp;2009. Cameco signed an HF supply agreement with its original supplier as
well as two additional suppliers to broaden its source of supply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has completed a site-wide environmental investigation of subsurface contamination and a
site-wide risk assessment to identify contaminants that could pose a potential risk to the
environment. The assessment was completed in the second quarter of 2009. It was used to guide the
completion of an environmental management plan to assure that corrective actions, largely in place
already, mitigate potential risks. The findings of a risk assessment and the low
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">concentrations of
contaminants in the soil and groundwater outside the footprint of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant,
indicate that the health and safety of employees and the public have not been and will not be
adversely affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures have been brought up to the new
standards of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Port Hope conversion facility project (Vision 2010) proposes to further remediate and
modernize the Port Hope conversion facility site. The federal Minister of Environment has approved
the guidelines for a comprehensive environmental assessment for the project. Work on this
environmental assessment continues. A licence amendment will be required following acceptance of
the environmental assessment. Design and preliminary engineering for the project continues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco Fuel Manufacturing Inc. (renamed from Zircatec) &#151; Fuel Fabrication</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchased Zircatec on February&nbsp;1, 2006 for $109&nbsp;million and has since changed its name to
Cameco Fuel Manufacturing Inc. Its primary business is to fabricate fuel bundles for sale to
companies that generate electricity from CANDU reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Port Hope, Ontario, CFM&#146;s plant presses UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> powder into pellets that are loaded into
tubes and then assembled into fuel bundles. These bundles are ready to insert into a CANDU reactor
core. The fuel bundles are supplied to customers who operate CANDU reactors. The plant&#146;s annual
capacity is approximately 1,200 tonnes uranium as finished fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM has two fuel manufacturing services agreements covering all of BPLP&#146;s and BALP&#146;s fuel
manufacturing requirements until 2018 for BPLP and until 2030 for BALP. Under these agreements,
CFM will manufacture UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>provided by Cameco into fuel bundles for the Bruce A and B
units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has agreements with BALP for the supply of fuel bundles containing both natural and slightly
enriched uranium (SEU). In 2009, construction of the SEU production line was suspended at BALP&#146;s
request (see <I>Bruce Power LP &#151; The Generating Facilities &#151; New Fuel Program </I>below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Cobourg, Ontario, CFM operates a facility where the primary product is zirconium tubing, an
integral part of nuclear fuel bundles. The plant also manufactures various CANDU components and
monitoring equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following a strike at CFM, unionized employees ratified a new three-year collective agreement that
expires on June&nbsp;1, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Environmental Matters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Overview of Impacts</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By their nature, Cameco&#146;s mining and uranium refining and conversion operations affect the
environment. The Company&#146;s objective is to minimize that effect. In its operations, Cameco seeks
to protect the environment by limiting emissions and managing wastes to attain levels as low as
reasonably achievable, social and economic factors taken into account. This is commonly called the
ALARA principle. Cameco monitors and measures the key characteristics of its operations and
identifies those aspects that have or may have a significant effect upon the environment. Cameco&#146;s
operations are subject to stringent government regulation relating to the protection of the
environment, including requirements for reclamation and decommissioning of its operating sites.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s ten mining, milling and processing facilities disturb approximately 30 square kilometres
of land. Considering the energy potential of the products of these sites, Cameco&#146;s operations
affect a much smaller fraction of land compared to what would be required to generate the same
amount of energy using other technologies. Cameco&#146;s mining operations in northern Saskatchewan are
underground mines and therefore the surface land impact is minimized. In the US and Kazakhstan,
Cameco uses ISR mining to extract uranium from underground non-potable, brackish aquifers and
therefore
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">surface impact is minimal. Conceptual decommissioning plans, which incorporate
environmental evaluation, are in place for all of the Company&#146;s operating sites.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company also seeks to maximize the lifespan of its operating sites to minimize environmental
impacts. To that end, Cameco is planning to invest in the revitalization of its Key Lake and
Rabbit Lake mills, which have been in operation for 27 and 35&nbsp;years respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company seeks to continue its efforts to improve the management of process water and the effect
upon receiving water bodies by upgrading its operating processes and adopting new technologies
consistent with the ALARA principle. Historical accumulation and continued release of molybdenum
and selenium have been identified as having the potential to cause adverse effects to the
environment. Cameco is reducing the concentrations of molybdenum and selenium in the effluent
released from Cameco&#146;s northern Saskatchewan operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Key Lake, to address these concerns of potential effect, Cameco proposed an action plan to the
CNSC to reduce molybdenum and selenium discharges in the mill effluent. The action plan was agreed
to by the CNSC and was subsequently included as a condition in the Key Lake facility operating
licence. This action plan has been implemented. Based upon work conducted in 2009, release of both
metals to the environment is now controlled at reduced concentrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, the Company is taking proactive steps to reduce molybdenum that is discharged to
the environment ahead of regulatory limits that may be imposed. Early in the start up of the
McArthur River operation, Cameco recognized that the three shafts at the site produced quantities
of water that would exceed the needs of the underground operations. Capture of the shaft seepage
eliminated the need to pipe surface water down for underground mining activities. The shafts
produce water of good quality, and at shaft three, the water quality has been assessed and approved
for discharge to the environment, without treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco put in place the system to directly discharge to the environment all excess ground
water picked up in shaft three, thereby preventing that source of water from contacting underground
processes. As a result, molybdenum loadings were reduced. In addition, Cameco is targeting to have
excess water from the other shafts sent in a more direct manner to the surface effluent treatment
plant. These actions are expected to reduce effluent treatment volume and reduce the molybdenum
concentration in the effluent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, a $41&nbsp;million project to reduce discharges of molybdenum and selenium was completed
in 2009. In addition, in 2006, Cameco installed a $5&nbsp;million water treatment circuit to reduce
uranium in its discharges, which has been very successful in reducing uranium concentrations
beginning in 2007. Uranium loadings were reduced by a factor of 10 in 2007 compared to pre-2004
levels. An environment monitoring program has been developed with provincial and federal
regulators to verify that improvements made in the mill effluent treatment process will result in
improvements in the receiving environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil and groundwater under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant
were discovered and Cameco suspended operation of the plant to conduct an investigation. See
<I>Nuclear Business &#151; Uranium Fuel Conversion Services &#151; Operations </I>for a discussion of the
environmental effect of the incident and the actions Cameco has taken in response to this incident
and to resume operation of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant was restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures were brought up to the new standards of
the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. During the work, it was found that a sump had been leaking and appeared
to be the source of some localized contaminated ground water that a previous
assessment identified. A new groundwater collection well was installed adjacent to the
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant and its effectiveness in controlling contaminated groundwater continues to be
assessed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It cost about $14&nbsp;million to remediate the contaminated soil and groundwater contamination from the
Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. As well, Cameco spent $50&nbsp;million on improvements to the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, in early 2008, uranium in groundwater seepage was detected in an excavation for a
new effluent treatment circuit adjacent to the mill. Concrete repairs and restoration of various
containment areas in the mill were carried out. It was determined that the uranium in groundwater
seepage was localized to the immediate vicinity of the mill where
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">it was detected, and that the
nearby RLITMF afforded regional control as groundwater near the mill flows to the facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ISR method employed in the US involves extraction of uranium from underground non-potable
aquifers by dissolving the uranium with a carbonate-based water solution and pumping it to a
processing facility on the surface. The ISR method employed in Kazakhstan by JV Inkai uses an acid
in the mining solution. The injection and recovery system at Inkai is engineered to prevent
migration of the mining solution to the higher purity water aquifer above the ore body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to reduce its emissions to the air. At Port Hope, emissions of uranium and
hydrofluoric acid to the air have been reduced through installation of new equipment and changes to
operating procedures. McArthur River has a large refrigeration plant used in connection with
underground freezing. This plant uses refrigerants other than ozone-depleting chemicals that harm
the earth&#146;s atmosphere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The most current data (2007)&nbsp;indicates Cameco&#146;s greenhouse gas (GHG)&nbsp;emissions of CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
equivalent (CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>e) were about 387,000 tonnes compared to 405,000 tonnes in 2006. GHGs
include carbon dioxide, methane, nitrous oxide, sulphur hexafluoride, hydrofluorocarbons (HFCs),
and perfluorocarbons (PFCs). To quantify GHGs, Cameco follows the general guidelines as outlined by
the Intergovernmental Panel on Climate Change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GHG emissions decreased somewhat in 2007 due to substantially reduced activities at Cigar Lake and
at Port Hope with cessation of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production activities and the remediation of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. GHG emissions may increase in the next few years, as remediation activities
progress at Cigar Lake and as the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant returns to operation. A significant portion
of the Company&#146;s calculated GHG emissions is due to electricity consumption that is provided by
third-party generators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The greatest volume of waste produced on a routine basis is tailings and waste rock from Cameco&#146;s
mines and mills in northern Saskatchewan. Mill tailings at Rabbit Lake and Key Lake are treated to
stabilize contaminants and then deposited in engineered tailings management facilities. These
facilities are constructed within mined-out open pits near the mills. To ensure that tailings are
isolated from the surrounding environment, during production, groundwater and surface water are
diverted around the facilities, monitored, and treated if necessary. Similarly, all runoff and
seepage water from waste rock piles are monitored and treated as required. Some waste rock has
been stockpiled as blend material for high grade ores and is being processed through the mill.
Other waste rock piles will be contoured and revegetated in-place prior to site decommissioning.
Once the facilities are decommissioned, the groundwater will be monitored to ensure that the
designed low environmental impact is assured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2009 reportable environmental events were 27, lower than the 29 in 2008, but still above
Cameco&#146;s long-term annual average. There were no significant environmental incidents in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like other large industrial organizations, Cameco utilizes chemicals in its operations that could
be hazardous to health and the environment if handled incorrectly. Employees are trained in the
proper use of hazardous substances and in emergency response techniques.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to improve communication, on environmental and other matters, with communities in
northern Saskatchewan and Ontario who are impacted by its activities. In northern Saskatchewan,
the Company organized the Athabasca Working Group in 1993. The Company also cooperates with the
northern community environmental quality committees organized by the province of Saskatchewan. At
its fuel services sites in Ontario, Cameco also conducts regular environment-focused community
liaison activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cameco Policies</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has a safety, health and environment committee of the board of directors, which
oversees Cameco&#146;s environmental policies and programs and environmental performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s safety, health, environment, and quality policy is found on Cameco&#146;s website. The policy
contains a statement of Cameco&#146;s environmental principles and a description of how these principles
are to be implemented, including through seven corporate safety, health, environment and quality
(SHEQ)&nbsp;programs under Cameco&#146;s management system.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This policy was developed in order to address
changing regulatory and industry standards. In early 2009, the safety, health, environment, and
quality policy was revised to reflect Cameco&#146;s commitment to environmental leadership (EL). Cameco
has had environmental, safety and health policies in place since 1991 and has continued to refine
its approach to ensure policies, programs and procedures are in place and appropriate as part of an
overall integrated management system. To further enhance this direction, Cameco has been
benchmarking its management system against those used in the nuclear power generation sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Among other things, this policy provides that Cameco is striving to be a leading performer through
a strong safety culture and through the commitment to the following principles: keeping risks at
levels as low as reasonably achievable; preventing pollution; complying with and moving beyond
legal compliance requirements; ensuring quality of processes, products and services; and
continually improving Cameco&#146;s overall performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reinforced its commitment to EL in 2008 with the establishment of EL as one of four
strategic priorities in its operations group. A team of specialists was assembled to implement its
long-term environmental performance improvement plan. The Company&#146;s plan is to reduce the
environmental impacts in all aspects of its business, including those related to air, water, waste,
land use, energy and greenhouse gases. Nine EL key performance indicators (KPIs) were approved and
a system developed and implemented to track, monitor and report performance. The Company&#146;s
performance profile was prepared for the past three years and communicated in its sustainable
development report, which was posted on Cameco&#146;s web site in late 2008. EL was also integrated
into the company&#146;s SHEQ management system and major project planning process.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cameco Programs</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s SHEQ management system for implementing its safety, health, environment, and quality
policy includes seven programs that articulate what is expected from Cameco sites when undertaking
actions to fulfill commitments contained in this policy and set out a course of activities to be
undertaken to implement this policy. These seven programs are: quality management program; safety
and health management program; radiation protection program; environment management program;
management system audit program; emergency preparedness and response program; and contractor
management program. For 2009, $92&nbsp;million was invested in environmental protection, monitoring and
assessment programs while $34&nbsp;million was directed to health and safety programs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This system reinforces the Company&#146;s commitment to ongoing management of environmental risks and is
structured to be compatible with the requirements of ISO 14001. The ISO 14000 series provides a
set of internationally accepted standards that assist companies in the development of environmental
management systems, which in turn enhance environmental and corporate performance through quality
and process improvements. Port Hope conversion facility, Blind River, Key Lake, McArthur River,
Smith Ranch-Highland, Crow Butte and Inkai operations have been ISO 14001 certified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s environment, safety and health efforts are both corporate and site-based. There is
divisional level support for the Mining, Fuel Services and Cameco Resources divisions in SHEQ and
related technical support matters. Operational SHEQ activity is designed to further enhance
consistent application of SHEQ policies and procedures, focusing on divisional-level consistency.
The corporate SHEQ function integrates all aspects of the SHEQ management system under one group
and provides additional support to manage and coordinate the Company&#146;s environmental assessment
function. The SHEQ audit function is integrated with other internal audit functions within the
organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Cameco&#146;s management system audit program, sites perform internal audits of their SHEQ
management system to ensure conformance to policies, programs and standards and compliance with
regulatory requirements. In addition,
Cameco conducts regular SHEQ audits of its sites through the corporate internal audit department.
In practice, this typically results in corporate audits at each operating site every 18-24&nbsp;months
and audits at every construction or developmental site every 12&nbsp;months. The purpose of the
corporate audit program is to assess compliance with applicable laws, regulations, permit
requirements, and with the Company&#146;s environmental (SHEQ)&nbsp;related policies and programs and site
performance in reducing risk and managing requirements.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Regulatory Compliance</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s business is subject to a wide variety of laws and regulations regarding environmental
matters and the management of hazardous wastes and materials, including those of general
application to environmental matters and those specifically associated with mining and the nuclear
sector. Changes in environmental laws and regulations or more stringent application of existing
standards often occur, promoting continual improvement in the SHEQ aspects of the Company&#146;s
business. This can result in additional expense, capital expenditures, limitations or delays in the
exploration, development, operation or decommissioning of the Company&#146;s properties, which could
have a material adverse impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Governmental approvals and legislation address, among other things, the environmental impact of
mining and uranium processing operations. Legislation and regulation in various jurisdictions
establish system performance standards, air and water quality emission standards and guidelines,
and other design or operational requirements for various SHEQ components of operations.
Legislation and regulations also establish requirements for decommissioning and reclamation
following the cessation of operations and may require that some former mining properties be
actively managed for a long time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a discussion of the environmental regulation of Cameco&#146;s Canadian and US operations.
Please see the Inkai and Bruce Power sections of this Annual Information Form for a discussion of
the environmental regulation of their respective operations<I>.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Regulatory Compliance</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, environmental matters related to Cameco&#146;s operations are the subject of ongoing public
scrutiny as well as regulatory oversight by the CNSC, the SMOE, the Ontario Ministry of the
Environment (&#147;OMOE&#148;), Environment Canada, and the federal Department of Fisheries and Oceans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Potentially significant environmental performance improvement challenges relate to the application
of more stringent controls on fugitive uranium emissions from ventilation systems at fuel services
facilities and reduced effluent chemical loadings from Cameco&#146;s Saskatchewan mine and mill sites.
In the case of effluent chemical loadings, the current focus centers on reducing molybdenum and
selenium loadings through additional chemical treatment techniques. Other current performance
improvement areas are associated with improved control of groundwater migration from facilities,
firefighting and emergency response requirements, and decisions arising from the evaluation of
substances carried out under the <I>Canadian Environmental Protection Act</I>, 1999 (&#147;CEPA&#148;). Ongoing
changes to the regulatory framework may also require additional response and expenditures by
Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New initiatives have and likely will continue to generate additional environmental studies in the
vicinity of these operations. This is particularly evident in the area of pre-licensing
environmental assessment, where studies typically set the stage for future regulatory obligations
on the Company. Regulatory expectations of the CNSC and of other federal and provincial regulators
continue to evolve, and this can reasonably be expected to continue in pursuit of improved SHEQ
performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>OMOE Proposed Uranium-in-Air Standard</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of July&nbsp;2009, the OMOE published a series of nine amendments to Ontario Regulation
419/05 (Air Pollution &#151; Local Air Quality) that update or introduce new air quality standards. The
proposed amendments include a new standard for uranium in air. These standards can be used
directly by the OMOE as compliance and enforcement tools. There was a 60-day comment period for
these proposed amendments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since the close of the comment period, the OMOE has held a series of stakeholder meetings in late
2009 and early 2010. Cameco has been actively involved in the consultation meetings and continues
to advance that the scientifically defensible standard is higher and more consistent with the World
Health Organization&#146;s standard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s current assessment is this is not expected to be material to its Ontario operations.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Saskatchewan Environmental Legislation Review</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The province of Saskatchewan is adopting a new, results-based model for environmental regulation.
The SMOE indicates it &#147;will improve protection of the environment, while promoting innovative new
tools in environmental management.&#148; At the end of November&nbsp;2009, the Saskatchewan Minister of the
Environment introduced to the provincial legislature the <I>Environmental Management and Protection
Act, 2009</I>, along with amendments to the <I>Environmental Assessment Act </I>and the <I>Forest Resources
Management Act</I>, which sets the stage for the adoption of a results-based environmental regulatory
framework for Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has actively participated in all three rounds of consultation on the proposed changes.
Cameco will continue to participate in the development of the Environmental Code, which will be the
trigger for bringing the legislative amendments into effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s current assessment is this is not expected to be material to its Saskatchewan operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>CNSC</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is subject to stringent regulatory oversight by its main regulator, the CNSC, an independent
commission established by the federal government under the Nuclear Safety and Control Act (&#147;NSCA&#148;).
The CNSC regulates Cameco&#146;s compliance with the requirements of the NSCA, as well fulfilling
environmental assessment obligations under the CEAA. Obtaining regulatory approvals, including for
licence renewals and changes in operating practices, can take significant time due to the nature of
the approval process, which at times can require an environmental assessment or extensive review of
supporting technical data as well as supporting management programs and procedures. Cameco strives
to improve both the quality and effectiveness of its regulatory approval proposals and submissions.
This, coupled with programs and initiatives to ensure compliance with regulatory requirements, has
resulted in significant capital expenditures and increases in operating costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recent years, when auditing Cameco operations, the CNSC has put a priority on assessment of
specific SHEQ programs. These have included such aspects as: radiation protection programs;
environmental monitoring; fire protection; operational quality assurance; organization and
management systems effectiveness; transportation systems; geotechnical monitoring; training; and
ventilation systems. Regulatory review of program implementation effectiveness, as well as
evaluation of safety culture and related human factors, are becoming more prevalent as the SHEQ
systems mature. These system effectiveness and program-specific audits and regular site inspections
by regulatory project officers have generated, and are intended to continue to generate, actions to
improve SHEQ performance. The resulting program modifications are typically procedural and do not
incur large capital costs; however, they are significant in terms of how these systems are applied
and do result in increases in operating costs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>US Regulatory Compliance</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco US subsidiaries&#146; ISR operations are subject to a wide variety of federal, state and local
regulations, governing among other things, air emissions, water discharges, hazardous materials
handling and disposal, and site reclamation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Through the US Nuclear Regulatory Commission (&#147;NRC&#148;) and state environmental agencies, Cameco&#146;s US
ISR subsidiaries mine permitting and licensing activities are subject to comprehensive
environmental regulation. The mine permitting and licensing process typically takes several years
to complete and requires the completion of environmental assessment reports. Public hearings and
public comments are included in the process. In the past, they have been
successful in obtaining the necessary permits and licences to ensure sufficient mineral reserves
are available to meet production plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After mining has been completed, an ISR well field must be restored in accordance with regulatory
requirements. Generally, this involves restoring the groundwater to its pre-mining use or
equivalent class of use water standard. Restoration of Crow Butte well fields is regulated by the
Nebraska Department of Environmental Quality (&#147;NDEQ&#148;) and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the NRC and restoration of Smith
Ranch-Highland well fields is regulated by the Wyoming Department of Environmental Quality (&#147;WDEQ&#148;)
and NRC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte has four well fields under restoration. At mine unit #1, the groundwater has been
restored to pre-mining quality standards and all of the wells plugged and piping removed. The other
three well fields are in active restoration. $28.9&nbsp;million (US)&nbsp;is the estimated cost of
decommissioning the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte has provided a $28.9&nbsp;million (US)&nbsp;letter of credit to the State of Nebraska as security
for decommissioning the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland has three well fields under restoration (Mine Unit 1, C-Well field and D-Well
field) and two well fields (A and B Well fields) that have been restored. At the A-Well field, the
groundwater has been restored to pre-mining quality standards and the area continues to be
monitored for post-restoration environmental performance. At the B-Well field, groundwater has
been restored and this restoration has been approved by the WDEQ. Regulatory approval has not yet
been received from the NRC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">$100.4&nbsp;million (US)&nbsp;is the estimated cost of decommissioning Smith-Ranch Highland but Cameco
expects this number to increase in 2010 based on current discussions with the regulators. Letters
of credit totalling $80.2&nbsp;million (US)&nbsp;have been provided to the State of Wyoming as security for
decommissioning Smith Ranch-Highland. The amount of the letters of credit will be increased to
match any increase in the decommissioning estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The time to acceptance for restoration of the remaining well fields is an important issue for
Cameco subsidiaries&#146; US ISR operations, since it remains uncertain when, and at what cost, these
operations will be able to complete restoration of mined out ISR well fields to the required
performance standard.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once the Company&#146;s reserves of a deposit have been exhausted or after processing activities have
been permanently suspended, Cameco and its partners are required to decommission operating sites,
including waste rock and tailings management facilities, and reclaim those areas affected by their
activities, to the satisfaction of regulatory authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s estimation of the future costs of decommissioning and reclamation costs is based upon the
application of reclamation techniques, which are believed to be capable of generating reasonable
environmental and radiological performance. The Company reviews these estimates for accounting
purposes, as well as for licence renewal applications as required by regulatory agencies.
Beginning in 1996, the Company has conducted regulatory required reviews of its conceptual
decommissioning plans for all Canadian sites. These periodic reviews are typically done on a
five-year basis, or at the time of an amendment to or renewal of an operating licence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Decommissioning plans are accepted by regulators in terms of &#147;conceptual approval&#148;. This involves
acceptance by the regulators that the Company has proposed a reasonable decommissioning concept
upon which cost estimates can be prepared for financial assurance obligations. As Cameco
properties approach or go into decommissioning, further regulatory review of the detailed
decommissioning plans may result in additional requirements, associated costs and financial
assurances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, Cameco&#146;s estimate of the total decommissioning and reclamation costs, based on
current operations to date, for its operating assets was $495&nbsp;million, which is the undiscounted
value of the obligation. At the end of 2009, Cameco&#146;s accounting provision for these costs
totalled $297&nbsp;million, which represents the present value of the $495&nbsp;million mentioned above.
Most of these expenditures are expected to be incurred at the end of the useful lives of the
operations to which they relate. Therefore, the decommissioning and reclamation costs expected to
be incurred over the next five years are not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco provides financial assurances in the form of letters of credit (LCs), where required to
regulatory authorities, for decommissioning and reclamation costs. Cameco&#146;s LCs issued in support
of reclamation liabilities totalled $592&nbsp;million at the end of 2009. Since 2001, all of Cameco&#146;s
North American operations have had in place LCs providing financial assurance, which are aligned
with preliminary plans for site-wide decommissioning. More specifically:
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Saskatchewan &#151; </B>The decommissioning estimates (100% basis) for Rabbit Lake ($105.2&nbsp;million),
McArthur River ($36.1&nbsp;million) and Key Lake ($120.7&nbsp;million) were reviewed during relicensing
proceedings in 2008 and were accepted by the CNSC. The amount of LCs filed with the Saskatchewan
government as financial assurances for decommissioning the properties have been increased to match
the decommissioning estimates for Key Lake, Rabbit Lake and McArthur River.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the decommissioning estimate for Cigar Lake is $27.7&nbsp;million (100% basis). The amount
of LCs filed with the regulators as financial assurances for decommissioning Cigar Lake have been
increased to match the decommissioning estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ontario &#151; </B>Financial assurances for decommissioning in the form of LCs have been filed with the CNSC
for Port Hope in the amount of $96&nbsp;million, for Blind River in the amount of $36&nbsp;million, and for
CFM facilities in the amount of $18&nbsp;million. The decommissioning estimates for these facilities
were reviewed as part of the renewal of their CNSC licences in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cameco&#146;s US operations </B>&#151; Please see <I>US Regulatory Compliance </I>above for the reclamation and
decommissioning arrangements and LCs pertaining to their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please see the Inkai and Bruce Power sections of this Annual Information Form for a discussion of
the reclamation and decommissioning arrangements pertaining to their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please also see Note 12 to the 2009 Financial Statements regarding Cameco&#146;s estimate of
decommissioning and reclamation costs and related LCs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fuel Services Waste Management</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Reorganization of SMDC and ENL (now CEI), Cameco assumed the ownership and primary
responsibility for the management of wastes existing at the time of the Reorganization (&#147;Historical
Waste&#148;) at the Port Hope Conversion Facility, the Blind River Refinery, the Port Granby Waste
Management Facility and the Welcome Waste Management Facility (&#147;Historical Facilities&#148;), all
located in Ontario. The Company assumed liability for the first $2&nbsp;million of all costs in respect
of any claim arising out of or related to the Historical Waste and all decommissioning and
reclamation costs at the Historical Facilities and 23/98ths of the next $98&nbsp;million of such costs.
CEI retained liability for the balance of the costs up to $100&nbsp;million and for all the costs in
excess of $100&nbsp;million, effectively capping Cameco&#146;s liability at $25&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;6, 2000, the government of Canada and certain Port Hope and area communities announced
the signing of a &#147;Principles of Understanding&#148;, establishing the framework for development of an
agreement for the clean up, storage and long-term management of certain of the Historical Wastes.
On June&nbsp;19, 2001, the government of Canada announced that an agreement had been signed and that it
would invest about $260&nbsp;million over ten years to carry out the work. In July&nbsp;2002, the government
of Canada released the scope document for the projects to manage low-level radioactive waste for
the long term in the Port Hope area &#151; the Port Hope Area Initiative.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Principles of Understanding, in March&nbsp;2004, Cameco reached an agreement to transfer
the Port Granby Waste Management Facility and Welcome Waste Management Facility to the government
of Canada (with Atomic Energy Canada Limited ((&#147;AECL&#148;) as the licensee), which through its
ownership of ENL indirectly owned these waste sites prior to 1988. As part of the transaction, the
government has agreed to accept, without charge, approximately 150,000 cubic metres of Cameco owned
low-level radioactive waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government has also agreed to assume all liability for wastes located at these sites after
taking ownership, subject to Cameco&#146;s obligation to complete its maximum contribution of $25
million towards management and decommissioning of Historical Wastes. Cameco had previously
recognized this liability for its maximum contribution of $25&nbsp;million toward the cost of managing
this material, of which about $6&nbsp;million has actually been spent to the end of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both parts of the Port Hope Area Initiative, the Port Granby and Port Hope projects, have completed
the environmental assessment process. With respect to the Port Hope project, which includes
Historical Wastes located at the Welcome Waste Management Facility, following a one day public
hearing, the CNSC announced a decision in September&nbsp;2009
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to issue to AECL a Waste Nuclear Substance
Licence for this new facility that will be valid from the effective date of the land transfer of
the Welcome Waste Management Facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has an agreement with Denison Mines Corporation for the processing of certain
uranium-bearing by-products from Blind River and Port Hope at the White Mesa mill in Blanding,
Utah. While this arrangement has addressed the accumulated inventory of by-products and is
addressing current recycling requirements for these by-products, other outlets are being
considered. More specifically, in 2001, a mill scale pilot test program of recycling these
by-products at Cameco&#146;s Key Lake mill was completed and, in 2002, Cameco submitted a proposal to
federal and provincial regulatory authorities for approval to recycle these by-products at the Key
Lake mill. Provincial regulatory approval was received on February&nbsp;21, 2003. Federal regulatory
approval is still pending. Cameco must show that the reduction of the concentrations of molybdenum
and selenium in the effluent released at the Key Lake mill is adequate before the CNSC can complete
its evaluation of this proposal. Cameco plans to submit an updated EA to move this project forward.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Government Regulation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s business is subject to various levels of extensive governmental approvals and regulations
that are amended from time to time. The Company is unable to predict what additional legislation
or amendments may be proposed that might affect its business or when any proposals, if enacted,
might become effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined below are some of the more significant government controls and regulations that materially
affect the Company&#146;s uranium business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Treaty on the Non-Proliferation of Nuclear Weapons (the &#147;NPT&#148;)</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NPT was established in 1970 and is an international treaty with the following objectives: to
prevent the spread of nuclear weapons and weapons technology, to foster the peaceful uses of
nuclear energy, and to further the goal of achieving general and complete disarmament. The NPT
establishes a safeguards system under the responsibility of the IAEA. Almost all countries are
signatories to the NPT, including Canada, the US, the United Kingdom and France. As Canada, the
US and other jurisdictions signed the NPT, Cameco is subject to it and complies with IAEA
requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Uranium Industry Regulation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Canadian federal government has recognized that the uranium industry has special importance in
relation to the national interest and therefore regulates the industry through legislation,
regulations and policy announcements. The regulations and policy announcements apply to any
uranium property or plant in Canada that the CNSC may determine to be, or to have the capability
of, producing or processing uranium for nuclear fuel application. The legislation and regulations
require that the property or plant be owned legally and beneficially by a company incorporated in
Canada.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Ownership Restriction</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until March&nbsp;3, 2010, the most recent expression of Canadian government policy on non-resident
ownership of uranium mining properties was contained in a letter dated December&nbsp;23, 1987 from the
Minister of State (Forestry and Mines) to the Canadian uranium industry. The basic limit for
non-resident ownership of uranium properties at the stage of first production is 49%. Resident
ownership levels of less than 51% will be permitted if the property is in fact Canadian-controlled.
Exceptions to the policy may be granted, subject to Cabinet approval, and will be provided only in
cases where it is demonstrated that Canadian partners cannot be found.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;3, 2010, the Canadian government announced that it intends to liberalize the foreign
investment restrictions on Canada&#146;s uranium mining sector. The government stated that it intends to
&#147;ensure that unnecessary regulation does not inhibit the growth of Canada&#146;s uranium mining industry
by unduly restricting foreign investment&#148;.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco Ownership Restriction</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the Canadian government regulation of the Canadian uranium mining industry, the <I>Eldorado
Nuclear Limited Reorganization and Divestiture Act </I>imposes constraints on the issue, transfer and
ownership, including joint ownership, of Cameco shares so as to prevent both residents and
non-residents of Canada from owning or controlling more than a specified percentage of shares.
Please see <I>Description of Securities &#151; Restrictions on Ownership and Voting </I>for a description of
the constraints imposed by this act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Nuclear Safety and Control Act</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, control of the mining, extraction, use and export of uranium is governed by the NSCA, a
federal statute. The NSCA authorizes the CNSC to make regulations governing all aspects of the
development and application of nuclear energy, including uranium mining, milling, conversion,
fabrication and transportation. The NSCA grants the CNSC licensing authority for all nuclear
activities in Canada. A person may only possess or dispose of nuclear substances and construct,
operate and decommission its nuclear facilities in accordance with the terms and conditions of a
CNSC licence. The licence specifies conditions that the licensees must satisfy in order to
maintain the right to operate their nuclear facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A fundamental principle in nuclear regulation is that the licensee bears the responsibility for
safety, with the CNSC setting safety objectives and auditing the licensee&#146;s performance against the
objectives. The regulations made under the NSCA include provisions dealing with facilities licence
requirements, radiation protection, physical security for all nuclear facilities and the transport
of radioactive materials. The CNSC has also issued guidance documents to assist licensees in
complying with regulatory requirements such as decommissioning, emergency planning, and
optimization of radiation protection measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NSCA grants to the CNSC the power to act as a court of record, the right to require financial
guarantees for nuclear waste management and decommissioning as a condition of granting a licence,
order-making powers, and the right to impose monetary penalties. The NSCA also grants the CNSC
power to require nuclear power plant operator re-certification and to set requirements for nuclear
facility security measures. The NSCA also emphasizes environmental matters, including a
requirement that licence applicants and licensees make adequate provision for the protection of the
environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of Cameco&#146;s Canadian operations are governed primarily by licences granted by the CNSC and are
subject to all applicable federal statutes and regulations and to all laws of general application
in the province where the operation is located, except to the extent that such laws conflict with
the terms and conditions of the licence or applicable federal laws. Failure to comply with licence
conditions or applicable statutes and regulations may result in orders being issued, which may
cause operations to cease or be curtailed or may require installation of additional equipment,
other remedial action or the incurring of additional capital or other expenditures to remain
compliant. The Company may also be subject to prosecution (including criminal prosecution in some
circumstances) if it fails to comply with such applicable statutes and regulations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Export Regulation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The export of uranium is regulated by the Canadian federal government, which establishes nuclear
energy policy. Cameco&#146;s uranium exports are required to have export licences and export permits
granted by the CNSC and the Department of Foreign Affairs and International Trade, respectively,
and such licences and permits are obtained by Cameco for all such exports.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>US Uranium Industry Regulation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium recovery in the US is primarily regulated by the NRC pursuant to the <I>Atomic Energy Act of
1954</I>, as amended. Its primary function is to ensure the protection of employees, the public and
the environment from radioactive materials and it also regulates most aspects of the uranium
recovery process. The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations (&#147;10 CFR&#148;). The NRC issues
Domestic Source
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material
Licences pursuant to 10 CFR, Part&nbsp;40. The review of a licence application is governed by the
<I>National Environmental Policy Act </I>(&#147;NEPA&#148;) which is implemented through 10 CFR, Part&nbsp;51.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium recovery industry in Wyoming is also regulated by the WDEQ, Land Quality Division
(&#147;LQD&#148;) pursuant to the <I>Wyoming Environmental Quality Act </I>(&#147;WEQA&#148;) and the LQD Non-Coal Rules and
Regulations arising from the WEQA. Pursuant to WEQA, the WDEQ issues a permit to mine which is
administered by the LQD. In addition, the state administers a number of Environmental Protection
Agency (&#147;EPA&#148;) programs under the <I>Clean Air Act </I>and the <I>Clean Water Act</I>, some of which are
incorporated into the LQD Non-Coal Rules and Regulations (for example the Underground Injection
Control regulations under the <I>Clean Water Act</I>). Currently well field decommissioning is required
to the pre-mining use standard in Wyoming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, the uranium recovery industry in Nebraska is regulated by the NRC and the NDEQ pursuant
to the <I>Nebraska Environmental Protection Act</I>. Pursuant to this act and the regulations made
thereunder, the NDEQ issues a permit to mine. In Nebraska, well field groundwater restoration is
required to the class of use water standard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In all cases, failure to comply with NRC licence and/or state permit-to-mine conditions, or a
failure to comply with other applicable rules and regulations, can bring enforcement action, which
could result in an order to cease operations and other regulatory actions. NRC enforcement policy
describes a progression of enforcement starting with a notice of violation and working through a
pre-enforcement conference, fines, imprisonment and the barring of workers or contractors from
working in the nuclear industry. Under state and federal law, criminal charges are possible if
violations are deemed to be the result of criminal intent or action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Smith Ranch-Highland and Crow Butte, safety is regulated by the federal Occupational Safety and
Health Administration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other agencies are involved in the regulation of the uranium recovery industry, either directly or
indirectly, including the EPA, the Department of Transportation, the Bureau of Land Management,
Department of Energy, the Department of Defense, the Army Corps of Engineers, and the US Fish and
Wildlife Service, Nebraska Department of Health and Nebraska Department of Water Resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The export of uranium from the US and the movement of nuclear materials within the US are also
regulated by the NRC. While specific sales contracts are not reviewed or approved, export licences
for shipment of uranium outside the US are granted by the NRC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Land Tenure</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Saskatchewan Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of the Company&#146;s uranium reserves and resources are located in Saskatchewan. The right to
explore for minerals is acquired by the Company in Saskatchewan under a mineral claim from the
province of Saskatchewan (a &#147;Mineral Claim&#148;). The term of a Mineral Claim is two years, with the
right to renew for successive one year periods. To maintain a Mineral Claim in good standing,
generally, the holder must expend a prescribed amount on exploration. Excess expenditures can be
applied to satisfy expenditure requirements for future claim years. Except for exploration
purposes, a Mineral Claim does not grant the holder the right to mine minerals. A holder of a
Mineral Claim in good standing has the right to convert a Mineral Claim into a crown lease.
Surface exploration work of a Mineral Claim requires additional governmental approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The right to mine minerals is acquired by the Company as a lessee under a mineral lease from the
province of Saskatchewan (a &#147;Crown Lease&#148;). A Crown Lease is for a term of ten years, with a right
to renew for successive ten-
year terms in the absence of default by the lessee. The lessee is required to expend certain
amounts for work during each year of a Crown Lease. A Crown Lease cannot be terminated except in
the event of default or default under any of the provisions of <I>The Crown Minerals Act</I>
(Saskatchewan) or regulations thereunder, including for prescribed environmental concerns.
However, Crown Leases may be amended unilaterally by the lessor by an amendment to <I>The Crown
Minerals Act </I>(Saskatchewan) or <I>The Mineral Disposition Regulations, 1986 </I>(Saskatchewan).
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s surface facilities and mine shafts are located on lands owned by the province of
Saskatchewan. The right to use and occupy the lands is acquired under a surface lease (a &#147;Surface
Lease&#148;) from the province of Saskatchewan. A Surface Lease is for a period of time, up to a
maximum of 33&nbsp;years, as is necessary to allow the lessee to operate its mine and thereafter to
carry out the reclamation of the lands involved. Surface Leases are also used by the province of
Saskatchewan as a mechanism to achieve certain environmental protection, radiation protection and
socioeconomic objectives and as a result contain certain undertakings in this regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Saskatchewan uranium mining, milling and exploration properties are located on
traditional lands of First Nations. Cameco has received formal demands from the English River
First Nation (the &#147;ERFN&#148;) and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated
with respect to development on aboriginal traditional lands, which is an expectation of all
aboriginal groups in Northern Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, Cameco received correspondence from the ERFN asserting a right to be consulted
with respect to the use of its traditional lands, which includes the McArthur River operations. In
December&nbsp;2006, Cameco received a copy of correspondence sent by the ERFN&#146;s legal counsel to various
provincial government Ministers. In the correspondence, the ERFN indicated that if the government
issued any further permits without appropriate consultation and notification, the ERFN would &#147;take
appropriate actions to prevent the permit holders from intruding on their property.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2005, the M&#233;tis Nation of Saskatchewan made an assertion similar to that made by the
ERFN. The M&#233;tis Nation also threatened non-violent civil disobedience that could have had a
negative impact on Cameco&#146;s operations. In February&nbsp;2005, the M&#233;tis Nation of Saskatchewan stated
that, in order to pressure the Province of Saskatchewan to meet its demands, it would establish
road blockades at junctions of certain provincial highways near Key Lake. As the threatened road
blockades could have resulted in Cameco ceasing milling and mining operations at Key Lake and
McArthur River, Cameco obtained an injunction from the Saskatchewan Court of Queen&#146;s Bench,
prohibiting the M&#233;tis Nation of Saskatchewan from proceeding with the road blockade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected claims for Treaty Land Entitlement (TLE)&nbsp;designation that
include the surface lands covering the Millennium uranium deposit. The Saskatchewan government
rejected this selection (December&nbsp;2008). However, the ERFN has challenged that rejection in the
courts. Similarly, the Peter Ballantyne Cree Nation has selected lands under the TLE process that
cover portions of the mineral claims held by the Dawn Lake joint venture, but the Province rejected
this selection. The TLE process does not affect the rights of Cameco&#146;s mining joint ventures.
However, it may impact the surface rights and benefits ultimately negotiated as part of the
development of Millenium and Dawn Lake. Cameco is monitoring developments on the TLE land issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is generally acknowledged that First Nation bands in northern Saskatchewan ceded title to most
traditional lands in northern Saskatchewan in exchange for treaty benefits and reserve lands.
However, First Nations in Saskatchewan continue to assert that their treaties are not an accurate
record of their agreement with the Canadian government and that they did not cede title to the
minerals when they ceded title to their traditional lands. Some First Nations dispute the fact that
their ancestors ceded any title to the land at all. First Nations have launched a lawsuit in
Alberta making a similar claim that they did not cede title to the oil and natural gas rights when
they ceded title to their traditional lands. A similar lawsuit could be brought by First Nations in
Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awareness of aboriginal claims and the legal issues associated with them is an integral part of
exploration, development and mining in Canada and Cameco is committed to managing these issues
effectively. While Cameco cannot by itself wholly fulfil the governments&#146; duty to consult, Cameco
expects that at least some of its initiatives vis-&#224;-vis First Nations will be regarded as delegated
&#145;procedural aspects&#146; of the Province&#146;s duty to consult. However, in view of the legal and
factual uncertainties, no assurance can be given that material adverse consequences will not arise
in connection with First Nation and M&#233;tis title claims and related consultation issues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>US Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium reserves and resources in the US are held by subsidiaries and are located in
Wyoming and Nebraska. The right to mine or develop minerals is acquired either by leases from the
fee simple owners (private parties
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or the state) or mining claims located on property owned by the
US Federal Government. In addition, the Company&#146;s subsidiaries acquire surface leases that allow
well field installation and operation to permit the mining of the uranium reserves by ISR methods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Royalties and Certain Taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco pays royalties to the province of Saskatchewan on the sale of uranium extracted from ore
bodies within the province under the terms of Part&nbsp;III of the <I>Crown Mineral Royalty Schedule</I>, 1986
(Saskatchewan) (the &#147;Schedule&#148;), as amended. The Schedule provides for the calculation and payment
of both a basic royalty and a tiered royalty. The basic royalty is equal to 5% of gross sales of
uranium and is reduced by the Saskatchewan resource credit, which is equal to 1% of the gross sales
of uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tiered royalty is an additional levy on the gross sales of uranium, which applies only when the
sales price of uranium exceeds levels prescribed by the Schedule. Uranium sales subject to the
tiered royalty are first reduced by capital allowances, as permitted by the Schedule, for new mine
or mill construction and certain mill expansion. Additions of capital allowances for new mines and
mills are determined using amounts prescribed by the Schedule based on the design capacity of the
new facility, and not on the actual construction costs. The aggregate of the allowances less any
allowance deductions determines the balance in the capital recovery bank (the &#147;CRB&#148;). When the
allowable annual deduction from the CRB is fully maximized or the CRB is reduced to zero, tiered
royalties become payable. Both the sales prices at which tiered royalties become payable and the
CRB, as defined in the Schedule, are adjusted annually to reflect changes in the Canadian gross
domestic product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tiered royalty is calculated on the positive difference between the sales price per pound of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and the prescribed prices according to the following:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><B>Tiered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian Dollar ($/lb U</B><SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB><B>)</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Royalty Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Sales Price in Excess of:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">35.65</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above sales prices are applicable to 2009 and are in Canadian dollars. The index value
required to calculate 2010 rates is expected to be published in April&nbsp;2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, if the sales price realized by Cameco was $40 per pound in Canadian dollars, the
tiered royalty payable would be calculated as follows (assuming all capital allowances have been
reduced to zero):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#091;6%
x ($40.00 &#150; $17.82) x pounds sold&#093; &#043; &#091;4% x ($40.00 &#151;<br>
$26.74) x pounds sold&#093; &#043; &#091;5% x ($40.00 - $35.65) x pounds sold&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">= $2.0787 x pounds sold
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco&#146;s CRB was fully claimed and therefore Cameco was subject to tiered royalties
starting in that year.<U> </U>Cameco will be eligible for additional capital allowances, as
permitted by the Schedule, once Cigar Lake commences production at which time Cameco expects to not
pay tiered royalties until the additional allowances are fully exhausted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is no longer subject to capital taxes on paid-up capital (as defined for capital tax
purposes in the relevant provincial legislation) in respect of its Canadian operations. These taxes
have been eliminated. As a resource corporation in Saskatchewan, Cameco pays a corporate resource
surcharge of 3.0% of the value of resource sales.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Income Taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is subject to federal and provincial (Saskatchewan and Ontario) income tax in Canada.
Current income tax expense for 2009 was $17&nbsp;million.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Royalties are fully deductible for income tax purposes. For Ontario tax purposes, an additional tax
is charged (at normal Ontario corporate tax rates) if the royalty deduction exceeds a notional
Ontario resource allowance. Also, Cameco&#146;s Ontario fuel services operations and Bruce Power are
eligible for the manufacturing and processing tax credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, as part of the ongoing annual audits of
Cameco&#146;s Canadian tax returns, Canada Revenue
Agency (&#147;CRA&#148;)&nbsp;disputed the transfer pricing methodology used by Cameco and its wholly-owned Swiss
subsidiary, Cameco Europe Ltd., in respect of sale and purchase agreements for uranium
products for the years 2003 and 2004. Cameco believes it is likely that CRA will reassess Cameco&#146;s
tax returns for the years 2005 through 2009 on a similar basis. Cameco&#146;s view is that CRA is
incorrect and is contesting its position. In July&nbsp;2009, Cameco filed its Notice of Appeal relating
to the 2003 reassessment with the Tax Court of Canada. However, to reflect the uncertainties of
CRA&#146;s appeals process and litigation, Cameco has decided to increase its reserve for uncertain tax
positions by $9&nbsp;million in 2009. Cameco believes that the ultimate resolution of this matter will
not be material to its financial position, results of operations or liquidity over the period.
However, an unfavourable outcome for the years 2003 to 2009 could be material to Cameco&#146;s financial
position, results of operations or cash flows in the year(s) of resolution. See Note 18 to the 2009
Financial Statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>US Taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Wyoming and Nebraska, Cameco subsidiaries pay severance taxes and property taxes. The total of
these taxes paid in 2009 was $3.7&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s US subsidiaries are subject to US federal and state income tax. They may also be
subject to Alternative Minimum Tax (AMT)&nbsp;at a rate of 20%. AMT paid in prior years may be carried
forward indefinitely to be applied as a credit against future regular income taxes. Current income
tax expense for 2009 was nil.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Kazakhstan Taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(See <I>Mining Properties &#151; Inkai </I>above)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Employees</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, Cameco and its subsidiaries had 3,150 employees (this number does not include
JV Inkai employees). Of this total, 847 employees are represented by four separate locals of the
United Steelworkers trade union. Following a three month strike at CFM in 2009, a new three-year
collective agreement for the bargaining unit employees at CFM was signed, which expires on June&nbsp;1,
2012. The collective agreement for the bargaining unit employees at the McArthur River and Key
Lake operations expired on December&nbsp;31, 2009 and negotiations for a new agreement are currently
ongoing. The collective agreements for each of the two bargaining unit employees at the Port Hope
conversion facility expire on June&nbsp;30, 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BRUCE POWER LP &#151; NUCLEAR ELECTRICAL GENERATION</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Overview</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, through subsidiaries, owns a 31.6% limited partnership interest in BPLP. BPLP&#146;s primary
business is the generation and sale of electricity into the Ontario wholesale market. Electricity
from the Bruce site is currently generated by four Bruce B and two Bruce A nuclear-powered units.
The Bruce B nuclear units and two Bruce A units have capacity to supply about 20% of Ontario&#146;s
electricity needs. As of October&nbsp;31, 2005, BPLP was restructured and a new Bruce Power A Limited
Partnership (&#147;BALP&#148;) was formed to hold a sublease for the two Bruce A nuclear-powered units that
have been operating and two additional Bruce A units that are presently undergoing refurbishment.
Cameco no longer holds an interest in the four Bruce A units and does not have any ownership
interest in BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear generation harnesses the energy released during controlled nuclear fission reactions to
produce steam that is used to drive turbines to generate electricity. Nuclear generation has two
main advantages: it is a relatively low marginal-cost
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">production technology and it produces
virtually no SOx, NOx, CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> or mercury. The latter advantage is increasing in
significance as governments implement stricter air emission standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear stations have greater operational, maintenance, waste and decommissioning costs and have
greater initial capital development costs than other generation technologies. This reflects the
complexity of the technical processes that underlie nuclear power generation and additional design,
security and safety precautions that are taken to protect the public from potential risks
associated with nuclear operations. Offsetting these cost factors is the relatively low cost of
nuclear fuel compared with fossil fuel costs. In general, BPLP&#146;s nuclear stations have a lower
operating cost per megawatt-hour of electricity produced than fossil fuelled facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisition of Interest</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2001, Cameco, through a subsidiary, acquired an initial 15% limited partnership interest in
BPLP, an Ontario limited partnership, and directly acquired a 15% shareholding interest in Bruce
Power Inc., the general partner of BPLP. BPLP concurrently entered into agreements with Ontario
Power Generation Inc. (&#147;OPG&#148;) and certain of its subsidiaries to lease and operate the Bruce A and
B nuclear-powered units and related facilities located in south-western Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsequently, in February&nbsp;2003, British Energy plc (&#147;BE&#148;) sold a 79.8% limited partnership interest
in BPLP to a consortium of Cameco, TransCanada PipeLines Limited (&#147;TransCanada&#148;), and BPC
Generation Infrastructure Trust (&#147;BPC&#148;), a trust established by the Ontario Municipal Employees
Retirement System. This brought Cameco&#146;s total indirect limited partnership interest in BPLP to
31.6%. Cameco concurrently increased its shareholding interest in Bruce Power Inc. from 15% to
33.3%. Cameco acquired these interests from an affiliate of BE and paid approximately $204&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrently, TransCanada, through a subsidiary, and BPC each acquired a 31.6% limited partnership
interest in BPLP and a 33 1/3% shareholding interest in Bruce Power Inc. from the same BE
affiliate. The Power Workers&#146; Union and The Society of Energy Professionals increased their
collective limited partnership interest in BPLP to 5.2%, by acquiring BE&#146;s remaining 2.6% limited
partnership interest in BPLP as part of the same transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following closing, Cameco continued as BPLP&#146;s fuel manager (see <I>Cameco Fuel Management </I>below).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2005 Bruce Power Restructuring</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2005, BPLP was restructured and concurrently announced a new arrangement with the
Ontario government to increase output of the four Bruce A reactors. Under the restructuring
agreements, BALP was formed and the four Bruce A reactors were subleased by BPLP to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco maintained its 31.6% interest in BPLP, which is responsible for the overall management of
the Bruce site and leases the four Bruce B reactors. BPLP received certain payments in
consideration for entering into the sublease with BALP, for the assets transferred to BALP and for
refurbishing and unit costs already incurred by BPLP. As a result, BPLP paid a special
distribution to its limited partners of which Cameco received $200&nbsp;million. Day to day operations
at the Bruce Power site were unaffected by this reorganization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the new restructuring agreements, the electricity output from the Bruce B units will continue
to be sold primarily either into the Ontario spot market or directly to various customers under
long-term, fixed price contracts, at the discretion of BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has an agreement with the Ontario government that extends to 2019. Under the agreement, output
from the B reactors is supported by a floor price (currently $48.76/MWh) that is adjusted annually
for inflation. Revenue is recognized monthly, based on the positive difference between the floor
price and the spot price. BPLP does not have to repay the revenue to the extent that the floor
price exceeds the average spot price for the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement also provides for payment if the Independent Electricity System Operator reduces
BPLP&#146;s generation because Ontario baseload generation is higher than required. The amount of the
reduction is considered &#145;deemed generation&#146;, and BPLP is paid either the spot price or the floor
price &#151; whichever is higher.
</DIV>

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</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2009, BPLP recognized revenue of $514&nbsp;million under the agreement with the Ontario
government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s total commitment for financial assurances given on behalf of BPLP is estimated to be $230
million at December&nbsp;31, 2009. These financial assurances include financial assurances given to the
CNSC in support of BPLP&#146;s operating licence, guarantees in favour of OPG under the Lease (as
defined below), and guarantees in support of BPLP&#146;s power purchase agreements with customers. This
last commitment is subject to adjustment as the actual amounts of financial assurances in support
of power purchase agreements will fluctuate in response to wholesale electricity market price
changes. As at December&nbsp;31, 2009, the actual exposure was $87&nbsp;million. See Note 26 to the 2009
Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The BPLP partners have agreed that all future excess cash will be distributed on a monthly basis
and that separate cash calls will be made for major capital projects.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bruce Power-OPG Lease</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2001, BPLP signed agreements with OPG to lease and operate the Bruce A and B nuclear powered
units and related facilities in south western Ontario. The initial lease period expires in 2018.
BPLP has the right to extend the lease and certain related agreements for up to an additional 25
years. The lease was amended in January&nbsp;2002, in 2003 as part of the 2003 acquisition from BE
described above, and again in 2005 as part of the 2005 BPLP restructuring described above (as
amended, the &#147;Lease&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Lease, decommissioning liabilities are the responsibility of OPG and are covered by the
Lease payments. During the initial term, the Lease provides for limited adjustments to the base
rent every five years. These limited adjustments are based on a maximum of 50% of the present
value of any increase of the anticipated cost of decommissioning the Bruce Power facility
discounted to January&nbsp;1, 2001, determined using predetermined principles and assumptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, OPG completed its first five year review of the anticipated cost of decommissioning and
proposed an increase to the annual base rate of $14.8&nbsp;million over the remaining initial term of
the Lease. BPLP disagreed with the proposal. In October&nbsp;2008 the matter was resolved with no
increase in the base rent payable unless one of the following events occurs: (i)&nbsp;a material event
of default under the Lease prior to June&nbsp;30, 2007; (ii)&nbsp;BPLP fails to renew the Lease past 2027; or
(iii)&nbsp;BPLP terminates the Lease prematurely upon 12&nbsp;months notice to OPG because it determines that
the continued operation is no longer economically viable. If one of the events occurs, BPLP would
be required to pay the increase in the annual base rent requested by OPG, including from prior
years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the base rent, annual supplemental rent, which is subject to escalation by
inflation, per operating reactor is payable. In 2009, the aggregate of these rent payments was
approximately $129&nbsp;million. There are no adjustments to either base rent or supplemental rent with
respect to used nuclear fuel liabilities during the initial term of the Lease. BPLP also has the
right to terminate the Lease if the continuing operation of the facility is no longer economically
viable, subject to a Lease termination fee of $175&nbsp;million, certain ongoing operational
requirements during handover and certain shut-down conditions prior to handover. Cameco has
severally guaranteed BPLP&#146;s performance of these obligations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Generating Facilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Overview</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bruce nuclear generating stations, located approximately 250 kilometres northwest of Toronto on
Lake Huron, consist of eight CANDU reactors. The four Bruce B reactors, with a combined net
generating capacity of about 3,260 megawatts, were commissioned between 1984 and 1987. The four
Bruce A reactors, with a combined generating capacity of about 3,000 megawatts, were commissioned
between 1977 and 1979 and removed from service by OPG between 1995 and 1998. BPLP returned two of
the Bruce A reactors to service, with a combined net generating capacity of 1,500 megawatts. As
described above, in October&nbsp;2005 BPLP was restructured and the four Bruce A reactors were subleased
to BALP. Cameco does not have any ownership interest in BALP. An average capacity factor of 87%
was achieved by BPLP during 2009, which was the same as that achieved in 2008.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, BPLP&#146;s capital expenditures were about $123&nbsp;million. In 2010, this capital expenditure
program is expected to total $130&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New Fuel Program</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of its Bruce B power uprate project, BPLP had initiated plans to refuel the Bruce B units
with modified fuel containing SEU and Blended Dysprosium Uranium (&#147;BDU&#148;). This refuelling was
planned to commence in 2008, but now has been delayed, as outlined below. Prior to 2004, all of
the four Bruce B units were operating at 90% of maximum power, based upon an operating limitation
imposed by the CNSC. This limitation was placed on the reactors when studies revealed that
emergency shutdown systems may not provide sufficient safety margins for certain low probability
events. The operating limitation ensures that the necessary safety margin is maintained. The use
of the modified fuel was intended to restore the safety margins of the reactors and allow them to
operate at their design capacity. Currently, the Bruce B units are operating safely with reduced
operating margins. The Bruce A1 and A2 units are scheduled to be restarted in 2012 and the initial
fuel cores will be comprised entirely of fuel bundles containing natural uranium. In 2009, work on
the implementation of the new fuel design was suspended. Bruce Power continues to evaluate
alternative approaches that include modifications to the shutdown systems and minor modifications
to the existing fuel design that will effectively address the issues noted above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has successfully taken other steps to partially restore power rating at the Bruce B units. In
2004, the CNSC approved the operation of the Bruce B units at up to 93% maximum power on the basis
of improved safety margins attributed to completion of the fuel core reordering program. Bruce B
units 5, 6 and 7 have achieved this power uprate with Bruce B unit 8 scheduled for the first half
of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the delay in deployment of mitigating actions outlined above is not expected to result in any
derating of the Bruce B reactors due to the low probability event margins, it remains possible that
the units could experience significant derating in the future due to this issue. However, some
small, marginal deratings are also possible to maintain the operating safety margins as the units
continue to age.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Operating Life Assessment</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial estimated operating life for Bruce&#146;s nuclear units was 30&nbsp;years. OPG undertook a
comprehensive inspection and testing program in order to ascertain the physical condition of its
nuclear generating assets, including the Bruce units, and BPLP has continued that program,
partially by way of contract with OPG. BPLP&#146;s current operating life estimates for the Bruce B
units are based on the results of this program to date and on the previous operating history of the
units. BPLP estimates that the operating life of Bruce B unit 8 will end about mid-2020. The
operating life for the other three
B units is expected to end during 2018 to 2019. BPLP is examining the possibility of extending the
operating life of the Bruce B units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has been assessing the condition of key components of the Bruce B units including its steam
generators, fuel channels and feeder pipes. As of December&nbsp;31, 2009, 100% of BPLP&#146;s steam
generators (with 100% of the areas of the inner tubes likely to experience degradation) had been
inspected and the present condition of these components has been ascertained with a reasonable
degree of certainty. On the basis of the steam generator program inspection results, periodic
cleaning, repairs and internal modifications have been deemed necessary to slow down the
degradation rates and restore unit reliability. BPLP is implementing comprehensive operation and
maintenance life cycle management plans for its units aimed at enabling the steam generators to
operate for the expected life of the units. Current estimates of the steam generator life are
within the estimated operating lives of the units. In 2003, inspections on Bruce B Unit 8
identified some erosion on support plates in three of the eight steam generators. Repairs were
made and no damage to the boiler tubes was detected. Inspections on the other units have found no
similar conditions and follow-up inspections on Unit 8 did not show any further significant
degradation<B><I>. </I></B>Further inspections during 2009 confirmed that the mitigating actions taken to date
appear to have been effective at arresting the erosion on these support plates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current inspections support the engineering assessment of the fuel channels lasting until the end
of the estimated operating lives for the Bruce B units. In 2001, maintenance activities commenced
to reposition the support springs in the fuel channels in order to ensure end of life projections
are achieved. This corrective measure is also required for Bruce
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unit 8. Because this unit has
tight fitting garter springs, new tooling to locate and move these springs is currently in
development and targeted for implementation in 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Feeder pipes are part of the system that transports the heat generated by the nuclear reactor to
the steam generators, using the heavy water coolant. Thinning of feeder pipes occurs to varying
degrees in all Bruce&#146;s reactors. Extensive inspections have been carried out to establish the
current condition of the feeder pipes of the Bruce units. Feeder pipe thinning and degradation are
phenomena common to CANDU reactors and is the subject of industry studies and monitoring. However,
compared to other CANDU units, they have occurred to a lesser extent at Bruce B due to a
combination of lower operating stresses and, to a limited extent, the derating of the units. The
feeder pipes are not expected to limit the life of the units, although it is expected that some
feeder pipes will require replacement. In addition, in order to extend the units operating lives,
some feeder pipes may have to be replaced and upgraded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cracking of feeder pipes has been experienced at two CANDU plants located outside Ontario. The
affected sections of pipe were replaced and the units were returned to service. BPLP has not
experienced any feeder pipe cracking at any of its reactors but is carrying out inspections during
planned outages. The scale of these inspections has been increased in response to these external
events. BPLP is also participating in research and development with other CANDU operators to
establish the degradation mechanisms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CANDU Technology</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bruce A and B units are CANDU reactors. CANDU is a pressurized-heavy-water, natural-uranium
power reactor first designed in the 1960s by a consortium of Canadian government agencies and
private industry. All commercial nuclear reactors in Canada use the CANDU technology. It is also
the power-reactor product marketed by Canada abroad. CANDUs are currently operating in Ontario,
Quebec, New Brunswick, Argentina, Romania, South Korea and China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CANDU reactors are unique in their use of natural-uranium as fuel and deuterium oxide, or heavy
water, as both a moderator to slow down the fission process and a heat transfer medium within the
reactor. The refuelling system is also unique compared to light water reactors in that the CANDU
reactors can be refuelled at full power. Notwithstanding that CANDU reactors can be refuelled
without being shut down, the number of outage days per year for Bruce&#146;s CANDU reactors currently
tends to be greater than the average number of outage days per year for light water reactors,
primarily due to maintenance and repair work required for pressure tubes and feeders, which are not
used in light water reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the Bruce reactors have two physically separate and independent systems designed to shut
down the reactor within two seconds of being activated. Each of these systems is independent of
the primary control systems and includes multiple sensors for detecting emergency conditions. The
Bruce reactors also have an emergency core coolant injection
system, which would be activated in the event of a pipe break in the reactor coolant system. In
addition, all of the Bruce reactors have a negative pressure containment system designed to keep
radioactive material safely contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employees</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU and the Society of
Energy Professionals Collective Agreements expire in December&nbsp;2010. Under the 2005 restructuring
agreements, all employees remain with BPLP and all employee costs are apportioned between BPLP and
BALP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco Fuel Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is BPLP&#146;s fuel manager. This includes the supply by Cameco of all uranium concentrates and
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services required for the Bruce B nuclear generating stations, making
BPLP a significant customer for Cameco&#146;s core products. Cameco is also responsible to procure
nuclear fuel for BALP. This includes the provision of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services and the
procurement or supply to BALP of a portion of its uranium concentrates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM has two fuel manufacturing services agreements covering all of BPLP&#146;s and BALP&#146;s fuel
manufacturing requirements until 2018 for BPLP and until 2030 for BALP. Under these agreements,
CFM will manufacture UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>provided by Cameco into fuel bundles for the Bruce A and B
units.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While CFM&#146;s Port Hope plant was being modified to produce fuel bundles containing SEU, at BALP&#146;s
request these modifications have been put on hold. (see <I>Uranium Fuel Conversion Services &#151;
Operations </I>above).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OPG Services to Bruce Power</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the 2001 OPG-BPLP transaction, OPG agreed to provide certain services to BPLP. Some of
these services are required in order for BPLP to comply with CNSC operating licences. The material
short-term OPG services include fuel channel inspection and maintenance services. These services
may be terminated upon 24&nbsp;months prior notice by either BPLP or OPG. The material long-term OPG
services include services relating to the supply, delivery and processing of heavy water for use in
the Bruce nuclear units, low level and intermediate waste storage and disposal services, and
collection and storage of used fuel bundles generated from the operation of the Bruce nuclear units
as further described below in <I>Nuclear Waste Management and Decommissioning</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Waste Management and Decommissioning</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As they operate, the Bruce nuclear units generate:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>used nuclear fuel bundles (&#147;high-level radioactive waste&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other material that has come in close contact with reactors but is less radioactive than
used nuclear fuel bundles, such as ion exchange resins and other structural material and
reactor equipment, including pressure tubes (&#147;intermediate-level radioactive waste&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material used in connection with station operation that is not highly radioactive
(&#147;low-level radioactive waste&#148;).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Used nuclear fuel bundles from the Bruce reactors are temporarily stored in water-filled pools
(&#147;wet bays&#148;) at the Bruce nuclear stations for a cooling off period of at least ten years during
which their radioactivity substantially decreases. OPG has constructed a dry storage facility on a
part of the Bruce site not leased to BPLP. After the cooling off period, used nuclear fuel bundles
will be transferred to above ground concrete canisters at OPG&#146;s dry storage facility. In-station
modifications to the Bruce B wet bays to support the loading of used nuclear fuel bundles into dry
storage containers were completed in 2002. When originally constructed, the wet bays at Bruce A
and B had sufficient capacity to store used nuclear fuel bundles for up to 15 to 20&nbsp;years of
operation. The Bruce B wet bays are at or near full capacity, but in 2003, OPG started
transferring the used fuel bundles to its dry storage facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OPG assumes title to the used nuclear fuel bundles discharged from the Bruce reactors during the
term of the Lease. At its expense, OPG is responsible for the disposal of these nuclear fuel
bundles for which it receives a fee paid as supplemental rent under the Lease. OPG retains title
to all used nuclear fuel bundles stored in the wet bays before May&nbsp;11, 2001. While used nuclear
fuel bundles are contained in the Bruce B wet bay, BPLP is responsible for their management. As
noted in the above paragraph, in 2003 OPG started transferring the used fuel bundles to its dry
storage facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the term of the Lease, OPG has also agreed to take title to, store and dispose of all of
BPLP&#146;s low and intermediate-level radioactive waste at OPG&#146;s radioactive waste management facility
at the Bruce site. OPG retains title to all low and intermediate-level radioactive waste generated
before May&nbsp;11, 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Lease, OPG, as the owner of the Bruce nuclear plants, is responsible for decommissioning
of the eight Bruce nuclear units and for funding and meeting other requirements relating thereto
that the CNSC may require of Bruce Power as licensed operator of the Bruce nuclear plants. OPG is
also responsible for managing radioactive waste associated with decommissioning of the Bruce
nuclear plants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no facility in Canada for the permanent disposal of used nuclear fuel. The <I>Nuclear Fuel
Waste Act</I>, implementing the federal government&#146;s nuclear fuel waste management strategy, came into
force in November&nbsp;2002. As required by this legislation, owners of used nuclear fuel in Canada
established the Nuclear Waste Management Organization (&#147;NWMO&#148;) with a mandate to manage and
co-ordinate the full range of activities relating to the long-term
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">management of used nuclear fuel.
In late 2005, after a three year study, the NWMO presented its report and recommendations to the
federal government on the long-term management of used nuclear fuel. The NWMO recommended adaptive
phased management with the objective of centralizing all of Canada&#146;s used nuclear fuel in one
location, and isolating and containing it deep underground in a suitable rock formation. In June
2007, the federal government announced it had accepted the NWMO&#146;s report and recommendations. The
NWNO is commencing the design of a site-selection process. Throughout this process, the federal
government will continue to provide oversight as required by the <I>Nuclear Fuel Waste Act</I>. In
addition, this legislation also required the owners of used nuclear fuel, including OPG, to
establish a trust fund with a Canadian financial institution and make specified deposits. As OPG
is the owner of the used nuclear fuel bundles discharged from the Bruce units, it, not BPLP, is
subject to these financial contribution requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Federal Regulation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are heavily regulated. The CNSC, an agency of the federal government, regulates
construction, equipment, safety systems and operating limits for the Bruce nuclear generation
stations through its powers under the NSCA (see <I>Government Regulation &#151; Canadian Uranium Industry
Regulation </I>above). Under licences issued by the CNSC, BPLP is required to report regularly on
operations to the CNSC, which monitors the safety performance of the Bruce nuclear generating
stations. In addition, BPLP is subject to the <I>Nuclear Liability Act </I>(&#147;NLA&#148;), as well as other
legislation associated with labour and environmental matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, CNSC renewed BPLP&#146;s licence to operate the &#147;A&#148; and &#147;B&#148; reactors, granting it a five year
licence through October&nbsp;31, 2014. Financial assurances previously required by the CNSC were
determined by the commission to be adequately covered by the preliminary decommissioning plan and
the financial assurances provided to OPG under the lease agreement between OPG and Bruce Power and
therefore financial assurances to the CNSC were no longer required under the Bruce Power operating
licence. Under the 2005 Bruce Power restructuring agreements, Cameco is indemnified by BALP for any
calls on the assurances resulting from operation of the Bruce A units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NLA requires operators of nuclear generating facilities to purchase nuclear liability insurance
from the Nuclear Liability Association of Canada in amounts specified in the NLA. Currently, the
NLA requires the operator of nuclear stations to maintain, for each of its nuclear stations,
insurance of $75&nbsp;million for liability imposed under the NLA. Under Part&nbsp;I of the NLA, an operator
is strictly liable for any damage to property of, or personal injury to, the public arising from a
nuclear incident (as defined in the NLA), other than damage resulting from sabotage or acts of war.
If, in the opinion of the Governor in Council, an operator&#146;s liability could exceed $75&nbsp;million in
respect of a nuclear incident, or it would be in the public interest to do so, the Governor in
Council may proclaim Part&nbsp;II of the NLA in effect. Under Part&nbsp;II of the NLA, an operator&#146;s
liability is effectively limited to the amount of such insurance and the Governor in Council
may authorize funds to be paid by the federal government for claims in excess of that amount. In
October&nbsp;2007, the federal government introduced legislation in the House of Commons that would
significantly amend the NLA, including by requiring the operator to maintain, for each of its
nuclear stations, $650&nbsp;million of insurance for liability imposed under the NLA. Before this
legislation was approved, Parliament was dissolved because of the federal election. While this
legislation has not yet been reintroduced for Parliamentary approval, BPLP expects that it will be.
If the legislation becomes law, this would result in a significant increase in the insurance
coverage that BPLP must obtain as well as the cost of that insurance coverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ontario&#146;s Electricity Regulation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section summarizes the key impacts of the Ontario regulatory framework that applies to BPLP&#146;s
marketing of electricity. BPLP sells electricity into the wholesale spot market and contract
market. In Ontario, political risk results from uncertainty over the future direction of
government energy policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The actions of the Ontario government have impacted the wholesale market where BPLP sells most of
its production. The Ontario government took steps in 2005 and in February&nbsp;2006 to mitigate the
impact of increases in electricity price on the approximately 55,000 large industrial and
commercial customers in Ontario who consume more than 250,000 kilowatt hours per year. These
actions involve regulating the price of electricity produced by OPG&#146;s base load nuclear and hydro
assets and establishing revenue limits on the output of certain of OPG&#146;s other assets. Bruce Power
expects these actions to depress the wholesale contract market, which remains unregulated.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP engages in risk management activities, including trading of electricity and related contracts,
to mitigate these risks. BPLP receives a reliable stream of revenue from fixed-price contracts.
Approximately 57% of BPLP&#146;s output was sold under fixed-price contracts in 2009. BPLP also sells
electricity on the open spot market. Prices are determined by bids from suppliers and buyers that
reflect changes in supply and demand by the hour. In addition, BPLP has an agreement with the
Ontario government that provides floor price protection for output from Bruce B reactors. (See
<I>Overview &#151; 2005 Bruce Power Restructuring </I>for further information).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand erosion continues to dominate Ontario, which has resulted in partial loss of industrial and
wholesale demand. Since 2004 wholesale load has decreased significantly and in 2009 Ontario
demand was down by approximately 6% or 10 TWh in comparison to 2008. BPLP continues to implement a
diversified contracting strategy that hedges output against exposure to Ontario low spot prices by
sales into the retail contract market and into neighbouring jurisdictions such as the NYISO market
place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk that the Ontario government could regulate the wholesale market in the future.
This would limit the upside potential for BPLP&#146;s revenue. Given the need to replace or augment
generating capacity in Ontario, the need to attract new investment and market structure changes
made by the government, Cameco believes the risk of the government regulating the wholesale market
is low.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reinforcement of the transmission system from the Bruce Power site is necessary once all eight
Bruce units are back in service and the expected wind powered facilities in the Bruce area are
operational. This reinforcement is to be achieved by the addition of a new 500KV line between
Bruce and Milton, essentially doubling the current transmission capacity. Hydro One has obtained
approval to construct this line from the Ontario Energy Board. A condition of this approval is that
Hydro One is required to successfully complete the environmental assessment process prior to
beginning any construction activity on the new line. The transmission reinforcement is planned to
be in-service by 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2001, the OEB issued a generation licence for Bruce Power Units 1 to 8, which expires
in February&nbsp;2019. The licence includes authorization for Bruce Power to act as a wholesaler of
electric power.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RISK FACTORS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The businesses in which Cameco participates are subject to certain risks. The risks described
below are not the only risks facing Cameco and other risks now unknown to Cameco may arise or risks
now thought to be immaterial may become material and adversely affect Cameco&#146;s business, financial
condition, results of operation, cash flows and
prospects. Some of the risks described below are only applicable to certain of Cameco&#146;s business
interests, while others are generally applicable. No guarantee is provided that other risks will
not affect the Company in the future. This discussion of risks should be read in conjunction with
the discussion of risks in Cameco&#146;s 2009 MD&#038;A. If any of those risks actually occur, Cameco&#146;s
business, financial condition, results of operation, cash flows and prospects could be harmed. In
addition, Cameco discloses statements and information which are neither about the present nor
historical facts, and therefore are forward-looking. This forward-looking information is based upon
a number of assumptions which may prove to be incorrect and there are risks that could cause
results to differ materially, including the risks described below. (See <I>Caution Regarding
Forward-Looking Information and Statements</I>.) As the context requires for the following information,
reference to the Company or Cameco also includes Cameco&#146;s direct and indirect subsidiaries.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Cameco Generally</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco is subject to a number of operational risks and Cameco may not be adequately insured
for certain risks</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s business is subject to a number of risks and hazards, including environmental pollution,
accidents, incidents or spills (including hazardous emissions from Cameco&#146;s Port Hope conversion
facilities such as a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> release or a leak of anhydrous hydrogen fluoride used in the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion process); industrial and transportation accidents, which may involve
radioactive or hazardous materials; unexpected labour shortages, disputes or strikes; cost
increases for contracted and/or purchased goods and services; shortages of required materials and
supplies (including the availability of acid for JV Inkai&#146;s operations in Kazakhstan and
hydrofluoric acid at the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant); electrical power
interruptions; mechanical and electrical equipment failure; catastrophic accidents; fires;
blockades or other acts of social
</DIV>

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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or political activism; changes in the regulatory environment;
impact of non-compliance with laws and regulations; natural phenomena, such as inclement weather
conditions, floods, underground floods, earthquakes, ground movements, tailings pipeline and dam
failures and cave-ins; encountering unusual or unexpected geological or hydrological conditions;
adverse mining conditions; and technological failure of mining methods. Cameco also contracts for
the transport of its uranium and uranium products to refining, conversion, fuel manufacturing,
enrichment and nuclear generation facilities in North America and Europe, as well as processing
facilities in Kazakhstan, which exposes the Company to transportation risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, Cameco&#146;s uranium properties and refining, conversion and fuel manufacturing
facilities, personal injury or death, environmental damage, delays in or interruption of or
cessation of production from Cameco&#146;s mines and mills or from Cameco&#146;s refining, conversion and
fuel manufacturing facilities or in Cameco&#146;s exploration or development activities, costs, monetary
losses and potential legal liability and adverse governmental action, all of which could have a
material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco maintains insurance to cover some of these risks and hazards in amounts Cameco
believes to be reasonable, subject to applicable deductibles, this insurance may not provide
adequate coverage in all circumstances. No assurance can be given that Cameco&#146;s insurance will
continue to be available, or that it will continue to be available at economically feasible
premiums, or that it will provide sufficient coverage for losses or liabilities related to these or
other risks and hazards, or that Cameco will maintain such insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, Cameco may be subject to liability or sustain losses in relation to certain risks and hazards
against which Cameco cannot insure or which Cameco may elect not to insure. This lack of, or
insufficiency of, insurance coverage could have a material adverse impact on Cameco&#146;s future cash
flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Governmental Regulation and Policy Risks</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s operations and exploration activities, particularly uranium mining, refining, conversion,
fuel manufacturing and transport in Canada and the United States, are subject to extensive laws and
regulations. Such regulations relate to production, development, exploration, exports, imports,
taxes and royalties, labour standards, occupational health, waste disposal, protection and
remediation of the environment, decommissioning and reclamation, safety, toxic substances,
transportation, emergency response, and other matters. Compliance with such laws and regulations
has increased the costs of exploring, drilling, developing, constructing, operating and closing the
Company&#146;s mines and refining and other facilities. It is possible that the costs, delays and other
effects associated with such laws and regulations may impact the
Company&#146;s decision whether to continue to operate existing mines, ore refining and other facilities
or whether to proceed with exploration or development of properties. The Company expends
significant financial and managerial resources to comply with such laws and regulations. Cameco
anticipates it will have to continue to do so as the historic trend toward stricter government
regulation will likely continue. Since legal requirements change frequently, are subject to
interpretation, and may be enforced in varying degrees in practice, Cameco is unable to predict the
ultimate cost of compliance with these requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing uncertainties and changes in governments, regulations and policies and practices
could materially and adversely affect the Company&#146;s cash flows, earnings, results of operations and
financial condition in a particular period or its long term business prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The development and operation of mines and other facilities is contingent upon governmental
approvals, licences and permits which are complex and time consuming to obtain and which, depending
upon the location of the project, involve multiple governmental agencies. The receipt, duration
and renewal of such approvals, licences and permits are subject to many variables outside the
Company&#146;s control, including potential legal challenges from various stakeholders such as
environmental groups, non-government organizations or aboriginal groups claiming certain rights
with respect to traditional lands. Any significant delays in obtaining or renewing such approvals,
licences or permits could have a material adverse impact on the Company.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Political Risk</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns 60% of JV Inkai which in turn owns the Inkai mine, located in the Republic of
Kazakhstan, a developing country. Also, Cameco conducts, and has investments in companies that
conduct, exploration activities in many developing countries around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As such, these exploration activities are subject to the risk normally associated with the conduct
of business in developing countries including: uncertain political and economic environments;
strong governmental control and regulation; lack of an independent judiciary; war, terrorism and
civil disturbances; crime; corruption; changes in laws or policies of a particular country,
including those related to imports, exports, duties and currency; cancellation or renegotiation of
contracts; royalty and tax increases or other claims by government entities, including retroactive
claims; the risk of expropriation and nationalization; delays in obtaining or the inability to
obtain or maintain necessary permits; currency fluctuations; high inflation; restrictions on local
operating companies to sell their production offshore, and on the ability of such companies to hold
US dollars or other foreign currencies in offshore bank accounts; import and export regulations,
including restrictions on the export of uranium; limitations on the repatriation of earnings; and
increased financing costs. The occurrence of one or more of these risks may have a material adverse
impact upon Cameco&#146;s financial condition, cash flows, results of operations and future prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to JV Inkai&#146;s mining operations, the government of Kazakhstan has entered into a
contract with JV Inkai and granted permits that enable it to conduct mining and exploration
activities. Notwithstanding these arrangements, JV Inkai&#146;s ability to conduct these activities is
subject to renewal of permits or concessions and changes in government regulations. To maintain
and increase Inkai mine production, both JV Inkai and Cameco require ongoing support, agreement and
co-operation from KazAtomProm and the Kazakh government. Kazakh laws and regulations are still
developing and their application can be difficult to predict. As a result, JV Inkai&#146;s best efforts
may not always yield full compliance with the law and non-compliance may have results which are
disproportionate to the nature of the breach.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendments made to the Subsoil Law in 2007 allow the government to reopen subsoil use agreements in
certain circumstances. In 2009, the Kazakh government passed a resolution whereby 231 blocks,
including all three of JV Inkai&#146;s blocks, were prescribed as strategic deposits. These two actions
may increase the government&#146;s ability to expropriate JV Inkai properties under certain
circumstances. In 2009, the Resource Use Contract was amended to adopt the Tax Code at the request
of the Kazakh government, even though the government had agreed to tax stabilization provisions in
the original contract. A new subsoil use law has also been proposed. Cameco does not know if the
Draft Subsoil Law will be adopted or what the final law, if passed, will contain. It is premature
to make any assessment, but further changes to the Subsoil Law could increase Cameco&#146;s risk. These
developments are illustrative of increased political risk in Kazakhstan. Cameco believes that while
operating in Kazakhstan today is challenging, it is manageable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that industries deemed of national or strategic importance like mineral
production will not be nationalized. Government policy may change to discourage foreign
investment, renationalization of mining industries may occur or other government limitations,
restrictions or requirements not currently foreseen may be implemented. There can be no assurance
that Cameco&#146;s assets in Kazakhstan and other countries will not be subject to nationalization,
requisition or confiscation, whether legitimate or not, by any authority or body. While there are
provisions for compensation and reimbursement of losses to investors under such circumstances,
there is no assurance that such provisions would be effective to restore the value of Cameco&#146;s
original investment or to fully compensate Cameco for the loss of the investment. Similarly,
Cameco&#146;s operations may be affected in varying degrees by government regulations with respect to
restrictions on production, price controls, export controls, income taxes, expropriation of
property, environmental legislation, mine safety and annual fees to maintain mineral properties in
good standing. There can be no assurance that the laws in these countries protecting foreign
investments will not be amended or abolished or that these existing laws will be enforced or
interpreted to provide adequate protection against any or all of the risks described above.
Furthermore, there can be no assurance that the Resource Use Contract with the government of
Kazakhstan will prove to be enforceable or provide adequate protection against any or all of the
risks described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has made an assessment of the political risk associated with each of its foreign investments
and currently has political risk insurance to mitigate a portion of the losses. From time to time,
Cameco assesses the costs and benefits of maintaining such insurance and may not continue to
purchase the coverage. Furthermore, there can be no assurance that the insurance would continue to
be available at any time or that particular losses Cameco may suffer with respect to its
</DIV>

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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">foreign
investments will be covered by the insurance. These losses could have a material adverse impact on
Cameco&#146;s future cash flows, earnings, results of operations and financial condition if not
adequately covered by insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a further discussion of the regulatory and political environment in Kazakhstan see <I>The Nuclear
Business &#151; Mining Properties &#151; Inkai &#151; Project Description and Location.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco may experience difficulties with its joint venture partners.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates McArthur River, Key Lake, Cigar Lake and Inkai through joint ventures with other
companies. Cameco has entered into a number of other joint ventures and may in the future enter
into additional joint ventures. Cameco is subject to the risks normally associated with the
conduct of joint ventures. These risks include disagreement with a joint venture partner on how to
develop, operate and finance a project, and compliance by Cameco with the operating requirements in
joint venture agreements, and possible litigation between the joint venture partners regarding
joint venture matters. These matters may result in material legal liability or may have an adverse
effect on Cameco&#146;s ability to pursue the projects subject to the joint venture, either of which
could have a material adverse impact on Cameco&#146;s cash flows, earnings, results of operations and
financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Litigation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and its subsidiaries are currently subject to litigation or threats of litigation and may be
involved in disputes with other parties in the future that may result in litigation. The results
of litigation cannot be predicted with certainty. If such disputes cannot be resolved favourably,
it may have a material adverse impact on Cameco&#146;s financial condition, cash flows and results of
operations. See <I>Legal Proceedings</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Tailings Capacity Constraints</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, tailings from processing McArthur River ore are deposited in the Deilmann
TMF. In February&nbsp;2009, Cameco received regulatory approval for the deposition of tailings to a
higher elevation in the Deilmann TMF. At current production rates, the approved capacity of the
Deilmann TMF is now six years, assuming only minor storage capacity losses due to sloughing from
the pit walls. Sloughing has occurred in the past, resulting in the loss of approved capacity.
Significant sloughing would constrain McArthur River production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Technical studies show that stabilizing and reducing water levels in the pit enhances the stability
of the pitwalls, thereby reducing the risk of pitwall sloughing. In recent years, Cameco doubled
dewatering treatment capacity, allowing Cameco to stabilize the water level in the pit, and has
recently begun to reduce this water level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco completed and received regulatory approval for an action plan for the long-term
stabilization of the Deilmann TMF pitwalls. Cameco is now carrying out engineering required to
implement this action plan. Cameco expects it will take approximately five years to complete the
work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also completed prefeasibility work to assess options for long-term storage of tailings at
Key Lake. Cameco is proceeding with technical studies and environmental assessment work to support
an application for regulatory approval to deposit tailings in the Deilmann TMF to a significantly
higher elevation. This would provide enough tailings capacity for many years of mill production at
Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco completed the expansion of the RLITMF. As a result of the further extension of the
mine life of the Eagle Point mine at Rabbit Lake, Cameco is working to increase tailings capacity.
Cameco has undertaken a study to examine adding new tailings management capacity at Rabbit Lake. A
new tailings management facility would require an environmental assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to maintain existing tailings capacity at the Deilmann TMF and RLITMF due to sloughing or
other causes or failure to obtain or delay in obtaining regulatory approval for a new tailing
management facility or to expand existing tailing capacity at the Deilmann TMF or RLITMF could
constrain uranium production, which could have a material adverse impact upon Cameco.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Labour Relations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has unionized employees at McArthur River, Key Lake and Port Hope and at CFM&#146;s facilities in
Port Hope and Cobourg. The collective agreement for McArthur River and Key Lake unionized
employees expired on December&nbsp;31, 2009 and negotiations for a new agreement are currently ongoing.
A new collective agreement covering Port Hope conversion facilities unionized employees was entered
into during 2007, which expires in June&nbsp;2010. A new collective agreement covering CFM unionized
employees was entered into during 2009 and which expires in June&nbsp;2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any lengthy work interruptions arising from negotiating new collective agreements could have a
material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Imprecision of Reserve and Resource Estimates</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium mineral reserves and resources included herein are estimates, and no assurances can be
given that indicated levels of uranium will be produced or that Cameco will receive the uranium
price assumed in estimating these reserves. Such estimates are expressions of judgment based on
knowledge, mining experience, success of planned mining methods, analysis of drilling results, and
industry practices. Valid estimates made at a given time may significantly change when new
information becomes available. While the Company believes that the reserve and resource estimates
included are well established and reflect management&#146;s best estimates, by their nature mineral
reserve and resource estimates are imprecise and depend, to a certain extent, upon statistical
inferences which may ultimately prove unreliable. Furthermore, fluctuations in the market price of
uranium, as well as increased capital or production costs or reduced recovery rates, may render
reserves uneconomic and may ultimately result in a reduction of reserves. Estimated mineral
reserves may have to be recalculated based upon actual production experience. The extent to which
resources may ultimately be reclassified as proven or probable reserves is dependent upon the
demonstration of their profitable recovery. The estimation of reserves or resources is always
influenced by economic and technological factors, which may change over time, and the experience
gained in use of a mining method. Failure to obtain or maintain necessary permits or government
approvals or changes to applicable legislation could cause a reduction in mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral resource estimates for properties that have not commenced production are based, in many
instances, on limited and widely spaced drill hole information, which is not necessarily indicative
of the conditions between and around drill holes. Accordingly, such mineral resource estimates may
require revision as more drilling information becomes available or as actual production experience
is gained. No assurances can be given that any mineral resource estimate will ultimately be
reclassified as proven or probable reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco&#146;s reserve or resource estimates for its uranium properties are inaccurate or are reduced
in the future, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production Estimates may be inaccurate</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco prepares estimates of future production for particular operations. No assurance can be
given that production estimates will be achieved. Expected future production estimates are
inherently uncertain, particularly for periods extending beyond one year, and could materially
change over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium production estimates are based on, among other things, the following factors: the accuracy
of reserve estimates; the accuracy of assumptions regarding ground conditions and physical
characteristics of ores, such as hardness and presence or absence of particular metallurgical
characteristics; equipment and mechanical availability; labour availability; access to the mine;
facilities and infrastructure; sufficient materials and supplies on hand; the accuracy of
estimated rates and costs of mining and processing; the accuracy of assumptions about the success
of mining plans and availability of tailings capacity; and the assumption of ongoing timely
regulatory approvals where these are required. In addition, production estimates for McArthur
River assume a continued successful transition to new mining areas at McArthur River. Production
estimates for Cigar Lake assume the successful completion of remediation and development
activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production estimates for uranium refining, conversion and fuel manufacturing are based on, among
other things, the following factors: no disruption or reduction in supply from the Company&#146;s or
third party sources; and the accuracy of
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">estimated rates and costs of processing. Production estimates for Inkai assume the necessary
regulatory approvals are received to increase production to planned levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s actual production may vary from estimates for a variety of reasons, including, among
others: actual ore mined varying from estimates of grade, tonnage, dilution, and metallurgical and
other characteristics; mining and milling losses being greater than planned; short-term operating
factors relating to the ore reserves, such as the need for sequential development of ore bodies and
the processing of new or different ore grades; risk and hazards associated with mining, milling,
uranium refining, conversion and fuel manufacturing; failure of mining methods and plans; failure
to obtain and maintain the necessary regulatory approvals; lack of tailings capacity; natural
phenomena, such as inclement weather conditions, floods, underground floods, earthquakes, tailings
wall failures, ground movements and cave-ins; unexpected labour shortages or strikes; lack of
success in transitioning to new mining areas at McArthur River and completing remediation and
development activities at Cigar Lake; and interruption or reduction in production due to fires,
failure of critical equipment, shortage of supplies or other unforeseen difficulties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to achieve production estimates could have a material adverse impact on Cameco&#146;s future
cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration and Development activities may not be successful</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration for and development of uranium properties involve significant financial risks that even
a combination of careful evaluation, experience and knowledge may not eliminate. While the
discovery of an ore body may result in substantial rewards, few properties that are explored are
ultimately developed into producing mines. Major expenses may be required to establish mineral
reserves and extract them, including expenses for drilling, constructing mining and processing
facilities at a site, connecting to reliable infrastructure, developing metallurgical
processes and extracting uranium from ore. Cameco cannot guarantee that its current exploration
and development programs will result in profitable commercial mining operations or replacement of
current production at existing mining operations with new reserves. Also, substantial expenses may
be incurred on exploration projects that are subsequently abandoned due to poor exploration results
or the inability to define reserves that can be mined economically.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s ability to sustain or increase its present levels of uranium production is dependent in
part on successful projects for the development of new ore bodies and/or expansion of existing
mining operations. There are many risks and unknowns inherent in all projects. For example, the
economic feasibility of projects are based upon many factors, including, among others: the
accuracy of reserve estimates; metallurgical recoveries; capital and operating costs of such
projects; government regulations relating to prices, taxes, royalties, land tenure, land use,
importing and exporting, and environmental protection; and uranium prices, which are highly
volatile. Projects are also subject to the successful completion of feasibility studies, agreement
with joint venture partners to proceed with development, resolution of various fiscal, tax and
royalty matters, the issuance of necessary governmental permits, acquisition of satisfactory
surface or other land rights, availability of infrastructure, including for power and water, to
support the project and availability of adequate financing to develop it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some projects have no operating history upon which to base estimates of future cash flow.
Estimates of proven and probable reserves and cash operating costs are, to a large extent, based
upon detailed geological and engineering analysis. Cameco conducts feasibility studies that derive
estimates of capital and operating costs based upon many factors, including, among others:
anticipated tonnage and grades of ore to be mined and processed; the configuration of the ore body;
ground and mining conditions; expected recovery rates of the uranium from the ore; and anticipated
environmental and regulatory compliance costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The capital expenditures and time required to develop new mines or other projects are considerable
and changes in costs or construction schedules can affect project economics. Thus, it is possible
that actual costs and economic returns may differ materially from Cameco&#146;s best estimates, or that
it could fail to obtain satisfactory resolution of fiscal or tax matters or government approvals
necessary for the development or operation of the project, in which case the project may not
proceed, either on its original timing, or at all. It is not unusual in the mining industry for
new mining operations to experience unexpected problems during the start-up phase, resulting in
delays, and to require more capital than anticipated. These delays and additional costs could have
a material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>


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</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Environmental, health and safety risk</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expends significant financial and managerial resources to comply with a complex set of
environmental, health and safety laws, regulations, guidelines and permitting requirements (for the
purpose of this paragraph, &#147;laws&#148;) drawn from a number of jurisdictions. The historical trend
toward stricter laws is likely to continue. The uranium industry is subject to not only the worker
health, safety and environmental risks associated with all mining businesses, including potential
liabilities to third parties for environmental damage, but also to additional radiation risks
uniquely associated with uranium mining, processing and fuel manufacturing. The possibility of
more stringent laws or more rigorous enforcement of existing laws exists in the areas of worker
health and safety, the disposition of wastes, the decommissioning and reclamation of mining,
milling, refining, conversion and fuel manufacturing sites and other environmental matters, each of
which could have a material adverse effect on Cameco&#146;s operations or the cost or the viability of a
particular project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s facilities operate under various operating and environmental permits, licences and
approvals that contain conditions that must be met and Cameco&#146;s right to continue operating their
facilities is, in a number of instances, dependent upon compliance with these conditions. Failure
to meet certain of these conditions could result in interruption or closure of Cameco&#146;s facilities
or material fines or penalties, all of which could have a material adverse impact on Cameco&#146;s
future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco may be unable to enforce its legal rights in certain circumstances</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a dispute arising at Cameco&#146;s foreign operations, Cameco may be subject to the
exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to
the jurisdiction of courts in Canada. Cameco may also be hindered or prevented from enforcing its
rights with respect to a government entity or instrumentality because of the doctrine of sovereign
immunity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dispute resolution provision of the Resource Use Contract and HEU Commercial Agreement
stipulate that any dispute between the parties thereto is to be submitted to international
arbitration. However, there can be no assurance that a particular governmental entity or
instrumentality will either comply with the provisions of these or any other agreements or
voluntarily submit to arbitration. If Cameco is unable to enforce its rights under these
agreements, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Properties may be subject to defects in title</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has investigated its rights to explore and exploit all of its material properties and, to
the best of Cameco&#146;s knowledge, those rights are in good standing. However, no assurance can be
given that such rights will not be revoked, or significantly altered, to Cameco&#146;s detriment. There
can also be no assurance that Cameco&#146;s rights will not be challenged or impugned by third parties,
including the local governments, and in Canada, by First Nations and M&#233;tis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of unpatented mining claims on US public lands is sometimes uncertain and may be
contested. Due to the extensive requirements and associated expense involved in obtaining and
maintaining mining rights on US public lands, Cameco&#146;s interest, held by subsidiaries, in its US
ISR properties may be subject to various uncertainties that are common to the industry, with the
attendant risk that its title may be defective or challenged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco is not currently aware of any existing title uncertainties, claims or challenges
with respect to any of its material properties (McArthur River, Cigar Lake and Inkai), other than
with respect to First Nation and M&#233;tis claims in Saskatchewan, there is no assurance that such
uncertainties, claims or challenges will not result in future losses or additional expenditures,
which could have a material adverse impact on Cameco&#146;s future cash flows, earnings, results of
operations and financial condition.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Counterparty/Credit Risk</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco takes measures that are intended to ensure its customers, suppliers and hedging
counterparties can fulfill their contractual obligations. These transactions expose the Company to
the risk of default or credit risk by the counterparties to these contracts. Due to the current
global economic situation the risk of default by these parties has increased. Default by one or
more significant customers, critical suppliers or hedging counterparties could be material to
Cameco&#146;s financial condition, liquidity and results of operations. Although Cameco seeks to manage
its credit risk and supplier risk exposure, as noted below, there can be no assurance that Cameco
will be successful in eliminating the potential material adverse impacts of such risks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Customers</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the Company to
the risk of non-payment, another form of credit risk. Cameco manages this risk by monitoring the
credit worthiness of its customers and seeking pre-payment or other forms of payment security from
customers with an unacceptable level of credit risk. As of December&nbsp;31, 2009, about 4% of Cameco&#146;s
forecast revenue under contract for the period 2010 to 2012 is with customers whose
creditworthiness does not meet Cameco&#146;s standards for unsecured payment terms. As well, Cameco&#146;s
purchase of uranium product and conversion services, such as under the HEU Commercial Agreement and
SFL toll-conversion agreement, exposes the Company to the risk of the supplier&#146;s failure to fulfill
its delivery commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Suppliers</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchases reagents and other production inputs and supplies from numerous suppliers around
the world, and is therefore exposed to risk should any of these suppliers default on their
contractual commitments to Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The shortage of sulphuric acid in Kazakhstan has delayed production in the past and its future
availability remains a concern. Currently, JV Inkai has three sources of sulphuric acid to attempt
to mitigate the risk regarding availability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is examining its entire supply chain, looking to diversify or add inventory where it is
vulnerable. There can be no assurance that these efforts will mitigate the risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Hedging Counterparties</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses derivative financial instruments to reduce exposure to fluctuations in foreign currency
exchange rates and interest rates. The purpose of hedging transactions is to modify Cameco&#146;s
exposure to one or more risks by creating an offset between changes in the fair value of, or the
cash inflows attributable to, the hedged item and the hedging item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Counterparty risk on hedging arrangements is managed by dealing with financial institutions that
meet Cameco&#146;s credit rating standards and by limiting exposures with individual counterparties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Canadian dollar decreases significantly against the US dollar, and a counterparty defaults
under its contract, there is an increased risk of financial loss to Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Currency Fluctuations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s earnings and cash flow may also be affected by fluctuations in the US/Canadian dollar
exchange rate. Cameco&#146;s sales of uranium and conversion services are mostly denominated in US
dollars, while the production costs of both are denominated primarily in Canadian dollars.
Cameco&#146;s consolidated financial statements are expressed in Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fluctuations in exchange rates between the US dollar and the Canadian dollar may give rise to
foreign exchange currency exposures, both favourable and unfavourable, which have materially
impacted and may materially impact in the future Cameco&#146;s financial results. Although Cameco
utilizes a hedging program to limit any adverse effects of foreign
</DIV>

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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exchange rate fluctuations, there can be no assurance that such hedges have eliminated the
potential material adverse impact of such fluctuations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental regulators are increasingly requiring financial assurances to assure that the cost of
decommissioning and reclaiming sites are borne by the parties involved, and not by government.
Cameco has filed decommissioning plans for certain of its properties with regulators. These
regulators have accepted the decommissioning plans in concept. Beginning in 1996, Cameco has
conducted regulatory-required reviews of its decommissioning plans for all Canadian sites. These
periodic reviews are done on a five-year basis, or at the time of an amendment to or renewal of an
operating licence. As Cameco properties approach or go into decommissioning, further
regulatory review of the detailed decommissioning plans may result in additional requirements,
associated costs and financial assurances. It is not possible to predict what level of
decommissioning and reclamation (and financial assurances relating thereto) may be required in the
future by regulators. If Cameco is required to comply with significant additional regulations or
if the actual cost of future decommissioning and reclamation is significantly higher than current
estimates, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Disclosure and Internal Controls</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. Disclosure controls
and procedures are designed to ensure that information required to be disclosed by a company in
reports filed with securities regulatory agencies is recorded, processed, summarized and reported
on a timely basis and is accumulated and communicated to a company&#146;s management, including its
chief executive officer and chief financial officer, as appropriate, to allow timely decisions
regarding required disclosure. A control system, no matter how well designed and operated, can
provide only reasonable, not absolute, assurance with respect to the reliability of reporting,
including financial reporting and financial statement preparation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Key Personnel</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The chief executive officer and senior officers of Cameco are critical to its success. In the
event of the departure of the chief executive officer or a senior officer, Cameco believes that it
will be successful in attracting and retaining qualified successors but there can be no assurance
of such success. If Cameco is not successful in attracting and retaining qualified personnel, the
efficiency of its operations could be affected, which could have a material adverse impact on
Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco&#146;s success depends on its ability to attract and retain qualified personnel</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recruiting and retaining qualified personnel is critical to Cameco&#146;s success. The number of
persons skilled in the acquisition, exploration, development and operation of mining properties and
the operation of uranium, milling, refining, conversion and fuel manufacturing facilities is
limited and competition for such persons is intense. As Cameco&#146;s business activity grows, it will
require additional key financial, administrative, technical and operations staff. It is also
necessary for Cameco to engage expatriate and local workers for the Inkai mine in Kazakhstan. If
Cameco is not successful in attracting and training qualified personnel, the efficiency of its
operations could be affected, which could have a material adverse impact on Cameco&#146;s future cash
flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prospects may suffer due to enhanced competition for mineral acquisition opportunities</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant and increasing competition exists for mineral acquisition opportunities throughout the
world. As a result of this competition, Cameco may be unable to acquire rights to exploit
additional attractive mining properties on terms that Cameco consider acceptable. Accordingly,
there can be no assurance that the Company will acquire any interest in additional operations that
would yield reserves or result in commercial mining operations. If Cameco is not able to acquire
such interests, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operations and financial condition. Even if Cameco does acquire such interests, the resultant
business arrangements may not ultimately prove beneficial to their businesses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Nuclear Business</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Volatility and Sensitivity to Prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because the majority of the Company&#146;s revenues are derived from the sale of uranium and uranium
products, the Company&#146;s net earnings and cash flow are closely related and sensitive to
fluctuations in the long-term and short-term market price of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and for
uranium conversion services. Historically, these prices have fluctuated and have been and will
continue to be affected by numerous factors beyond the Company&#146;s control. Such factors include,
among others: demand for nuclear power; political and economic conditions in uranium producing and
consuming countries; reprocessing of used reactor fuel and the re-enrichment of depleted uranium
tails; sales of excess civilian and military inventories (including from the dismantling of nuclear
weapons) by governments and industry participants; production levels and costs of production;
significant production interruptions or delays in expansion plans; and actions of investment and
hedge funds in the uranium market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fluctuation of the prices of uranium and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services is illustrated by
the following tables, which set forth, for the periods indicated, the monthly highs and lows of the
spot and long-term price for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services, as
published by Trade Tech:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Range of Spot Uranium Prices </B>
<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><BR>
<B>(US $/lb of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Exchange Value, published by TradeTech. Spot prices reflect the spot
price for all uranium other than of CIS origin.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Range of Spot UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</b></SUB><b> Conversion Values </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><BR>
<B>(US$/kg U)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Conversion Value, published by TradeTech. The conversion value over this
period of time is for the provision of conversion services delivered in North America.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Range of Long-Term Uranium Prices </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><BR>
<B>(US $/lb of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Exchange Value, published by TradeTech. Long-term prices reflect the
long-term price for all uranium.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">
<B>Range of Long-Term UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</b></SUB> <b>Conversion Values </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP><BR>
<B>(US$/kg U)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 92 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Conversion Value, published by TradeTech. The conversion value over this
period of time is for the provision of conversion services delivered in North America.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company employs various pricing mechanisms within its sales contracts to manage
its exposure to price fluctuations, there can be no assurance that such a program will be
successful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Large flood at the McArthur River Mine, Cigar Lake Project, or Rabbit Lake Mine</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk of floods at McArthur River, Cigar Lake and Rabbit Lake. These operations have
each been subject to one or more floods (also called water inflows).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;6, 2003, production at Cameco&#146;s McArthur River mine was temporarily suspended, as an
increased water inflow from an area of collapsed rock in a new development area began to flood
portions of the mine. The sandstone that overlays the basement rocks of the McArthur River deposit
contains significant water, which is at hydrostatic pressure. Water flow into the mine area is
generally prevented by ground freezing. There are technical challenges at McArthur River involving
the groundwater and rock properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This incident resulted in a considerable shortfall in 2003 uranium production and a major setback
to the development of new mining zones as revised mining plans were subsequently prepared and
improved controls put in place to access the zone where the inflow occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit has hydro-geological characteristics similar to McArthur River and as a
result also has technical challenges involving groundwater and rock properties. Starting in 2006,
three water inflows have occurred at Cigar Lake. For a discussion of these water inflows, see <I>Cigar
Lake &#150; Water Inflow Incidents and Remediation</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake water inflows have had many significant impacts upon Cameco, among others, including
a significant delay in Cigar Lake development and production, a significant increase in capital
costs, and requiring Cameco to give notice to many of its customers that it was declaring an
interruption in planned supply. There can be no assurance that an additional water inflow will not
further delay development and production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2007, Cameco temporarily reduced underground activities at Rabbit Lake due to an
increase of water flow from a mining area at the same time as the capacity of the surface
water-handling system was limited due to an equipment upgrade. In late December&nbsp;2007, Rabbit Lake
operations resumed normal mining activities, after site crews located and plugged the source of the
water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no guarantee against floods in the future at McArthur River, Cigar Lake or Rabbit
Lake. A flood could result in consequences that are material and adverse to Cameco, such
consequences include, among others, significant delays in, or interruption or reduction of,
production, significant delays in, or interruption of, mine development or remediation activities,
a loss of reserves, and a material increase in costs. The consequences of a flood will depend on
the magnitude, location, and timing of any such flood. Water inflows and floods are generally not
insurable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Technical Challenges</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the unique nature of the deposits at McArthur River and Cigar Lake, there are technical
challenges at these deposits involving groundwater, rock properties, radiation protection, mining
methods, transitioning to new mining areas, ore-handling and transport. Failure to resolve any one
of these technical challenges at McArthur River or Cigar Lake may have a material adverse impact on
the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is transitioning to new mining areas at McArthur River which involves significant technical
challenges. Failure or delay in overcoming these challenges may have a material adverse impact on
the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Replacement of Depleted Reserves</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River and Rabbit Lake mines are currently the Company&#146;s principal sources of mined
uranium concentrates. Unless the Cigar Lake and Inkai deposits are successfully developed and
achieve planned levels of
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 93 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">production or other reserves are identified, discovered or extensions to existing ore bodies are
found, the Company&#146;s sources of mined uranium concentrates will decrease over time as reserves at
these two mines are depleted, which could have a material adverse impact on Cameco. The reserves
at Rabbit Lake&#146;s Eagle Point mine are expected to be depleted in 2015. Although in the past the
Company (or its predecessors) has successfully replenished its reserves through ongoing
exploration, development and acquisition programs, there can be no assurance that Cameco&#146;s future
exploration, development and acquisition efforts will be successful. In addition, while Cameco
believes that Cigar Lake and Inkai will achieve planned levels of production, there can be no
assurance that they will.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Aboriginal Title and Consultation Issues</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations and M&#233;tis title claims, as well as related consultation issues, may affect the
ability of Cameco to pursue exploration, development and mining at its Saskatchewan uranium
producing properties (McArthur River and Rabbit Lake) and developmental property (Cigar Lake), as
well as milling ore at Key Lake. Similar issues may affect the ability of Cameco to pursue
exploration activities in other provinces and countries. Cameco has received formal demands from
the English First River Nation (EFRN)&nbsp;and the M&#233;tis Nation of Saskatchewan to be consulted and
accommodated with respect to development on aboriginal traditional lands, which is an expectation
of all aboriginal groups in Northern Saskatchewan. It is generally acknowledged that, pursuant to
historical treaties, First Nation bands in northern Saskatchewan ceded title to most traditional
lands in northern Saskatchewan in exchange for treaty benefits and reserves lands. However,
generally First Nations in Saskatchewan continue to assert that their treaties are not an accurate
record of their agreement with the Canadian government and that they did not cede title to the
minerals when they ceded title to their traditional lands. First Nations have launched a lawsuit
in Alberta making a similar claim that they did not cede title to the oil and natural gas rights
when they ceded title to their traditional lands. A similar lawsuit could be brought by First
Nations in Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ERFN has selected lands for Treaty Land Entitlement (TLE)&nbsp;designation that covers the mineral
claims for the Millennium uranium deposit. The Saskatchewan government rejected this selection
(December&nbsp;2008). However, the ERFN has challenged that rejection in the courts. Similarly, the
Peter Ballantyne Cree has selected lands under the TLE process that cover portions of the mineral
claims held by the Dawn Lake joint venture. The TLE process does not affect the rights of
Cameco&#146;s mining joint ventures. However, it may impact the surface rights and benefits ultimately
negotiated as part of the development of the Millennium and Dawn Lake. Cameco is monitoring
developments on the TLE issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, in order to proceed with development of Kintyre in Australia, Cameco must reach an
agreement with the Martu, the native land title holders for this property, and negotiations for an
agreement are ongoing. There is uncertainty whether Cameco and the Martu will be able to come to an
agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managing these issues is an integral part of Cameco&#146;s exploration, development and mining
activities and Cameco is committed to managing them effectively. However, in view of the legal and
factual uncertainties, no assurance can be given that material adverse consequences will not arise
in connection with these issues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Competition from Other Energy Sources and Public Acceptance of Nuclear Energy</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear energy competes with other sources of energy, including oil, natural gas, coal and
hydro-electricity. These other energy sources are to some extent interchangeable with nuclear
energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydro-electricity may result in lower demand for uranium concentrates and uranium conversion
services. Furthermore, growth of the uranium and nuclear power industry will depend upon continued
and increased acceptance of nuclear technology as a means of generating electricity. Because of
unique political, technological and environmental factors that affect the nuclear industry, the
industry is subject to public opinion risks which could have an adverse impact on the demand for
nuclear power and increase the regulation of the nuclear power industry. An accident at a nuclear
reactor anywhere in the world could impact the continuing acceptance of nuclear energy and the
future prospects for nuclear generation, which may have a material adverse impact on Cameco.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 94 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dependence on Limited Number of Customers</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s principal business relates to the production and sale of uranium concentrates and the
provision of uranium conversion services. The Company relies heavily on a small number of
customers to purchase a significant portion of its production of uranium concentrates and its
uranium conversion services. For instance, for the period 2010 through 2012, Cameco&#146;s five largest
customers are anticipated to account for approximately 41% of the Company&#146;s contracted supply of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For the period 2010 through 2012, Cameco&#146;s five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion customers are anticipated to account for approximately 36% of the Company&#146;s contracted
supply of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. Cameco is currently the only commercial supplier of
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for use in Canadian CANDU heavy water reactors with sales to its largest customer
accounting for approximately 37% of the Company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales in 2009. In addition,
during 2009, revenues from one customer of Cameco&#146;s uranium and conversion segments represented
approximately $253&nbsp;million (14%) of Cameco&#146;s total revenues from those businesses. As well, sales
for the Bruce A and B reactors represent a substantial portion of the Company&#146;s fuel manufacturing
business. The loss of any of the Company&#146;s largest customers or curtailment of purchases by such
customers could have a material adverse impact on the Company&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Industry Competition and International Trade Restrictions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The international uranium industry, including the supply of uranium concentrates and the provision
of uranium conversion services, is highly competitive. The Company markets uranium to utilities in
direct competition with supplies available from a relatively small number of world uranium mining
and enrichment companies, from excess inventories, including inventories made available from
decommissioning of nuclear weapons, from reprocessed uranium and plutonium derived from used
reactor fuel, and from the use of excess enrichment capacity to re-enrich depleted uranium tails.
The supply of uranium from Russia is, to some extent, impeded by a number of international trade
agreements and policies. These agreements and any similar future agreements, governmental policies
or trade restrictions are beyond the control of Cameco and may affect the supply of uranium
available in the US and Europe, which are the largest markets for uranium in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion, the Company competes on the basis of price, location and
service with two other full scale commercial suppliers in the western world and with additional
supplies available from excess inventories, including inventories made available from
decommissioning of nuclear weapons, and the use of excess enrichment capacity to re-enrich depleted
uranium tails.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reduced Liquidity and Difficulty in Obtaining Future Financing</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The further development and exploration of mineral properties in which Cameco holds an interest may
depend upon Cameco&#146;s ability to obtain financing through joint ventures, debt financing, equity
financing or other means. There is no assurance that Cameco will be successful in obtaining
required financing as and when needed. Volatile uranium markets, a claim against Cameco, a
significant event disrupting Cameco&#146;s business or operations, or other factors may make it
difficult or impossible for Cameco to obtain debt financing or equity financing on favourable terms
or at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Technical Obsolescence</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Requirements for the Company&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used fuel processing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Nuclear Electrical Generation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Generation and Technology Risks</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is exposed to the market impact of uncertain output from its nuclear units known as generation
risk. The amount of electricity generated by BPLP is affected by such risks as nuclear fuel
supply, equipment malfunction, maintenance requirements, and regulatory and environmental
constraints. BPLP is exposed to considerable technology risk because of the age of the Bruce
units. Technology risks that could lead to significant impacts on the generating capability or
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operating life of BPLP&#146;s assets are not fully predictable. BPLP attempts to identify those risks
through on-going management review and assessments, internal audits, and from experience of nuclear
units around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any events associated with generation risk or technology risk could have a
material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nuclear Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Risks of substantial liability, as well as the potential for significant increased costs of
operations, arise from the management and operation of nuclear generating stations, including,
among other things, from structural problems, increasing security requirements to cover factors
such as physical security threats, equipment malfunctions, and the storage, handling and disposal
of radioactive materials. BPLP has implemented risk management strategies, including the safety
systems that are a part of CANDU technology, but there can be no assurance that such risks can be
minimized or eliminated. An accident at a nuclear installation anywhere in the world or other
reasons could cause the CNSC to limit the operation or licensing of the Bruce nuclear generation
stations. Any such accident could also have an impact on the future prospects for nuclear
generation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, BPLP&#146;s nuclear facilities, personal injury or death, environmental damage, delays
in or interruption of or cessation of operations from BPLP&#146;s facilities, costs, monetary losses and
potential legal liability and adverse governmental action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OPG undertook a testing and inspection program to ascertain the physical condition of its nuclear
generating stations. BPLP has continued that program for the Bruce nuclear generating stations by
contracting with OPG for the supply of fuel channel and other inspection services (see <I>Bruce Power
LP &#150; The Generating Facilities &#151; Operating Life Assessment </I>above). As a result of this program,
OPG identified equipment life cycle issues, such as steam generator tube corrosion, feeder pipe
wall thinning and pressure tube/calandria tube contact. Cameco understands these conditions were
anticipated in the design but that experience has shown that the rate of degradation is higher than
anticipated. In addition, no nuclear generating station utilizing CANDU technology has yet
completed a full life cycle. There can be no assurance that BPLP will not have to incur
significant capital expenditures for repairs or replacements in addition to those currently
contemplated. To address these issues, BPLP may need to increase preventative maintenance programs
and allow for more outage time (a period when a nuclear reactor is not operating) than currently
planned. Such additional repairs, replacements and longer outage times could have a material
adverse impact on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Unplanned or Extended Outages</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s anticipated contribution to Cameco&#146;s financial results in a given year could be
significantly impacted if the amount of electricity generated is less than expected due to
extensions of planned outages significantly beyond their scheduled periods, or if there are one or
more unplanned outages which, in aggregate, are for an extended period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Labour Relations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU Collective Agreement
expires December&nbsp;2010. The Society of Energy Professionals Collective Agreement expires December
2010. Cameco cannot predict at this time whether new collective agreements will be reached with
these or other employees without a work stoppage. Any lengthy work interruptions could have a
material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Government Regulation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are subject to extensive government regulation, which regulation may change from
time to time. Failure to comply with government regulations could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines or other penalties.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Matters that are subject to regulation include nuclear operations, nuclear waste management and
decommissioning and environmental matters. These regulations are promulgated pursuant to both
federal and provincial law. Operations that are not currently regulated may become subject to
regulation. Since legal requirements frequently change and are subject to interpretation, BPLP is
not able to predict the ultimate cost of compliance with regulatory requirements or their effect on
operations. Some of BPLP&#146;s operations are regulated by government agencies that exercise
discretionary powers conferred by statute. Since the scope of such authority is discretionary and
may be inconsistently applied, BPLP is not able to predict the ultimate cost of compliance with
these requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has decided to delay introduction of modified fuel in the Bruce B units by suspending the
project. While this development is not expected to result in any derating due to the low
probability event safety margins, it remains possible that the units could experience significant
derating in the future due to this issue. In addition, due to, among other things, inadequate
safety margins, the CNSC has the power to limit the output from or order the shutdown of one or
more of the Bruce B units and to impose additional onerous licence conditions on BPLP. (See <I>Bruce
Power LP &#150; The Generating Facilities &#150; New Fuel Program </I>above.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Fuel Fabrication Defects and Product Liability</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM fabricates nuclear fuel bundles, other reactor components and monitoring equipment. CFM&#146;s
products are complex and, accordingly, may contain defects that could be detected at any point in
their product life cycle. Flaws in these products could materially and adversely affect CFM&#146;s and
Cameco&#146;s reputation, result in significant cost to CFM and Cameco and impair CFM&#146;s ability to sell
its products in the future. The costs incurred in correcting any product errors may be substantial
and could adversely impact CFM&#146;s operating margins. While CFM introduced in 2007 a rigorous new
process review and control regime, there is no guarantee that all defects or errors in its products
will be found.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some customers may demand compensation if CFM delivers defective products. In the event of a
significant number of product defects, the compensation that may have to be paid could have a
significant impact on Cameco&#146;s operating results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some CFM agreements with customers contain specific terms which limit its liability to customers
and others do not. Even with liability limitations in place, such provisions may not be effective
as a result of existing or future laws or unfavourable judicial decisions. CFM has not experienced
any material product liability claims to date. However, given the nature of nuclear fuel products,
there is a risk that such claims could occur in the future. A successful product liability claim
could result in significant monetary liability and could seriously disrupt CFM&#146;s and Cameco&#146;s
business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nuclear Waste Management and Decommissioning</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is subject to extensive federal regulation with respect to nuclear waste management. Failure
to comply with such regulation could lead to prosecution and could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines and other penalties. Any release of radioactive material
beyond prescribed limits from property leased or occupied by BPLP could lead to governmental orders
requiring investigation, control and/or remediation of such release and could also lead to claims
from third parties for harm caused by such release. BPLP incurs substantial costs for nuclear
waste management and changes in federal regulation could result in additional costs that could have
a material adverse affect on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The wet bays at Bruce B have limited capacity to store used nuclear fuel. As required by contract
with BPLP, OPG has commenced the collection of used nuclear fuel bundles stored in the wet bays for
transport to and storage at OPG&#146;s dry storage facility at the Bruce site. OPG has title to all
used nuclear fuel bundles in the wet bays. Failure of OPG to continue to provide collection
services of adequate quality or in a timely manner or problems associated with the in station
modifications to the Bruce B wet bays to support the loading of used nuclear fuel bundles into dry
storage containers, could have a material adverse effect on BPLP.
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restructuring of Ontario&#146;s Electricity Industry</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government of Ontario has the overall power to regulate Ontario&#146;s electricity industry.
Ontario&#146;s electricity market opened to competition on May&nbsp;1, 2002 with the introduction of
competition in both the wholesale and retail markets in Ontario. The Ontario government
subsequently announced regulatory changes. It is possible that further changes in the structure of
the electricity market may occur based on the experience of the regulatory authorities and market
participants. Such changes could be accomplished either through fundamental changes made by the
government of Ontario to the structure of the Ontario electricity market, or through changes made
to the market rules by the regulators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Spot Market Electricity Prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant portion of BPLP&#146;s revenue is tied, either directly or indirectly, to the spot market
price for electricity in Ontario. The spot market price for electricity will vary depending on,
amongst other variables: the availability of generation and transmission systems; economic growth;
economic slowdown; seasonal and weather-based variations in electricity demand; the plans and
activities of other market participants; the evolution of newly deregulated electricity markets;
regulatory decisions in Ontario and neighbouring jurisdictions (including deregulation); the
exchange rate for the Canadian dollar; wholesale market trading rules; mechanisms for maintaining
adequate generation reserves; and the overall level of competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although BPLP engages in risk management activities, including trading of electricity and related
contracts to mitigate these risks, there can be no assurance that these activities will be
successful. Electricity prices can be volatile.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reliance on Single Contractors</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is dependent upon OPG and AECL for certain nuclear support services, Cameco for
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> supply and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services, and CFM for fuel
manufacturing services. Reliance by BPLP on a single contractor for each of these services is a
supply security risk. Failure of any of these suppliers to provide services of adequate quality or
in a timely manner, or, in the case of OPG, to agree to extend the term of short-term material
service agreements, could have a material adverse impact on BPLP&#146;s expected contribution to
Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Reliance on Transmission Systems</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s ability to sell electricity depends on the capacity and reliability of the Ontario
electricity transmission system operated by Hydro One and the other North American electricity
transmission systems that are connected to the Ontario electricity transmission system.
Accordingly, the success of BPLP&#146;s business is dependent upon the functioning of interconnected
electrical transmission systems in North America, Hydro One&#146;s operating performance and financial
stability, as well as the provincial regulation of Ontario&#146;s electricity transmission system. The
lack of adequate and reliable electricity transmission capacity could have a material adverse
impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Effects of Weather and Economic Conditions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By the nature of its business, BPLP&#146;s earnings are sensitive to weather variations from time to
time. Variations in winter weather affect the demand for electrical heating requirements.
Variations in summer weather affect the demand for electrical cooling requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand erosion continues to dominate the Ontario landscape, driven by declining economic conditions
in Ontario and in North America, which has resulted in partial loss of industrial and wholesale
demand. Since 2004 wholesale load has
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">decreased significantly and in 2009 Ontario demand is down by approximately 6% or 10 TWh in
comparison to 2008. BPLP continues to implement a diversified contracting strategy that hedges
output against exposure to Ontario low spot prices by sales into the retail contract market and
into neighbouring jurisdictions such as the NYISO market place.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Credit Risk</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit risk is the risk of non-performance by contractual counterparties with respect to payment
for services provided. A significant portion of BPLP&#146;s revenues are derived from sales through the
spot market administered by government regulators. Participants in the spot market must meet
standards mandated by regulators for creditworthiness with the result that BPLP&#146;s risk for these
sales should be effectively managed. To the extent that the credit support provided by purchasers
of power to regulators is inadequate, all market participants, including BPLP, could be responsible
for any shortfall in proportion to their market activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant portion of BPLP&#146;s revenues are derived from the sale of electricity under medium-term
and long-term power purchase and electricity price hedging agreements. The purchasers and BPLP
under such agreements must meet certain standards for creditworthiness and, in certain
circumstances, must supply financial assurances as security for non-performance. The requirement
of purchasers to provide financial assurances should result in BPLP&#146;s credit risk for these sales
being effectively managed. To the extent that financial assurances provided by such purchasers are
inadequate, BPLP is subject to credit risk, the occurrence of which could have a material adverse
impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results. BPLP is likewise obligated,
in certain circumstances, to provide financial assurances to such purchasers. Depending on the
circumstances, this may burden the credit capacity of BPLP and Cameco. Cameco has committed to
provide a certain amount of financial assurances to BPLP.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DESCRIPTION OF SECURITIES</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Description of Share Capital</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The authorized share capital of Cameco consists of an unlimited number of First Preferred Shares
without nominal or par value, issuable in series (none of which are outstanding); an unlimited
number of Second Preferred Shares without nominal or par value, issuable in series (none of which
are outstanding); an unlimited number of common shares without nominal or par value, of which, at
March&nbsp;26, 2010, 392,950,555 common shares were outstanding as fully paid and non-assessable shares
and one Class&nbsp;B Share of which one is outstanding as a fully paid and non-assessable share. In
addition, as of March&nbsp;26, 2010, there were 9,328,338 stock options outstanding to acquire common shares
of Cameco pursuant to the Company&#146;s stock option plan. The Articles of Incorporation of Cameco (the
&#147;Articles&#148;) contain provisions imposing restraints on the issue, transfer and ownership of voting
securities of Cameco. (See <I>Restrictions on Ownership and Voting below</I>.) The following is a
summary of the material provisions attaching to these classes of shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Common Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the limitations described below, the holders of common shares are entitled to one vote
per common share on all matters to be voted on by the shareholders at any meetings of shareholders
(other than at meetings of only holders of some other class or series), and are entitled to receive
such dividends as may be declared by the board of directors of Cameco. The common shares are
subordinate to the rights of the holders of each series of the First Preferred Shares and Second
Preferred Shares that may be outstanding as to payment of dividends and to the distribution of
assets in the event of liquidation, dissolution or winding up of Cameco or any other distribution
of the assets of Cameco among its shareholders for the purpose of winding up its affairs. The
holders of the common shares have no pre-emptive, redemption, purchase or conversion rights in
respect of such shares. Except as described under <I>Description of Share Capital &#150; Restrictions on
Ownership and Voting </I>below, non-residents of Canada who hold common shares have the same rights as
shareholders who are residents of Canada.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Class&nbsp;B Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The holder of the Class&nbsp;B share (the &#147;Class&nbsp;B Share&#148;), the Province of Saskatchewan, is entitled to
receive notice of and to attend all meetings of shareholders including meetings of any class or
series thereof but does not have the right to vote
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">at any such meeting other than a meeting of the holder of the Class&nbsp;B Share as a class. The holder
of the Class&nbsp;B Share does not have the right to vote separately as a class, except on any proposal
to: (i)&nbsp;amend Part&nbsp;I of Schedule&nbsp;B of the Articles; (ii)&nbsp;amalgamate that would effect an amendment
to Part&nbsp;I of Schedule&nbsp;B of the Articles; or (iii)&nbsp;amend the Articles so as to alter the rights
attached to the Class&nbsp;B Share. Part&nbsp;I of Schedule&nbsp;B of the Articles provides that (A)&nbsp;the
registered office and head office operations of Cameco must be located in the Province of
Saskatchewan (the &#147;Province&#148;), (B)&nbsp;all of the executive officers (vice-chairman of the board, chief
executive officer, chief operating officer, chief financial officer and president) of the Company,
except for the chairman of the board, and substantially all of the senior officers (vice
presidents) of the Company must be ordinarily resident in the Province, and (C)&nbsp;all annual meetings
of shareholders of the Company must be held at a place in the Province. The holder of the Class&nbsp;B
Share is entitled to request and receive information from Cameco for the purpose of determining
whether the provisions of Part&nbsp;I of Schedule&nbsp;B of the Articles are being complied with. The holder
of the Class&nbsp;B Share does not have the right to receive any dividends declared by the Company.
Subject to the prior rights of each series of First Preferred Shares and Second Preferred Shares,
the holder of the Class&nbsp;B Share ranks equally with holders of common shares with respect to the
distribution of assets in the event of liquidation, dissolution or winding up of the Company. The
holder of the Class&nbsp;B Share has no pre-emptive, redemption, purchase or conversion rights in
respect of such share. The Class&nbsp;B Share is non-transferable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>First Preferred Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The First Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The First Preferred
Shares of each series will rank equally with the shares of every other series of First Preferred
Shares and prior to the Second Preferred Shares, the common shares and the Class&nbsp;B Share with
respect to the payment of dividends and the distribution of assets in the event of liquidation,
dissolution or winding up of the Company and may carry voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Second Preferred Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Second Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The Second Preferred
Shares of each series will rank equally with the shares of every other series of Second Preferred
Shares and prior to the common shares and the Class&nbsp;B Share with respect to the payment of
dividends and the distributions of assets in the event of liquidation, dissolution or winding up of
the Company and may carry voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Ownership and Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limits on the Holdings of Residents and Non-Residents of Canada</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Articles, pursuant to the requirements of the <I>Eldorado Nuclear Limited Reorganization and
Divestiture Act </I>(Canada) as amended (the &#147;ENL Reorganization Act&#148;), contain provisions imposing
constraints on the issue, transfer and ownership, including joint ownership, of voting securities
of Cameco so as to prevent both residents and non-residents from owning or controlling more than a
specified percentage of voting securities. The constraints affect the common shares of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Specifically, no resident, alone or together with associates, may hold, beneficially own or
control, directly or indirectly, other than by way of security only or for purposes of distribution
by an underwriter, voting securities to which are attached more than 25% of the votes than may
ordinarily be cast to elect directors of Cameco. Similarly, no non-resident, alone or together
with associates, may hold, beneficially own or control, directly or indirectly, other than by way
of security only or for purposes of distribution by an underwriter, voting securities to which are
attached more than 15% of the votes that may ordinarily be cast to elect directors of Cameco.
Further, the votes attaching to securities of Cameco held, beneficially owned or controlled,
directly or indirectly, by all non-residents together, and cast at any meeting of shareholders of
Cameco will be counted or pro-rated so as to limit the counting of those votes to not more than 25%
of the total number of votes cast by the shareholders at that meeting. In certain prior years,
including in 2009,
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 100 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has limited the counting of votes by non-residents of Canada at its annual shareholders
meeting to abide by this restriction, which resulted in non-residents of Canada receiving less than
one vote per share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enforcement</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to give effect to such constraints, the Articles contain provisions for the enforcement of
the restrictions relating to ownership and voting by residents and non-residents described above,
including provisions for suspension of voting rights, forfeiture of dividends and other
distributions to shareholders, prohibitions against the issue and transfer of securities and
suspension of all remaining shareholders&#146; rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions allow Cameco to require holders, proposed transferees or other subscribers for
voting securities and certain other persons to furnish shareholder declarations as to residence,
ownership of voting securities and certain other matters relative to the enforcement of the
restrictions. Cameco is precluded from issuing or registering a transfer of any voting securities
where a contravention of the resident or non-resident ownership restrictions would result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco has reason to believe, whether through shareholder declarations filed with it or its
books and records or those of its registrar and transfer agent or otherwise, that voting securities
are held by a shareholder in contravention of the resident or non-resident ownership restrictions,
it has the power to suspend all rights of the shareholder in respect of all securities held, other
than the right to transfer them, not earlier than 30&nbsp;days after first sending notice to the
shareholder, unless the voting securities so held have been disposed of by the shareholder and
Cameco has been so advised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Definitions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following definitions apply for the purposes of the restrictions described above:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>non-resident</I>&#148; means:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual, other than a Canadian citizen, who is not ordinarily resident in Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation incorporated, formed or otherwise organized outside Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign government or an agency thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i)&nbsp;to (iii)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established by a non-resident as defined in any of (ii)&nbsp;to (iv)&nbsp;above, other
than a trust for the administration of a pension fund for the benefit of individuals a
majority of whom are residents; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which non-residents as defined in any of (i)&nbsp;to (iv)&nbsp;above have more than
fifty percent of the beneficial interest; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by a trust described in (v)&nbsp;above;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>resident</I>&#148; means an individual, corporation, government or agency thereof or trust that is not a
non-resident;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>voting security</I>&#148; means a share or other security of Cameco carrying full voting rights under all
circumstances or under some circumstances that have occurred and are continuing, and includes:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a security currently convertible into such a share or other security; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currently exercisable options and rights to acquire such a share or other security or such
convertible share or other security;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 101 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>person</I>&#148; includes any individual, corporation, government or agency thereof, executor,
administrator or other legal representative; a person is an associate of another person if:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation of which the other is an officer or director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation that is controlled by the other or by a group of persons of which the other is a member;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a partnership of which the other is a partner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a trust of which the other is a trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are corporations controlled by the same person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are members of a voting trust or parties to an arrangement that relates to voting securities of Cameco; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are at the same time associates, within the meaning of any of (i)&nbsp;to (vi)&nbsp;above, of the
same person; provided that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a resident who, but for this paragraph, would be an associate of a
non-resident submits to Cameco a statutory declaration stating that no voting
securities are held, directly or indirectly, for a non-resident, that resident and
non-resident are not associates of each other, provided the statutory declaration is
not false;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two corporations are not associates pursuant to (vii)&nbsp;above by reason only that
each is an associate of the same person pursuant to (i)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any person appears to Cameco to hold voting securities to which are attached
not more than the lesser of four one-hundredths of one percent of the votes that may
ordinarily be cast to elect directors of Cameco and 10,000 such votes, that person is
not an associate of any other person and no other person is an associate of that person
in relation to those voting securities;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>control</I>&#148; means control in any manner that results in control in fact, whether directly through
ownership of securities or indirectly through a trust, an agreement, the ownership of nay body
corporate or otherwise; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>beneficial ownership</I>&#148; includes ownership through a trustee, legal representative, agent or other
intermediary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Restrictions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ENL Reorganization Act places certain other restrictions on Cameco, including prohibition
against applying for continuance in another jurisdiction and a prohibition against Cameco enacting
articles of incorporation or bylaws containing provisions inconsistent with the provisions included
in the ENL Reorganization Act. The ENL Reorganization Act provides that the Articles must contain
restrictions on Cameco including a prohibition against Cameco creating restricted shares (generally
a participating share containing restrictive voting rights) and the requirement that Cameco
maintain its registered office and its head office operations within the Province of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The Saskatchewan Mining Development Corporation Reorganization Act </I>also requires Cameco to maintain
its registered office and its head office operations (generally all executive, corporate planning,
senior management, administrative and general management functions) within the Province of
Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The bylaws of the Company provide that a majority of the members of the board of directors of
Cameco shall be resident Canadians. The Articles provide that the number of directors will be not
less than three and not more than fifteen. The number of directors is presently fixed at fourteen.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->- 102 -<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ratings of Securities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has two series of senior unsecured debentures outstanding and in the past has been a
frequent issuer of commercial paper. Cameco&#146;s senior unsecured debentures (&#147;Senior Unsecured
Debentures&#148;) consist of $300&nbsp;million of debentures that bear interest at the rate of 4.7% per annum
and which mature September&nbsp;16, 2015 and $500&nbsp;million of debentures that bear interest at the rate
of 5.67% per annum and which mature September&nbsp;2, 2019. At March&nbsp;26, 2010 there was nothing
outstanding under Cameco&#146;s commercial paper program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As summarized in the following table, DBRS and Standard &#038; Poor&#146;s (&#147;S&#038;P&#148;) have provided ratings of
the Company&#146;s commercial paper and Senior Unsecured Debentures:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DBRS</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commercial Paper
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>R-1 (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>A-1 (low)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Unsecured Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" nowrap>A (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB&#043;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Current as of August&nbsp;2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Current as of August&nbsp;2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating
is A-2.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The credit ratings provided by DBRS and S&#038;P (&#147;Rating Agencies&#148;) are not recommendations to
buy, hold or sell the securities, as such ratings do not comment on the market price or suitability
for an individual investor. There is no assurance that any rating will remain in effect for any
given period of time or that any rating will not be revised or withdrawn entirely by a Rating
Agency in the future if in its judgment circumstances so warrant. Cameco provides the Rating
Agencies with confidential, in-depth information in support of the rating process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rating ranges, definitions of the rating categories and the relative rankings assigned within
the respective rating classification systems are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Commercial Paper</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial paper rating scales are meant to give an indication of the risk that a borrower will not
fulfill its near-term debt obligations in a timely manner. DBRS rates commercial paper by rating
categories ranging from a high of R-1 to a low of D. The rating of R-1 (low)&nbsp;from DBRS is at the
lower end of the R-1 category. An R-1 (low)&nbsp;rating is characterized as having &#147;satisfactory credit
quality&#148; and is the third highest of ten available credit ratings. S&#038;P rates commercial paper by
rating categories ranging from a high of A-1 (high)&nbsp;to a low of D. The rating of A-1 (low)&nbsp;from
S&#038;P is characterized as having &#147;satisfactory capacity to meet its financial commitments on the
obligation&#148; and is the third highest of eight available credit ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Senior Unsecured Debentures</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt rating scales are meant to give an indication of the risk that a borrower will not
fulfill its full obligations in a timely manner, with respect to both interest and principal
commitments. DBRS rates senior unsecured debt by rating categories ranging from a high of AAA to a
low of D. The rating of A (low)&nbsp;from DBRS is at the lower end of the A category. The A category
is characterized as having &#147;satisfactory credit quality&#148; and is the third highest of ten available
credit ratings. S&#038;P rates senior unsecured debt by rating categories ranging from a high of AAA to
a low of D. The rating of BBB&#043; from S&#038;P is at the higher end of the BBB category. The BBB
category is characterized as exhibiting &#147;adequate protection parameters&#148; and is the fourth highest
of ten available credit ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Dividend Policy</B>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of the Company&#146;s initial public offering in 1991, the board of directors of the Company
established a policy of paying quarterly dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, Cameco&#146;s board of directors approved a three-for-one stock split of its
outstanding common shares, to be effected by way of a stock dividend. All shareholders received
two additional shares for each share owned on the
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 103 -<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">record date of December&nbsp;31, 2004. The board of directors also approved an increase in the annual
dividend from $0.60 to $0.72 ($0.24 post split) beginning in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2006, Cameco&#146;s board of directors approved a two-for-one stock split of its outstanding
shares, to be effected by way of a stock dividend. All shareholders received one additional share
for each share owned on the record date of February&nbsp;17, 2006. The board of directors also approved
an increase in the annual dividend from $0.24 to $0.32 ($0.16 post-split) beginning in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2006, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.16 to $0.20 beginning in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2007, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.20 to $0.24 beginning in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2009, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.24 to $0.28 beginning in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This policy will be reviewed from time to time in light of the Company&#146;s financial position and
other factors considered relevant by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the cash dividends per common share for each of the most recently
completed financial years (adjusted for the February&nbsp;17, 2006 stock split).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cash dividends declared per common share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0.24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">0.20</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LEGAL PROCEEDINGS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of certain legal proceedings to which Cameco or its subsidiaries are a party is
included in Notes 18 and 26 to the 2009 Financial Statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 FINANCIAL STATEMENTS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s audited consolidated financial statements and notes thereto for the year ended
December&nbsp;31, 2009 are incorporated herein by reference. This document is available on SEDAR at
sedar.com and on EDGAR at sec.gov as an exhibit to Cameco&#146;s Form 40-F. This document is also
referred to in this Annual Information Form as &#147;2009 Financial Statements&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2009 is
incorporated herein by reference. This document (also referred to in this Annual Information Form
as the 2009 MD&#038;A) is available on SEDAR at sedar.com and on EDGAR at sec.gov as an exhibit to
Cameco&#146;s Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MARKET FOR SECURITIES</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s common shares are listed and traded on the Toronto Stock Exchange (CCO)&nbsp;and the
New York Stock Exchange (CCJ).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Canadian registrar and transfer agent for the Company&#146; common shares is CIBC Mellon Trust
Company through its offices at 320 Bay Street, P.O. Box 1, Toronto, Ontario M5H 4A6. The US
registrar and transfer agent for the Company&#146;s common shares is Mellon Investor Services LLC
through its offices at 29 Jersey City, New Jersey, 07310.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 104 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Price Range and Trading Volume of Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the range of high and low closing prices and trading volume for the
common shares of the Company on the TSX for the periods indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,883,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,896,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.01</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,029,786</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,172,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,993,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,825,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,595,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,396,194</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,180,759</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,019,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,155,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,431,468</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIRECTORS AND OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Directors</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B> Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN H. CLAPPISON <SUP style="font-size: 85%; vertical-align: text-top">(3, 4)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, commencing in
2006; prior: 1990 to December&nbsp;2005,
managing partner of the Toronto
office of PricewaterhouseCoopers LLP.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOE F. COLVIN <SUP style="font-size: 85%; vertical-align: text-top">(4, 6)</SUP><br>
Kiawah Island, South Carolina, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director and President
Emeritus of Nuclear Energy Institute,
February&nbsp;16, 2005 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JAMES R. CURTISS <SUP style="font-size: 85%; vertical-align: text-top">(5, 6)</SUP><br>
Brookeville, Maryland, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, April&nbsp;1, 2008 to
present; prior: Lawyer, Partner,
Winston &#038; Strawn, 1993 to March&nbsp;31,
2008.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE S. DEMBROSKI <SUP style="font-size: 85%; vertical-align: text-top">
(3, 5, 6)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1998 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1996</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DONALD H.F.
DERANGER <SUP style="font-size: 85%; vertical-align: text-top">(2, 4)</SUP><br>
Prince Albert, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Athabasca Vice Chief of the Prince
Alberta Grand Council since 2003;
President of Points Athabasca
Contracting Ltd. since 2001.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JAMES K.
GOWANS <SUP style="font-size: 85%; vertical-align: text-top">(2, 4, 6)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">COO and Chief Technical Officer of
DeBeers SA since March&nbsp;2010;
President and CEO of DeBeers Canada
Inc. since April&nbsp;2006; prior: Senior
Vice-President and COO of PT Inco in
Indonesia from 2002-2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2009</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 105 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B> Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<br>
President and Chief Executive Officer <BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NANCY E. HOPKINS,
Q.C. <SUP style="font-size: 85%; vertical-align: text-top">(3, 6)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Partner, McDougall Gauley
LLP, 1984 to present. Effective
January&nbsp;2001 Gauley &#038; Company merged
with McDougall Ready to form
McDougall Gauley.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1992</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OYVIND HUSHOVD <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 5)</SUP><br>
Kristiansand S, Norway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, June&nbsp;1, 2005 to
present; prior: Chairman and Chief
Executive Officer of Gabriel
Resources Ltd., May&nbsp;2003 to May&nbsp;31,
2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.W. GEORGE
IVANY <SUP style="font-size: 85%; vertical-align: text-top">(3, 4, 5)</SUP><br>
Kelowna, British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1999 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. ANNE
McLELLAN <SUP style="font-size: 85%; vertical-align: text-top">(4, 5, 6)</SUP><br>
Edmonton, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Counsel, Bennett Jones LLP
June, 2006 to present; prior: 1993 to
2006, served as a cabinet minister in
various portfolios with the Canadian
government, most recently as Deputy
Prime Minister of Canada from 2003 to
2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. NEIL McMILLAN <SUP style="font-size: 85%; vertical-align: text-top">(2, 3)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer, Claude Resources Inc. March
1, 2004 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2002</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ROBERT W.
PETERSON <SUP style="font-size: 85%; vertical-align: text-top">(3, 4, 5)</SUP><br>
Regina, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Senate of Canada 2005
to present and President and Chief
Operating Officer Denro Holdings Ltd.
1994 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP><br>
Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001 to
present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

    <TD colspan=3>Notes:</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Each director will hold office until the next annual meeting unless such director&#146;s office is
earlier vacated in accordance with the corporate law requirements applicable to the Company
from time to time.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the reserves oversight committee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the audit committee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the safety, health and environment committee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the human resources and compensation committee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the nominating, corporate governance and risk committee.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Officers</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and Municipality of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment for Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK<br>
Chair<BR>

Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001 to present.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<br>
President and Chief Executive Officer<BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 106 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and Municipality of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment for Past Five Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TIMOTHY S. GITZEL<br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2007; prior:</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Vice-President and Chief Operating Officer
<BR>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice-President, mining business unit, AREVA
June&nbsp;2004 to January&nbsp;2007; President and Chief
Executive Officer, Cogema Resources Inc. September
2001 to June&nbsp;2004.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE B. ASSIE <br>
Senior Vice-President, Marketing and Business Development
<BR>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">O. KIM GOHEEN<br>
Senior Vice-President
and Chief Financial Officer <BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position August&nbsp;2004.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GRANT E. ISAAC<br>
Senior Vice-President, Corporate Services
<BR>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position July&nbsp;13, 2009; prior: Dean
of Edwards School of Business (formerly College of
Commerce), University of Saskatchewan from 2006 to
2009; Professor at the University of Saskatchewan
from 2000-2006.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GARY M.S. CHAD, Q.C.<br>
Senior Vice-President, Governance, Law <BR>

and Corporate Secretary
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2000.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of the Company, the number of common shares of Cameco which were beneficially
owned, directly or indirectly, or over which control or direction was exercised by all directors
and officers of Cameco as a group, as at March&nbsp;26, 2010, was 563,074 representing less than 1% of
the outstanding common shares of Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, a director or executive officer of another company which, during such
individual&#146;s tenure:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was the subject of a cease trade or similar order or an order that denied that company access
to any statutory exemptions for a period exceeding 30 consecutive days;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was subject to an event that resulted, after the director or executive officer ceased to be a
director or executive officer, in the company being the subject of a cease trade or similar
order or an order that denied that issuer access to any statutory exemptions for a period
exceeding 30 consecutive days; or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within a year of that person ceasing to act in that capacity, became bankrupt, made a
proposal under any legislation relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with creditors or had a receiver,
receiver manager or trustee appointed to hold the assets of that issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, directors, officers or promoters of other companies which were declared
bankrupt or made a voluntary assignment in bankruptcy, made a proposal under any legislation
relating to bankruptcy or insolvency or has been subject to or instituted any proceedings,
arrangement or compromise with any creditors or had a receiver, receiver manager or trustee
appointed to hold the assets of that company.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 107 -<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or executive officers of the Company or a shareholder holding a sufficient
number of securities of the Company to affect materially the control of the Company has been
subject to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any penalties or sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with a securities
regulatory authority; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other penalties or sanctions imposed by a court or regulatory body that would likely be
considered important to a reasonable investor in making an investment decision.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest of Management and Others in Material Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the best of the Company&#146;s knowledge, none of the directors, executive officers or shareholders
exercising control or direction or over 10% of any class of the Company&#146;s outstanding securities,
nor their associates or affiliates, have any material interests in material transactions which have
affected, or will materially affect, the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AUDIT COMMITTEE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Audit Committee Charter</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the audit committee charter is attached as Appendix &#147;A&#148; and is also available on the
Company&#146;s website <u>www.cameco.com</u> under &#147;Governance&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Composition of the Audit Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members of the audit committee are John Clappison (chair), Nancy Hopkins, George Dembroski,
Oyvind Hushovd, George Ivany, Neil McMillan and Robert Peterson. Each member of the committee is
independent and financially literate within the meaning of Multilateral Instrument 52-110 of the
Canadian Securities Administrators.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Relevant Education and Experience</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Clappison, a corporate director, is the former managing partner of the Toronto office of
PricewaterhouseCoopers LLP. He currently serves on three other publicly traded companies, and the
boards of other private and not-for-profit organizations. Mr.&nbsp;Clappison is a chartered accountant
and a Fellow of the Institute of Chartered Accountants of Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nancy Hopkins is a partner with the law firm of McDougall Gauley, LLP in Saskatoon where she
concentrates her practice on corporate and commercial law and taxation. She currently serves on
two other publicly traded companies, the board of governors of the University of Saskatchewan, the
board of the Saskatoon Airport Authority and the CPP Investment Board. She formerly served on the
board of the Canadian Institute of Chartered Accountants. Ms.&nbsp;Hopkins has a Bachelor of Commerce
degree and a Bachelor of Laws degree from the University of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">George Dembroski is a corporate director and the former vice-chairman and director of RBC Dominion
Securities Limited (an investment dealer). He became a chartered accountant in 1959 and has a
bachelor of arts degree in business administration from the University of Western Ontario. He
currently serves on the board of one other publicly traded company and one private company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Oyvind Hushovd, a corporate director, is the former Chair and Chief Executive Officer of Gabriel
Resources Ltd., a Canadian-based precious metals exploration and development company, retiring in
2005. Prior to that he was the President and Chief Executive Officer of Falconbridge Limited from
1996 to 2002. He currently serves on the boards of two other publicly traded companies and one
private company. Mr.&nbsp;Hushovd received a Master of Economics and
Business Administration degree from the Norwegian School of Business and a Master of Law degree
from the University of Oslo.
</DIV>




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 108 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">George Ivany, a corporate director, is the former President and Vice-Chancellor of the University
of Saskatchewan. Dr.&nbsp;Ivany received a Bachelor of Science degree in Chemistry and Physics and a
diploma in education from Memorial University of Newfoundland. He received a Master of Arts degree
in Physics Education from the Teachers College, Columbia University and a Ph.D. in Secondary
Education from the University of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neil McMillan is the President and Chief Executive Officer of Claude Resources Inc., a gold mining
and oil and gas producing company based in Saskatoon, Saskatchewan. He currently serves on the
boards of two other publicly traded companies (including Claude Resources Inc.) and previously sat
on the board of Atomic Energy Canada Ltd. Mr.&nbsp;McMillan received a Bachelor of Arts degree in
History and Sociology from the University of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Robert Peterson, Senator, is a member of the Senate of Canada, having been appointed in 2005. He
is also the President and Chief Operating Officer of Denro Holdings Ltd., a diversified corporation
involved in real estate development, investor fund management and property management. Mr.
Peterson received a Bachelor of Science degree in Civil Engineering from the University of
Saskatchewan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fees Paid to External Auditors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fees paid to the external auditors during the years ended December&nbsp;31, 2009 and 2008 were as
follows:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,756,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,388,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries                     </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" nowrap align="right">978,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,197,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,735,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">76.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,586,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$&nbsp;</TD>
    <TD align="right">219,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$&nbsp;</TD>
    <TD align="right">98,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries                      </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="0" nowrap align="right">32,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">676,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">283,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,574,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,113,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>External Audit Pre-Approval Practices</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s corporate governance practices, under Cameco&#146;s audit committee charter, the
audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. The audit committee pre-approves the audit and non-audit services up to a
maximum specified level of fees. If fees relating to audit and non-audit services are expected to
exceed this level or if a type of audit or non-audit service is to be performed that previously has
not been pre-approved, then separate pre-approval by Cameco&#146;s audit committee or audit committee
chair, or in the absence of the audit committee chair, the chair of the board, is required. All
pre-approvals granted pursuant to the delegated authority must be presented by the member(s) who
granted the pre-approvals to the full committee at its next meeting. The audit committee has
adopted a written policy to provide procedures to implement the foregoing principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MATERIAL CONTRACTS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following are the only material contracts, other than contracts entered into in the
ordinary course of business not otherwise required to be disclosed, that have been entered into by
Cameco within the most recently completed fiscal year or before the most recently completed fiscal
year but still in effect:
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 109 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;16, 2005, Cameco entered into the Third Supplemental Indenture with CIBC Mellon
Trust Company in connection with the issuance on September&nbsp;16, 2005 of $300&nbsp;million principal
amount of 4.7% unsecured debentures due in 2015. This Third Supplemental Indenture, together
with the July&nbsp;12, 1999 original indenture, sets out the terms and conditions pertaining to the
$300&nbsp;million principal amount of 4.7% unsecured debentures due in 2015. For more details on
these debentures, see <I>Description of Securities-Rating of Securities</I>.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;2, 2009, Cameco entered into the Fourth Supplemental Indenture with CIBC Mellon
Trust Company in connection with the issuance on September&nbsp;2, 2009 of $500&nbsp;million principal
amount of 5.67% unsecured debentures due in 2019. This Fourth Supplemental Indenture,
together with the July&nbsp;12, 1999 original indenture, sets out the terms and conditions
pertaining to the $500&nbsp;million principal amount of 5.67% unsecured debentures due in 2019.
For more details on these debentures, see <I>Description of Securities-Rating of Securities.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>INTEREST OF EXPERTS</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Name of Experts</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s auditor is KPMG LLP, independent chartered accountants, who have audited the 2009
Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The qualified persons, as defined by NI 43-101, who have prepared or supervised preparation of the
scientific and technical information in this Annual Information Form regarding the Company&#146;s
material uranium properties (McArthur River, Inkai and Cigar Lake), including uranium mineral
reserve and resources estimates, are named above at <I>The Nuclear Business &#151; Reserves and Resources</I>.
All of the qualified persons are employees of Cameco except Mr.&nbsp;Foldenauer, who is an employee of
JV Inkai. Cameco owns 60% of JV Inkai.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest of Experts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KPMG LLP is independent within the meaning of the Rules of Professional Conduct of the Institute of
Chartered Accountants of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of the Company, the qualified persons named or referred above under &#147;Name of
Experts&#148; beneficially own, directly or indirectly, less than 1% of any class of the Company&#146;s
outstanding securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADDITIONAL INFORMATION</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: #pt"><DIV style="border-bottom: 1px solid #000000; font-size: 1px">&nbsp;</DIV></DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information relating to the Company is available on the System for Electronic
Document Analysis and Retrieval (SEDAR)&nbsp;under the Company&#146;s name at sedar.com and on EDGAR at
sec.gov. Further additional information, including directors&#146; and officers&#146; remuneration and
indebtedness, principal holders of Cameco securities, if any, and securities authorized for
issuance under equity compensation plans, can be found in Cameco&#146;s April&nbsp;16, 2009 Management Proxy
Circular for its May&nbsp;2009 annual meeting of shareholders and will be found in Cameco&#146;s Management
Proxy Circular for its May&nbsp;2010 annual meeting of shareholders that is expected to be available in
April&nbsp;2010. Such additional financial information is provided in the 2009 Financial Statements and
the 2009 MD&#038;A relating to the same, which are incorporated herein by reference, as well as in the
reconciliation to United States GAAP filed with securities regulators on SEDAR and on EDGAR.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 110 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Appendix &#147;A&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MANDATE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>PURPOSE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The primary purpose of the audit committee (committee)&nbsp;is to assist the board of directors (board)
in fulfilling its oversight responsibilities for (a)&nbsp;the accounting and financial reporting
processes, (b)&nbsp;the internal controls, (c)&nbsp;the external auditors, including performance,
qualifications, independence, and their audit of the corporation&#146;s financial statements, (d)&nbsp;the
performance of the corporation&#146;s internal audit function, (e)&nbsp;risk management of financial risks as
delegated by the board, (f)&nbsp;the corporation&#146;s process for monitoring compliance with laws and
regulations (other than environmental and safety laws) and its code of conduct and ethics, and (g)
prevention and detection of fraudulent activities. The committee shall also prepare such reports as
required to be prepared by it by applicable securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the committee provides an avenue for communication between each of the internal
auditor, the external auditors, management, and the board. The committee shall have a clear
understanding with the external auditors that they must maintain an open and transparent
relationship with the committee and that the ultimate accountability of the external auditors is to
the board and the committee, as representatives of the shareholders. The committee, in its capacity
as a committee of the board, subject to the requirements of applicable law, is directly responsible
for the appointment, compensation, retention, and oversight of the external auditors.<U></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee has the authority to communicate directly with the external auditors and internal
auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee shall make regular reports to the board concerning its activities and in particular
shall review with the board any issues that arise with respect to the quality or integrity of the
corporation&#146;s financial statements, the performance and independence of the external auditors, the
performance of the corporation&#146;s internal audit function, or the corporation&#146;s process for
monitoring compliance with laws and regulations other than environmental and safety laws.<U></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>COMPOSITION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The board shall appoint annually, from among its members, a committee and its chair. The committee
shall consist of at least three members and shall not include any director employed by the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each committee member will be independent pursuant to the standards for independence adopted by the
board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each committee member shall be financially literate with at least one member having accounting or
related financial expertise, using the terms defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Financially literate&#148; </I>means the ability to read and understand a set of financial statements that
present a breadth and level of complexity of accounting issues that are generally comparable to the
breadth and complexity of issues that can reasonably be expected to be raised by the corporation&#146;s
financial statements; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Accounting or related financial expertise</I>&#148; means the ability to analyse and interpret a full set
of financial statements, including the notes attached thereto, in accordance with Canadian
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, where possible, at least one member of the committee shall qualify as an &#147;audit
committee financial expert&#148; within the meaning of applicable securities law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Members of the committee may not serve on the audit committees of more than two additional public
companies without the approval of the board.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 111 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>MEETINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee will meet at least four times annually and as many additional times as the committee
deems necessary to carry out its duties effectively. The committee will meet separately in private
with the external auditors, the internal auditor and management at each regularly scheduled
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A majority of the members of the committee shall constitute a quorum. No business may be
transacted by the committee except at a meeting of its members at which a quorum of the committee
is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee may invite such officers, directors and employees of the corporation as it may see
fit from time to time to attend at meetings of the committee and assist thereat in the discussion
and consideration of any matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A meeting of the committee may be convened by the chair of the committee, a member of the
committee, the external auditors, the internal auditor, the chief executive officer or the chief
financial officer. The secretary, who shall be appointed by the committee, shall, upon direction
of any of the foregoing, arrange a meeting of the committee. The committee shall report to the
board in a timely manner with respect to each of its meetings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DUTIES AND RESPONSIBILITIES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To carry out its oversight responsibilities, the committee shall:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Reporting Process</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors any items of concern, any proposed changes
in the selection or application of major accounting policies and the reasons for the change,
any identified risks and uncertainties, and any issues requiring management judgement, to the
extent that the foregoing may be material to financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider any matter required to be communicated to the committee by the external auditors
under applicable generally accepted auditing standards, applicable law and listing standards,
including the external auditors&#146; report to the committee (and management&#146;s response thereto)
on: (a)&nbsp;all critical accounting policies and practices used by the corporation; (b)&nbsp;all
material alternative accounting treatments of financial information within generally accepted
accounting principles that have been discussed with management, including the ramifications of
the use of such alternative treatments and disclosures and the treatment preferred by the
external auditors; and (c)&nbsp;any other material written communications between the external
auditors and management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Require the external auditors to present and discuss with the committee their views about the
quality, not just the acceptability, of the implementation of generally accepted accounting
principles with particular focus on accounting estimates and judgements made by management and
their selection of accounting principles.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with management and the external auditors (a)&nbsp;any accounting adjustments that were
noted or proposed (i.e. immaterial or otherwise) by the external auditors but were not
reflected in the financial statements, (b)&nbsp;any material correcting adjustments that were
identified by the external auditors in accordance with generally accepted accounting
principles or applicable law, (c)&nbsp;any communication reflecting a difference of opinion between
the audit team and the external auditors&#146; national office on material auditing or accounting
issues raised by the engagement, and (d)&nbsp;any &#147;management&#148; or &#147;internal control&#148; letter issued,
or proposed to be issued, by the external auditors to the corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with management and the external auditors any significant financial reporting issues
considered during the fiscal period and the method of resolution. Resolve disagreements
between management and the external auditors regarding financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors (a)&nbsp;any off-balance sheet financing
mechanisms being used by the corporation and their effect on the corporation&#146;s financial
statements and (b)&nbsp;the effect of regulatory and accounting initiatives on the corporation&#146;s
financial statements, including the potential impact of proposed initiatives.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 112 -<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors and legal counsel, if necessary, any
litigation, claim or other contingency, including tax assessments, that could have a material
effect on the financial position or operating results of the corporation, and the manner in
which these matters have been disclosed or reflected in the financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the external auditors any audit problems or difficulties experienced by the
external auditors in performing the audit, including any restrictions or limitations imposed
by management, and management&#146;s response. Resolve any disagreements between management and the
external auditors regarding these matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the results of the external auditors&#146; audit work including findings and
recommendations, management&#146;s response, and any resulting changes in accounting practices or
policies and the impact such changes may have on the financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors the audited annual financial
statements and related management discussion and analysis, make recommendations to the board
with respect to approval thereof, before being released to the public, and obtain an
explanation from management of all significant variances between comparable reporting periods.
Obtain confirmation from management and the external auditors that the reconciliation of the
audited financial statements to U.S. GAAP complies with the requirements of U.S. securities
laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors all interim unaudited financial
statements and quarterly reports and related interim management discussion and analysis and
make recommendations to the board with respect to the approval thereof, before being released
to the public.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain confirmation from the chief executive officer and the chief financial officer (and
considering the external auditors&#146; comments, if any, thereon) to their knowledge:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the audited financial statements, together with any financial information included
in the annual MD&#038;A and annual information form, fairly represent in all material respects
the corporation&#146;s financial condition, cash flow and results of operation, as of the date
and for the periods presented in such filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the interim financial statements, together with any financial information included
in the interim MD&#038;A, fairly represent in all material respects the corporation&#146;s financial
condition, cash flow and results of operation, as of the date and for the periods presented
in such filings.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review earnings press releases, before being released to the public. Discuss the type and
presentation of information to be included in earnings press releases (paying particular
attention to any use of &#147;pro-forma&#148; or &#147;adjusted&#148; Non-GAAP, information).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review any news release, before being released to the public, containing earnings guidance or
financial information based upon the corporation&#146;s financial statements prior to the release
of such statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the appointment of the chief financial officer and have the chief financial officer
report to the committee on the qualifications of new key financial executives involved in the
financial reporting process.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consult with the human resources and compensation committee on the succession plan for the
chief financial officer and controller. Review the succession plans in respect of the chief
financial officer and controller.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Internal Controls</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive from management a statement of the corporation&#146;s system of internal controls over
accounting and financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 113 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and review with management, the internal auditor and the external auditors, the
adequacy and effectiveness of internal controls over accounting and financial reporting within
the corporation and any proposed significant changes in them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and discuss the scope of the internal auditors and external auditors review of the
corporation&#146;s internal controls, and obtain reports on significant findings and
recommendations, together with management responses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss, as appropriate, with management, the external auditors and the internal auditor, any
major issues as to the adequacy of the corporation&#146;s internal controls and any special audit
steps in light of material internal control deficiencies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review annually the disclosure controls and procedures, including (a)&nbsp;the certification
timetable and related process and (b)&nbsp;the procedures that are in place for the review of the
corporation&#146;s disclosure of financial information extracted from the corporation&#146;s financial
statements and the adequacy of such procedures. Receive confirmation from the chief executive
officer and the chief financial officer of the effectiveness of disclosure controls and
procedures, and whether there are any significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the corporation&#146;s ability to record, process, summarize and report
financial information or any fraud, whether or not material, that involves management or other
employees who have a significant role in the corporation&#146;s internal control over financial
reporting. In addition, receive confirmation from the chief executive officer and the chief
financial officer that they are prepared to sign the annual and quarterly certificates
required by applicable securities law.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review management&#146;s annual report and the external auditors&#146; report on the assessment of the
effectiveness of the corporation&#146;s internal control over financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive a report, at least annually, from the reserves oversight committee of the board on
the corporation&#146;s mineral reserves.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>External Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(i)&nbsp;External Auditors&#146; Qualifications and Selection</I>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the requirements of applicable law, be solely responsible to select, retain,
compensate, oversee, evaluate and, where appropriate, replace the external auditors, who must
be registered with agencies mandated by applicable law. The committee shall be entitled to
adequate funding from the corporation for the purpose of compensating the external auditors
for completing an audit and audit report.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Instruct the external auditors that:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they are ultimately accountable to the board and the committee, as representatives of
shareholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they must report directly to the committee.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the external auditors have direct and open communication with the committee and
that the external auditors meet regularly with the committee without the presence of
management to discuss any matters that the committee or the external auditors believe should
be discussed privately.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluate the external auditors&#146; qualifications, performance, and independence. As part of
that evaluation:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least annually, request and review a formal report by the external auditors
describing: the firm&#146;s internal quality-control procedures; any material issues raised by
the most recent internal quality-control review, or peer review, of the firm, or by any
inquiry or investigation by governmental or professional authorities, within the preceding
five years, respecting one or more independent audits carried out by the firm, and any
steps taken to deal with any such issues; and (to assess the auditors&#146; independence) all
relationships between the external</TD>
</TR>



</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 114 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>auditors and the corporation, including the amount of fees received by the external
auditors for the audit services and for various types of non-audit services for the periods
prescribed by applicable law; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and confirm with management and the external auditors the independence
of the external auditors, including the extent of non-audit services and fees, the extent
to which the compensation of the audit partners of the external auditors is based upon
selling non-audit services, the timing and process for implementing the rotation of the
lead audit partner, reviewing partner and other partners providing audit services for the
corporation, whether there should be a regular rotation of the audit firm itself, and
whether there has been a &#147;cooling off&#148; period of one year for any former employees of the
external auditors who are now employees with a financial oversight role, in order to assure
compliance with applicable law on such matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and evaluate senior members of the external audit team, including their
expertise and qualifications. In making this evaluation, the audit committee should
consider the opinions of management and the internal auditor.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conclusions on the independence of the external auditors should be reported to the board.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the corporation&#146;s policies for the corporation&#146;s hiring of employees and
former employees of the external auditors. Such policies shall include, at minimum, a one-year
hiring &#147;cooling off&#148; period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(ii)&nbsp;Other Matters</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meet with the external auditors to review and approve the annual audit plan of the
corporation&#146;s financial statements prior to the annual audit being undertaken by the external
auditors, including reviewing the year-to-year co-ordination of the audit plan and the
planning, staffing and extent of the scope of the annual audit. This review should include an
explanation from the external auditors of the factors considered by the external auditors in
determining their audit scope, including major risk factors. The external auditors shall
report to the committee all significant changes to the approved audit plan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the basis and amount of the external auditors&#146; fees with respect to the
annual audit in light of all relevant matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and pre-approve all audit and non-audit service engagement fees and terms in
accordance with applicable law, including those provided to the subsidiaries of the
corporation by the external auditors or any other person in its capacity as external auditors
of such subsidiary. Between scheduled committee meetings, the chair of the committee, on
behalf of the committee, is authorised to pre-approve any audit or non-audit service
engagement fees and terms. At the next committee meeting, the chair shall report to the committee any such pre-approval given.
Establish and adopt procedures for such matters.<U></U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Internal Auditor</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the appointment or removal of the internal auditor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the external auditors, management, and internal auditor the
responsibilities, budget and staffing of the corporation&#146;s internal audit function.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the mandate for the internal auditor and the scope of annual work planned
by the internal auditor, receive summary reports of internal audit findings, management&#146;s
response thereto, and reports on any subsequent follow-up to any identified weakness.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the internal auditor has direct and open communication with the committee and
that the internal auditor meets regularly with the committee without the presence of
management to discuss any matters that the committee</TD>
</TR>




</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 115 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or the internal auditor believe should be discussed privately, such as problems or difficulties
which were encountered in the course of internal audit work, including restrictions on the scope
of activities or access to required information, and any disagreements with management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the internal auditor and management the internal auditor&#146;s ongoing
assessments of the corporation&#146;s business processes and system of internal controls.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the effectiveness of the internal audit function, including staffing, organizational
structure and qualifications of the internal auditor and staff.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compliance</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor compliance by the corporation with all payments and remittances required to be made
in accordance with applicable law, where the failure to make such payments could render the
directors of the corporation personally liable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The receipt of regular updates from management regarding compliance with laws and regulations
and the process in place to monitor such compliance, excluding, however, legal compliance
matters subject to the oversight of the safety, health and environment committee of the board.
Review the findings of any examination by regulatory authorities and any external auditors&#146;
observations relating to such matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Establish and oversee the procedures in the code of conduct and ethics policy to address:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt, retention and treatment of complaints received by the corporation
regarding accounting, internal accounting or auditing matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confidential, anonymous submissions by employees of concerns regarding questionable
accounting and auditing matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">Receive periodically a summary report from the senior vice-president governance, law and
corporate secretary on such matters as required by the code of conduct and ethics.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor management&#146;s implementation of the code of conduct and ethics and the international
business conduct policy and review compliance therewith by, among other things, obtaining an
annual report summarising statements of compliance by employees pursuant to such policies and
reviewing the findings of any investigations of non-compliance. Periodically review the
adequacy and appropriateness of such policies and make recommendations to the board thereon.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor management&#146;s implementation of the anti-fraud policy; and review compliance therewith
by, among other things, receiving reports from management on:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any investigations of fraudulent activity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring activities in relation to fraud risks and controls; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessments of fraud risk.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodically review the adequacy and appropriateness of the anti-fraud policy and make
recommendations to the board thereon.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review all proposed related party transactions and situations involving a director&#146;s, senior
officer&#146;s or an affiliate&#146;s potential or actual conflict of interest that are not required to
be dealt with by an &#147;independent committee&#148; pursuant to securities law rules, other than
routine transactions and situations arising in the ordinary course of business, consistent
with past practice. Between scheduled committee meetings, the chair of the committee, on
behalf of the</TD>
</TR>



</TABLE>
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 116 -<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>committee, is authorised to review all such transactions and situations. At the next committee
meeting, the chair shall report the results of such review. Ensure that political and charitable
donations conform with policies and budgets approved by the board.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor management of hedging, debt and credit, make recommendations to the board respecting
policies for management of such risks, and review the corporation&#146;s compliance therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approve the review and approval process for the expenses submitted for reimbursement by the
chief executive officer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ORGANIZATIONAL MATTERS</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The procedures governing the committee shall, except as otherwise provided for herein, be
those applicable to the board as set forth in Part&nbsp;7 of the General Bylaws of the corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The members and the chair of the committee shall be entitled to receive remuneration for
acting in such capacity as the board may from time to time determine.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall have the resources and authority appropriate to discharge its duties and
responsibilities, including the authority to:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>select, retain, terminate, set and approve the fees and other retention terms of
special or independent counsel, accountants or other experts, as it deems appropriate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtain appropriate funding to pay, or approve the payment of, such approved fees;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3">without seeking approval of the board or management.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member of the committee may be removed or replaced at any time by the board and shall
cease to be a member of the committee upon ceasing to be a director. The board may fill
vacancies on the committee by appointment from among its members. If and whenever a vacancy
shall exist on the committee, the remaining members may exercise all its powers so long as a
quorum remains in office. Subject to the foregoing, each member of the committee shall remain
as such until the next annual meeting of shareholders after that member&#146;s election.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall annually review and assess the adequacy of its mandate and recommend any
proposed changes to the nominating, corporate governance and risk committee for recommendation
to the board for approval.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall participate in an annual performance evaluation, the results of which
will be reviewed by the board.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall perform any other activities consistent with this mandate, the
corporation&#146;s governing laws and the regulations of stock exchanges, as the committee or the
board deems necessary or appropriate.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2009 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 117 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o60848exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT&nbsp;99.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>CAMECO CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 9pt"><B>2009 CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 12pt">February&nbsp;23, 2010
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORT OF MANAGEMENT&#146;S ACCOUNTABILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying consolidated financial statements have been prepared by management in accordance
with Canadian generally accepted accounting principles. Management is responsible for ensuring that
these statements, which include amounts based upon estimates and judgment, are consistent with
other information and operating data contained in the annual financial review and reflect the
corporation&#146;s business transactions and financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management is also responsible for the information disclosed in the management&#146;s discussion and
analysis including responsibility for the existence of appropriate information systems, procedures
and controls to ensure that the information used internally by management and disclosed externally
is complete and reliable in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition, management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. The internal control system includes an internal audit
function and a code of conduct and ethics, which is communicated to all levels in the organization
and requires all employees to maintain high standards in their conduct of the corporation&#146;s
affairs. Such systems are designed to provide reasonable assurance that the financial information
is relevant, reliable and accurate and that the company&#146;s assets are appropriately accounted for
and adequately safeguarded. Management conducted an evaluation of the effectiveness of the system
of internal control over financial reporting based on the criteria established in &#147;Internal Control
&#151; Integrated Framework&#148; issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management concluded that the company&#146;s system of internal
control over financial reporting was effective as at December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">KPMG LLP has audited the consolidated financial statements in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting Oversight Board
(United States).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The board of directors annually appoints an audit committee comprised of directors who are not
employees of the corporation. This committee meets regularly with management, the internal auditor
and the shareholders&#146; auditors to review significant accounting, reporting and internal control
matters. Both the internal and shareholders&#146; auditors have unrestricted access to the audit
committee. The audit committee reviews the financial statements, the report of the shareholders&#146;
auditors, and management&#146;s discussion and analysis and submits its report to the board of directors
for formal approval.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Original signed by Gerald W. Grandey</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Original signed by O. Kim Goheen</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">President and Chief Executive Officer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice-President and Chief Financial Officer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;23, 2010
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;23, 2010</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AUDITORS&#146; REPORT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>To the Shareholders of Cameco Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have audited the consolidated balance sheets of Cameco Corporation (&#147;the Corporation&#148;) as at
December&nbsp;31, 2009 and 2008 and the consolidated statements of earnings, shareholders&#146; equity,
comprehensive income, accumulated other comprehensive income and cash flows for each of the years
then ended. These financial statements are the responsibility of the corporation&#146;s management.
Our responsibility is to express an opinion on these financial statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We conducted our audits in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In our opinion, these consolidated financial statements present fairly, in all material respects,
the financial position of the corporation as at December&nbsp;31, 2009 and 2008 and the results of its
operations and its cash flows for each of the years then ended in accordance with Canadian
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Original signed by KPMG</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>LLP</B></SUB>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Chartered Accountants<BR>
Saskatoon, Canada

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">February&nbsp;23, 2010
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Consolidated Balance Sheets</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Recast</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">note 25)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;
| |</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,101,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$64,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short-term investments &#091;note 5&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories &#091;note 6&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assets of discontinued operations &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176,056</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,527,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,353,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,068,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,932,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets &#091;note 8&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,342,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$534,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$514,710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short-term debt &#091;notes 10, 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,943</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income taxes &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Liabilities of discontinued operations &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,566,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">952,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,982</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,880</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,334,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,355,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,858</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,158,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,153,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,843,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,342,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Commitments and contingencies &#091;notes 12,18,26&#093;</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Approved by the board of directors<BR>
Original signed by Gerald W. Grandey and John H. Clappison</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Earnings</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Recast</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">note 25)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands, except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue from</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,314,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,182,553</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services sold <SUP style="font-size: 85%; vertical-align: text-top">(i)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,146,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,392</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,998</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and other &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,470</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Gains) losses on derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(243,804</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,651</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,369</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale of assets &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(566</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,097</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,511,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,801,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">803,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380,820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,912</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,273</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings before income taxes and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">766,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">341,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (recovery) &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,357</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(245</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>716,997</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>366,149</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from discontinued operations &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,099,422</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>450,117</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings per share &#091;note 28&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.84</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.05</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.99</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.24</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total basic earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.83</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.29</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.84</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.04</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.98</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.24</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total diluted earnings per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.82</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.28</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR><td>&nbsp;</td></TR>
<TR><td>&nbsp;</td></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;&nbsp;&nbsp;Excludes depreciation, depletion and reclamation expenses of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>228,317</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$198,594</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Shareholders&#146; Equity</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Recast</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">note 25)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,062,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$819,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity issuance &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,512,461</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,062,714</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Contributed surplus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan amendment &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,987</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,821</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(922</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,441</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>131,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>131,858</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Retained earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,153,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,788,416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,099,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends on common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(94,231</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(85,218</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,158,506</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,153,315</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accumulated other comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(124,452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>41,284</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>165,736</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total retained earnings and accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,199,790</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,319,051</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146; equity at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>4,843,828</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>3,513,623</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Comprehensive Income</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Recast</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">note 25)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,099,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income (loss), net of taxes &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized foreign currency translation (losses)&nbsp;gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,739</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gains (losses)&nbsp;on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Losses on available-for-sale securities transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(124,452</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>61,715</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>974,970</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>511,832</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statement of Accumulated Other Comprehensive Income</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Translation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cash Flow</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Available-For-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)(net of related income taxes)&#091;note 18&#093;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Adjustment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Hedges</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Sale Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(72,347</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$182,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$104,021</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized foreign currency translation gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow
hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized losses on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses on available-for-sale securities
transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$65,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$101,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(1,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$165,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><td>&nbsp;</td></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized foreign currency translation losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,739</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115,739</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow
hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,360</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,360</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized gains on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses on available-for-sale securities
transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">474</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(50,397</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>89,456</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2,225</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>41,284</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Cash Flows</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Recast</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">note 25)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,099,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items not requiring (providing)&nbsp;cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for future taxes &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,461</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,254</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,361</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized (gains)&nbsp;losses on derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(180,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,098</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized foreign exchange losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,574</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(566</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,097</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in loss from associated companies &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,706</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other expense (income) &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(425</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Writedown of investments &#091;notes 9, 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(382,425</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(83,968</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(245</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other operating items &#091;note 19&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(84,333</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(91,036</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash provided by operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>690,113</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>529,588</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions to property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(392,719</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(531,061</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions, net of cash &#091;note 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(503,157</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of short-term investments &#091;note 5&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(202,850</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in long-term receivables, investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,518</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds on sale of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in investing (continuing operations)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(632,180</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,046,643</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by investing (discontinued operations) &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">871,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash provided by (used in) investing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>239,120</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,046,643</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(726,460</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,712</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issue of debentures, net of issue costs &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issue of shares, net of issue costs &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issue of shares, stock option plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,292</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(92,603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,495</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash provided by financing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>117,651</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>549,854</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in cash during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,046,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange rate changes on foreign currency cash balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,877</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,686</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,101,229</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>64,222</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents comprised of:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$56,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$61,429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,045,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,101,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$64,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow disclosure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$35,267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$52,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$57,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$117,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">See accompanying notes to consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Notes to Consolidated Financial Statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">For the years ended December&nbsp;31, 2009 and 2008
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">($Cdn thousands except per share amounts and as noted)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Cameco Corporation</B>
</DIV>


<DIV align="left" style="margin-left: 2%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt">Cameco Corporation is incorporated under the Canada Business Corporations Act. Cameco
Corporation and its subsidiaries (collectively, Cameco or the company) are primarily engaged in
the exploration for and the development, mining, refining, conversion and fabrication of uranium
for sale as fuel for generating electricity in nuclear power reactors in Canada and other
countries. The company has a 31.6% interest in Bruce Power L.P. (BPLP), which operates the four
Bruce B nuclear reactors in Ontario.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidation Principles</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements include the accounts of Cameco and its subsidiaries.
Interests in joint ventures are accounted for by the proportionate consolidation method.
Under this method, Cameco includes in its accounts its proportionate share of assets,
liabilities, revenues and expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements are prepared by management in accordance with Canadian
generally accepted accounting principles. Management makes various estimates and assumptions
in determining the reported amounts of assets and liabilities, revenues and expenses for each
year presented, and in the disclosure of commitments and contingencies. The most significant
estimates are related to the lives and recoverability of mineral properties, provisions for
decommissioning and reclamation of assets, future income taxes, financial instruments and
mineral reserves. Actual results could differ from these estimates. This summary of
significant accounting policies is a description of the accounting methods and practices that
have been used in the preparation of these consolidated financial statements and is presented
to assist the reader in interpreting the statements contained herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash and cash equivalents</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash and cash equivalents consists of balances with financial institutions and investments in
money market instruments, which have a term to maturity of three months or less at time of
purchase.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short-term investments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Short-term investments consist of short-term money market instruments with terms to maturity
at the date of acquisition of between three and 12&nbsp;months. The short-term investments are
classified as available-for-sale and are carried at fair value in the consolidated balance
sheets with unrealized gains and losses reported in other comprehensive income (OCI).
Realized gains and losses, as well as other-than-temporary declines in value, are recorded in
the consolidated statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inventories of broken ore, uranium concentrates and refined and converted products are valued
at the lower of average cost and net realizable value. Average cost includes direct
materials, direct labour, operational overhead expenses and depreciation, depletion and
reclamation. Net realizable value for finished products is considered to be the estimated
selling price in the ordinary course of business, less the estimated costs of completion and
selling expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Supplies</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consumable supplies and spares are valued at the lower of cost or replacement value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investments in associated companies over which Cameco has the ability to exercise significant
influence are accounted for by the equity method. Under this method, Cameco includes in
earnings its share of earnings or losses of the associated company. Portfolio investments
are classified as available-for-sale and are carried at fair value in the consolidated
balance sheets with unrealized gains and losses reported in other comprehensive income (OCI).
Realized gains and losses, as well as other-than-temporary declines in value, are recorded
in the consolidated statements of earnings.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Property, Plant and Equipment</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assets are carried at cost. Costs of additions and improvements are capitalized. When
assets are retired or sold, the resulting gains or losses are reflected in current earnings.
Maintenance and repair expenditures are charged to cost of production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision to develop a mine property within a project area is based on an assessment of
the commercial viability of the property, the availability of financing and the existence of
markets for the product. Once the decision to proceed to development is made, development
and other expenditures relating to the project area are deferred and carried at cost with the
intention that these will be depleted by charges against earnings from future mining
operations. No depreciation or depletion is charged against the property until commercial
production commences. After a mine property has been brought into commercial production,
costs of any additional work on that property are expensed as incurred, except for large
development programs, which will be deferred and depleted over the remaining life of the
related assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The carrying values of non-producing properties are periodically assessed by management and
if management determines that the carrying values cannot be recovered, the unrecoverable
amounts are written off against current earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco reviews the carrying values of its property, plant and equipment when changes in
circumstances indicate that those carrying values may not be recoverable. Estimated future
net cash flows are calculated using estimated recoverable reserves, estimated future
commodity prices and the expected future operating and capital costs. An impairment loss is
recognized when the carrying value of an asset held for use exceeds the sum of undiscounted
future net cash flows. An impairment loss is measured as the amount by which the asset&#146;s
carrying amount exceeds its fair value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest is capitalized on expenditures related to development projects actively being
prepared for their intended use. Capitalization is discontinued when the asset enters
commercial operation or development ceases.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fuel services assets, mine buildings, equipment and mineral properties are depreciated or
depleted according to the unit-of-production method. This method allocates the costs of
these assets to each accounting period. For fuel services, the amount of depreciation is
measured by the portion of the facilities&#146; total estimated lifetime production that is
produced in that period. For mining, the amount of depreciation or depletion is measured by
the portion of the mines&#146; proven and probable reserves which are recovered during the period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nuclear generating plants are depreciated according to the straight-line method based on the
lower of useful life and remaining lease term.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other assets are depreciated according to the straight-line method based on estimated useful
lives, which generally range from three to 10&nbsp;years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(h)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intangible Assets</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intangible assets acquired in a business combination are recorded at their fair values.
Finite-lived intangible assets are amortized over the estimated production profile of the
business unit to which they relate. The carrying values of intangible assets are periodically
assessed by management and if management determines that the carrying values cannot be
recovered, the unrecoverable amount is charged to earnings in the current period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future income taxes are recognized for the future income tax consequences attributable to
differences between the carrying values of assets and liabilities and their respective income
tax bases. Future income tax assets and liabilities are measured using enacted or
substantively enacted income tax rates expected to apply to taxable income in the years in
which temporary differences are expected to be recovered or settled. The effect on future
income tax assets and liabilities of a change in rates is included in earnings in the period,
which includes the enactment date. Future income tax assets are recorded in the financial
statements and a valuation allowance is provided, if necessary, to reduce the future income
tax asset to an amount that is more likely than not to be realized. Accrued interest and
penalties for uncertain tax positions are recognized in the period in which uncertainties are
identified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(j)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Research and Development and Exploration Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expenditures for research and technology related to the products, processes and expenditures
for geological exploration programs are charged against earnings as incurred.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(k)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental Protection and Asset Retirement Obligations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the liability for an asset retirement obligation is recognized in the
period incurred. The fair value, discounted using the company&#146;s credit adjusted risk free
rate, is added to the carrying amount of the associated asset and depreciated over the
asset&#146;s useful life. The liability is accreted over time, using the company&#146;s credit
adjusted risk free rate, through periodic charges to earnings and it is reduced by actual
costs of decommissioning and reclamation. Cameco&#146;s estimates of reclamation costs could
change as a result of changes in regulatory requirements, reclamation plans, cost estimates
and timing of estimated expenditures. Costs related to ongoing environmental programs are
charged against earnings as incurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(l)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee Future Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco accrues its obligations under employee benefit plans. The cost of pensions and other
retirement benefits earned by employees is actuarially determined using the projected benefit
method pro-rated on service and management&#146;s best estimate of expected plan investment
performance, salary escalation, retirement ages of employees and expected health care costs.
For the purpose of calculating the expected return on plan assets, those assets are measured
at fair value. Cameco measures the plan assets and the accrued benefit obligations on
December&nbsp;31 each year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On both the Cameco-specific and BPLP-specific defined benefit pension plans, past service
costs arising from plan amendments are amortized on a straight-line basis over the expected
average remaining service life of the plan participants. Net actuarial gains, which exceed
10% of the greater of the accrued benefit obligation and the fair value of plan assets, are
amortized on a straight-line basis over the expected average remaining service life of the
plan participants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On the Cameco-specific retirement benefit plans that do not vest or accumulate, past service
costs arising from plan amendments, and net actuarial gains and losses, are recognized in the
period they arise. Conversely, the BPLP-specific amounts are amortized on a straight-line
basis over the expected average remaining service life of the plan participants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(m)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has five stock-based compensation plans that are described in note 22. These
encompass a stock option plan, an employee share ownership plan, a performance share unit
plan, a deferred share unit plan and a phantom stock option plan. In calculating
compensation expense, Cameco includes an estimate for forfeitures that is based on historic
trends.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options granted under the stock option and performance share unit plans for which the holder
cannot elect cash settlement are accounted for using the fair value method. Under this
method, the compensation cost of options granted is measured at estimated fair value at the
grant date and recognized over the shorter of the period to eligible retirement or the
vesting period. Options that may be settled in cash are accounted for as liabilities and are
carried at their intrinsic value. The intrinsic value of the liability is marked to market
each period and is amortized to expense over the shorter of, the period to eligible
retirement, or the vesting period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred share units and phantom stock options are amortized over the shorter of the period
to eligible retirement or the vesting period and re-measured at each reporting period, until
settlement, using the quoted market value. Cameco&#146;s contributions under the employee share
ownership plan are expensed during the year of contribution. Shares purchased with company
contributions and with dividends paid on such shares, become unrestricted on January 1 of the
second plan year following the date on which such shares were purchased.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(n)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revenue Recognition</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco supplies uranium concentrates and uranium conversion services to utility customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco recognizes revenue on the sale of its nuclear products when evidenced by a contract
that indicates the product, pricing and delivery terms, delivery occurs, the related revenue
is fixed or determinable and collection is reasonably assured.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has three types of sales arrangements with its customers in its uranium and fuel
services businesses. These arrangements include uranium supply, toll conversion services and
conversion supply (converted uranium), which is a combination of uranium supply and toll
conversion services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Uranium Supply</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a uranium supply arrangement, Cameco is contractually obligated to provide uranium
concentrates to its customers. Cameco-owned uranium is physically delivered to conversion
facilities (Converters) where the Converter will credit Cameco&#146;s account for the volume of
accepted uranium. Based on delivery terms in a sales contract with its customer, Cameco
instructs the Converter to transfer title of a contractually-specified quantity of uranium to
the customer&#146;s account at the Converter&#146;s facility. At this point, Cameco invoices the
customer and recognizes revenue for the uranium supply.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Toll Conversion Services</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned
uranium to a chemical state suitable for enrichment. The customer delivers uranium to
Cameco&#146;s conversion facilities. Once conversion is complete, Cameco physically delivers
converted uranium to enrichment facilities (Enrichers) where the Enricher will credit
Cameco&#146;s account for the volume of accepted processed uranium. Based on delivery terms in a
sales contract with its customer, Cameco instructs the Enricher to transfer title of a
contractually-specified quantity of converted uranium to the customer&#146;s account at the
Enricher&#146;s facility. At this point, Cameco invoices the customer and recognizes revenue for
the toll conversion services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Conversion Supply</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a conversion supply arrangement, Cameco is contractually obligated to provide uranium
concentrates and conversion services to its customers. Cameco-owned uranium is converted and
physically delivered to an Enricher as described in the toll conversion services arrangement.
Based on delivery terms in a sales contract with its customer, Cameco instructs the Enricher
to transfer title of a contractually-specified quantity of converted uranium to the
customer&#146;s account at the Enricher&#146;s facility. At this point, Cameco invoices the customer
and recognizes revenue for both the uranium supplied and the conversion service provided. It
is rare for Cameco to enter into back-to-back arrangements for uranium supply and toll
conversion services. However, in the event that a customer requires such an arrangement,
revenue from uranium supply is deferred until the toll conversion service has been rendered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue from deliveries to counterparties with whom Cameco has arranged a standby
product loan facility (up to the limit of the loan facilities) and the related cost of sales
are deferred until the loan arrangements have been terminated, or if drawn upon, when the
loans are repaid and that portion of the facility is terminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electricity sales are recognized at the time of generation, and delivery to the purchasing
utility is metered at the point of interconnection with the transmission system. Revenues are
recognized on an accrual basis, which includes an estimate of the value of electricity
produced during the period but not yet billed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(o)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amortization of Financing Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For financial instruments that are measured at amortized cost, the effective interest method
of amortization is used for any debt discounts and issue expenses. Unamortized costs are
classified with their related financial liability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(p)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Foreign Currency Translation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monetary assets and liabilities denominated in foreign currencies are translated into
Canadian dollars at year-end rates of exchange. Revenue and expense transactions denominated
in foreign currencies are translated into Canadian dollars at rates in effect at the time of
the transactions. The applicable exchange gains and losses arising on these transactions are
reflected in earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The United States dollar is considered the functional currency of most of Cameco&#146;s operations
outside of Canada. The financial statements of these operations are translated into Canadian
dollars using the current rate method whereby all assets and liabilities are translated at
the year-end rate of exchange and all revenue and expense items are translated at the average
rate of exchange prevailing during the year. Exchange gains and losses arising from this
translation, representing the net unrealized foreign currency translation gain (loss)&nbsp;on
Cameco&#146;s net investment in these foreign</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operations, are recorded in the foreign currency translation adjustments component of
accumulated other comprehensive income (AOCI). Exchange gains or losses arising from the
translation of foreign debt designated as hedges of a net investment in foreign operations
are also recorded in the foreign currency translation adjustments component of accumulated
other comprehensive income. These adjustments are not included in earnings until realized
through a reduction in Cameco&#146;s net investment in such operations.</TD>
</TR>
<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(q)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Derivative Financial Instruments and Hedging Transactions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Financial Assets and Financial Liabilities</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial assets and liabilities are carried at fair value in the consolidated balance
sheets, except for items classified in the following categories, which are carried at
amortized cost: loans and receivables, held-to-maturity securities and financial liabilities
not held-for-trading. Realized and unrealized gains and losses on financial assets and
liabilities that are held-for-trading are recorded in the consolidated statements of
earnings. Unrealized gains and losses on financial assets that are available-for-sale are
reported in OCI until realized, at which time they are recorded in the consolidated
statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Hedge Accounting and Derivatives</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivative financial and commodity instruments are employed by Cameco to reduce exposure to
fluctuations in foreign currency exchange rates, interest rates and commodity prices. All
derivative instruments are recorded at fair value in the consolidated balance sheets, except
for those designated as hedging instruments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of hedging transactions is to modify Cameco&#146;s exposure to one or more risks by
creating an offset between changes in the fair value of, or the cash inflows attributable to,
the hedged item and the hedging item. Hedge accounting ensures that the offsetting gains,
losses, revenues and expenses are recognized to net earnings in the same period or periods.
When hedge accounting is appropriate, the hedging relationship is designated as a fair value
hedge, a cash flow hedge, or a foreign currency risk hedge related to a net investment in a
self-sustaining foreign operation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the inception of a hedging relationship, Cameco formally documents all relationships
between hedging instruments and hedged items, as well as its risk management objective and
strategy for undertaking various hedge transactions. The process includes linking all
derivatives to specific assets and liabilities on the balance sheet or to specific firm
commitments or forecasted transactions. Cameco also formally assesses, both at the inception
and on an ongoing basis, whether the derivatives that are used in hedging transactions are
highly effective in offsetting changes in fair values or cash flows of hedged items.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For fair value hedges, changes in the fair value of the derivatives and corresponding changes
in fair value of the hedged items attributed to the risk being hedged are recognized in the
consolidated statements of earnings. For cash flow hedges, the effective portion of the
changes in the fair values of the derivative instruments are recorded in OCI until the hedged
items are recognized in the consolidated statements of earnings. Derivative instruments that
do not qualify for hedge accounting, or are not designated as hedging instruments, are
marked-to-market and the resulting net gains or losses are recognized on the consolidated
statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivatives may be embedded in other financial instruments (the &#147;host instrument&#148;). Embedded
derivatives are treated as separate derivatives when their economic characteristics and risks
are not clearly and closely related to those of the host instrument, the terms of the
embedded derivative are the same as those of a stand-alone derivative, and the combined
contract is not held-for-trading or designated at fair value. These embedded derivatives are
measured at fair value with subsequent changes recognized in gains or losses on derivatives
on the consolidated statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(r)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Earnings Per Share</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings per share are calculated using the weighted average number of common shares
outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The calculation of diluted earnings per share assumes that outstanding options and warrants
which are dilutive to earnings per share are exercised and the proceeds are used to
repurchase shares of the company at the average market price of the shares for the period.
The effect is to increase the number of shares used to calculate diluted earnings per share.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Accounting Standards</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Accounting Policies</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Goodwill and Intangible Assets</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section
3064, Goodwill and Intangible Assets, which replaces Handbook Section&nbsp;3062, Goodwill and
Other Intangible Assets and Section&nbsp;3450, Research and Development Costs. The standard
introduces guidance for the recognition, measurement and disclosure of goodwill and
intangible assets, including internally generated intangible assets. The standard also
harmonizes Canadian standards with IFRS and applies to annual and interim financial
statements for fiscal years beginning on or after October&nbsp;1, 2008. There was no material
impact to previously reported financial statements as a result of the implementation of
the new standard.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments &#151; Disclosures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective October&nbsp;1, 2009, Cameco adopted the amendments to Handbook Section&nbsp;3862,
Financial Instruments &#151; Disclosures. The amendments harmonize Canadian standards with
IFRS and provide for enhanced disclosures on liquidity risk and require new disclosures
on fair value measurements of financial instruments.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Changes in Accounting Policy</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>International Financial Reporting Standards (IFRS)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2008, the Accounting Standards Board announced that Canadian publicly
accountable enterprises will be required to adopt IFRS effective January&nbsp;1, 2011. As a
result, Cameco will publish its first consolidated financial statements, prepared in
accordance with IFRS, for the quarter ending March&nbsp;31, 2011. We will also provide
comparative data on an IFRS basis, including an opening balance sheet as at January&nbsp;1,
2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Combinations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CICA Handbook Section&nbsp;1582, Business Combinations is effective for business combinations
with an acquisition date after January&nbsp;1, 2011. This standard specifies a number of
changes including: an expanded definition of a business, a requirement to measure all
business acquisitions at fair value, a requirement to measure non-controlling interests
at fair value and a requirement to recognize acquisition-related costs as expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidated Financial Statements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CICA Handbook Section&nbsp;1601, Consolidated Financial Statements<I>, </I>which replaces the
existing standard, is effective for periods beginning on or after January&nbsp;1, 2011. This
section establishes the standards for preparing consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Non-controlling Interests in Consolidated Financial Statements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CICA Handbook Section&nbsp;1602, Non-controlling Interests in Consolidated Financial
Statements is effective for periods beginning on or after January&nbsp;1, 2011. This section
specifies that non-controlling interests be treated as a separate component of equity,
not as a liability or other item outside of equity. Section&nbsp;1602 will be applied
prospectively to all non-controlling interests, including any that arose before the
effective date.</TD>
</TR>






</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>4. Financial Risk Management</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This note presents information about various risks that Cameco is exposed to from its
use of financial instruments, its objectives, policies and processes for measuring and managing
risk, and the company&#146;s management of capital. Further quantitative disclosures are included
throughout these consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Risk Management Overview</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco is exposed in varying degrees to a variety of financial instrument related risks.
Management and the board of directors, both separately and together, discuss the principal risks
of our businesses. The board sets policies for the implementation of systems to manage, monitor
and mitigate identifiable risks. Cameco&#146;s risk management objective in relation to these
instruments is to protect and minimize volatility in cash flow.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Market Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco engages in various business activities which expose the company to market risk from
changes in commodity prices and foreign currency exchange rates. As part of its overall risk
management strategy, Cameco uses derivatives to manage some of its exposures to market risk that
result from these activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivative instruments may include financial and physical forward contracts. Such contracts may
be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash
flow denominated in a foreign currency. Market risks are monitored regularly against defined
risk limits and tolerances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s actual exposure to these market risks is constantly changing as the company&#146;s
portfolios of foreign currency and commodity contracts change. Changes in fair value or cash
flows based on market variable fluctuations cannot be extrapolated as the relationship between
the change in the market variable and the change in fair value or cash flow may not be linear.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The types of risk exposure and the way in which such exposure is managed are as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commodity Price Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a significant producer and supplier of uranium, nuclear fuel processing and electricity,
Cameco bears significant exposure to changes in prices for these products. A substantial
change in prices will affect the company&#146;s net earnings and operating cash flows. Prices for
Cameco&#146;s products are volatile and are influenced by numerous factors beyond the company&#146;s
control, such as supply and demand fundamentals, geopolitical events and, in the case of
electricity prices, weather.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s sales contracting strategy focuses on reducing the volatility in future earnings and
cash flow, while providing both protection against decreases in market price and retention of
exposure to future market price increases. To mitigate the risks associated with the
fluctuations in the market price for uranium products, Cameco seeks to maintain a portfolio
of uranium product sales contracts with a variety of delivery dates and pricing mechanisms
that provide a degree of protection from pricing volatility. To mitigate risks associated
with fluctuations in the market price for electricity, BPLP enters into various energy and
sales related contracts that qualify as cash flow hedges. At December&nbsp;31, 2009, the effect
of a $1/MWh increase in the market price for electricity would be an increase of $778,000 in
net earnings, and a decrease in other comprehensive income of $3,450,000 for 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Foreign Exchange Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The relationship between the Canadian and US dollars affects financial results of the uranium
business as well as the fuel services business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of uranium and fuel services are routinely denominated in US dollars while production
costs are largely denominated in Canadian dollars. Cameco attempts to provide some
protection against exchange rate fluctuations by planned hedging activity designed to smooth
volatility. Cameco also has a natural hedge against US currency fluctuations because a
portion of its annual cash outlays, including purchases of uranium and fuel services, is
denominated in US dollars. At December&nbsp;31, 2009, the effect of a $0.01 increase in the US to
Canadian dollar exchange rate on our portfolio of currency hedges and other USD denominated
exposures would have been a decrease of $11,000,000 in net earnings for 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparty Credit Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the
company to the risk of non-payment. Counterparty credit risk is associated with the ability
of counterparties to satisfy their contractual obligations to Cameco, including both payment
and performance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco manages this risk by monitoring the credit worthiness of our customers and seeking
pre-payment or other forms of payment security from customers with an unacceptable level of
credit risk.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s maximum counterparty credit exposure at the balance sheet date consists primarily of
the carrying amount of financial assets such as accounts receivable and short-term
investments. At December&nbsp;31, 2009, there were no significant concentrations of credit risk
and no amounts were held as collateral.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Liquidity Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial liquidity represents Cameco&#146;s ability to fund future operating activities and
investments. Cameco ensures that there is sufficient capital in order to meet short-term
business requirements, after taking into account cash flows from operations and the company&#146;s
holdings of cash and cash equivalents. The company believes that these sources will be
sufficient to cover the likely short-term and long-term cash requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The tables below outline the maturity dates for Cameco&#146;s non-derivative financial liabilities
including principal and interest as at December&nbsp;31, 2009:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in less</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due after</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">than 1 year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">5 years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>794</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>171</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>77</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total contractual repayments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,042</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$890</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in less</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Due after</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">than 1 year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">5 years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on BPLP lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total interest payments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>427</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$162</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD><B>Capital Management</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD>Cameco&#146;s capital structure reflects our vision and the environment in which we operate. We seek
growth through development and expansion of existing assets and by acquisition. Our capital
resources are managed to support achievement of our goals. The overall objectives for managing
capital remained unchanged in 2009 from the prior comparative period. Cameco&#146;s management considers its capital structure to consist of long-term debt, short-term
debt (net of cash and cash equivalents), minority interest and shareholders&#146; equity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD>The capital structure at December&nbsp;31, 2009 was as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$964,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,223,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,762</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,101,229</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,222</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(202,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(262,821</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,248,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,843,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,007,868</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,654,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,745,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,903,393</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">


    <TD>Cameco is bound by certain covenants in its general credit facilities. These covenants place
restrictions on total debt, including guarantees, and set minimum levels for net worth. As of
December&nbsp;31, 2009, Cameco met these requirements.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5. Short-Term Investments</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>In 2009, Cameco purchased money market instruments with terms to maturity between three and 12
months. The fair values of marketable securities held at December&nbsp;31, 2009 were $202,836,000
(2008 &#151; nil).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>6. Inventories</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Concentrate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$310,893</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$287,079</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broken ore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,635</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>453,224</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>398,110</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>7. Property, Plant and Equipment</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>and Depletion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009 Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008 Net</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$3,308,418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,507,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,801,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,799,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-producing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,476,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,476,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,325,532</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">491,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,391</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assets under capital lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">586,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">361,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,759</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,626</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,145,301</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2,077,198</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>4,068,103</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>3,932,658</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>8. Intangible Assets and Goodwill</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009 Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008 Net</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$118,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$21,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$97,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$101,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">


    <TD>The intangible asset value relates to intellectual property associated with Cameco Fuel
Manufacturing and is being amortized on a units-of-production basis.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Long-Term Receivables, Investments and Other</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital lease receivable from BPLP <SUP style="font-size: 85%; vertical-align: text-top">(i)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$94,895</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$97,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,994</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued pension benefit asset &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,061</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity accounted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Global Laser Enrichment LLC (privately held) &#091;note 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UNOR Inc. (market value $952)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UEX Corporation (market value $45,909)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Huron Wind (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minergia S.A.C. (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UFP Investments Inc. (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Western Uranium Corporation (market value $4,637)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GoviEx Uranium (privately held) &#091;note 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of sales &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances receivable from Inkai JV LLP <SUP style="font-size: 85%; vertical-align: text-top">(ii)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued pension benefit asset &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,623</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">803,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">672,589</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(154,725</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,836</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>648,545</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>622,753</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR style="font-size: 6pt"><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(i)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>BPLP leases the Bruce A nuclear generating plants and other property, plant and
equipment to Bruce A L.P. under a sublease agreement. Future minimum base rent sublease
payments under the capital lease receivable are imputed using a 7.5% discount rate.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(ii)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Through an unsecured shareholder loan, Cameco has agreed to fund the development
of the Inkai project. The limit of the loan facility is $370,000,000 (US)&nbsp;and advances
under the facility bear interest at a rate of LIBOR plus 2%. At December&nbsp;31, 2009,
$337,000,000 (US)&nbsp;of principal and interest was outstanding (2008 &#151; $257,000,000 (US)), of
which 40% represents the joint venture partner&#146;s share. As management does not anticipate
repayment in the next 12&nbsp;months, it has classified this loan as long term.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>10. Short-Term Debt</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>In 2008, a promissory note in the amount of $73,344,000 (US)&nbsp;was issued to finance the
acquisition of GE Hitachi Global Laser Enrichment LLC (GLE) &#091;note 24&#093;. The promissory note is
payable on demand and bears interest at market rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>In February&nbsp;2009, Cameco concluded an arrangement for a $100,000,000 unsecured revolving credit
facility, maturing February&nbsp;5, 2010. In December&nbsp;2009, this facility was extended to February
4, 2011, and is extendable for one additional 364-day term upon mutual agreement with the
lender. There is no amount outstanding under this facility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>11. Long-Term Debt</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$793,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$298,177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligation &#151; BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper and bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744,196</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">964,482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,175</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>952,853</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,212,982</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>On September&nbsp;25, 2003, the company issued unsecured convertible debentures in the amount of
$230,000,000. The debentures bore interest at 5% per annum, were to mature on October&nbsp;1, 2013,
and at the holder&#146;s option were convertible into common shares of Cameco. The debentures were
redeemable by the company beginning October&nbsp;1, 2008, at a redemption price of par plus accrued
and unpaid interest. The fair value of the conversion option associated with the convertible
debentures on the date of issuance was $30,473,000, resulting in an effective interest rate of
7.21%. The amount was reflected as contributed surplus. The conversion price was $10.83 per
share, a rate of approximately 92.3 common shares per $1,000 of convertible debentures.
Interest was payable semi-annually in arrears on April 1 and October 1. On August&nbsp;14, 2008,
Cameco gave notice of its intention to redeem all of these debentures on October&nbsp;1, 2008. As a
result of debenture conversions and redemptions, 21,204,585 shares were issued during 2008 &#091;note
14&#093;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>Cameco has $300,000,000 outstanding in senior unsecured debentures (Series&nbsp;C). These debentures
bear interest at a rate of 4.7% per annum (effective interest rate of 4.79%) and mature
September&nbsp;16, 2015.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>On September&nbsp;2, 2009, Cameco issued debentures in the amount of $500,000,000. The debentures
bear interest at 5.67% per annum (effective interest rate of 5.80%) and mature on September&nbsp;2,
2019. The proceeds of the issue after deducting expenses were $495,300,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>Cameco has a $500,000,000 unsecured revolving credit facility that is available until November
30, 2012. This facility can be extended for an additional year on the 2010 and 2011 anniversary
dates, upon mutual agreement with the lenders. In addition to direct borrowings under the
facility, up to $100,000,000 can be used for the issuance of letters of credit and, to the
extent necessary, up to $400,000,000 may be allocated to provide liquidity support for the
company&#146;s commercial paper program. The facility ranks equally with all of Cameco&#146;s other
senior debt. At December&nbsp;31, 2009 there were no amounts outstanding under this credit facility
(2008 &#151; $149,800,000, bearing interest at an average rate of 1.7%). Cameco may also borrow
directly in the commercial paper market. There was no commercial paper outstanding at December
31, 2009 (2008 &#151; $152,800,000, bearing interest at an average rate of 2.7%). These amounts,
when drawn, are classified as long-term debt.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>In 2008, Cameco arranged for a $470,000,000, 364-day unsecured revolving credit facility,
extendable for up to two additional 364-day terms upon mutual agreement with the lenders. The
facility ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, there was
$29,885,000 (Cdn) and $336,200,000 (US)&nbsp;outstanding under this credit facility, bearing interest
at 2.30% and 2.58% respectively. Borrowings under this short-term facility were incurred to
finance acquisitions &#091;note 24&#093;. In September&nbsp;2009, this credit facility was terminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>Cameco is bound by certain covenants in its revolving credit facilities. The significant
financial covenants require a funded debt to tangible net worth ratio equal to or less than 1:1
and a tangible net worth greater than $1,250,000,000. Non-compliance with any of these
covenants could result in accelerated payment and termination of the revolving credit facility.
At December&nbsp;31, 2009, Cameco was in compliance with covenants and does not expect its operating
and investing activities in 2010 to be constrained by them.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has $597,062,000 ($400,933,000 and $187,397,000 (US)) in letter of credit facilities.
The majority of the outstanding letters of credit at December&nbsp;31, 2009 relate to future
decommissioning and reclamation liabilities &#091;note 12&#093; and
amounted to $592,215,000 ($396,427,000 and $187,071,000 (US)) (2008 &#151; $428,910,000 ($294,650,000
and $109,640,000 (US)).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP holds a long-term lease with OPG to operate the Bruce nuclear power facility. The term of
the lease, which expires in 2018, is 18&nbsp;years with an option to extend the lease for up to an
additional 25&nbsp;years. The interest rate associated with the lease is 7.5%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP has a $200,000,000 (Cameco&#146;s share $63,200,000) revolving credit facility that is available
until July&nbsp;30, 2011, as well as $184,000,000 (Cameco&#146;s share $58,144,000) in letter of credit
facilities. As at December&nbsp;31, 2009, BPLP had $35,000,000 (Cameco&#146;s share $11,060,000)
outstanding under the revolving credit facility and $184,000,000 (Cameco&#146;s share $58,144,000)
outstanding under the letter of credit facilities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The table below represents currently scheduled maturities of long-term debt over the next five
years.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$11,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,177</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,337</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">890,254</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>964,482</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Standby Product Loan Facilities</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco had arranged for a standby product loan facility with one of its customers. The
arrangement, which was finalized in 2006, allowed Cameco to borrow up to 2,600,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2006 to 2008 with repayment in 2008 and
2009. Of this material, up to 1,000,000 kilograms of uranium could have been borrowed in the
form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. Under the loan facility, standby fees of 2.25% were payable based on
the market value of the facility, and interest was payable on the market value of any amounts
drawn at a rate of 4.0%. Any borrowings would have been secured by letters of credit and
payable in kind.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;29, 2008, Cameco gave notice of termination to the counterparty of the product loan
arrangement. The loan facility was terminated on April&nbsp;1, 2008 and the associated letter of
credit facilities were cancelled on January&nbsp;31, 2008. Cameco recognized previously deferred
revenues and costs in its earnings during 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On April&nbsp;1, 2008, Cameco arranged for a standby product loan facility with one of its customers.
The arrangement allows Cameco to borrow up to 2,400,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
equivalent over the period 2008 to 2011 with repayment during 2012 to 2014. Under the loan
facility, standby fees of 2% are payable based on the market value of the facility, and interest
is payable on the market value of any amounts drawn at a rate of 5%. Any borrowings are payable
in kind. As at December&nbsp;31, 2009, Cameco did not have any loan amounts outstanding under the
facility.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>12. Provision for Reclamation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>Cameco&#146;s estimates of future asset retirement obligations are based on reclamation standards
that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts
include potential changes in regulatory requirements, decommissioning and reclamation
alternatives and amounts to be recovered from other parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>Cameco estimates total future decommissioning and reclamation costs for its operating assets to
be $495,112,000. These estimates are reviewed by Cameco technical personnel as required by
regulatory agencies or more frequently as circumstances warrant. In connection with future
decommissioning and reclamation costs, Cameco has provided financial assurances of $591,548,000
in the form of letters of credit to satisfy current regulatory requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>Under the BPLP lease agreement, OPG, as the owner of the Bruce nuclear plants, is responsible to
decommission the Bruce facility and to provide funding and meet other requirements that the
Canadian Nuclear Safety Commission (CNSC)&nbsp;may require of BPLP as licensed operator of the Bruce
facility. OPG is also responsible to manage radioactive waste associated with decommissioning
of the Bruce nuclear plants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD>Following is a reconciliation of the total liability for asset retirement obligations:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$313,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$264,055</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in estimates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,614</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities settled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,263</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,663</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accretion expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,258</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,243</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>296,896</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>313,203</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following is a summary of the key assumptions on which the carrying amount of the asset
retirement obligations is based:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total undiscounted amount of the estimated cash flows &#151; $495,112,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected timing of payment of the cash flows &#151; timing is based on life of mine plans.
The majority of expenditures are expected to occur after 2016.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discount rates &#151; 5.25% to 7.50% for operations in North America and 9.00% for
operations in Central Asia.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>The asset retirement obligations liability relates to the following segments:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$192,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$213,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,644</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>296,896</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>313,203</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>13. Other Liabilities</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred sales &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$24,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$31,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,842</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zircatec acquisition holdback</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,297</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,222</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>187,072</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>179,880</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>14. Share Capital</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Authorized share capital:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 4%; margin-top: 0pt">Unlimited number of first preferred shares<BR>
Unlimited number of second preferred shares<BR>
Unlimited number of voting common shares, and<BR>
One Class&nbsp;B share
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Common Shares</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number Issued</B>(Number of Shares)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,718,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,398,698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 6pt"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity issuance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,666,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option plan &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debenture conversions &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,204,585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Issued share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>392,838,733</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>365,718,923</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Class&nbsp;B Share</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One Class&nbsp;B share issued during 1988 and assigned $1 of share capital, entitles the
shareholder to vote separately as a class in respect of any proposal to locate the head
office of Cameco to a place not in the province of Saskatchewan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Issuance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On March&nbsp;5, 2009, Cameco issued 26,666,400 common shares pursuant to a public offering for a
total consideration of $459,995,000. The proceeds of the issue after deducting expenses were
$445,532,000. Excluding the deferred tax recoveries, our net cash proceeds amounted to
$440,150,000 in 2009.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>15. Interest and Other</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$38,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$51,950</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange (gains)&nbsp;losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,086</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,614</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,365</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,815</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,185</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(12,470</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>93,281</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>16. Gain on Sale of Assets</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of geological data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(3,674</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(927</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,170</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(566</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(4,097</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>17. Other Expense</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Writedown of investments &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(29,992</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in loss of associated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,811</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,706</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,101</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(36,912</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(39,273</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="2%">&nbsp;</TD>
    <TD>In 2009 the equity in loss of associated companies includes a charge of $18,295,000 for the
amortization of in-process research and development associated with the investment in GLE (2008
 &#151; $1,991,000). During 2008, the investments in Western Uranium Corporation, Cue Resources Ltd.
and UNOR Inc. were determined to be impaired and charges of $17,092,000, $6,479,000 and
$6,421,000 respectively were recognized during the year &#091;note 9&#093;.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>18. Income Taxes</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>The significant components of future income tax assets and liabilities at December&nbsp;31 are as
follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$89,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$92,345</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exploration and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax losses carried forward</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,783</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,454</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,256</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income tax assets before valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">262,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57,398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(104,307</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Future income tax assets, net of valuation allowance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>204,787</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>297,517</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$338,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$339,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,567</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>426,278</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>450,222</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Net future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>221,491</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>152,705</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(87,135</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,857</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>134,356</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>83,848</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provision for income taxes differs from the amount computed by applying the combined
expected federal and provincial income tax rate to earnings before income taxes. The reasons
for these differences are as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$766,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$341,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Combined federal and provincial tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">31.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computed income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,320</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in taxes resulting from:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reduction in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,983</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provincial royalties and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Manufacturing and processing deduction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,211</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(771</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Difference between Canadian rate and rates
applicable to subsidiaries in other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175,969</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(176,659</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,053</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other permanent differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax expense (recovery)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>52,897</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(24,357</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>In 2008, as part of the ongoing annual audits of Cameco&#146;s Canadian tax returns, Canada Revenue
Agency (CRA)&nbsp;disputed the transfer pricing methodology used by Cameco and its wholly-owned Swiss
subsidiary, Cameco Europe Ltd. (CEL), in respect of sale and purchase agreements for uranium
products. In December&nbsp;2008, CRA issued a notice of reassessment, which increased Cameco&#146;s 2003
Canadian taxable income by approximately $43,000,000 (this reassessment was superseded by a
reassessment issued in February&nbsp;2009 and neither reassessment resulted in more than a nominal
amount of cash taxes becoming payable for that year). In December&nbsp;2009, CRA issued a notice of
reassessment for the 2004 tax return, which increased Cameco&#146;s 2004 Canadian taxable income by
approximately $108,000,000 (which, again, did not result in more than a nominal amount of cash
taxes becoming payable for that year). Cameco believes it is likely that CRA will reassess
Cameco&#146;s tax returns for the years 2005 through 2009 on a similar basis.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Late in 2009, CRA&#146;s Transfer Pricing Review Committee decided not to impose a penalty for 2004
based on the documentation that had been submitted by Cameco. This followed the same decision
by the Transfer Pricing Review Committee late in 2008 for the 2003 notice of reassessment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Having regard to advice from its external advisors, Cameco&#146;s opinion is that CRA&#146;s position is
incorrect, and Cameco is contesting CRA&#146;s position. However, to reflect the uncertainties of
CRA&#146;s appeals process and litigation, Cameco has decided to increase its reserve for uncertain
tax positions and recognize an income tax expense of $9,000,000 in 2009 bringing the cumulative
tax provision related to this matter for the years 2003 through 2009 to $24,000,000. No
provisions for penalties or interest have been recorded. We do not expect any cash taxes to be
payable due to availability of elective deductions and tax loss carryforwards. While the
resolution of this matter may result in liabilities that are higher or lower than the reserve,
management believes that the ultimate resolution will not be material to Cameco&#146;s financial
position, results of operations or liquidity over the period. However, an unfavourable outcome
for the years 2003 to 2009 could be material to Cameco&#146;s financial position, results of
operations or cash flows in the year(s) of resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Further to Cameco&#146;s decision to contest CRA&#146;s 2003 reassessment, a Notice of Appeal was filed
with the Tax Court of Canada on July&nbsp;22, 2009 and the litigation process is proceeding. Cameco
expects to file a Notice of Appeal for the 2004 reassessment in 2010.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$109,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(378,584</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">657,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>766,859</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>341,547</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$17,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$44,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>50,660</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>93,104</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$3,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(101,746</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,648</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,715</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2,237</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(117,461</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax expense (recovery)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>52,897</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(24,357</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>For 2009, earnings from discontinued operations (note 25) included a net income tax expense of
$94,600,000 (2008 &#151; recovery of $400,000).</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Other comprehensive income included on the consolidated statements of shareholders&#146; equity and
the consolidated statements of comprehensive income is presented net of income taxes. The
following income tax amounts are included in each component of other comprehensive income:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains (losses)&nbsp;on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$48,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(6,773</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,121</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,415</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized gains (losses)&nbsp;on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,072</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses on assets available-for-sale transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense (recovery)&nbsp;included in OCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>793</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(44,236</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Accumulated other comprehensive income included on the consolidated statements of shareholders&#146;
equity and the consolidated statement of accumulated other comprehensive income is presented net
of income taxes. The following income tax amounts are included in each component of accumulated
other comprehensive income:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$36,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$36,740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains (losses)&nbsp;on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense included in AOCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>37,333</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>36,540</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>19. Statements of Cash Flows</B>
</DIV>


<DIV style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD><B>Other Operating Items</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in non-cash working capital:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$34,556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(122,239</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(74,938</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,694</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,838</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(33,137</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,393</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge position settlements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,897</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,899</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(84,333</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(91,036</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>20. Uranium Joint Ventures</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>Cameco conducts a portion of its exploration, development, mining and milling activities through
joint ventures. Cameco&#146;s significant uranium joint venture interests are comprised of:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Producing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83.33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-producing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.03</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>Uranium joint ventures allocate uranium production to each joint venture participant and the
joint venture participant derives revenue directly from the sale of such product. Mining and
milling expenses incurred by the joint venture are included in the cost of inventory. At
December&nbsp;31, 2009, Cameco&#146;s share of property, plant and equipment in these joint ventures
amounted to $2,345,000,000 (2008 &#151; $2,233,000,000) &#091;note 7&#093;.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>21. Investment in BPLP</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>Cameco holds a 31.6% interest in BPLP, which is governed by an agreement that provides for joint
control of the strategic operating, investing and financing activities among the three major
partners. Cameco proportionately consolidates its 31.6% interest in BPLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD><B>Fuel Supply Agreements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>Cameco has entered into fuel supply agreements with BPLP for the procurement of fabricated fuel.
Under these agreements, Cameco will supply uranium, conversion services and fabrication
services. Contract terms are at market rates and on normal trade terms. During 2009, sales of
uranium and conversion services to BPLP amounted to $84,909,000 (2008 &#151; $58,611,000),
approximately 3.7% (2008 &#151; 2.7%) of Cameco&#146;s total revenue. At December&nbsp;31, 2009, amounts
receivable under these agreements totaled $11,505,000 (2008 &#151; $11,131,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>The following schedules reflect Cameco&#146;s 31.6% proportionate interest in the balance sheets,
statements of earnings and statements of cash flows of BPLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD><B>Balance Sheets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$190</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>849</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>749</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>849</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>749</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD><B>Statements of Earnings</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$445</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before interest and taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>231</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>147</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statements of Cash Flows</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash (used in) provided by investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>22. Stock-Based Compensation Plans</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD><B>Stock Option Plan</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Cameco has established a stock option plan under which options to purchase common shares may be
granted to officers and other employees of Cameco. Options granted under the stock option plan
have an exercise price of not less than the closing price quoted on the TSX for the common
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares of Cameco on the trading day prior to the date on which the option is granted. The
options vest over three years and expire eight years from the date granted. Options have not
been awarded to directors since 2003 and the plan has been amended to preclude the issue of
options to directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>The aggregate number of common shares that may be issued pursuant to the Cameco stock option
plan shall not exceed 43,017,198, of which 24,580,129 shares have been issued.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD>Stock option transactions for the respective years were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Number of Options)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,120,555</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,422,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(453,410</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(330,852</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(108,351</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(125,200</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,939,833</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,120,555</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,550,148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,957,129</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;Weighted average exercise prices were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$27.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$25.40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>27.42</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>27.98</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>26.84</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>22.08</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total options outstanding and exercisable at December&nbsp;31, 2009 were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Options Outstanding</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Options Exercisable</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Option Price Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Life</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$5.75 &#151; 13.49
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,824,320</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD align="right" valign="top" colspan="2">$8.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,824,320</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

        <TD align="right" valign="top" colspan="2">$8.28</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">13.50 &#151; 32.99
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,892,581</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.42</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,533,352</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.99</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">33.00 &#151; 55.00
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,222,932</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">41.84</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,192,476</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">42.18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7,939,833</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5,550,148</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>The foregoing options have expiry dates ranging from February&nbsp;25, 2010 to March&nbsp;2, 2018.</TD>
</TR>

<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>Non-vested stock option transactions for the respective years were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Number of Options)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,163,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,726,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(75,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(93,823</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,079,741</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,622,879</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,389,685</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,163,426</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>On July&nbsp;27, 2007, Cameco&#146;s board of directors approved an amendment to the company&#146;s stock
option program introducing a cash settlement feature for the exercise of employee stock options.
The cash settlement feature allowed option holders to elect to receive an amount in cash equal
to the intrinsic value, being the excess market price of the common share over the exercise
price of the option, instead of exercising the option and acquiring common shares. All
outstanding stock options were subsequently classified as liabilities and carried at their
intrinsic value. The intrinsic value of the liability was marked to market each period and
amortized to expense over the shorter of the period to eligible retirement or the vesting
period.</TD>
</TR>


<TR><td>&nbsp;</td></TR>
<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>Effective November&nbsp;10, 2008, the stock option plan was amended to eliminate the alternative to
settle in cash. As a result of the amendment all outstanding options are classified as equity
and the fair value determined using the Black-Scholes option-pricing model. The impact of the
reclassification of the stock options at November&nbsp;10, 2008, was a decrease in liabilities of
$25,987,000 with a corresponding increase in contributed surplus.</TD>
</TR>

<TR><td>&nbsp;</td></TR>
<TR>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>For the year ended December&nbsp;31, 2009, Cameco has recorded a net expense of $4,372,000 (2008
recovery &#151; $50,870,000), related to options that vested during the year.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the options granted each year was determined using the Black-Scholes
option-pricing model with the following weighted average assumptions:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154,015</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average strike price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$19.41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$38.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$0.24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.6%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.9%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life of option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">4.0 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">3.5 years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected forfeitures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average grant date fair values</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$5.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$11.90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executive Performance Share Unit (PSU), Deferred Share Unit (DSU), and Other Plans</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2005, Cameco provides each plan participant an annual grant of PSUs in an amount
determined by the board. Each PSU represents one phantom common share that entitles the
participant to a payment of one Cameco common share purchased on the open market, or cash at the
board&#146;s discretion, at the end of each three-year period if certain performance and vesting
criteria have been met. The final value of the PSUs will be based on the value of Cameco common
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares at the end of the three-year period and the number of PSUs that ultimately vest. Vesting
of PSUs at the end of the three-year period will be based on total shareholder return over the
three years, Cameco&#146;s ability to meet its annual cash flow from operations targets and whether
the participating executive remains employed by Cameco at the end of the three-year vesting
period. As of December&nbsp;31, 2009, the total PSUs held by the participants was 233,710 (2008 &#151;
179,810).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco offers a deferred share unit plan to non-employee directors. A DSU is a notional unit
that reflects the market value of a single common share of Cameco. 60% of each director&#146;s
annual retainer is paid in DSUs. In addition, on an annual basis directors can elect to receive
the remaining 40% of their annual retainer and any additional fees in the form of DSUs. Each
DSU fully vests upon award. The DSUs will be redeemed for cash upon a director leaving the
board. The redemption amount will be based upon the weighted average of the closing prices of
the common shares of Cameco on the TSX for the last 20 trading days prior to the redemption date
multiplied by the number of DSUs held by the director. As of December&nbsp;31, 2009, the total DSUs
held by participating directors was 373,921 (2008 &#151; 380,890).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco makes annual grants of bonuses to eligible non-North American employees in the form of
phantom stock options. Employees receive the equivalent value of shares in cash when exercised.
Options granted under the phantom stock option plan have an award value equal to the closing
price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on
which the option is granted. The options vest over three years and expire eight years from the
date granted. As of December&nbsp;31, 2009, the number of options held by participating employees
was 267,148 (2008 &#151; 277,549) with exercise prices ranging from $5.88 to $46.88 per share (2008
 &#151; $4.81 to $46.88) and a weighted average exercise price of $30.61 (2008 &#151; $29.97).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2007, Cameco created an employee share ownership plan whereby both employee and
company contributions are used to purchase shares on the open market for employees. The
company&#146;s contributions are expensed during the year of contribution. Under the plan, all
employees have the opportunity to participate in the program to a maximum of 6% of eligible
earnings each year with Cameco matching the first 3% of employee-paid shares by 50%. Cameco
contributes $1,000 of shares annually to each employee that is enrolled in the plan. At
December&nbsp;31, 2009, there were 3,306 participants in the plan (2008 &#151; 3,067). The total number
of shares purchased in 2009 on behalf of participants, including the company contribution, was
281,207 shares (2008 &#151; 287,847). In 2009, the company&#146;s contributions totaled $5,166,000 (2008
 &#151; $4,513,000).</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
        <TD>Cameco has recognized the following expenses (recoveries)&nbsp;under these plans:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Performance share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$3,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(112</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phantom stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,390</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee share ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
        <TD>At December&nbsp;31, 2009, a liability of $18,467,000 (2008 &#151; $10,507,000) was included in the
balance sheet to recognize accrued but unpaid expenses for these plans.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>23. Pension and Other Post-Retirement Benefits</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
        <TD>Cameco maintains both defined benefit and defined contribution plans providing pension and
post-retirement benefits to substantially all of its employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
        <TD>Under the defined pension benefit plans, Cameco provides benefits to retirees based on their
length of service and final average earnings. The non-pension post-retirement plan covers such
benefits as group life and supplemental health insurance to eligible employees and their
dependents. The costs related to the non-pension post-retirement plans are charged to earnings
in the period during which the employment services are rendered. However, these future
obligations are not funded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
        <TD>The effective date for the most recent valuations for funding purposes on the pension benefit
plans is January&nbsp;1, 2009. The next planned effective date for valuation for funding purposes of
the pension benefit plans is set to be January&nbsp;1, 2012. The status of the defined plans is as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accrued Benefit Obligation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$23,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$28,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$11,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$13,143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,410</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(442</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(747</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(546</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(701</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>30,840</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>23,580</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>12,019</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>11,842</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan Assets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$20,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$23,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(708</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,039</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(707</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fair value at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>24,209</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>20,289</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD>Plan assets consist of:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>The defined benefit plan assets contain no material amounts of related party
assets at December&nbsp;31, 2009 and 2008 respectively.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(ii)</TD>
    <TD>&nbsp;</TD>
    <TD>Relates to the value of the refundable tax account held by the Canada Revenue
Agency. The refundable total is approximately equal to half of the sum of the realized
investment income plus employer contributions less half of the benefits paid by the
plan.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funded Status Reconciliation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$24,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$20,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,842</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,631</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,019</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,842</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 9, 13&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,773</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>4,815</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(12,019</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(11,842</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net Pension Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,198</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,039</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,410</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,953</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">396</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,494</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,859</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized for year and actual
actuarial loss (gain)&nbsp;on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,974</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Defined benefit pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Defined contribution pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>15,991</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>15,800</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.9%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Post-Retirement Benefit Expense (Recovery)</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(442</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other post-retirement benefit expense (recovery)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>723</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(600</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits Cash Payments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$5,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,425</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash contributions to defined contribution plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>19,426</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>15,489</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>

    <TD>Benefits paid by the funded pension plan were $707,000 for 2009 (2008 &#151; $595,000). Cameco&#146;s
expected contributions for the year ended December&nbsp;31, 2010 are approximately $288,820 for
the pension benefit plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>

    <TD>The following are estimated future benefit payments, which reflect expected future service:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$617</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,357</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">710</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">841</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">844</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015 to 2019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD><B>BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>BPLP has a funded registered pension plan and an unfunded supplemental pension plan. The funded
plan is a contributory, defined benefit plan covering all employees up to the limits imposed by
the Income Tax Act. The supplemental pension plan is a non-contributory, defined benefit plan
covering all employees with respect to benefits that exceed the limits under the Income Tax Act.
These plans are based on years of service and final average salary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>BPLP also has other post-retirement benefit and other post-employment benefit plans that provide
for group life insurance, health care and long-term disability benefits. These plans are
non-contributory.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>

    <TD>The effective date for the most recent valuations for funding purposes on the pension benefit
plans is January&nbsp;1, 2009. The next planned effective date for valuation for funding purposes of
the pension benefit plans is set to be January&nbsp;1, 2010. The status of Cameco&#146;s proportionate
share (31.6%) of the defined plans is as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funded Status Reconciliation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$635,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$546,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">711,636</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">151,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(76,343</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(151,826</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,355</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,881</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,564</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 9, 13&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>36,613</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,061</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(125,402</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(117,038</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension Asset Categories</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5" style="border-bottom: 0px solid #000000"><B>Asset Allocation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5" style="border-bottom: 0px solid #000000"><B>Target Allocation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The assets of the pension plan are managed on a going concern basis subject to legislative
restrictions. The plan&#146;s investment policy is to maximize returns within an acceptable risk
tolerance. Pension assets are invested in a diversified manner with consideration given to
the demographics of the plan participants. Rebalancing will take place on a monthly basis if
outside of 3% of the target asset allocation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>(i) The defined benefit plan assets contain no material amounts of related party assets at
December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net Pension Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$16,562</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$27,599</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,375</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,486</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238,037</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term
nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,834</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121,493</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized and actual actuarial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">loss (gain)&nbsp;on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,677</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,271</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>20,764</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>38,944</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.8%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Benefit Plans Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,454</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$7,007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,228</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term nature of employee
future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,913</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between amortization of past service costs and actual plan
amendments for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial (gain)&nbsp;loss recognized and actual actuarial
loss (gain)&nbsp;on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,556</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,608</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other benefit plans expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>11,759</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>16,145</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.8%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0%</TD>
    <TD nowrap></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0%</TD>
    <TD nowrap></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits Cash Payments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$48,980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$37,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>53,189</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>41,419</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>

    <TD>Benefits paid by the funded pension plan were $32,531,000 for 2009 (2008 &#151; $37,015,000).
BPLP&#146;s expected contributions for the year ended December&nbsp;31, 2010 are approximately
$56,771,000 for the pension benefit plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>

    <TD>The following are estimated future benefit payments, which reflect expected future service:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$39,924</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,965</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,682</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,078</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2015 to 2019</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,343</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>24. Acquisitions</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in GE-Hitachi Global Laser Enrichment LLC (GLE)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On June&nbsp;19, 2008, Cameco, through a wholly owned subsidiary acquired a 24.0% interest in GLE
at an initial cost of $123,848,000 (US). In addition, a promissory note in the amount of
$73,344,000 (US)&nbsp;was issued in support of future development of the business. The remainder
of GLE is owned indirectly by General Electric Company (51%) and Hitachi Ltd. (25%). GLE is
in the process of developing uranium enrichment technology. The investment in GLE extends
Cameco&#146;s involvement in the front end of the nuclear fuel cycle. The promissory note is
payable on demand and bears interest at market rates. The purchase price was financed with
cash and debt. The equity method is being used to account for this investment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase price allocation of Cameco&#146;s 24.0% investment was as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$46,415</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(603</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity interest acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$197,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financed by:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$123,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Promissory note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$197,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount allocated to the investment in GLE includes an excess purchase price of
approximately $110,517,000 over Cameco&#146;s incremental share of the book value of the
underlying net assets of the business. The values assigned to assets will be amortized to
income over their estimated lives.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in Kintyre Uranium Exploration Project (Kintyre)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On August&nbsp;11, 2008, a venture comprised of a wholly owned Cameco subsidiary (70%) and
Mitsubishi Development Pty Ltd. (30%) acquired a 100% interest in the Kintyre uranium
exploration project in the East Pilbara region of Western Australia from Rio Tinto for a
total cost of $495,000,000 (US). Kintyre is an advanced exploration project located in
Western Australia about 1,250 kilometres northeast of Perth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The values assigned to the net assets acquired were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$501,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(150,386</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$350,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financed by:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$350,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in GoviEx Uranium (GoviEx)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On August&nbsp;22, 2008, Cameco, through a wholly owned subsidiary, acquired a 12% interest in
GoviEx at an initial cost of $28,125,000 (US). GoviEx is a closely held exploration company
formed in 2006 with uranium exploration properties in Niger, Africa. The equity method was
being used to account for this interest until June&nbsp;2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco had an option to acquire an additional 10% interest in GoviEx for $31,250,000 (US)
following completion of a due diligence review. Cameco elected not to proceed with the
additional investment and it was determined in June&nbsp;2009, that Cameco no longer had the
ability to exert significant influence over the operations of GoviEx. The use of the equity
method of accounting was discontinued and the investment in GoviEx is now accounted for as an
available-for-sale security.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>25. Restructuring of the Gold Business</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The assets and liabilities related to discontinued operations have been reclassified as assets
or liabilities of discontinued operations on the consolidated balance sheets. Operating results
related to the discontinued operations have been included in earnings from discontinued
operations on the consolidated statements of earnings. Comparative period balances have been
restated.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sale of Centerra Gold Inc.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On December&nbsp;30, 2009, Cameco completed a public offering of 88,618,472 common shares of
Centerra for net proceeds of approximately $871,000,000 and recorded a net gain of
$374,000,000. Concurrent with this offering, Cameco transferred an additional 25,300,000
common shares of Centerra to Kyrgyzaltyn pursuant to the agreement that Cameco entered into
with the Government of the Kyrgyz Republic on April&nbsp;24, 2009. As a result of the closing of
the public offering, and the transfer of the Centerra common shares to Kyrgyzaltyn, Cameco
has disposed of its entire interest in Centerra.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Kyrgyz Share Transfer</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the Parliament of the Kyrgyz Republic challenged the legal validity of Kumtor Gold
Company (Kumtor) agreements with the Kyrgyz Republic. As a result, Cameco and Centerra
entered into discussions with Kyrgyzaltyn culminating in the signing of two agreements in
August&nbsp;2007 providing for the transfer of a certain number of Centerra shares to Kyrgyzaltyn,
subject to certain conditions. These agreements, however, were never ratified by the Kyrgyz
parliament.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On April&nbsp;24, 2009, Cameco, Centerra, the Kyrgyz Government and other parties signed a new
agreement to resolve all the issues related to the Kumtor mine. On April&nbsp;30, 2009, the
Kyrgyz parliament ratified the agreement and enacted legislation authorizing implementation
of the agreement. On June&nbsp;11, 2009, closing occurred and Centerra issued 18,232,615 treasury
 shares to Kyrgyzaltyn and Cameco transferred 25,300,000 shares of its 113,918,000 Centerra
common shares to a custodian, to be held in escrow, for ultimate release to Kyrgyzaltyn,
subject to certain conditions. Cameco retained its voting rights over these shares while they
were held in escrow. As a result of the public offering concluded on December&nbsp;30, 2009,
Cameco released the shares held in escrow to Kyrgyzaltyn.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The total amount of the after-tax loss related to this agreement is $179,000,000, of which an
expense of $46,000,000 was recorded in 2009, a recovery of $20,000,000 in 2008 and an expense
of $153,000,000 in 2007.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Results of Discontinued Operations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The results of the operations of Centerra are presented under &#147;discontinued operations&#148; on
the consolidated statements of earnings. The following table presents the components of the
discontinued operations amounts, net of future income tax expenses &#091;note 18&#093;:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$374.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kyrgyz share transfer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$382.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$84.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table presents the components of the operating results of Centerra:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$770.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$676.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">440.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$54.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$64.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commitments and Contingencies</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;12, 2004, Cameco, Cameco Bruce Holdings II Inc., BPC Generation
Infrastructure Trust and TransCanada Pipelines Limited (collectively, the &#147;Consortium&#148;)
sent a notice of claim to British Energy Limited and British Energy International Holdings
Limited (collectively, BE) requesting, amongst other things, indemnification for breach of
a representation and warranty contained in the February&nbsp;14, 2003, Amended and Restated
Master Purchase Agreement. The alleged breach is that the Unit 8 steam generators were not
&#147;in good condition, repair and proper working order, having regard to their use and age.&#148;
This defect was discovered during a planned outage conducted just after closing. As a
result of this defect, the planned outage had to be significantly extended. The Consortium
has claimed damages in the amount of $64,558,200 being 79.8% of the $80,900,000 of damages
actually incurred, plus an unspecified amount to take into account the reduced operating
life of the steam generators. By agreement of the parties, an arbitrator has been
appointed to arbitrate the claims and a schedule has been set for the next steps in the
proceeding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Consortium served its claim on October&nbsp;21, 2008, and has amended it as required, most
recently on August&nbsp;7, 2009. BE served its answer and counter-statement on December&nbsp;22, 2008,
most recently amended on July&nbsp;8, 2009, and the Consortium served its reply and answer to
counter-statement on January&nbsp;22, 2009, most recently amended on August&nbsp;7, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Unit 8 steam generators require on-going monitoring and maintenance as a result of the
defect. In addition to the $64,558,200 in damages sought in the notice of claim, the claim
seeks an additional $4,900,000 spent on inspection, monitoring and maintenance of Unit 8, and
$31,900,000 in costs for future monitoring and maintenance, as well as repair costs and lost
revenue due to anticipated unplanned outages as a consequence of the defect in Unit 8. The
initial claim had also sought damages for the early replacement of the Unit 8 steam
generators due to the defect shortening their useful operating lives. However, recent
inspection data and analysis of the condition of the Unit 8 steam generators now indicates
that they will continue to function until the end of the Consortium&#146;s lease of the Bruce
Power facility in 2018, as was expected at the time the MPA was entered into. The claim for
early replacement was thus abandoned via an amendment to the claim on August&nbsp;7, 2009. The
parties have completed oral discoveries and are currently in the process of completing
answers to undertakings given during discoveries. The hearing is scheduled to take place in
April and May&nbsp;2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In anticipation of this claim, BE issued on February&nbsp;10, 2006, and then served on Ontario
Power Generation Inc. (OPG)&nbsp;and Bruce Power LP a Statement of Claim. This Statement of Claim
seeks damages for any amounts that BE is found liable to pay to the Consortium in connection
with the Unit 8 steam generator arbitration described above, damages in the amount of
$500,000,000, costs and pre and post judgment interest amongst other things. This action is
in abeyance pending further developments on the Unit 8 steam generator arbitration.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual supplemental rents of $26,000,000 (subject to CPI) per operating reactor are
payable by BPLP to OPG. Should the hourly annual average price of electricity in Ontario
fall below $30 per megawatt hour, the supplemental rent reduces to $13,000,000 per
operating reactor. In accordance with the Sublease Agreement, Bruce A L.P. will
participate in its share of any adjustments to the supplemental rent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco, TransCanada and BPC have assumed the obligations to provide financial
guarantees on behalf of BPLP. Cameco has provided the following financial assurances, with
varying terms that range from 2004 to 2018:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Licensing assurances to Canadian Nuclear Safety Commission of up to $133,300,000.
At December&nbsp;31, 2009, Cameco&#146;s actual exposure under these assurances was nil.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guarantees to customers under power sales agreements of up to $35,300,000. At
December&nbsp;31, 2009, Cameco&#146;s actual exposure under these guarantees was $28,300,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Termination payments to OPG pursuant to the lease agreement of $58,300,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of these guarantees is nominal.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under a supply contract with the Ontario Power Authority (OPA), BPLP is entitled to
receive payments from the OPA during periods when the market price for electricity in
Ontario is lower than the floor price defined under the agreement during a calendar year.
On July&nbsp;6, 2009, BPLP and the OPA amended the supply contract such that beginning in 2009,
the annual payments received will not be subject to repayment in future years. Previously,
the payments received under the agreement were subject to repayment during the entire term
of the contract, dependent on the spot price in future periods. The agreement remains in
effect until the earlier of December&nbsp;31, 2019 or one year after the shutdown of the BPLP
units. During 2009, BPLP became entitled to $526,000,000 under this agreement and
currently expects to repay $12,000,000. The remaining $514,000,000 was recognized as
revenue with Cameco&#146;s share being $162,000,000.</TD>
</TR>




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s North American workforce includes about 3,000 employees, of which
approximately 850 (28%) belong to three separate labour unions. A collective agreement for
one of the three unions, representing about 250 employees, is set to expire in 2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, Cameco&#146;s purchase commitments, the majority of which are fixed
price uranium and conversion purchase arrangements, were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Millions (US))</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$134</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>840</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The majority of revenues at Cameco are derived from the sale of uranium products, and
electricity through its investment in BPLP. Cameco&#146;s uranium product financial results are
closely related to the long and short-term market price of uranium sales and conversion
services. Prices fluctuate and can be affected by demand for nuclear power, worldwide
production and uranium levels, and political and economic conditions in uranium producing and
consuming countries. BPLP&#146;s revenue from electricity is affected by changes in electricity
prices associated with an open spot market for electricity in Ontario. Financial results for
Cameco are also impacted by changes in foreign currency exchange rates and other operating
risks. Finally, certain financial assets are subject to credit risks including cash and
securities, accounts receivable, and commodity and currency instruments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with certain financial assets, Cameco will hold positions with a
variety of large creditworthy institutions. Sales of uranium products, with short payment
terms, are made to customers that management believes are creditworthy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with foreign currency on its sale of uranium products, Cameco
enters into forward sales contracts to establish a price for future delivery of the foreign
currency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with the fluctuations in the market price for uranium products,
Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of
delivery dates and pricing mechanisms that provide a degree of protection from price volatility.
To mitigate risks associated with the fluctuations in the market price for electricity, BPLP
enters into various energy and sales related contracts that qualify as cash flow hedges. These
instruments have terms ranging from 2010 to 2015. At December&nbsp;31, 2009, the mark-to-market gain
on BPLP&#146;s sales contracts was $96,000,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial instruments measured at fair value are categorized into one of three hierarchy
levels, described below, for disclosure purposes. Each level is based on the transparency of
the inputs used to measure the fair values of assets and liabilities:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Level 1 &#151; Values based on unadjusted quoted prices in active markets that are accessible at
the measurement date for identical assets or liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Level 2 &#151; Values based on quoted prices in markets that are not active or model inputs that
are observable either directly or indirectly for substantially the full term of the asset or
liability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Level 3 &#151; Values based on prices or valuation techniques that require inputs that are both
unobservable and significant to the overall fair value measurement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">When the inputs used to measure fair value fall within more than one level of the hierarchy, the
level within which the fair value measurement is categorized is based on the lowest level input
that is significant to the fair value measure in its entirety.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Except as otherwise disclosed, the fair market value of Cameco&#146;s financial assets and
liabilities approximates the carrying amount as a result of the short-term nature of the
instruments, or the variable interest rate associated with the instruments, or the fixed
interest rate of the instruments being similar to market rates.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fair values of Cameco&#146;s privately held available-for-sale securities, as described in note
9, have not been disclosed because of the unavailability of a quoted market price in an active
market. Cameco does not currently have plans to dispose of any of these investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables present Cameco&#146;s fair value hierarchy for those assets and liabilities
measured at fair value on a recurring basis.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As at December 31, 2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$210,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$197,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$13,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities &#091;notes 5, 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,957</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,957</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>376,897</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>207,473</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>157,424</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>12,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As at December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 1</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 2</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Level 3</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$81,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$81,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(34,898</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>3,718</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The fair value of a financial instrument is the amount at which the financial instrument could
be exchanged in an arm&#146;s-length transaction between knowledgeable and willing parties under no
compulsion to act. Fair values of identical instruments traded in active markets are determined
by reference to last quoted prices, in the most advantageous active market for that instrument.
In the absence of an active market, we determine fair values based on quoted prices for
instruments with similar characteristics and risk profiles. Fair values of financial
instruments determined using valuation models require the use of inputs. In determining those
inputs, we look primarily to external, readily observable market inputs, when available,
including factors such as interest rate yield curves, currency rates, and price and rate
volatilities, as applicable. In some circumstances, we use input parameters that are not based
on observable market data. In these cases, we may adjust model values to reflect the valuation
uncertainty in order to determine what the fair value would be based on the assumptions that
market participants would use in pricing the financial instrument. These adjustments are made in
order to determine the fair value of the instruments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">We make valuation adjustments for the credit risk of our derivative portfolios in order to
arrive at their fair values. These adjustments take into account the creditworthiness of our
counterparties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Equity-accounted investments and financial instruments classified as available-for-sale comprise
actively traded debt and equity securities and are carried at fair value based on available
quoted prices.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">There were no significant transfers between level 1 and level 2 of the fair value hierarchy.
Transfers from level 2 to level 3 are noted in the preceding tables. Transfers into level 3 are
comprised of BPLP derivative financial instruments with contract terms extending beyond 36
months. Previously, all BPLP derivative financial instruments were classified as level 2, but
given the recent decline in electricity prices as a result of the recession, the liquidity in
the market was significantly reduced, resulting in a lack of an active market and observable
market inputs beyond 36&nbsp;months.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Derivatives</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following tables summarize the fair value of derivatives and classification on the balance
sheet:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As at December 31, 2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Cameco</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>BPLP</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(2,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$9,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$6,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,031</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,047</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,047</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>64,295</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>105,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>169,424</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classification:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$66,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$87,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$154,411</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term receivables, investments and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,970</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(445</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(19,595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,040</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,692</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,225</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,917</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>64,295</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>105,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>169,424</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>As at December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Cameco</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>BPLP</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(8,951</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(4,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,125</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(114,076</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>75,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classification:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments
and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$5,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$43,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$49,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term receivables, investments and other &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,918</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,991</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,951</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(461</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,412</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(114,076</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>75,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following tables summarize different components of the (gains)&nbsp;and losses on derivatives:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>For the year ended December 31, 2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Cameco</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>BPLP</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(4,764</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(4,737</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(9,501</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(234,066</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(234,066</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(638</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(638</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(238,429</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(5,375</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right"><B>$</B><B>(243,804</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>For the year ended December 31, 2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Cameco</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>BPLP</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$18,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$20,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,031</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ongoing hedge inefficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>200,841</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,810</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>202,651</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Over the next twelve months, based on current exchange rates, Cameco expects an estimated
$34,260,000 of pre-tax gains from the foreign currency cash flow hedges to be reclassified
through other comprehensive income to net earnings. The maximum length of time Cameco hedges
its exposure to the variability in future cash flows related to foreign currency on anticipated
transactions is five years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Over the next twelve months, based on current prices, Cameco expects an estimated $63,876,000 of
pre-tax gains from BPLP&#146;s various energy and sales related cash flow hedges to be reclassified
through other comprehensive income to net earnings. The maximum length of time BPLP is hedging
its exposure to the variability in future cash flows related to electricity prices on
anticipated transactions is five years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Currency</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">At December&nbsp;31, 2009, Cameco had $1,490,000,000 (US)&nbsp;in forward contracts at an average exchange
rate of $1.09 and &#128;34,200,000 at an average exchange rate of $1.46. The foreign
currency contracts are scheduled for use as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(Millions)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>US</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Cdn</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Euro</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>US</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&#128;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,490</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.09</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,625</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&#128;</B></TD>
    <TD align="right"><B>34</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>50</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">These positions consist entirely of forward sales contracts. The average exchange rate reflects
the original spot prices at the time the contracts were entered into and includes forward
points. The realized exchange rate will depend on the forward premium (discount)&nbsp;that is earned
(paid)&nbsp;as contracts are utilized. Of these amounts $1,325,000,000 of the US-denominated
contracts and $34,000,000 of the Euro-denominated contracts mature in 2010. The remaining
$165,000,000 in US-denominated contracts matures in 2011.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Per Share Amounts</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per share amounts have been calculated based on the weighted average number of common shares
outstanding during the year. The weighted average number of paid shares outstanding in 2009 was
387,955,503 (2008 &#151; 350,130,431).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per share computation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,099,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.83</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.29</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per share computation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,099,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,956</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive effect of stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding, assuming dilution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389,933</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.82</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.28</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Segmented Information</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has three reportable segments: uranium, fuel services and electricity. The uranium
segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate.
The fuel services segment involves the refining, conversion and fabrication of uranium
concentrate and the purchase and sale of conversion services. The electricity segment involves
the generation and sale of electricity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s reportable segments are strategic business units with different products, processes and
marketing strategies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounting policies used in each segment are consistent with the policies outlined in the
summary of significant accounting policies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Segments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Fuel</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Inter-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(Millions)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Uranium</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Services</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Electricity</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Segment</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,551.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$276.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$518.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(30.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,315.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,324.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.6</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.6</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(120.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings (loss)&nbsp;before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>405.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>219.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(6.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>766.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>717.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>5,956.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>383.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>904.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,244.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>97.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>97.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>333.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>20.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>38.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>392.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2008 (Recast)</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Fuel</B>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Inter-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(Millions)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Uranium</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Services</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Electricity</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Segment</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,512.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$251.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$445.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(26.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,182.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">712.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,146.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>566.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>153.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>341.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax recovery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24.4</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings from continuing operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>366.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>4,595.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>311.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>826.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>5,733.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>101.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>101.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>421.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>77.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>32.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>531.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Geographic Segments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(Millions)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue from products and services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada  &#151; domestic </DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">            $739.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$589.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:90px; text-indent:-15px">&#151; export</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">               194.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,380.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,301.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2,315.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2,182.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$5,755.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$4,121.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Australia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">553.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kazakhstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,342.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>5,834.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Major Customers</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco relies on a small number of customers to purchase a significant portion of its uranium
concentrates and uranium conversion services. During 2009, revenues from one customer of
Cameco&#146;s uranium and fuel services segments represented approximately $252,699,000 (2008 &#151;
$106,799,000), about 14% (2008 &#151; 6%) of Cameco&#146;s total revenues from these segments. As
customers are relatively few in number, accounts receivable from any individual customer may
periodically exceed 10% of accounts receivable depending on delivery schedules.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2009, electricity revenues from one customer of BPLP represented approximately 5%
(2008 &#151; 4%) of BPLP&#146;s total revenues.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Related Party Transactions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco purchases a significant amount of goods and services for its Saskatchewan mining
operations from northern Saskatchewan suppliers to support economic development in the region.
One such supplier is Points Athabasca Contracting Ltd. and the president of the company became a
member of the board of directors at Cameco during 2009. In 2009, Cameco paid Points Athabasca
Contracting $30,800,000 (2008 &#151; $38,500,000) for construction and contracting services. The
transactions were conducted in the normal course of business and were accounted for at the
exchange amount. Accounts payable include a balance of $230,000 (2008 &#151; $940,000) resulting
from these transactions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>31.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparative Figures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain prior year balances have been reclassified to conform to the current financial statement
presentation.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>o60848exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT&nbsp;99.3</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o60848o6084800.gif" alt="(CAMECO LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2009 Management&#146;s discussion and analysis</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2010

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009 Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">About Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">About the nuclear energy industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our strategy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our operations and development projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves and resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Throughout this document, the terms <I>we, us, our </I>and <I>Cameco </I>mean Cameco Corporation
and its subsidiaries.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Management&#146;s discussion and analysis</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This management&#146;s discussion and analysis (MD&#038;A) includes information that will help you
understand management&#146;s perspective of our audited consolidated financial statements and notes for
the year ended December&nbsp;31, 2009. The information is based on what we knew as of February&nbsp;23, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We encourage you to read our audited consolidated financial statements as you review the MD&#038;A. You
can find more information about Cameco, including our audited consolidated financial statements and
our most recent annual information form, on our website at cameco.com, on SEDAR at sedar.com or on
EDGAR at sec.gov. You should also read our annual information form before making a decision to
invest in our securities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Unless we have specified otherwise, all dollar amounts are in Canadian dollars. The financial
information in this MD&#038;A and in our financial statements and notes are prepared according to
Canadian generally accepted accounting principles (Canadian GAAP), unless otherwise indicated. We
also prepare a reconciliation of our annual financial statements to US GAAP, which is filed with
securities regulatory authorities. We present our mineral reserve and resource estimates as
required by Canadian securities law. See <I>Important information for US investors </I>on page 82.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About forward-looking information</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our MD&#038;A includes statements and information about our expectations for the future. When we discuss
our strategy, plans and future financial and operating performance, or other things that have not
yet taken place, we are making statements considered to be <I>forward-looking information </I>or
<I>forward-looking statements </I>under Canadian and United States securities laws. We refer to them in
this MD&#038;A as <I>forward-looking information.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Key things to understand about the forward-looking information in this MD&#038;A:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It typically includes words and phrases about the future, such as: <I>anticipate, expect,
plan, intend, predict, goal, target, project, potential, strategy </I>and <I>outlook </I>(see examples on
page 3).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It represents our current views, and can change significantly.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It is based on a number of <I>material assumptions, </I>including those we&#146;ve listed below, which
may prove to be incorrect.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Actual results and events may be significantly different from what we currently expect,
because of the risks associated with our business. We list a number of these <I>material risks</I>
below. We recommend you also review our annual information form, which includes a discussion
of other material risks that could cause actual results to differ significantly from our
current expectations.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking information is designed to help you understand management&#146;s current views of our
near and longer term 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.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Examples of forward-looking information in this MD&#038;A</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our expectations about future worldwide uranium supply and demand</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>production at our uranium operations from 2010 to 2014 and our target for doubling annual
production by 2018</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to maintain expected annual production at McArthur River and Key Lake within
the time frames we have set, to complete remediation and begin production at Cigar Lake within
the time frames we have set and at the estimated cost, and to achieve our annual production
targets at Inkai</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our expectations that our existing cash balances and operating cash flows will be
sufficient to meet our anticipated requirements over the next several years without the need
for any significant additional financing</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future production at our fuel services operations</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the likely terms and volumes to be covered by long-term delivery contracts that we enter
into in 2010 and future years</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>future royalty and tax payments and rates</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our long-term uranium price sensitivity analysis</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our 2010 objectives</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the outlook for each of our operating segments for 2010, and our consolidated outlook for
the year</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material risks</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actual sales volumes or market prices for any of our products or services are lower
than we expect for any reason, including changes in market prices or loss of market share to a
competitor</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are adversely affected by changes in foreign currency exchange rates, interest rates or
tax rates</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>production costs are higher than planned, or necessary supplies are not available, or not
available on commercially reasonable terms</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our estimates of production, decommissioning or reclamation expenses, or our tax expense
estimates, prove to be inaccurate</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are unable to enforce our legal rights, or are subject to litigation or arbitration that
has an adverse outcome</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are defects in title to our properties</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our reserve and resource estimates are inaccurate, or we face unexpected or challenging
geological, hydrological or mining conditions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are affected by environmental, safety and regulatory risks, including increased
regulatory burdens</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we cannot obtain or maintain necessary permits or approvals from government authorities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are affected by political risks in a developing country where we operate (like
Kazakhstan)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are affected by terrorism, sabotage, accident or a deterioration in political support
for, or demand for, nuclear energy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are changes to government regulations or policies, including tax and trade laws and
policies</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our uranium and conversion suppliers fail to fulfil delivery commitments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we are affected by natural phenomena, including inclement weather, fire, flood, underground
floods, earthquakes, pitwall failure and cave-ins</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our operations are disrupted due to problems with our own or our customers&#146; facilities, the
unavailability of reagents, equipment, operating parts and supplies critical to production,
labour relations issues, strikes or lockouts and other developments and operating risks</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Material assumptions</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales and purchase volumes and prices for uranium, fuel services and electricity</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expected production costs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expected spot prices and realized prices for uranium, and other factors discussed on page
41, <I>Long-term price sensitivity analysis: uranium</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tax rates, foreign currency exchange rates and interest rates</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>decommissioning and reclamation expenses</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reserve and resource estimates</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the geological, hydrological and other conditions at our mines, including the accuracy of
our expectations about the condition of underground workings at Cigar Lake</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to continue to supply our products and services in the expected quantities and
at the expected times</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to comply with current and future environmental, safety and other regulatory
requirements, and to obtain and maintain required regulatory approvals</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our operations are not significantly disrupted as a result of political instability,
nationalization, terrorism, sabotage, natural disasters, governmental or political actions,
litigation or arbitration proceedings, labour relations issues, or other development or operating
risks</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Highlights</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is one of the world&#146;s largest uranium producers, with uranium assets on three
continents. Nuclear energy plants around the world use our uranium products to generate one of the
cleanest sources of electricity available today.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our vision is to be a dominant nuclear energy company producing uranium fuel and generating clean
electricity. Our goal is to be the supplier, partner, investment and employer of choice in the
nuclear industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have long-term objectives for each of our three business segments:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>uranium </I>&#150; double our annual production to 40&nbsp;million pounds by 2018 from existing assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>fuel services </I>&#150; invest in our fuel services business to support our overall growth in the
nuclear business</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>electricity </I>&#150; maintain steady cash flow while gaining exposure to new opportunities</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We made significant progress this year both financially and at our operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strong financial performance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2009 was a record financial year for us.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We delivered the highest net earnings ever, at $1.1&nbsp;billion (144% higher than last year) and
increased cash from continuing operations by 30%, to $690&nbsp;million. Cash on hand increased to $1.3
billion at year end. We intend to use these funds to advance our growth strategy.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="5"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="7" style="border-bottom: 1px solid #000000"><B>($ millions except where indicated)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2,315</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2,183</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>750</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">829</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(10)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1,099</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">450</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">144%</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">- $&nbsp;&nbsp;per common share (diluted)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2.82</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.28</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">120%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left">Adjusted net earnings (non-GAAP, see page 29)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>582</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">589</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(1)%</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left">- $&nbsp;&nbsp;per common share (adjusted and diluted)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1.49</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.67</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(11)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left">Cash provided by continuing operations</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>690</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">530</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Uranium</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$US/lb</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>38.25</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(3)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/lb</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>45.12</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43.91</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fuel services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/kgU</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>17.84</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15.85</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Electricity</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/MWh</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>64</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">57</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Shares and stock options outstanding</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At February&nbsp;22, 2010, we had:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>392,853,733 common shares and one Class&nbsp;B share outstanding</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>7,939,833 stock options outstanding, with exercise prices ranging from $5.75 to $55.00</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Dividend policy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our board of directors has established a policy of paying a quarterly dividend of $0.07 ($0.28 per
year) per common share. This policy will be reviewed from time to time based on our cash flow,
earnings, financial position, strategy and other relevant factors.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Excellent progress at our operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our uranium segment this year we increased production by 20%. Key highlights:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Successfully moved to a new mining zone at McArthur River/Key Lake, through the
water-saturated Athabasca sandstone &#150; a mining first, and largely as a result of our
innovative freezewall design. We also reduced the amount of molybdenum and selenium released
to the environment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Extended Rabbit Lake&#146;s expected production life by two years to 2015.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commissioned Inkai&#146;s main processing plant, and started commissioning the first satellite
plant.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Completed dewatering the underground development at Cigar Lake in February&nbsp;2010, and based on
current information, expect initial production in mid-2013.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our fuel services segment, we resumed UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope and operations
returned to normal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our electricity segment, BPLP generated 24.6&nbsp;million terawatt hours (TWh) of
electricity, at a capacity factor of 87%. Our share of earnings before taxes went up by 59% to $224
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continued to invest in our exploration activities, spending $23&nbsp;million in six brownfield and
advanced exploration projects, including $11&nbsp;million for delineation drilling at Kintyre, plus
about $31&nbsp;million in regional exploration programs. Saskatchewan was the largest single region,
followed by Australia, northern Canada and the rest of the global program.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">Uranium</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>20.8</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">17.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">20%</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1,551</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,512</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">Fuel services</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>12.3</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">48%</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>276</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">252</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">Electricity</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output (100%) (TWh) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>24.6</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">24.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1,640</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,409</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">16%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our share of earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>224</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">141</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">59%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Key market facts</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand for electricity is expected to nearly double by 2030, driven mainly by growth in
the developing world as it seeks to diversify sources of energy and provide supply security.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The world is increasingly recognizing the benefits of nuclear energy as it searches for
alternatives to carbon-based electricity generation and security of supply.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are 436 commercial nuclear power reactors operating in 30 countries, providing about
15% of the world&#146;s electricity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>There are 53 reactors currently under construction and, by 2019, 91 new reactors (net)&nbsp;are
forecast to come on line.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Most of this new build is being driven by rapidly developing countries like China and
India, which have severe energy deficits and want clean sources of electricity to improve
their environment and sustain economic growth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next decade, demand for uranium to fuel existing and new reactors is expected to
grow by an average of 3% per year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To meet global demand over the next 10&nbsp;years, we expect that about 67% of uranium supply
will come from mines that are currently in operation, 21% from finite sources of secondary
supply (mainly government inventories and limited recycling), and 12% will have to come from
new sources of primary production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco &#150; with uranium assets on three continents, including high-grade reserves and
low-cost mining operations in Canada, and investments that cover the nuclear fuel cycle &#150; is
ideally positioned to benefit from the world&#146;s growing need for clean, reliable energy.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About Cameco</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, with its head office in Saskatoon, Saskatchewan, is one of the world&#146;s largest uranium
producers, with uranium assets on three continents. Nuclear energy plants around the world use our
uranium products to generate one of the cleanest sources of electricity available today.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><DIV style="margin-left:38px; text-indent:-38px"><B>2009
Revenue by segment <BR>
($ millions)</B></div></div>



<DIV align="left" style="font-size: 10pt; margin-top: -12pt; margin-left: 50%"><DIV style="margin-left:46px; text-indent:-46px"><B>2009
Gross profit by segment <BR>
($ millions)</B></div></div>


<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084851.gif" alt="(PIE CHART)">
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: -110pt; margin-left: 25%"><IMG src="o60848o6084817.gif" alt="(PIE CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are one of the world&#146;s largest uranium producers, and in 2009 accounted for about 16% of
the world&#146;s production. We have controlling ownership of the world&#146;s largest high-grade reserves,
with ore grades up to 100 times the world average, and low-cost operations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Product</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium concentrates (U3O8)</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reserves and resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserves

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approximately 480&nbsp;million pounds proven and probable</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resources
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>approximately 140&nbsp;million pounds measured and indicated and 355&nbsp;million pounds inferred</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Global exploration
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>focused on four continents</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Operating properties</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McArthur River and Key Lake, Saskatchewan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Rabbit Lake, Saskatchewan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Smith Ranch-Highland, Wyoming</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Crow Butte, Nebraska</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inkai, Kazakhstan</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Development project</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake, Saskatchewan</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Projects under evaluation</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inkai blocks 1 and 2 production increase, Kazakhstan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inkai block 3, Kazakhstan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McArthur River expansion, Saskatchewan</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Kintyre, Australia</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Millennium, Saskatchewan</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel services</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are an integrated uranium fuel supplier, offering refining, conversion and fuel
manufacturing services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Products</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium trioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium hexafluoride (UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) (control 35% of western world capacity)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium dioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>) (the world&#146;s only commercial producer of natural
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fuel bundles, reactor components and monitoring equipment used by Candu reactors</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Operations</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Blind River refinery, Ontario (refines U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Port Hope conversion facility, Ontario (converts UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco Fuel Manufacturing Inc., Ontario (manufactures fuel bundles and reactor
components)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>10-year toll conversion agreement with Springfields Fuels Ltd. (SFL), Lancashire,
United Kingdom (UK) (to convert UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>&#150; expires in 2016)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have a 24% interest in GE-Hitachi Global Laser Enrichment LLC (GLE)&nbsp;in North Carolina,
with General Electric (51%) and Hitachi Ltd. (25%). GLE is testing a third-generation technology
that, if successful, will use lasers to commercially enrich uranium.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Electricity</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We generate clean electricity through our 31.6% interest in the Bruce Power Limited
Partnership (BPLP), which operates four nuclear reactors and manages the overall site in southern
Ontario.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capacity</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>3,260 megawatts (MW) (100% basis) (about 15% of Ontario&#146;s electricity)</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have agreements to manage the procurement of fuel and fuel services for BPLP, including:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#150; &nbsp;&nbsp;&nbsp;uranium concentrates
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#150; &nbsp;&nbsp;&nbsp;conversion services
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&#150; &nbsp;&nbsp;&nbsp;fuel fabrication services
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Global presence</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084803.gif" alt="(MAP)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>About the nuclear energy industry</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to the World Energy Outlook for 2009 (OECD/International Energy Agency), population
growth and industrial development will lead to a near doubling of electricity consumption by 2030.
Most of this energy will be used by developing (non-OECD) countries as their populations increase
and gross domestic products grow.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>World net electricity consumption<br>1980-2030</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084804.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear power is a clean source of electricity, and generation capacity is growing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As the demand for energy increases, governments, media and consumers are becoming increasingly
aware of the dangers and effects of air pollution and climate change, and the importance of
low-emission sources of electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear power can generate electricity with no toxic air pollutants and very low carbon dioxide
(CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>) or other greenhouse gas emissions. It has the capacity to produce enough
electricity on a global scale to meet our growing needs, and while it isn&#146;t the only solution, it
is an affordable and sustainable source of clean, renewable energy. In a carbon-constrained world,
nuclear energy will be an even more important part of the future energy mix.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are 436 commercial nuclear power reactors operating in 30 countries. Sixteen of these
countries use nuclear energy for most of their electricity. Countries around the world are
increasing their capacity to generate nuclear power by refurbishing or upgrading nuclear reactors
and building new ones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">China is expected to lead the world in the construction of nuclear power plants as electricity
demand continues its rapid growth. India is also moving forward with ambitious growth plans to
diversify its sources of energy and obtain a secure source of electricity:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>China is currently operating 11 reactors, building 20 and planning more. We expect it to
have a net increase of 42 reactors by 2019.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>India is currently operating 18 reactors and has several under construction. We expect it
to have a net increase of 13 reactors by 2019.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US government announced in January&nbsp;2010 that the success of a leading global economy is tied to
a clean energy economy, and that building a new generation of safe, clean nuclear power plants is
an integral component. It is considering tripling its initial commitment of $18.5&nbsp;billion (US)&nbsp;in
loan guarantees to $54&nbsp;billion (US), and is providing other incentives to revitalize its nuclear
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">industry after three decades of stagnation. It also plans to pass a comprehensive energy and
climate bill with incentives to make clean energy profitable. However, it may be a few more years
before significant orders for new nuclear power plants are placed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the UK, government commitment to the future of nuclear energy is strong as a result of the need
to limit CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> emissions, and because of concerns about energy security as current
reactors approach the end of their operating lives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Several non-nuclear countries, like Italy, Vietnam and United Arab Emirates, are also laying the
groundwork to proceed with nuclear power development.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>New build outlook 2010-2019</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084805.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Demand for uranium is growing</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We forecast that the world will consume just over 2&nbsp;billion pounds of U3O8 over
the next 10&nbsp;years.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>World U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></sub><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</b></sub> <b>supply and
demand<BR>
2010-2019</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084806.gif" alt="(BAR GRAPH)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During this period, we expect about 67% of uranium supply to come from existing <I>primary production
sources </I>&#151; production from mines that are currently in commercial operation.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect about 21% to come from existing <I>secondary supply sources</I>. Most of these sources are
finite and will not meet long-term needs. One of the largest current sources of secondary supply is
uranium derived from Russian highly enriched uranium (HEU). All deliveries from this source are
expected to be made by 2013, when the Russian HEU commercial agreement expires. The US government
also makes some of its inventories available to the market, although in much smaller quantities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect that the remaining 12% will come from <I>new sources of primary production</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, seven producers of uranium concentrates marketed 83% of world production and there were
only three commercial providers of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services in the western world. Barriers
to entry for new competitors are high, and the lead time for uranium production can be as long as
10&nbsp;years or more, depending on the deposit type and location.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given our extensive base of reserves and resources, diversified sources of supply, global
exploration program and vertical integration, we are well positioned to capitalize on the growing
interest in nuclear energy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Despite this growth, challenges remain</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Many countries face major obstacles to new nuclear plants, including significant upfront capital
costs, political opposition and uncertain regulatory environments. In some locations, nuclear
energy may not be competitive with other sources of electricity. A country&#146;s first new-generation
nuclear plants will face significant business risks, including first-time costs, financing,
licensing, schedule and construction costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While several countries are making progress on the management of used fuel and other radioactive
waste from the nuclear fuel cycle, it is still a controversial issue. Many environmental groups
continue to oppose the nuclear power industry. There are nuclear plant phase-out programs in a
number of European countries, however Belgium and Spain are reconsidering. And nuclear power still
does not qualify internationally for greenhouse gas emission credits, even though it has been
recognized as a non-emitting technology in US energy legislation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The long-term outlook is positive</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the long term, we expect that the benefits of nuclear energy will prevail over the challenges,
and market fundamentals for uranium and fuel services will remain positive as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we expect demand to continue to exceed worldwide production</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>secondary supplies are finite</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>primary production needs to increase to meet future reactor requirements</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, we anticipate demand for uranium and conversion services to increase
moderately, with potential for more rapid growth toward the end of the period, as the construction
of nuclear plants accelerates.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The industry in 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>World consumption and production</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consumption in 2009 was 7% lower than our forecast due to the delayed startup of three reactors.
Capacity factors were also lower, mainly due to the lower demand for electricity resulting from the
global economic crisis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect consumption to increase to about 180&nbsp;million pounds in 2010, and production to be between
140&nbsp;million and 145&nbsp;million pounds. Secondary supplies should continue to bridge the gap. By 2019,
we expect world uranium consumption to be 233&nbsp;million pounds per year, an average annual growth
rate of about 3%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect world demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion
services to
increase by about 5% in 2010.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>World uranium production and consumption</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084807.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Industry prices</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities are well covered under existing contracts and have been building up inventory levels of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> since 2004, so we expect uranium demand in the near term to be very
discretionary. Spot prices in 2010 are expected to be volatile.
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Average of prices reported by TradeTech and Ux Consulting (Ux)</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium </B>($US/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average spot market price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46.06</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">61.58</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(25)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average long-term price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">65.50</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">82.50</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(21)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel services</B>
($US/kgU UF6)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average spot market price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B> North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7.16</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(21)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B> Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8.82</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10.28</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(14)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average long-term price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B> North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11.91</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12.25</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(3)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>&#149;</B> Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13.20</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13.22</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Note: the
industry does not publish UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> prices.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity </B>($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity spot price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(39)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contract volumes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, spot market sales were at a record high, with utilities responsible for 55% of the
purchases. China accounted for more than 20%, or about 12&nbsp;million pounds. Most of these purchases
were opportunistic as utilities and others took advantage of price volatility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect long-term contracting volumes in 2010 to be similar to 2009, depending on supply, market
expectations and market prices.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Spot and long-term uranium contract volumes</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084808.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our strategy</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our vision is to be a dominant nuclear energy company producing uranium fuel and generating
clean electricity. Our goal is to be the supplier, partner, investment and employer of choice in
the nuclear industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are a pure-play nuclear investment with a proven track record and the strengths to take
advantage of the world&#146;s rising demand for clean, safe and reliable energy:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a large portfolio of low-cost mining operations and geographically diverse uranium assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>controlling interests in the world&#146;s largest high-grade uranium reserves</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>multiple sources of conversion and the ability to increase production</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>excellent growth potential from existing assets, combined with a global exploration program</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a strong customer base and a worldwide marketing presence</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an extensive portfolio of long-term sales contracts</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>innovative technology and experience operating in technically challenging environments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an enterprise-wide risk management system tied directly to our strategy and objectives</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conservative financial management and the financial strength to support our growth</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the past four years, we&#146;ve made significant progress in becoming a more vertically integrated
business, adding conversion capacity, buying fuel manufacturing facilities and investing in the
development of a third-generation enrichment process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The focus of our growth strategy is on our uranium segment. We plan to concentrate on increasing
production to meet rising demand, while managing our fuel services segment to better service our
customers and expand our market share. We plan to use the cash we have available to sustain and
increase our production from existing assets. We will consider other uranium production
opportunities as they arise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have long-term objectives for each of our three business segments:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>uranium </I>&#150; double our annual production to 40&nbsp;million pounds by 2018 from existing assets</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>fuel services </I>&#150; invest in our fuel services business to support our overall growth in the
nuclear business</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>electricity </I>&#150; maintain steady cash flow while gaining exposure to new opportunities</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These are supported by annual objectives, which you&#146;ll find starting on page 22.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium: doubling production by 2018</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a strategy and process in place to double our annual production by 2018, which we
expect to come from three sources:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating properties</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>development projects</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>projects under evaluation</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our strategy is flexible enough to respond to both positive and negative developments in the
nuclear industry.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operating properties</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our existing sources of production are McArthur River/Key Lake, Rabbit Lake, Smith Ranch-Highland,
Crow Butte and Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We plan to maintain the base of our current production at these operations, and to expand
production where we can by developing new mining zones. We will also be upgrading the mills at Key
Lake and Rabbit Lake to support our growing production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai blocks 1 and 2, in Kazakhstan, have the potential to significantly increase production. Based
on current reserves, we expect Rabbit Lake to produce until 2015, although work is ongoing to
extend its mine life even further.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Development projects</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is our main project in development. It is a superior, world-class deposit that we expect
to generate 9&nbsp;million pounds of uranium per year for Cameco (18&nbsp;million pounds per year in total)
after we finish remediation and construction, and ramp up to full production. Based on current
information, we are targeting initial production in mid-2013.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Projects under evaluation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are evaluating several potential sources of production, including expanding McArthur River,
increasing production at Inkai blocks 1 and 2, and advancing Inkai block 3, Kintyre and Millennium.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The McArthur River expansion is an extension of our existing mining area, which is part of
the most prolific high-grade uranium system in the world.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the terms of a memorandum of understanding with our Inkai partner, National Atomic
Company Kazatomprom Joint Stock Company (Kazatomprom), we are in discussions to increase our
share of annual production from blocks 1 and 2 to 5.7&nbsp;million pounds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inkai block 3, in Kazakhstan, has the potential to become a significant source of
production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our acquisition in 2008 of a 70% interest in Kintyre, in Australia, adds potential for
low-cost production and diversifies our production by geography and deposit type.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Millennium is a uranium deposit in northern Saskatchewan that we expect will take advantage
of the mill at Key Lake.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our strategy is to advance these projects by investing in environmental studies, reserve
delineation and feasibility studies to build a pipeline of projects ready for a production
decision.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Growth beyond 2018</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our active global exploration program, combined with our disciplined acquisition strategy, will add
to our pipeline of future production sources, replacing our reserves and resources and helping to
ensure our growth beyond 2018.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have maintained an active exploration program throughout the uranium price cycle, which has
helped us secure land with exploration and development prospects that are among the best in the
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">world. We now have direct interests in almost 70 active exploration projects in six countries, over
100 experienced professionals who are searching for the next generation of deposits, and ownership
interests in approximately 4.2&nbsp;million hectares (10.4&nbsp;million acres) of land mainly in Canada,
Australia, Kazakhstan, the US, Mongolia and Peru. Many of these projects are advanced through joint
ventures with both junior and major uranium companies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also partner, through strategic alliances and equity holdings, with smaller companies holding
properties that meet our investment criteria. Our leadership position and industry expertise in
exploration make us a partner of choice. In return for our investment, we usually have the right to
own a majority stake in a successful discovery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Acquisition</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a dedicated team looking for opportunities to acquire companies that are already producing
or are nearing that stage. We will invest when an opportunity is available at the right time and
the right price. Our acquisition strategy complements our exploration strategy, and together they
are building a development pipeline of prospective uranium projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This discussion of our strategy, our process to double our annual uranium production by 2018,
and our growth beyond that date is forward-looking information. It is based on the assumptions and
subject to the material risks discussed on page 3, and specifically on the assumptions and risks
listed here.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Assumptions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our statements about doubling annual production by 2018 reflect our current production target for
2018. Although we are confident in our efforts to reach that target, we cannot guarantee that we
will. We have made assumptions about 2018 production levels at each of our existing operating
mines, except those that we do not expect will still be operating then. We have also made
assumptions about the development of mines that are not operating yet and their 2018 production
levels. We believe these assumptions are reasonable, individually and together, but 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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Material risks that could prevent us from reaching our target</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may not be able to locate additional reserves and identify appropriate methods of
mining to maintain production levels at McArthur River</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we may not be able to increase production to the expected level at Inkai if we can&#146;t add
reserves at block 3, the feasibility study isn&#146;t favourable or we can&#146;t secure regulatory
approval</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if our partner or the Kazakh government does not support an increase in production to the
expected level at Inkai, remediation and development at Cigar Lake is not completed on
schedule, or we don&#146;t reach full production levels as quickly as we expect</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>development of Kintyre is delayed due to political, regulatory or aboriginal issues</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we cannot obtain a favourable feasibility study for the Kintyre or Millennium project, or
we cannot reach agreement with our project partners to move ahead with production</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Key Lake mill does not have enough capacity to handle anticipated production increases, and
we aren&#146;t able to expand its capacity or to identify alternative milling arrangements</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the projects under consideration do not proceed or, if they do, are not completed on
schedule or don&#146;t reach full production levels as quickly as we expect</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium prices and development and operating costs make it uneconomical to develop projects
under consideration</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disruption in production or development due to natural phenomena, labour disputes,
political risks or other development and operation risks</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel services: capturing synergies</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We made a strategic decision to invest in infrastructure in our fuel services business, and
now have a world-class facility. We are one of only three commercial suppliers of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> in
the western world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our fuel services segment helps support the growth of the uranium segment by allowing us to offer a
range of products and services to customers. This helps us broaden our business relationships and
expand our uranium market share.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We&#146;re focused on capturing synergies where we can, servicing our customers more effectively,
improving cost-competitiveness and operational efficiency, and expanding into innovative areas like
laser enrichment technology to broaden our services.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Electricity: capturing added value</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our investment in the Bruce Power Limited Partnership is an excellent source of cash flow and
a logical fit with our other businesses. Our focus is on maintaining steady cash flow, building
synergies with our other segments, looking at options to extend the operating life of the four
Bruce B units, and gaining exposure to new generation opportunities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Building on our strengths</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>World-class assets</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a large portfolio of low-cost mining operations and geographically diverse uranium assets,
and controlling interests in the world&#146;s largest high-grade uranium reserves.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Strong customer relationships</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have large, reliable customers that need uranium regardless of world economic conditions, and we
expect the uranium contract portfolio we&#146;ve built to provide a solid revenue stream for years to
come.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium price leverage</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our plans to increase our production of uranium, combined with our contracting strategy, are
designed to give us increasing leverage when uranium prices go up, and to protect us when prices
decline.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial strength</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uncertainty in the global financial markets has prevented many companies from ready access to
capital markets. We are in a strong financial position to proceed with our growth plans.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disciplined portfolio management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a disciplined portfolio management process that incorporates all capital projects into a
single capital plan. This ensures our capital projects are aligned with our strategic objectives,
and that business benefits are measurable and attainable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Focused risk management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a formal enterprise-wide risk management process that we apply consistently and
systematically across our organization. Risk management is a core element of our strategy and our
objectives, and we use it to continuously improve our organization. It will underpin decisions we
make as we move ahead with our growth strategy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Innovation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are always looking for ways to improve processes, to increase safety and environmental
performance, and reduce costs. We are currently working on projects in all aspects of operations,
including upgrading the Key Lake and Rabbit Lake mills.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reputation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We believe strongly in our values and apply them consistently in our operations and business
dealings. We are recognized as a reliable supplier and business partner, strong community
supporter, international problem solver and employer of choice.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our growth</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our ability to grow is a function of our people, processes, assets and reputation, and the
ability to enhance and leverage these strengths to add value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We use four categories to define what we are committed to deliver, and how we will measure our
results:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>outstanding financial performance</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a safe, healthy and rewarding workplace</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a clean environment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supportive communities</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We introduced these &#145;measures of success&#146; in 2002, to proactively address the financial, social and
environmental aspects of our business. We believe that each is integral to the company&#146;s overall
success and that, together, they will ensure our long-term sustainability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outstanding financial performance</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our financial results depend heavily on the prices we realize in our uranium and fuel services
segments, on the cost of supply, and on sales and production volumes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Managing contracts</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We sell uranium and fuel services directly to nuclear utilities around the world, as uranium
concentrates, UO2, UF6, conversion services or fuel fabrication.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium is not traded in meaningful quantities on a commodity exchange. Utilities buy the majority
of their uranium and fuel services products under long-term contracts with suppliers, and meet the
rest of their needs on the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our extensive portfolio of long-term sales contracts &#151; and the long-term, trusting relationships we
have with our customers &#151; are core strengths for Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because we sell large volumes of uranium every year, our net earnings and operating cash flows are
affected by changes in the uranium price. Our contracting strategy is to secure a solid base of
earnings and cash flow by maintaining a balanced contract portfolio that maximizes our realized
price. Market prices are influenced by the fundamentals of supply and demand, geopolitical events,
disruptions in planned supply and other market factors. Contract terms usually reflect market
conditions at the time the contract is accepted, with delivery beginning several years in the
future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our current <I>uranium </I>contracting strategy is to sign contracts with terms of 10&nbsp;years or more that
include mechanisms to protect us when market prices decline, and allow us to benefit when market
prices go up. Our portfolio includes a mix of fixed-price and market-related contracts, which we
generally target at a 40:60 ratio. Fixed-price contracts are typically based on the industry
long-term price indicator at the time the contract is accepted, adjusted for inflation to the time
of delivery. Market-related contracts may be based on either the spot price or the long-term price
at the time of delivery, often include floor prices adjusted for inflation and, recently, some have
begun to include ceiling prices in excess of $100 (US)&nbsp;per pound.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This is a balanced approach that reduces the volatility of our future earnings and cash flow, and
that we believe delivers the best value to shareholders over the long term. It is also consistent
with the contracting strategy of our customers. This strategy has allowed us to add increasingly
favourable contracts to our portfolio that will enable us to benefit from higher market prices in
the future.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts generally include a supply interruption clause that gives us the right to reduce, on
a <I>prorata </I>basis, defer or cancel deliveries if there is a shortfall in planned production or in
deliveries under the Russian HEU commercial agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are heavily committed under long-term uranium contracts until 2016, so we are becoming
increasingly selective when considering new commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of our <I>fuel services </I>contracts are at a fixed price per kgU, adjusted for inflation,
and reflect the market at the time the contract is accepted.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Managing our supply</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We sell more uranium than we produce every year. We meet our delivery commitments using uranium we
obtain:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from our own production</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by purchasing uranium under long-term purchase agreements &#150; mostly under the Russian HEU
commercial agreement</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>from our existing inventory &#150; we target inventories of about six months of forward sales of
uranium concentrates and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We participate in the uranium spot market from time to time, including making spot purchases
to take advantage of opportunities to place the material into higher priced contracts. In addition
to being a source of profit, this activity can provide insight into the underlying market
fundamentals and supports our sales activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Managing our costs</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like all mining companies, our uranium segment is affected by the rising price of inputs like
labour and fuel. In 2009, labour, production supplies and contracted services made up 88% of the
production costs at our uranium mines. Labour (34%) was the largest component. Production supplies
(28%) included fuels, reagents and other items. Contracted services (26%) included mining and
maintenance contractors, air charters, security and ground freight.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating costs in our fuel services segment are mainly fixed. In 2009, labour accounted for about
57% of the total. The largest variable operating cost is for anhydrous hydrogen fluoride, followed
by energy (natural gas and electricity).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our costs are also affected by the mix of products we produce and those we buy. We have long-term
contracts to buy uranium and conversion services at fixed prices that are lower than the current
published spot and long-term prices. As noted above, we also buy on the spot market, which, while
profitable, can be at prices that are much higher than our other sources of supply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To help us operate efficiently and cost-effectively as we grow, we manage operating costs and
improve plant reliability by prudently investing in production infrastructure, new technology and
business process improvements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A safe, healthy and rewarding workplace</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We strive to foster a safe, healthy and rewarding workplace at all of our facilities, and measure
our progress against key indicators, such as employee sentiment toward the company, conventional
and radiation safety statistics and employment creation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To achieve our growth objectives, we need to build an engaged, qualified and diverse organization
capable of leading and implementing our strategies. Our challenge is to retain our current
workforce and compete for the limited number of people available, both to replace retiring
employees and to support our growth. Our long-term people strategy includes identifying critical
segments and planning our workforce to meet this challenge.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our approach seems to be working: we were included in the <I>Financial Post&#146;s 10 Best Companies to
Work For </I>in Canada for 2010, for our employee policies, programs and role in the community, and in
November&nbsp;2009, Mediacorp named us one of <I>Canada&#146;s Top 100 Employers</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>A clean environment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are committed to integrating environmental leadership into everything we do. In 2005, we
launched a formal environmental leadership initiative, and set objectives and performance
indicators to measure our progress in protecting the air, water and land near our operations, and
in reducing the amount of waste we generate and energy we use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have developed new water treatment technologies that have improved the quality of the water
released from our Saskatchewan uranium milling operations, and are working on many other projects
to reduce waste, improve the reclamation process and manage waste rock more effectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also completed an energy assessment at each of our North American operations, and developed
management plans for reducing our energy intensity and greenhouse gas emissions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Supportive communities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To maintain public support for our operations (our social licence to operate) and our global
reputation, we need the respect and support of communities, indigenous people, governments and
regulators affected by our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We build and sustain the trust of local communities by being a leader in corporate social
responsibility (CSR). Through our CSR initiatives, we educate, engage, employ and invest in the
people in the regions where we operate. For example, in northern Saskatchewan in 2009:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>50% of the employees at our mines were local residents</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>71% of services to our northern minesites &#151; approximately $220&nbsp;million &#151; went to northern
businesses</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we engaged in project discussions with communities near Cigar Lake, Millennium and Key
Lake, visited 11 communities throughout the north, and met with communities where we&#146;re
exploring to give them information and garner grassroots support early in the process</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we donated over $1&nbsp;million to northern and aboriginal initiatives for youth, education,
culture and recreation</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our operations are closely regulated to give the public comfort that we are operating in a safe and
environmentally responsible way. Regulators approve the construction, startup, continued operation
and any significant changes to our operations. Our operations are also subject to laws and
regulations related to safety and the environment, including the management of hazardous wastes and
materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our objectives are consistent with those of our regulators &#150; to keep people safe and to protect the
environment. We pursue these goals through open and co-operative relationships with all of our
regulators. We work to earn their trust and that of other stakeholders by continually striving to
protect people and the environment.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Measuring our results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We set corporate, business unit and departmental objectives every year under our four measures
of success, and these become the foundation for a portion of annual employee compensation.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>2009 objectives</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Results</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>2010 objectives</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This is forward-looking information.
<font style="white-space: nowrap">See page 2</font> for more information.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Outstanding financial performance</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Produce 20.1&nbsp;million pounds
of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</sub>
and 8 to 12&nbsp;million kgU
from fuel services.


<BR>
<BR>
<BR>
<BR>
<BR>
<BR>
<br><br style="font-size: 6pt">
Achieve combined
unit-operating costs within
budget.

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Exceeded</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our share of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
production was 20.8
million pounds, or 103% of
plan.</DIV><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We produced
12.3&nbsp;million kgU at fuel
services.</DIV>
<BR>
<br><br style="font-size: 6pt">
<B>Exceeded</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unit costs
were 10% below budget.

</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Production</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Produce 21.5&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</sub> and between 14
million and 16&nbsp;million kgU from fuel
services.</DIV><br style="font-size: 6pt">
<B>Financial measures</B><br><br style="font-size: 6pt">
<I>Corporate performance</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Achieve budgeted net earnings and
cash flow from operations (before working
capital changes).</DIV><br style="font-size: 6pt">
<I>Costs</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strive for unit costs below
budget.</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>2009 objectives</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Results</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>2010 objectives</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pursue future
additional tailings
capacity at Rabbit
Lake and Key Lake
by submitting to
regulators a
project
description,
completing
prefeasibility
study work,
conducting
environmental
baseline studies
and community
consultations, and
initiating the
environmental
assessment process.
<br>
<br><br><br><br><br>
<br><br><br><br><br><br>
Advance Cigar Lake
mine remediation,
including sealing
of the August&nbsp;2008
water inflow area.<br><br>
<br>Advance development
of Kintyre by
initiating
environmental
baseline work and
conducting
confirmatory
drilling.<br><br><br><br>
Achieve an average
mineral reserve and
resource
replacement rate
through brownfield
or greenfield
exploration
programs, joint
ventures and
acquisitions that
is, over the last
three years, at
least equal to
total annual
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
production from
all facilities.<br><br>
Identify, develop
and evaluate
opportunities for
economic growth in
uranium supply
within the three-
to eight-year time
frame.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Partially achieved</B><br><br style="font-size: 6pt">
Key Lake:<br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completed all planned
activities except the project
description for the environmental
assessment, which was filed later than
planned.</DIV><br>
Rabbit Lake<br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Completed some early work,
including the initial draft
prefeasibility study and preliminary
community consultations, but decided to
refocus resources on Key Lake.</DIV>
<br><br><br><br><B>Achieved</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dewatering resumed in the
fourth quarter and is complete.</DIV><br>
<B>Achieved</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drilling began in late
September.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work on the environmental
study began in October.</DIV>
<br>
<B>Exceeded</B><br><br style="font-size: 6pt">
Our additions to reserves and resources
exceeded production by an average of 15
million pounds per year in each of the
last three years (2007 to 2009).
<br><br><br>
<B>Achieved</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identified and evaluated
several opportunities.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We acquired 10.6% of UFP
Investments, LLC, which is developing
uranium-from-phosphate technology.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Growth</B><br><br style="font-size: 6pt">
<I>Cigar Lake</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access and secure
underground workings and continue
with remediation work on schedule.
Reinitiate Shaft 2 development</DIV><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Update the technical
report.</DIV><br>
<I>Inkai</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance Inkai block 3
delineation and begin a
feasibility study.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initiate a feasibility
study to increase production at
Inkai blocks 1 and 2, and secure
necessary regulatory approvals.</DIV><br>
<I>Kintyre</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance project evaluation
to allow a production decision as
soon as possible.</DIV><br>
<I>Exploration and innovation</I><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Replace mineral
reserves and resources at the rate
of annual
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
production based on a three-year
rolling average.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continue to
advance expansion of McArthur
River and the Millennium project
to provide future sources of
production.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Support
production growth and improved
operating efficiencies through
targeted research, development and
technological innovation.</DIV><br>
<B>Management</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continue integrating
portfolio management into our
management, planning and budgeting
processes.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deliver planned capital
projects within 10% of budget.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>2009 objectives</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Results</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>2010 objectives</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Safe, healthy and rewarding workplace</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strive for no
lost-time injuries at
all Cameco-operated
sites and at a
minimum, maintain a
long-term downward
trend in the combined
(employee and
contractor) injury
frequency and
severity, and
radiation doses.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Exceeded</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overall,
strong safety
performance
demonstrated in 2009.</DIV><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lost-time
incident frequency
for employees and
contractors was 0.4
per 200,000 hours
worked compared to a
target of 0.8 &#150; the
best performance in
Cameco&#146;s history.
Medical aid frequency
and severity were
also better than
target.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strive for no
lost-time injuries at
all Cameco-operated
sites and, at a
minimum, maintain a
long-term downward
trend in combined
employee and
contractor injury
frequency and
severity, and
radiation doses.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Develop a
formal implementation
plan for the risk
standard and begin
implementation.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Implement Cameco&#146;s
systematic approach
to training by the
end of 2009.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Achieved</B><br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
operations met or
exceeded their 2009
implementation
milestones.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Clean environment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strive to achieve
zero reportable
environmental
incidents in all
jurisdictions where
we operate. Reduce
the frequency of
environmental
incidents and incur
no significant
incidents at all
Cameco-operated
sites.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Partially achieved</B>
<br><br style="font-size: 6pt">
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
were 27 environmental
incidents, which is a
small improvement
over 2008 (29
incidents), but is
above our long-term
average of 22. There
were no significant
environmental
incidents.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strive for
zero reportable
environmental
incidents, reduce the
frequency of
incidents and have no
significant incidents
at Cameco-operated
sites.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improve
year-over-year
performance in
corporate
environmental
leadership
indicators.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">With the goal of
reducing energy
consumption at all
Cameco business
locations, develop
and begin to
implement energy
management action
plans at all Canadian
mining and milling
operations, and
complete energy
assessments at all
remaining North
American operations.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Achieved</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
completed energy
assessments and developed
energy management plans
for all but one of our
operations.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
completed a study on
renewable energy
opportunities at McArthur
River/Key Lake, led by
the Pembina Institute.</DIV>
<br><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
implemented almost
all of the energy
reduction actions at
our operations in
northern
Saskatchewan.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>2009 objectives</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Results</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>2010 objectives</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Supportive communities</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Build awareness and support for
Cameco in the communities
impacted by our company through
community investment, business
development and public
relations, and improve levels of
support in these jurisdictions.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Achieved</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received positive
feedback from our
annual polls in Port
Hope and
Saskatchewan.</DIV>
<br><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
were named one of
Canada&#146;s Top 100
employers, and one
of the top 10
companies to work
for in Canada.</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Build
awareness and
support for Cameco
through community
investment,
business
development
programs and public
relations.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advance our
projects by
securing support
from indigenous
communities
affected by our
operations.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Finalize and begin implementation
of an enhanced northern
Saskatchewan strategy focused on
workforce development, business
development, community
relations, and government and
regulatory affairs.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Achieved</B><br><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
completed the
<I>Northern
Saskatchewan
Strategy Review </I>in
June and, by the
end of the year,
had made
significant headway
in all four
categories.</DIV><br>
<DIV style="margin-left:21px; text-indent:-21px"><B>&#149;</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
visited
every impact
community in the
north, invested
over $1&nbsp;million in
community programs,
developed our
relationships with
local suppliers and
met our target for
local employees.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section of our MD&#038;A discusses our performance, our financial condition and our outlook for the
future.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009 consolidated financial results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outlook for 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidity and capital resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009 financial results by segment</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuel services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Electricity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fourth quarter results</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter consolidated results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Quarterly trends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter results by segment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 consolidated financial results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we sold all of our shares of Centerra Gold Inc. (Centerra), the gold segment of our
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Canadian GAAP, we are required to report the results of discontinued operations separately
from continuing operations. We have included our operating earnings from Centerra, and the
financial impact of our disposition of Centerra shares, in discontinued operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recast our consolidated financial results for 2008 and 2007 for comparison purposes to show the
impact of Centerra as a discontinued operation. The change affected a number of financial measures,
including revenue, gross profit, administration costs and income tax expense. See note 25 to the
financial statements for more information.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>change from</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008 to 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2,315</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2,183</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,905</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">6%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>750</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">829</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">765</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(10)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1,099</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">450</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">416</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">144%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2.83</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.29</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.18</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">119%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2.82</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.28</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.13</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">120%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings (non-GAAP, see page 29)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>582</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">589</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">572</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(1)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (adjusted and diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1.49</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.67</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1.54</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(11)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations
(from continuing operations)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>690</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">530</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">756</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">30%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revenue 6% higher</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue - 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2,183</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium business &#150; higher realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel services business &#150; higher realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">25</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Electricity business &#150; higher realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">73</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(5)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue - 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>2,315</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See <I>2009 financial results by segment </I>for more information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Three-year trend</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue has risen by 22% over the past three years, to a record $2.3&nbsp;billion in 2009, mainly due to
higher realized selling prices for uranium. Our average realized price for uranium was $45.12/lb in
2009, compared to $41.68/lb in 2007. Electricity revenue in 2009 was $100&nbsp;million higher than 2007
as a result of higher realized prices, which increased from $52/MWh to $64/MWh.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Average realized prices</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>change from</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008 to 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$US/lb</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>38.25</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">37.47</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(3)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/lb</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>45.12</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43.91</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">41.68</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/kgU</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>17.84</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15.85</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">14.04</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$Cdn/MWh</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>64</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">57</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Outlook for 2010</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect consolidated revenue to be 5% to 10% lower in 2010 as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We expect lower trading volumes in uranium, so uranium sales volumes are likely to decline
by 5% to 10%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We expect realized prices for electricity to be lower, so revenue from our electricity
business is likely to decline.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our customers have the discretion to choose when in the year to receive deliveries of our uranium
and fuel services products, so our quarterly delivery patterns, and therefore our sales volumes and
revenue, can vary significantly. For 2010, the trend in delivery patterns is expected to be similar
to 2009 with deliveries being more heavily weighted to the second and fourth quarters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gross profit down 10%</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We calculate gross profit by deducting the cost of products and services sold, and depreciation,
depletion and reclamation (DDR), from revenue.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross profit &#150; 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$829</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium business &#150; higher costs for purchased uranium; higher royalties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(177)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel services business &#150; higher realized prices; higher production</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">42</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Electricity business &#150; higher realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">65</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(9)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gross profit &#150; 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$750</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See <I>2009 financial results by segment </I>for more detailed discussion.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Three-year trend</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After increasing in 2008 due primarily to higher realized prices in the uranium and fuel services
businesses, our gross profit declined in 2009 mainly due to an increase in the cost of product sold
for uranium. This increase was largely related to more purchases at near-market prices, which
pushed our average cost of uranium higher. These purchases were made to take advantage of trading
opportunities in current and future years and, while profitable, are at margins much lower than our
average.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Net earnings up 144%</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our net earnings were $649&nbsp;million higher than last year primarily as a result of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>selling our interest in Centerra and recording an after tax gain of $374&nbsp;million</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recording an after-tax profit of $179&nbsp;million relating to mark-to-market gains on financial
instruments, compared to a loss of $148&nbsp;million in 2008</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Three-year trend</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our net earnings normally trend with revenue, but in recent years have been significantly
influenced by unusual items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, we recorded charges of $153&nbsp;million after tax for the restructuring of Centerra, $65
million after tax for a cash settlement feature for the stock option plan, and a $25&nbsp;million
recovery of future income taxes due to changes in tax legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we stopped applying hedge accounting to our portfolio of foreign exchange contracts and,
due to the decline in the Canadian dollar relative to the US dollar, recorded $148&nbsp;million in
unrealized mark-to-market losses. We also recorded $30&nbsp;million in charges to reduce the carrying
value of certain investments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Adjusted net earnings down 1%</B><BR>
(non-GAAP, see below)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings &#150; 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$589</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium business &#150; higher costs for purchased uranium; higher royalties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(177)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel services business &#150; higher realized prices; higher production</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">42</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Electricity business &#150; higher realized prices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">65</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gold business &#150; lower output and higher costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(12)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Realized gains on financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">63</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">32</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">All other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(20)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings - 2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$582</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Three-year trend</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our adjusted net earnings have been relatively stable over the past three years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 3% increase in 2008 was largely the result of stronger results in gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 1% decrease in 2009 resulted from:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lower profits in our uranium business, which were impacted by higher unit costs</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>lower profits in gold resulting from lower sales volumes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>higher profits from our electricity business, relating to a higher realized selling price,
which partially offset our uranium and gold results</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>A note about non-GAAP measures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We use adjusted net earnings, a non-GAAP measure, as a more meaningful way to compare our financial
performance from period to period. Adjusted net earnings is our GAAP-based net earnings adjusted
for one-time costs, writedowns, gains and unrealized mark-to-market losses on our financial
instruments, which we believe do not reflect underlying performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adjusted net earnings is non-standard supplemental information, and not a substitute for financial
information prepared according to GAAP. Other companies may calculate this measure differently. The
table below reconciles adjusted net earnings with our net earnings.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2008</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings </B>(GAAP measure)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$1,099</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$450</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjustments </B>(after tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring the gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(20)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(374)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(189)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">166</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option expense (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(33)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment writedowns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP> (non-GAAP measure)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>$582</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$589</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Adjusted net earnings includes our share of Centerra&#146;s operating earnings for the periods presented.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discontinued operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;30, 2009, we disposed of our entire interest in Centerra in two steps:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We sold 88,618,472 common shares of Centerra through a
public offering, at a price of $10.25 per share, for
net proceeds of approximately $871&nbsp;million.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We transferred another 25,300,000 common shares of
Centerra to Kyrgyzaltyn JSC (Kyrgyzaltyn), under our
April&nbsp;24, 2009 agreement with them and the Government
of the Kyrgyz Republic.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below includes our share of Centerra&#146;s operating results, the net gain on the disposition
and the restructuring charges related to the agreement with Kyrgyzaltyn. See note 25 to the
financial statements for more information.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Results from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">54</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">64</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(10)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Agreement with Kyrgyzaltyn</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(46)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">20</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(66)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on disposal of interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">374</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">374</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from discontinued operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>382</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>84</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>298</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Administration</I></B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">122</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">147</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(17)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">14</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(61)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">123%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">136</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">86</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">58%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Direct administration costs in 2009 were lower than 2008 as we curtailed certain activities in
response to the global financial crisis, and spent less on enhancing system technology and
recruitment. The rate of growth in the workforce has slowed since the third quarter of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded $14&nbsp;million in stock-based compensation expenses this year under our stock option,
deferred share unit, performance share unit and phantom stock option plans, compared to a recovery
of $61&nbsp;million in 2008. See note 22 to the financial statements.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Outlook for 2010</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect administration costs (not including stock-based compensation) to be about 25% to 30%
higher than they were in 2009 due to planned higher spending in support of our growth strategy.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Exploration</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, uranium exploration expenses were $49&nbsp;million compared to $53&nbsp;million in 2008. The decline
in 2009 reflects $6&nbsp;million in recoveries under investment tax credit programs. Our exploration
efforts in 2009 focused on Canada, the United States, Mongolia, Kazakhstan, Australia and South
America.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Outlook for 2010</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect exploration expenses to be about 80% to 90% higher than they were in 2009 due to
evaluation activities at Kintyre and Inkai block 3. Our policy is to expense costs for properties
that do not have established reserves or operating history. See <I>Our operations &#150; Uranium
exploration </I>for more information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest and other charges</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest and other charges were $106&nbsp;million lower than last year mainly as a result of recording
$21&nbsp;million in foreign exchange gains compared to losses of $83&nbsp;million in 2008. Gross interest
charges this year were $13&nbsp;million lower than last year attributable to our lower average debt
level. See note 11 to the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Gains and losses on derivatives</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we recorded $244&nbsp;million in mark-to-market gains on our financial instruments compared to
losses of $203&nbsp;million in 2008. Unrealized gains on financial instruments were much higher in 2009
than 2008 due to the significant increase in the value of the Canadian dollar against the US
dollar. We voluntarily removed the hedging designation on our foreign currency forward sales
contracts effective August&nbsp;1, 2008, and have since recognized unrealized mark-to-market gains and
losses in earnings. See note 27 to the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Income taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded an income tax expense of $53&nbsp;million in 2009 compared to a recovery of $24&nbsp;million in
2008. This was mainly due to a $425&nbsp;million increase in pretax earnings in 2009, which was largely
attributable to the recognition of $244&nbsp;million in gains on derivatives, compared to $203&nbsp;million
in losses in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On an adjusted net earnings basis, our effective tax rate in 2009 was 3%, or 4% lower than 2008 as:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A higher proportion of taxable income was earned in jurisdictions with favourable tax rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain future tax liabilities recognized in prior years were reduced.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statutory income tax rate in Canada was reduced, allowing us to reduce our provision for
future income taxes.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On an adjusted net earnings basis, our tax expense was $18&nbsp;million in 2009, compared to $50&nbsp;million
in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 2008, Canada Revenue Agency (CRA)&nbsp;has disputed the transfer pricing methodology we used for
certain uranium sale and purchase agreements and issued notices of reassessment for our 2003 and
2004 tax returns. We believe it is likely that CRA will reassess our tax returns for 2005 through
2009 on a similar basis. Our view is that CRA is incorrect, and we are contesting its position. In
July&nbsp;2009, we filed a Notice of Appeal relating to the 2003 reassessment with the Tax Court of
Canada. However, to reflect the uncertainties of CRA&#146;s appeals process and litigation, we increased
our reserve for uncertain tax positions by $9&nbsp;million in 2009. We believe that the ultimate
resolution of this matter will not be material to our financial position, results of operations
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">or liquidity over the period. However, an unfavourable outcome for the years 2003 to 2009 could be
material to our financial position, results of operations or cash flows in the year(s) of
resolution. See note 18 to the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Outlook for 2010</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect our effective tax rate for 2010 to be less than 5%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Foreign exchange</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange rate between the Canadian dollar and US dollar affects the financial results of our
uranium and fuel services segments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of uranium and fuel services are routinely denominated in US dollars while production costs
are largely denominated in Canadian dollars. We use planned hedging to try to protect net inflows
(total uranium and fuel services sales less US dollar cash expenses and product purchases) from the
uranium and fuel services segments against declines in the US dollar in the shorter term. Our
strategy is to hedge net inflows over a rolling 60-month period. Our target for the first 12&nbsp;months
is to hedge 35% to 100% of net inflows. The target range declines every year until it reaches 0% to
10% of our net inflows (from 48 and 60&nbsp;months).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have a natural hedge against US currency fluctuations as a portion of our annual cash
outlays, including purchases of uranium and fuel services, is denominated in US dollars. The
earnings impact of this natural hedge is more difficult to identify because inventory includes
material added over more than one fiscal period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The value of the US dollar relative to the Canadian dollar was $1.00 (US)&nbsp;for $1.05 (Cdn),
down from $1.00 (US)&nbsp;for $1.22 (Cdn) at December&nbsp;31, 2008. The exchange rate averaged $1.00
(US)&nbsp;for $1.14 (Cdn) over the year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our effective exchange rate for the year, after allowing for hedging, was about $1.18,
compared to $1.11 in 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We had foreign currency contracts of $1.5&nbsp;billion (US)&nbsp;and EUR 34&nbsp;million at December&nbsp;31,
2009. The US currency contracts had an average exchange rate of $1.00 (US)&nbsp;for $1.09 (Cdn).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The mark-to-market gain on all foreign exchange contracts was $67&nbsp;million compared to a
$105&nbsp;million loss at December&nbsp;31, 2008.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Timing differences between the maturity dates and designation dates on previously closed hedge
contracts can result in deferred gains or charges. At December&nbsp;31, 2009, we had net deferred gains
of $39&nbsp;million. The table below shows when these will be recognized in earnings.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions (Cdn)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Deferred gains (charges)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We manage counterparty risk associated with hedging by dealing with highly rated
counterparties and limiting our exposure. At December&nbsp;31, 2009, all counterparties to foreign
exchange hedging contracts had a Standard &#038; Poor&#146;s credit rating of A or better.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Sensitivity analysis</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2009, every one-cent change in the value of the Canadian dollar versus the US
dollar would change our 2010 net earnings by about $10&nbsp;million (Cdn). This sensitivity is based on
an exchange rate of $1.00 (US)&nbsp;for $1.05 (Cdn).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outlook for 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next several years, we expect to make significant investments to expand production at
existing mines and to advance projects as we pursue our growth strategy. The projects are at
various stages of development, from exploration and evaluation to construction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect our existing cash balances and operating cash flows, based on current uranium spot
prices, will meet our anticipated requirements over the next several years, without the need for
significant additional funding. Our cash balances will gradually decline as we use the funds to
pursue our growth plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our outlook for 2010 reflects the growth expenditures necessary to help us achieve our strategy.
Please note that we do not include an outlook for the items in the table that are marked with a
dash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See <I>2009 financial results by segment </I>for details.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fuel services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Electricity</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>21.5 million lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14 to 16 million kgU</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="top"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31 to 33 million lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 15% to 20%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>About 90%</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue compared to 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 5% to 10%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unit cost of product sold (including DDR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase  10% to 15%</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct administration costs compared to 2009<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 25% to 30%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration costs compared to 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 80% to 90%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Less than 5%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$552 million</B><SUP style="font-size: 85%; vertical-align: text-top"><B>4</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$41 million</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Based on a uranium spot price of $41.75 (US)&nbsp;per pound (the Ux spot price as of
February&nbsp;22, 2010) and an exchange rate of $1.00 (US)&nbsp;for $1.05 (Cdn).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Assumes the unit cost of sale for produced material will decline by 2% to 5% and the
unit cost of sale for purchased material will decline by 15% to 20%.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Direct administration costs do not include stock-based compensation expenses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Does not include our share of capital expenditures at BPLP.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity and capital resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, we had cash and short-term investments of $1.3&nbsp;billion in a mix of
short-term deposits and treasury bills, while our total debt amounted to $1&nbsp;billion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have large, reliable customers that need uranium regardless of world economic conditions, and we
expect the uranium contract portfolio we&#146;ve built to provide a solid revenue stream for years to
come.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our financial objective is to make sure we have the cash and debt capacity to fund our operating
activities, investments, and growth. We have several alternatives to fund future capital needs,
including our significant cash position, credit facilities, future operating cash flow and debt or
equity financing, and are continually evaluating these options to make sure we have the best mix of
capital resources to meet our needs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continued uncertainty in the global financial markets has prevented many companies from ready
access to capital markets. Our strong financial position enables us to rely on operating cash flows
and existing bank credit facilities to provide liquidity. This gives us the flexibility to fund
longer term requirements until the balance accumulates to the point where it makes sense to
refinance in the capital markets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial condition</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Cash position </B>($&nbsp;millions)<BR>
(cash, cash equivalents, short-term investments)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,304</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$64</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Cash provided by operations </B>($&nbsp;millions)<BR>
(net cash flow generated by our operating activities
after changes in working capital)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$690</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$530</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Cash provided by operations/net debt</B><BR>
(net debt is total consolidated debt, less cash and cash
equivalents)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">n/a</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">42%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Net debt/total capitalization</B><BR>
(total capitalization is total long-term debt and equity)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">n/a</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">26%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Credit ratings</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Third-party ratings for our commercial paper and senior debt as of December&nbsp;31, 2009:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DBRS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">R-1 (low)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" nowrap>A-1 (low)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior unsecured debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">A (low)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">BBB&#043;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Canadian National Scale Rating. The Global Scale Rating is A-2.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at beginning of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">64</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">28</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">690</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">530</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investment activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions to property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(393)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(531)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dispositions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">871</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(503)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(36)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(13)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(231)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">629</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issue of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">442</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(93)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(81)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange rate changes on foreign currency cash balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(10)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and short-term investments at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,304</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">64</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash from operations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash from operations was 30% higher than in 2008 as cash margins were higher in the electricity and
fuel services businesses, mainly due to higher realized prices. Working capital requirements,
primarily an increase in product inventories, used $84&nbsp;million in cash in 2009. In 2008, working
capital consumed $91&nbsp;million as a result of an increase in trade receivables during the year. See
note 19 to the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Investing activities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash used in investing includes acquisitions and capital spending.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Acquisitions and divestitures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2009, we sold our interest in Centerra for net proceeds of $871&nbsp;million. We concluded
no significant acquisitions in the year. In 2008, we spent $503&nbsp;million to acquire an interest in
Kintyre ($351&nbsp;million), GLE ($124&nbsp;million) and GoviEx Uranium Inc. ($28&nbsp;million). In addition to
the cash invested in GLE, we issued a promissory note in the amount of $73&nbsp;million (US)&nbsp;in support
of future development of the business.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Capital spending</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We classify capital spending as growth or sustaining. Growth capital is money we invest to generate
incremental production, and for business development. Sustaining capital is the money we spend to
keep our operations at current production levels.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><I>(Cameco&#146;s share in $ millions)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010 plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 plan</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Growth capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total growth capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sustaining capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">115</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total sustaining capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">385</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">260</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total uranium &#038; fuel services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>552</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>334</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>367</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity </B>(our 31.6% share of BPLP)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>39</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>38</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital expenditures were 8% below our plan for 2009 mainly as a result of reduced activity at
our US ISR uranium operations, where poor weather and regulatory issues delayed wellfield
construction. We do not expect future production to be affected by these delays.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Outlook for investing activities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect total capital expenditures for uranium and fuel services to be 65% higher in 2010, as a
result of higher spending for:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>growth capital at Cigar Lake</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sustaining capital at Key Lake and McArthur River</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Major sustaining expenditures in 2010 include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>McArthur River/Key Lake &#150; </I>At McArthur River, the largest component is mine development at
about $47&nbsp;million. Other projects include installing freezing and distribution systems, and
work on dewatering equipment and mine ventilation. At Key Lake, construction of a new acid
plant is the largest project at approximately $87&nbsp;million.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>US in situ recovery (ISR) &#150; </I>Wellfield construction and well installation is the largest
project at approximately $28&nbsp;million. We also plan to work on the Reynolds Ranch satellite
operation and infrastructure.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Rabbit Lake &#150; </I>Mine development at Eagle Point is the largest project at about $17&nbsp;million.
Other projects include dewatering systems, continued work on mine ventilation expansion and
replacement of components of the acid plant.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2010, we expect to fund our capital expenditures with cash on hand and cash generated by our
operating activities.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financing activities</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash from financing includes borrowing and repaying debt, and other financial transactions
including paying dividends and providing financial assurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2009 was a very active year for us. We carried out six separate transactions to build on our
already strong financial position, and to support our corporate strategy:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the first quarter, we issued approximately 26.7&nbsp;million common shares, netting $440
million, and put in place or renewed $600&nbsp;million in revolving lines of credit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the third quarter, we issued 10-year debentures bearing interest at a rate of 5.67%,
netting $495&nbsp;million. At the same time, we cancelled a $500&nbsp;million revolving credit facility
that was to mature in June&nbsp;2010.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the fourth quarter, we renewed a $100&nbsp;million revolving credit facility until February
2011, and sold our interest in Centerra, netting $871&nbsp;million.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We used the net proceeds from these transactions to strengthen our cash balances and repay
short-term debt. Our intention as we move ahead is to use this cash to advance our growth strategy
and for general corporate purposes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Long-term contractual obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2015 and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>and 2014</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>beyond</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>964</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>425</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclamation costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">449</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>495</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>249</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>80</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>152</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>152</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,749</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2,133</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We now have unsecured lines of credit of about $1.2&nbsp;billion, which include the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A $500&nbsp;million, unsecured revolving credit facility that matures November&nbsp;30, 2012. On
mutual agreement between the lenders and Cameco, the facility can be extended for an
additional year on the 2010 and 2011 anniversary dates. In addition to borrowing directly from
this facility, we can use up to $100&nbsp;million of it to issue letters of credit, and we keep up
to $400&nbsp;million available to provide liquidity for our commercial paper program, as necessary.
The facility ranks equally with all of our other senior debt. At December&nbsp;31, 2009, there was
nothing outstanding under this credit facility, and nothing outstanding under our commercial
paper program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A $100&nbsp;million, unsecured revolving credit facility that matures on February&nbsp;4, 2011. This
facility can be extended for one additional 364-day term on mutual agreement with the lender.
At December&nbsp;31, 2009, there was nothing outstanding under this credit facility.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approximately $600&nbsp;million in short-term borrowing and letters of credit provided by
various financial institutions. We use these facilities mainly to provide financial assurance
for future decommissioning and reclamation of our operating sites, and as overdraft
protection. At December&nbsp;31, 2009, we had approximately $592&nbsp;million outstanding in letters of
credit.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have $800&nbsp;million in senior unsecured debentures:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$300&nbsp;million bearing interest at 4.7% per year, maturing on September&nbsp;16, 2015</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$500&nbsp;million bearing interest at 5.67% per year, maturing on September&nbsp;2, 2019</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have issued a $73&nbsp;million (US)&nbsp;promissory note to GLE to support future development of its
business. In 2010, GLE expects to have enough data from the test loop phase to be able to
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">decide whether to proceed to commercial feasibility. We do not expect any amounts to be drawn on this note
until 2011.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Product loan facilities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a standby product loan facility with one of our customers. The facility, which became
effective April&nbsp;1, 2008, allows us to borrow up to 2.4&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
equivalent from April&nbsp;1, 2008, to December&nbsp;31, 2011, and to repay it from 2012 to 2014. We pay
standby fees of 2.0% of the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> long-term market value at the time the
facility was signed, and 5.0% interest on any amounts we draw. Borrowings must be repaid in kind.
As at December&nbsp;31, 2009, there was nothing outstanding under this facility. Revenue from deliveries
to this customer, up to the limit of the loan facility, will be deferred until the loan facility
has been terminated or, if drawn upon, when the loans are repaid. Revenues deferred to date have
not had a material impact on our revenues or earnings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt covenants</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our revolving credit facilities include the following financial covenants:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our funded debt to tangible net worth ratio must be 1:1 or less</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our tangible net worth must be more than $1.25&nbsp;billion</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other customary covenants and events of default</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Funded debt is total consolidated debt less the following: non-recourse debt, $100&nbsp;million in
letters of credit, cash and short-term investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Not complying with any of these covenants could result in accelerated payment and termination of
our revolving credit facilities. At December&nbsp;31, 2009, we complied with all covenants, and we
expect to continue to comply in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Off-balance sheet arrangements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We had two kinds of off-balance sheet arrangements at the end of 2009:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>purchase commitments</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>financial assurances</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Purchase commitments</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>2015 and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and 2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>and 2014</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>beyond</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase commitments<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">140</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">334</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">370</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">35</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>879</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Denominated in US dollars, converted to Canadian dollars as of December&nbsp;31, 2009 at the rate of $1.0466.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nearly all of these are commitments to buy uranium and fuel services products under long-term,
fixed-price arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, we had committed to $840&nbsp;million (US)&nbsp;for the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>About 31&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent from 2010 to 2013. Of these,
an average of 7&nbsp;million pounds a year until 2013 are from our agreement with Techsnabexport
Joint Stock Company (Tenex) to buy uranium from dismantled Russian weapons (the Russian HEU
commercial agreement).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Almost 43&nbsp;million kgU as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> in conversion services from 2010 to 2016 under our
agreements with Springfields Fuels Ltd. (SFL)&nbsp;and Tenex.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Non-delivery by a supplier under these two agreements could have a material adverse effect on our
financial condition, liquidity and results of operations.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These two suppliers do not have the right to terminate their agreements other than pursuant to
customary event of default provisions.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Financial assurances</I>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>December 31 <BR>
($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$592</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$429</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">38%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-bottom: 0px solid #000000">87</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-bottom: 0px solid #000000">82</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-bottom: 0px solid #000000">6%</TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom"><div style="border-bottom: 1px solid #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="bottom"><div style="border-bottom: 1px solid #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="bottom"><div style="border-bottom: 1px solid #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom" style="border-bottom: 0px double #000000"><B>$679</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-bottom: 0px double #000000"><B>$511</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-bottom: 0px double #000000"><B>33%</B></TD>
</TR>

<TR valign="bottom" style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="center" valign="bottom"><div style="border-bottom: 3px double #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="bottom"><div style="border-bottom: 3px double #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD align="center" valign="bottom"><div style="border-bottom: 3px double #000000; width=50%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standby letters of credit mainly provide financial assurance for the decommissioning and
reclamation of our mining and conversion facilities. We are required to provide the letters of
credit to various regulatory agencies until decommissioning and reclamation activities are
complete. Letters of credit are issued by financial institutions for a one-year term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total commitment for financial guarantees on behalf of BPLP was an estimated $87&nbsp;million at the
end of the year. See note 26 to the financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Balance sheet</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>change from</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008 to 2009</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inventory</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">453</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">398</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">393</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">14%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,342</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">7,011</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">4,582</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term financial liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,583</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,800</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,512</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(12)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$0.24</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$0.24</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">$0.20</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total product inventories increased by 14% to $453&nbsp;million this year due to the higher average
carrying cost for uranium and higher fuel services inventory. The average cost of uranium was
higher as a result of increased purchasing at near-market prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, our total assets amounted to $7.3&nbsp;billion, an increase of $2.8&nbsp;billion compared
to 2007. In 2008, the total asset balance increased by $2.4&nbsp;billion as a result of acquisitions and
a temporary increase in accounts receivable. In 2009, the increase was largely attributable to a
higher cash balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major components of long-term financial liabilities are long-term debt, future income taxes and
the provision for reclamation. In 2009, our balance declined by $217&nbsp;million primarily due to the
repayment of debt during the year. In 2008, the balance increased by $288&nbsp;million as a result of
higher debt levels and increased provision for reclamation resulting from higher estimates for
reclamation costs.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 financial results by segment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uranium</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>20.8</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">17.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">20%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>33.9</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">34.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(1)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average spot price ($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>46.06</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">61.58</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(25)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>38.25</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(3)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>45.12</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43.91</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales ($Cdn/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) (including DDR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>30.59</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">24.27</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">26%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>1,551</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1,512</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>488</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">665</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(27)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(30)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production volume in 2009 was 20% higher than 2008 due to higher production at McArthur River,
Rabbit Lake, Smith Ranch-Highland, and the rampup of production at Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our average realized selling price in $US was 3% lower than 2008 due to lower spot prices. In $Cdn,
our realized price was 3% higher as a result of a weaker Canadian dollar in 2009. This was the
primary reason for a 3% increase in total revenues as sales volumes were slightly lower than in
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total cash cost of sales (excluding DDR) increased by 27% to $901&nbsp;million ($26.33 per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) in 2009. This was mainly the result of the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our unit cost for purchased uranium was significantly higher due to higher purchases at
near-market prices to take advantage of profitable trading opportunities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We recorded royalty expenses of $117&nbsp;million (compared to $82&nbsp;million in 2008) due to
higher realized prices and royalty adjustments.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For produced material, our cash cost of sales per unit rose by $4.44 per pound in 2009. Higher
royalty costs represented 38% of the increase (higher realized prices resulted in a $1.30 per pound
increase in royalties), and incremental production from Inkai added $0.83 per pound (19%). During
the rampup stage, Inkai&#096;s cash costs will be significantly higher than our overall average.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows our cash cost of sales per unit for produced and purchased material,
including royalty charges on produced material, as well as the amounts of produced and purchased
uranium sold.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Unit cost of sale</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Quantity sold</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">($Cdn/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">(million lbs)</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>change</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Produced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23.86</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2.3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30.22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26.33</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was a 27% decrease in gross profit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the third quarter of 2009, we forecast a 5% to 10% increase in uranium revenues and expected
sales volumes in the range of 34&nbsp;million to 36&nbsp;million pounds. Our actual results for 2009 fell
slightly short of forecast due to logistical issues that delayed delivery of approximately 1
million pounds of uranium until the first quarter of 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outlook for 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to produce 21.5&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, or 3% more than 2009. This
increase is driven by our plan to double production at Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the contracts we have in place, we expect to sell between 31&nbsp;million and 33&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>in 2010. We expect the unit cost of sale for produced material to be 2%
to 5% lower than 2009 due to higher production, and the unit cost of sale for purchased material to
be 15% to 20% lower as we expect to make fewer purchases on the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on current spot prices, revenue should be about 5% to 10% lower than it was in 2009 as a
result of lower expected sales volumes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Sensitivity analysis</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2010, a change of $5 (US)&nbsp;from the Ux spot price on February&nbsp;22, 2010 ($41.75 (US)&nbsp;per pound)
would change revenue by $64&nbsp;million and net earnings by $39&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Long-term price sensitivity analysis: uranium</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below is <I>not </I>a forecast of prices we expect to receive. The prices we actually realize
will be different from the prices shown in the table.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table is designed to indicate how the portfolio of long-term contracts we had in place on
December&nbsp;31, 2009 would respond to different spot prices. In other words, we would realize these
prices only if the contract portfolio remained the same as it was on December&nbsp;31, 2009, and none
of the assumptions we list below change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Expected realized uranium price sensitivity under various spot price assumptions</B><BR>
(rounded to the nearest $1.00)

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>$US/lb
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</sub></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Spot prices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$40</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$60</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$80</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$100</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$120</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>$140</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">47</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">53</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">60</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">67</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">74</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">38</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">47</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">54</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">63</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">71</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">79</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2012</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">36</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">39</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">58</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">68</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">77</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">86</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2013</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">45</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">55</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">65</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">75</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">85</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">94</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2014</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">42</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">56</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">66</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">76</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">87</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">96</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the table, our average realized price increases over time under all spot price scenarios.
This illustrates the mix of long-term contracts in our December&nbsp;31, 2009 portfolio, and is
consistent with our contracting strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts usually include a mix of fixed-price and market-price components, which we target at
a 40:60 ratio. We signed many of our current contracts in 2003 to 2005, when market prices were low
($11 to $31 (US)). Those that are fixed at lower prices or have low ceilings will yield
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">prices that are lower than current market prices. These older contracts are beginning to expire,
and we are starting to deliver into contracts signed since 2004 (when market prices began to
increase).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See page 19 for more information about our contracting strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our portfolio is affected by more than just the spot price. We made the following assumptions
to create the table:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Sales</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales volume of 32&nbsp;million pounds in 2010 (the midpoint of our outlook for the year)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sales volume of 30&nbsp;million pounds for 2011 and every year following</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Deliveries</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>customers take the maximum quantity allowed under each contract (unless they have
already provided a delivery notice indicating they will take less)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we defer a portion of deliveries under existing contracts for 2010, 2011 and 2012</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Prices</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the average long-term price indicator is the same as the average spot price for
the entire year (a simplified approach for this purpose only)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we deliver all volumes that we don&#146;t have contracts for at the spot price for each
scenario</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Inflation</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>is 2.0% per year</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Tiered royalties</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As sales of material we produce at our Saskatchewan properties increase, so do the tiered royalties
we pay. The table below indicates what we would pay in tiered royalties at various realized prices.
We record tiered royalties as a cost of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This table assumes that we sell 100,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and that there is no
capital allowance available to reduce royalties, and is based on 2009 rates. The index value to
calculate rates for 2010 is not available until April&nbsp;2010.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tier 1 royalty</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tier 2 royalty</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Tier 3 royalty</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Realized price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">6% x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">4% x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">5% x</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">($Cdn)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(sales price - $17.82)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(sales price - $26.74)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(sales price - $35.65)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Total royalties</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">25</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">43,080</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">35</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">103,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">136,120</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">45</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">163,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">73,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">46,750</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">282,870</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">55</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">223,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">113,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">96,750</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">432,870</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">65</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">283,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">153,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">146,750</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">582,870</TD>
</TR>
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">75</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">343,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">193,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">196,750</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">732,870</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">85</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">403,080</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">233,040</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">246,750</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">882,870</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel services</B><BR>
(includes results for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and fuel fabrication)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>12.3</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">48%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>14.9</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">14.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">1%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($Cdn/kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>17.84</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15.85</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales ($Cdn/kgU) (including DDR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>14.47</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">15.46</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(6)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>276</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">252</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>50</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">525%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">500%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The shutdown of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant reduced production in our fuel
services division in 2009 and 2008. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant resumed operations in June, reducing
the impact in 2009, and resulting in a 48% increase in total production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue rose by 10% as a result of a 13% increase in the average realized selling price for fuel
service products, reflecting improved prices under UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> sales contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unit cost of products and services sold (including DDR) was 6% lower this year, mainly due to
higher production volumes and allocating operating costs to inventory rather than expensing them
directly. In 2009, we expensed $18&nbsp;million in standby charges compared to $43&nbsp;million in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was a $42&nbsp;million increase in gross profit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outlook for 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to produce 14&nbsp;million to 16&nbsp;million kgU in our fuel services business in 2010, a
significant improvement over 2009 due largely to stronger anticipated performance at the Port Hope
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect the average realized selling price for our fuel services products to decline by 5% to
10%, sales volumes to increase by 15% to 20%, and revenue to be 5% to 10% higher.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 43<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Electricity</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BPLP</B><BR>
<B>(100% &#150; not prorated to reflect our 31.6% interest)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B> ($ millions except where indicated)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output &#151; terawatt hours (TWh) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>24.6</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor
(the amount of electricity the plants actually produced for sale as a
percentage of the amount they were capable of producing)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>87%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">87%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>64</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">57</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(39)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1,640</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,409</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs (net of cost recoveries)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>905</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">900</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>770</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">779</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(1)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>135</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">121</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>735</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">509</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(90)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>754</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">547</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">38%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>123</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">85</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>610</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">329</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">85%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>35</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(3)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Based on actual generation of 24.6 TWh plus deemed generation of 1.2 TWh.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Does not include the full repayment of the partner loans of $225&nbsp;million in 2008 (our
share was $75&nbsp;million).</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Our earnings from BPLP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP&#146;s earnings before taxes (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>731</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">468</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco&#146;s share of pretax earnings
before adjustments (31.6%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>231</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">148</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(7)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(7)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>224</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">141</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s improved results in 2009 are largely the result of higher revenues, which were 16%
higher than 2008 due to a 12% increase in realized prices. BPLP&#146;s average realized price reflects
spot sales, revenue recognized under BPLP&#146;s agreement with the Ontario Power Authority (OPA)&nbsp;and
revenue from financial contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has an agreement with the OPA that extends to 2019. Under the agreement, output from the B
reactors is supported by a floor price (currently $48.76/MWh) that is adjusted annually for
inflation. Revenue is recognized monthly, based on the positive difference between the floor price
and the spot price. BPLP does not have to repay the revenue to the extent that the floor price
exceeds the average spot price for the year.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement also provides for payment if the Independent Electricity System Operator reduces
BPLP&#146;s generation because Ontario baseload generation is higher than required. The amount of the
reduction is considered &#145;deemed generation&#146;, and BPLP is paid either the spot price or the floor
price &#150; whichever is higher.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2009, BPLP recognized revenue of $514&nbsp;million under the agreement with the OPA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also has financial contracts in place that reflect market conditions at the time they were
signed. Contracts signed in 2006 to 2008, when the spot price was higher than the floor price,
reflected the strong forward market at the time. BPLP receives or pays the difference between the
contract price and the spot price. Since the electricity market in Ontario has weakened, BPLP has
been putting fewer contracts in place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP sold the equivalent of about 57% of its output under financial contracts in 2009, compared to
67% in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operating costs were $905&nbsp;million this year compared to $900&nbsp;million in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was an increase in our share of earnings before taxes of 59%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP distributed $610&nbsp;million to the partners in 2009. Our share was $193&nbsp;million. The partners
have agreed that BPLP will distribute excess cash monthly, and will make separate cash calls for
major capital projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s adjusted capacity factor was 91% in 2009 (including actual generation of 24.6 TWh and deemed
generation of 1.2 TWh). Excluding deemed generation, the capacity factor was 87% &#151; unchanged from
2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outlook for 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect the average capacity factor for the four Bruce B reactors to be approximately 90% in
2010, and actual output to be about 4% higher than it was in 2009. The 2010 realized price for
electricity is projected to be about 5% to 10% lower than 2009 as BPLP has fewer financial
contracts in place for 2010. At December&nbsp;31, 2009, BPLP had about 6.5 TWh under financial
contracts, which is equivalent to about 25% of Bruce B generation at its planned capacity factor.
We expect that revenue will decline by a corresponding 5% to 10% as a result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect the average unit cost (net of cost recoveries) to be 10% to 15% higher in 2010, and total
operating costs to rise by about 10% to 15%, mainly due to higher costs for planned outages and
maintaining the workforce.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Sensitivity analysis</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A change of $1 in the electricity spot price in 2010 would change our 2010 net earnings by $3
million, based on the assumption that the spot price will remain below the floor price provided for
under BPLP&#146;s agreement with the OPA.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 45<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fourth quarter results</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Fourth quarter consolidated results</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>659</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">640</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>598</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,829%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1.52</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.08</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,800%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1.52</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.08</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,800%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings (non-GAAP, see page 29)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>248</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">179</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">39%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; $&nbsp;&nbsp;per common share (adjusted and diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0.63</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">29%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations
(after working capital changes)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>188</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">224</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(16)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2009, our net earnings were $598&nbsp;million ($1.52 per share diluted),
an increase of $567&nbsp;million compared to $31&nbsp;million ($0.08 per share diluted) in 2008. The results
for 2009 reflect a $374&nbsp;million net gain related to the sale of our interest in Centerra. In 2008,
we recorded an unrealized after tax loss of $148&nbsp;million on financial instruments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 39% increase in adjusted net earnings in the quarter was from higher profits in gold relating
to a higher realized selling price, averaging $1,129 (US)&nbsp;per ounce in 2009 compared to $806 (US)
in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We use adjusted net earnings, a non-GAAP measure, as a more meaningful way to compare our financial
performance from period to period. See page 29 for more information. The table below reconciles
adjusted net earnings with our net earnings.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings </B>(GAAP measure)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>598</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31</B></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjustments </B>(after tax)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring the gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">28</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(374)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(4)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">130</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option expense (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Investment write downs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP> (non-GAAP measure)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>248</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>179</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Adjusted net earnings includes our share of Centerra&#146;s operating earnings for the
periods presented.</TD>
</TR>

</TABLE>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 46<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recorded an income tax expense of $20&nbsp;million this quarter, based on adjusted earnings,
compared to a $31&nbsp;million expense in 2008. Our effective income tax rate was 6% in the fourth
quarter of 2009 compared to 13% in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Direct administration costs were $39&nbsp;million in the quarter, or $18&nbsp;million lower than the same
period last year. The decrease reflects lower costs for BPLP business development activities as
well as reduced spending on system technology<B>. </B>Stock-based compensation expenses were $3&nbsp;million in
the quarter, compared to a recovery of $10&nbsp;million in the fourth quarter of 2008. The 2008 amount
reflects recoveries recorded before we amended our stock option plan in November&nbsp;2008. See note 22
to the financial statements.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>42</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 47<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Quarterly trends</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q4</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q3</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q2</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q1</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q4</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q3</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q2</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><b>Q1</b></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">659</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">518</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">645</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">493</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">640</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">329</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">620</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">594</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">598</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">172</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">247</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">82</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">136</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">150</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">133</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#150; $&nbsp;&nbsp;per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.64</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.08</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.39</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.38</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#150; $&nbsp;&nbsp;per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.52</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.64</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.22</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.08</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.39</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.43</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.38</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings (non-GAAP, see page 46)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">248</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">104</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">140</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">90</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">179</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">128</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">139</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">143</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#150; $&nbsp;&nbsp;per share diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.63</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.26</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.36</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.24</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.37</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.39</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.42</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">174</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">195</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">269</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">79</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">124</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">108</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">129</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#150; $&nbsp;&nbsp;per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.68</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.01</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.37</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.31</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.36</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#150; $&nbsp;&nbsp;per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.44</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.68</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.01</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.37</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.36</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">188</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">175</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">161</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">166</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">224</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">87</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">100</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">119</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Key things to note:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our financial results are strongly influenced by the performance of our uranium segment,
which accounted for 66% of annual consolidated revenues in 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The timing of customer requirements, which tend to vary from quarter to quarter, drives
revenue in the uranium and fuel services segments. In 2009, uranium sales volumes were most
heavily weighted to the second and fourth quarters &#150; similar to 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings do not trend directly with revenue due to unusual items and transactions that
occur from time to time. We use adjusted net earnings, a non-GAAP measure, as a more
meaningful way to compare our results from period to period (see page 46 for more
information).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash from operations tends to fluctuate as a result of the timing of deliveries and product
purchases in our uranium and fuel services segments (see page 28 for more information).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quarterly results are not necessarily a good indication of annual results due to the
variability in customer requirements noted above.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fourth quarter results by segment</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Uranium</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>10.0</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.5</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(5)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average spot price ($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>45.96</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">51.00</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(10)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>40.64</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">35.31</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>43.51</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">42.77</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales ($Cdn/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) (including DDR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>30.29</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24.16</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>443</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">450</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>132</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">193</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(32)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(30)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production volumes were 22% higher in the fourth quarter of 2009 compared to the fourth
quarter of 2008, as a result of higher production at McArthur River/Key Lake, Smith-Ranch Highland
and Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium revenues for the quarter were down 2% compared to 2008, as a 5% decline in sales volumes
was partially offset by a 2% increase in our $Cdn realized price. In $US, our realized price for
the quarter was 15% higher than in 2008 mainly due to stronger prices under fixed-price sales
contracts. The Canadian dollar was much stronger in the fourth quarter of 2009, with our exchange
rate averaging $1.07 compared to $1.21 a year ago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost of products and services sold, including DDR, was 21% higher than 2008 ($311&nbsp;million
compared to $257&nbsp;million in 2008) mainly related to higher unit costs for purchased uranium. The
average unit cost of product and services sold was $30.29/lb, or 25% higher than it was in the
fourth quarter of 2008 as we purchased uranium at near-market prices during the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was a 32% decrease in gross profit.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 49<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(includes results for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and fuel fabrication)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>3.9</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>6.0</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($Cdn/kgU)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14.89</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13.81</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">8%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cost of sales ($Cdn/kgU) (including DDR)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>12.92</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11.26</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">15%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>91</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">70</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>13</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(7)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(30)%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our results in the fourth quarter of 2009 were adversely affected by a labour strike at our
fuel manufacturing facility. In addition, delivery dates are at the discretion of customers, so our
quarterly delivery patterns, and therefore our sales volumes and revenue, can vary significantly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total revenue rose by 30% and the cost of products and services sold (including DDR) went up by 38%
($78&nbsp;million compared to $56&nbsp;million in the fourth quarter of 2008). The increases are a result of
sales volumes being 30% higher than in the fourth quarter of 2008. Our cost of sales per unit was
15% higher, mainly due to the labour strike. Our cost of sales for the quarter included $9&nbsp;million
in standby costs incurred during the strike.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was a 7% decrease in gross profit.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Electricity</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>BPLP</B><BR>
<B>(100% &#150; not prorated to reflect our 31.6% interest)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B> ($ millions except where indicated)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output &#151; terawatt hours (TWh) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>6.4</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.0</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(9)%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>89%</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">97%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(8)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>62</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">57</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">9%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">49</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(39)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>422</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">399</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs (net of cost recoveries)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>218</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">207</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>183</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">176</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>35</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>204</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">192</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">6%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(91)%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>229</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">176</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>40</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">111%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>220</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">205</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>33</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Based on actual generation of 6.4 TWh plus deemed generation of 0.4 TWh in the fourth
quarter.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Our earnings from BPLP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP&#146;s earnings before taxes (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>203</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">181</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco&#146;s share of pretax earnings
before adjustments (31.6%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>64</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">57</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">12%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>62</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">55</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">13%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total electricity revenue increased by 6%. BPLP&#146;s results this quarter are higher mainly due
to higher realized prices. BPLP&#146;s average realized price reflects spot sales, revenue recognized
under BPLP&#146;s agreement with the OPA and financial contract revenue. During the fourth quarter of
2009, BPLP recognized revenue of $137&nbsp;million under the agreement with the OPA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s adjusted capacity factor was 95% in the fourth quarter of 2009 (includes actual generation
of 6.4 TWh and deemed generation of 0.4 TWh). Excluding deemed generation, the capacity factor was
89%, down from 97% in the fourth quarter of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The equivalent of about 54% of BPLP&#146;s output was sold under financial contracts in the fourth
quarter of 2009 compared to 76% in the fourth quarter of 2008.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The net effect was a 13% increase in our share of earnings before taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP distributed $220&nbsp;million to the partners in the fourth quarter. Our share was $70&nbsp;million. The
partners have agreed that BPLP will distribute excess cash monthly, and will make separate cash
calls for major capital projects.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Our operations and development projects</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section of our MD&#038;A is an overview of each of our operations, what we accomplished this year,
our plans for the future and how we manage risk.
</DIV>






<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Production overview</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating properties</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River and Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Development project</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Projects under evaluation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai blocks 1 and 2 production increase (see Inkai, above)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai block 3 (see Inkai, above)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River expansion (see McArthur River, above)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kintyre</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exploration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Refining</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Blind River refinery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Conversion and fuel manufacturing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Port Hope conversion services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco Fuel Manufacturing Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Springfields Fuels Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bruce Power Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">80</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing the risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nature of our operations means we face many potential risks and hazards that could have a
significant impact on our business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This page lists the regulatory, environmental and operational risks that generally apply to all of
our operations, development projects, and projects under evaluation. We also talk about how we
manage specific risks in each operation or project update. These risks could have a material impact
on our business in the near term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We recommend you also review our annual information form, which includes a discussion of other
material risks that could have an impact on our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Regulatory risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of our economic value depends on our ability to obtain and renew the licences
and other approvals we need to operate. If we do not receive the regulatory approvals we need, or
do not receive them at the right time, we may have to delay or modify a project, which could
increase our costs and delay or prevent us from generating revenue from the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental regulations also impose very strict standards and controls on almost every aspect of
our operations, and are becoming more stringent in Canada and the US. For example, making changes
to our operational processes increasingly requires regulatory approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of the sites we own or operate have been under ongoing investigation and/or remediation and
planning as a result of historic soil and groundwater conditions. For example, we are addressing
issues related to historic soil and groundwater contamination at Port Hope and Rabbit Lake.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Environmental risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have the health, safety and environmental risks associated with any mining and chemical
processing company. All three segments face unique risks associated with radiation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operational risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other operational risks and hazards include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental incidents and pollution</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accidents</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>social or political activism, including blockades</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-compliance with laws and licences</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fire</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena, including underground floods, cave-ins and pitwall failures</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unusual, unexpected or adverse mining or geological conditions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological failure of mining methods</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>risks from the transportation of our products and chemicals</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have insurance to cover some of these risks and hazards, but not all of them, and not to the
full amount of losses or liabilities that could potentially arise.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; production overview</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We had a number of successes at our mining operations in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River/Key Lake:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We accomplished a mining first by successfully developing through the unconformity into the
Athabasca sandstone, and exceeded our production target by 2%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We successfully reduced the release of both molybdenum and selenium to the environment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">At Rabbit Lake:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We added mineral reserves, extending the expected life of reserves by two years to 2015 and
exceeded our production target by 6%.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">At Inkai:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We commissioned Inkai&#146;s main processing plant and started commissioning the first satellite
plant, and exceeded our production target by 22%.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium production</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Cameco&#146;s share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(million lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 plan</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>4.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>13.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>13.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>3.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>3.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>20.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>20.2</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Outlook</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have geographically diversified sources of production. Based on our mines currently in
production, we expect to produce 112.9&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over the next
five years. Our strategy is to double our annual production to 40&nbsp;million pounds by 2018, which we
expect will come from our operating properties, development projects and projects under evaluation.
These sources are discussed in the following section.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco&#146;s share of production &#151; annual forecast to 2014</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Current forecast</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(million lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2014</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">US ISR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>21.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>22.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>22.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>23.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>23.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect Cigar Lake to begin production in mid-2013, based on current information, and will
update our production outlook for Cigar Lake in the technical report, which we plan to file at the
end of the first quarter of 2010.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 55<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By 2011, Inkai is expected to reach production of 5.2&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
per year (our share 3.1&nbsp;million pounds). Inkai has regulatory approval to produce 2.6&nbsp;million
pounds (100% basis) and, in 2005, applied for regulatory approval to increase production to 5.2
million pounds per year (100% basis). We need regulatory approval to increase production to the
level necessary to achieve our annual production forecast, and expect to receive it in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This forecast is forward-looking information. It is based on the assumptions and subject to the
material risks discussed on page 3, and specifically on the assumptions and risks listed here.
Actual production may be significantly different from this forecast.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Assumptions</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we achieve our forecast production for each operation, which requires, among other things,
that our mining plans succeed, processing plants function and our reserve estimates are
accurate</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we obtain or maintain the necessary permits and approvals from government authorities</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our production is not disrupted or reduced as a result of natural phenomena, labour
disputes, political risks, shortage or lack of supplies critical to production, equipment
failures or other development and operation risks</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Material risks that could cause actual results to differ materially</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we do not achieve forecast production levels for each operation because of a change in our
mining plans, processing plant availability, lack of tailings capacity or for other reasons</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we cannot obtain or maintain necessary permits or government approvals</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena, labour disputes, political risks, shortage or lack of supplies critical
to production, equipment failures or other development and operation risks disrupt or reduce
our production</TD>
</TR>

</TABLE>
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 56<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; operating properties</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084809.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>McArthur River/Key Lake</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River is the world&#146;s largest, high-grade uranium mine, and Key Lake is the largest uranium
mill in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ore grades at the McArthur River mine are 100 times the world average, which means it can produce
more than 18&nbsp;million pounds per year by mining only 150 to 200 tonnes of ore per day. We are the
operator.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">69.805% &#151; McArthur River</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">83.33% &#151; Key Lake</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit type
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">underground</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">234&nbsp;million pounds &#151; proven and probable</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> &#150; 19.5%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">21.1&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">111.3&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining methods
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">currently: raiseboring</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">under development: boxhole boring</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mine and mill: 18.7&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(can be exceeded &#150; see <I>Licencing </I>below)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total production 2000 to 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">171.2&nbsp;million pounds (McArthur River/Key Lake)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1983 to 2002
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">209.8&nbsp;million pounds (Key Lake)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">13.3&nbsp;million pounds (Cameco&#146;s share)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010 forecast production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">13.1&nbsp;million pounds (Cameco&#146;s share)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining of the McArthur River deposit poses a number of challenges including control of groundwater,
stabilizing weak rock formations, and radiation protection from very high grade uranium ores. To
address these challenges we use a number of innovative methods and techniques:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Ground freezing </I>&#151; The sandstones that overlay the deposit and basement rocks are water-bearing,
with large volumes of water under significant pressure. We use ground freezing to form an
impermeable freezewall. This prevents water from entering the mine, and helps stabilize weak rock
formations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Raisebore mining </I>&#151; Raisebore mining is an innovative non-entry approach that we adapted to meet the
unique challenges at McArthur River. From a raisebore chamber in waste rock above the ore, we drill
a series of overlapping holes through the ore zone and collect the ore using
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 57<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">remote-controlled scoop trams at the bottom of the raises. Once each raisebore hole is complete, we
fill it with concrete. We have successfully used the raisebore mining method to extract more than
170&nbsp;million pounds since we began mining in 1999.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084810.gif" alt="(MAP)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River currently has four zones with delineated mineral reserves (zones 1 to 4). Zones A
and B are categorized as inferred mineral resources. Parts of zones 1, 2, 3 and 4 also have mineral
resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have mined only zone 2 since the mine started production. To sustain our production levels, we
need to move to new mining areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zone 2 is divided into four panels (panels 1, 2, 3 and 5). Panel 5 represents the upper portion of
zone 2, overlying a portion of the other panels. Until late 2009, all mine production was from
panels 1, 2 and 3, and there are still limited reserves that we will extract from these panels in
the next few years. We expect to mine a total of approximately 85&nbsp;million pounds of uranium from
panel 5.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As mining of zone 2 progresses, we are also bringing the lower mining area of zone 4 into
production later in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production on target</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our share of production in 2009 was 13.3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> compared to our
target of 13.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, and a 15% increase over 2008. Production
in 2008 was lower than planned due to operating challenges at the Key Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We exceeded our target as a result of strong results at both McArthur River and Key Lake, and the
amendment to the Key Lake operating licence (see <I>Licensing </I>below).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New mining areas</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zone 2, panel 5 &#150; We completed a new freezewall around this area, developed the initial raisebore
chamber and began production in the fourth quarter. This is the first time development has been
accomplished through the unconformity into the Athabasca sandstone.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 58<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lower zone 4 &#150; We completed the raisebore chamber on the 530 metre level, completed all freezehole
drilling and began freezing the ground.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mill revitalization</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake mill began operating in 1983. We are renewing the mill to help maintain and increase
our uranium production capability, and this year focused on three areas:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operational upgrades</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>treatment of effluent</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>tailings capacity</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Operational upgrades &#150; </I>The Key Lake revitalization plan includes upgrading circuits with new
technology to simplify operations, increasing annual production capacity and improving
environmental performance. As part of this plan, we are replacing the acid, steam and oxygen
plants. We received regulatory approval to proceed with these projects and have begun work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Treatment of effluent &#150; </I>Our operating licence includes a condition that the Key Lake mill reduce
the levels of molybdenum and selenium discharged to the environment. Based on work this year,
release of both metals to the environment is now controlled at reduced concentrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Tailings capacity </I>&#150; The Key Lake mill deposits the milling tailings in the Deilmann tailings
management facility (TMF). This year we received regulatory approval to increase the capacity of
the Deilmann TMF. This now gives us approximately six years of capacity at current production
rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Licensing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC approved an amendment to our operating licence for Key Lake, giving us flexibility in the
annual licensed production limit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under certain conditions, the Key Lake mill can produce up to 20.4&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year as long as average annual production does not
exceed 18.7&nbsp;million pounds. If production is lower than 18.7&nbsp;million pounds in any year, we can
produce more in future years (up to 20.4&nbsp;million pounds) until we recover the shortfall. The
amendment allows us to recover shortfalls going back to 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have applied for regulatory approval for similar production flexibility at the McArthur River
mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the mill is revitalized, annual production will depend mainly on mine production. We are
continuing to plan for annual production of 18.7&nbsp;million pounds (100% basis) for the next few
years.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continued our underground exploration drilling and development this year, focusing on evaluating
mineral resources at the south of the mine. We successfully converted 14&nbsp;million pounds of measured
resources in zone 4 to mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface drilling on zone B increased inferred mineral resources by 14&nbsp;million pounds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Reserves grade</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The estimated average ore grade of the mineral reserves at McArthur River has declined from 21%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to 19.5% as a result of new reserves in zone 4 that average 10.3%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8. </SUB>We do not expect to be producing from this area for a number of years.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 59<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect our share of production to be 13.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New mining zones</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Zone 2, panel 5 </I>&#150; In 2010, we expect to develop two additional raisebore chambers. This area is
planned to account for approximately two-thirds of McArthur River mine production in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Lower zone 4 </I>&#150; We began freezing in January&nbsp;2010. Once the freezewall is in place and development
complete, we expect initial production will begin late in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2010, we plan to initiate a multi-year project, the <I>McArthur River expansion</I>, to advance the
underground exploration drifts on the 530 metre level to the north and to the south of the existing
mine. This work is expected to further delineate zone A and B inferred resources to the north as
well as resources to the south. As part of the project, we will also initiate a preliminary
assessment to determine the potential options and feasibility for mining these resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface exploration will focus on historically known but under tested targets south of the mine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing near-term risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Labour relations</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The collective agreement covering unionized employees at the McArthur River and Key Lake operations
expired on December&nbsp;31, 2009. Negotiations are in progress. There is risk to production if we are
unable to reach an agreement and employees go on strike.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Transition to new mining areas</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Portions of the new production raises for zone 2, panel 5 will intersect with the freezewall
originally developed for zone 2, panels 1, 2 and 3. This original freezewall is now redundant. The
steel freezepipes from this freezewall are being removed. Timely removal represents the largest
remaining schedule risk that could impact production rates.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing ongoing risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at McArthur River/Key Lake poses many challenges: control of groundwater, weak ground
formations, radiation protection, water inflow, mining method uncertainty and changes to
productivity, mine transitioning, regulatory approvals, tailings capacity, reliability of
facilities at Key Lake, surface and underground fires. Operational experience gained since the
start of production has resulted in a significant reduction in risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Water inflow risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The greatest risk is production interruption from water inflows. A 2003 water inflow resulted in a
three-month suspension of production. We also had a small water inflow in 2008 that did not impact
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consequences of another water inflow at McArthur River would depend on its magnitude, location
and timing, but could include a significant reduction in production, a material increase in costs
and a loss of mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We take the following steps to reduce the risk of inflows, but there is no guarantee that these
will be successful:
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 60<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Ground freezing &#151; </I>Before mining an ore zone, we drill freeze holes and freeze the ground to
form an impermeable freezewall around the ore zone. Ground freezing reduces but does not
eliminate the risk of water inflows.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Mine development &#151; </I>We carry out extensive grouting and careful placement of mine
development away from known groundwater sources whenever possible. In addition, we assess all
planned mine development for relative risk, and apply extensive additional technical and
operating controls for all higher risk development.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Pumping capacity and treatment limits &#151; </I>The total installed pumping capacity from the
McArthur River mine is currently more than 1,850 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. On the surface, we have
water treatment capacity of 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr and approximately 50,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> of
surface storage. We have regulatory approval to treat and release 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr in
non-routine circumstances. In our view, this is sufficient capacity to handle an estimated
maximum inflow. We review our dewatering system and requirements at least once a year and
before beginning work on any new zone.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Key Lake tailings capacity risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tailings from processing McArthur River ore are deposited in the Deilmann TMF. At current
production rates, the capacity of the Deilmann TMF is six years, assuming only minor storage
capacity losses due to sloughing from pitwalls. Significant sloughing would constrain McArthur
River production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sloughing of material from the pitwalls has occurred in the past and resulted in the loss of
capacity. Technical studies show that stabilizing and reducing water levels in the pit enhances the
stability of the pitwalls, thereby reducing the risk of pitwall sloughing. In recent years, we
doubled dewatering treatment capacity, allowing us to stabilize the water level in the pit, and
have recently begun to reduce this water level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we completed and received regulatory approval for an action plan for the long-term
stabilization of the Deilmann TMF pitwalls. We are now carrying out engineering required to
implement this action plan. We expect it will take approximately five years to complete the work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also completed prefeasibility work to assess options for long-term storage of tailings at Key
Lake. We are proceeding with technical studies and environmental assessment work to support an
application for regulatory approval to deposit tailings in the Deilmann TMF to a significantly
higher elevation. This would provide enough tailings capacity for many years of mill production at
Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also manage the risks listed on page 54.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 61<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; operating properties</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084811.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Rabbit Lake</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Rabbit Lake operation, which opened in 1975, is the longest operating uranium production
facility in North America, and the second largest uranium mill in the world.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">not certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit type
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">underground</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">21.3&nbsp;million pounds (proven and probable)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>- 0.88%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.9&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining method
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">vertical blast-hole stoping</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mill: 16&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total production 1975 to 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">178.7&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.8&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010 forecast production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3.6&nbsp;million pounds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production on target</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake&#146;s production this year was 3.8&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, just over our
target, and 6% higher than 2008. Higher tonnage made up for grades that were lower than expected.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Continued to upgrade the mill and expand the tailings facility</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We replaced selected plant equipment and process vessels, and commissioned and began operating the
new circuit to reduce concentrations of molybdenum in mill effluent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We completed the tailings management facility expansion in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Advanced reclamation planning</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC approved our multi-year site-wide reclamation plan. It will serve as the foundation for
future reclamation activities, with area-specific plans to be approved on a case-by-case basis.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Worked to extend the mine life</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We added mineral reserves, extending the expected production life by two years to 2015. We are
conducting exploration drilling near the mine and have found new mineralization.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to produce 3.6&nbsp;million pounds in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Milling</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect the mill to have the capacity to handle tailings from milling ore from Rabbit Lake until
2015 (based upon expected ore grades and milling rates). After production at Cigar Lake ramps up to
full capacity, we expect to ship a portion of the uranium solution from milling of Cigar Lake ore
to the Rabbit Lake mill for processing. To support this level of production, we will be replacing
major components of the acid plant and working to increase tailings capacity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have extended our underground drilling reserve replacement program into 2010. We plan to test
and evaluate areas east and northeast of the mine where we have had good results. Drilling will
also continue on other parts of the property.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Reclamation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of our multi-year site-wide reclamation plan, we expect to spend $5&nbsp;million in 2010 to
reclaim facilities that are no longer in use.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We manage the risks listed on page 54.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; operating properties</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084812.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Smith Ranch-Highland</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We operate Smith Ranch and Highland as a combined operation. Each has its own processing facility;
however, the Smith Ranch mill processes all the uranium. The Highland mill is currently idle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Together, they form the largest uranium production facility in the United States.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Wyoming, US</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5.9&nbsp;million pounds (proven and probable)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>&#150; 0.10%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23.0&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.6&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining method
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in situ recovery (ISR)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mine: 2&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mill: 4&nbsp;million pounds per year including Highland mill</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total production
2002 to 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.8&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.8&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010 forecast production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.8&nbsp;million pounds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production on target</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We produced 1.8&nbsp;million pounds at Smith Ranch-Highland in 2009, meeting our target for the year.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Upgrades</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We built and began operating a selenium removal plant. We also started construction on five deep
disposal wells. Construction will continue through 2010. These upgrades will allow us to operate
and restore groundwater more efficiently.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to produce 1.8&nbsp;million pounds in 2010.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Reynolds Ranch expansion</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are seeking regulatory approval to proceed with our Reynolds Ranch expansion, which is expected
in the second half of 2010. Reynolds Ranch is adjacent to the Smith Ranch-Highland property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserves and resources for Reynolds Ranch and Northwest Unit have been included in the totals for
Smith Ranch-Highland reserves and resources.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional exploration is under way with the objective of extending the mine life.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The operating environment is becoming more complex as public interest and regulatory oversight
increase. This may have a negative impact on our plans to increase production. We also manage the
risks listed on page 54.
</DIV>







<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; operating properties</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084813.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Crow Butte</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte was discovered in 1980 and began production in 1991. It is the first uranium mine in
Nebraska, and is a significant contributor to the economy of northwest Nebraska.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nebraska, US</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1&nbsp;million pounds (proven and probable)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>&#150; 0.13%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.4&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.7&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining method
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">in situ recovery (ISR)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(mine and mill)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total production 2002 to 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.1&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.8&nbsp;million pounds</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010 forecast production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.7&nbsp;million pounds</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production on target</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2009 production was 0.8&nbsp;million pounds, in line with our forecast.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Licensing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The regulators continued their review of our applications to expand and re-license Crow Butte.
There will be public hearings once the reviews are completed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2010, we expect to produce 0.7&nbsp;million pounds.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The operating environment is becoming more complex as public interest and regulatory oversight
increase. This may have a negative impact on our plans to increase production. We also manage the
risks listed on page 54.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 66<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; operating properties</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084814.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inkai</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is a very significant uranium deposit, located in Kazakhstan. There are two production areas
(blocks 1 and 2) and an exploration area (block 3). The operator is Joint Venture Inkai Limited
Liability Partnership, which we jointly own (60%) with Kazatomprom (40%).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">central Kazakhstan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">60%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BSI OHSAS 18001</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">80.9&nbsp;million pounds (proven and probable)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>- 0.07%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">13.1&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">153.0&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining method
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ recovery (ISR)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Approved: 2.6&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(mine and mill)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cameco&#146;s share 1.6&nbsp;million pounds per year)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Application: 5.2&nbsp;million pounds per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Cameco&#146;s share 3.1&nbsp;million pounds per year)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2009 production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.1&nbsp;million pounds (Cameco&#146;s share)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2010 forecast production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.3&nbsp;million pounds (Cameco&#146;s share)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our share of production this year was 1.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>or 22% higher
than our forecast of 0.9&nbsp;million pounds.<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Operations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We completed commissioning of the main processing plant and began commissioning the first satellite
plant in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Supply of sulphuric acid</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai has increased the number of suppliers of sulphuric acid from two to four, but the shortage of
sulphuric acid has delayed production in the past and its future availability remains a concern.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 67<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Project funding</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have agreed with Kazatomprom, a state-owned entity of the Kazakhstan government, to provide
funding, by way of a loan, of up to $370&nbsp;million (US)&nbsp;for project development. Further funding may
be required. As of December&nbsp;31, 2009, the amount outstanding under the loan, including accrued
interest, was $337&nbsp;million (US). Of the cash available for distribution each year, 80% is used to
repay the loan until it is repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have agreed with our partner to provide all funds required by Inkai in connection with work on
block 3 until completion of a feasibility study.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have also invested approximately $4&nbsp;million (US)&nbsp;over the past several years on sustainable
development activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Taxes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A new tax code became law on January&nbsp;1, 2009, and our Resource Use Contract was amended to adopt
it. We do not expect the new tax code to have a material impact at this time, but the elimination
of tax stabilization under the new tax code could be material in the future. We are also not
certain how the Kazakh government will interpret and apply the new code.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Licensing and Resource Use Contract amendments</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We received final approval for the block 2 mining licence after the Resource Use Contract was
amended. The mining licence for block 1 expires in 2024 and for block 2 expires in 2030.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Block 3 exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regulators extended the term of the block 3 exploration licence to the end of July&nbsp;2010 after the
Resource Use Contract was amended. Under Kazakh law, we have to achieve a commercial discovery to
extend our licence beyond July&nbsp;2010. We spent $3&nbsp;million (US) (our share) on exploration drilling
at block 3 in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Profits from block 3 production are to be shared on a 50:50 basis with our partner, instead of
based on our ownership interests.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect our share of production to be 2.3&nbsp;million pounds in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Doubling production</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of our strategy to double production by 2018, we are working with our partner, Kazatomprom,
to implement our 2007 non-binding memorandum of understanding. The memorandum:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Targets future annual production capacity at 10.4&nbsp;million pounds (our share 5.7&nbsp;million
pounds). While the existing project ownership would not change, our share of the additional
capacity under the memorandum would be 50%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Contemplates studying the feasibility of constructing a uranium conversion facility as well
as other potential collaborations in uranium conversion.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both partners approved the production increase at a board meeting in 2008. To implement the
increase, we need a binding agreement to finalize the terms of the memorandum, and various
government approvals. We are currently in discussions with Kazatomprom regarding these initiatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Block 3 exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To support a commercial discovery, we are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>spending $19&nbsp;million (US) (our share) on exploration drilling in 2010</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>preparing an application to file with regulators in the first half of 2010, declaring that
we have
made a commercial discovery</TD>
</TR>


</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 68<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Technical report</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We plan to file our first technical report for this property by the end of the first quarter of
2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Regulatory approvals</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our 2010 production forecast and reserve estimates assume that we will receive regulatory approval
to produce 5.2&nbsp;million pounds per year (our share: 3.1&nbsp;million pounds). We believe it is reasonably
likely we will receive this approval but, if we do not, we will be unable to meet our 2010
production target and will have to recategorize half of Inkai&#146;s mineral reserves as resources. We
also need the regulators to approve our application to declare a commercial discovery in order to
extend the term of the block 3 exploration licence beyond July&nbsp;2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Supply of sulphuric acid</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we have increased our sources of supply, availability of sulphuric acid remains a concern
and our production may be less than forecast if there is a shortage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Political risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakhstan declared itself independent in 1991 after the dissolution of the Soviet Union. Our Inkai
investment, and our plans to increase production, are subject to the risks associated with doing
business in developing countries, which have significant potential for social, economic, political,
legal, and fiscal instability. Kazakh laws and regulations are still developing and their
application can be difficult to predict. To maintain and increase Inkai production, we need ongoing
support, agreement and co-operation from our partner and the government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Amendments to the subsoil law in 2007 allow the government to reopen subsoil use agreements in
certain circumstances. This may increase its ability to expropriate our properties under certain
circumstances. In 2009, we amended the Resource Use Contract to adopt a new tax code, at the
request of the Kazakh government, even though the government had agreed to the tax stabilization
provisions in the original contract. A new subsoil use law has also been proposed. We do not know
if the new law will be adopted or what it will contain. It is premature to make any assessment, but
further changes to the subsoil law could increase our risk. These developments are illustrative of
increased political risk in Kazakhstan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also manage the risks listed on page 54.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium
&#150; development project</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o60848o6084815.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cigar Lake</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is the world&#146;s second largest high-grade uranium deposit, with grades that are 100 times
the world average. We are a 50% owner, and the mine operator, and expect the operation to use
available capacity at our Rabbit Lake mill.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">50.025%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit type
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">underground</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated reserves
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">104.7&nbsp;million pounds (proven and probable)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average reserve grade
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>&#150; 17.0%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0.6&nbsp;million pounds (measured and indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">66.8&nbsp;million pounds (inferred)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mining method
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">jet boring</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Target production date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mid-2013 (based on current information)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Target annual production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9&nbsp;million pounds after rampup</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Development</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We began developing the Cigar Lake underground mine in 2005, but development has been delayed due
to water inflows (two in 2006 and one in 2008). The first inflow flooded shaft 2, while it was
under construction. The second inflow flooded the underground development and we began remediation
late in 2006. In 2008, another inflow interrupted the dewatering of the underground development. We
sealed the source of that inflow in 2009, and continued remediation and dewatering shafts 1 and 2.
In February&nbsp;2010, we completed dewatering the underground development, and we expect work to secure
the underground to be complete before October&nbsp;2010, depending on the condition of the mine.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mining method</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining the Cigar Lake deposit poses a number of challenges, including groundwater control, weak
rock formations, and protection from radiation from very high-grade uranium ores. Cigar Lake&#146;s
mining plan uses several innovative techniques to mitigate these challenges, including bulk
freezing and jet boring:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Bulk freezing </I>&#151; The sandstones that overlay the deposit and basement rocks are
water-bearing, with large volumes of water under significant pressure. We will freeze the
orebody and surrounding rock to prevent water from entering the mine, and to help stabilize
weak rock formations.</TD>
</TR>




</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 70<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Jet boring</I>&#151; The jet boring mining method is new to the uranium mining industry. We have
conducted an initial test mine program and, overall, the program was a success and met all
initial objectives. As we ramp up production, however, there may be some technical challenges.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are confident we will be able to solve challenges that may arise as we ramp up production, but
failure to do so would have a significant impact on our business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Milling</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For approximately two years after mining begins, we expect all Cigar Lake ore to be processed at
AREVA&#146;s McClean Lake JEB mill. After production ramps up to planned full capacity, the JEB mill is
expected to ship a portion of the uranium solution from milling of Cigar Lake ore to the Rabbit
Lake mill for processing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We
remediated the 2008 inflow that forced us to temporarily suspend
dewatering of the mine. We remotely placed an inflatable seal between the shaft and the source of the inflow then backfilled
and sealed the entire area with concrete and grout.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Dewatering and mine re-entry</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We completed dewatering shaft 2 in April and remediation of the shaft in May. We resumed dewatering
shaft 1 in October and crews entered the shaft in November. Work focused on refurbishing shaft 1 &#150;
installing the ladderway, replacing mechanical and electrical components and extending the in-shaft
pumping system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2010, we completed dewatering the underground development. Crews re-entered the main
working level of the mine 480 metres below the surface. Safe access to the 480 metre level has been
established and work to inspect, assess and secure the underground development has begun. This work
will be followed by restoration of underground mine systems and infrastructure in preparation for
resumed construction activities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Licensing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake&#146;s construction licence was amended effective January&nbsp;1, 2010, to extend the term for
four years and to cover dewatering, remediation and construction activities, including completion
of shaft 2 and surface construction.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Costs</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2009, we had:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invested $470&nbsp;million in capital to develop Cigar Lake</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expensed $64&nbsp;million in remediation expenses, including $18&nbsp;million in 2009</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2010, we expect to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete work to secure the underground before October&nbsp;2010, depending on the condition of
the mine</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determine if additional remedial work is needed</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>file an updated technical report for the Cigar Lake project by the end of the first quarter</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>begin to restore the underground mine systems and infrastructure to prepare to resume
construction</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cost update</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The preliminary estimate of our share of the total capital costs to complete the Cigar Lake project
is between $450&nbsp;million and $550&nbsp;million. This includes completing underground development and
surface construction, and completing modifications at Rabbit Lake and McClean Lake mills.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 71<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Taking
into account the $470&nbsp;million that had been spent as at December&nbsp;31, 2009, and
assuming our estimate does not change, our share of total capital costs for Cigar Lake is between
$920&nbsp;million and $1.0&nbsp;billion. Our capital cost estimate has increased primarily as a result of the
longer period over which remediation and development will occur, additional costs for inflow
abatement, increases in surface capital costs and improvements to the mine plan and water
management systems. The technical report we plan to file at the end of the first quarter of 2010
will include our updated capital cost estimate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Remediation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, our share of the remaining remediation expenses is now expected to be
$29&nbsp;million. In 2010, we expect to spend $25&nbsp;million on remediation expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Production</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are now targeting initial production to begin in mid-2013, based on current information.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reserves and resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We updated our reserve and resource estimates in 2009 as required by industry standards based on
information gathered to the end of the year.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Cameco&#146;s share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000"><B>(million lbs)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proven reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36.9</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">113.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(76.3)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Probable reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">67.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">67.8</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">104.7</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">113.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(8.5)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measured resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.2</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.2</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.4</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2.9)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0.6</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3.3</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(2.7)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">66.8</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59.1</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The changes are mainly from:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>re-interpretation of the mineralized envelopes on the east end of the deposit</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>block modelling in 3D (we used a 2D model in 2007)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>revised mine layout and dilution assumptions</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>recategorization of the resources and reserves</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These factors contributed to the decreases in total contained pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
in the reserves and in the estimated average grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our share of reserves went from 113&nbsp;million pounds in 2008 to 105&nbsp;million pounds, due to a 12%
increase in tonnes of diluted ore and an 18% reduction in average grades. Our review of the mineral
resource and reserve classification resulted in 35% of reserves being classified as proven,
compared to 100% previously. The classification is based on drill hole spacing, geological
continuity, grade continuity, estimation confidence and the anticipated ability to successfully
recover all of the ore.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 72<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The costs to complete Cigar Lake and our target dates for securing the underground and for
initial production are forward-looking information. They are based on the assumptions and subject
to the material risks discussed on page 3, and specifically on the assumptions and risks listed
here.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Assumptions</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena or an equipment failure do not cause a material delay or disrupt our
plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are no additional water inflows</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the seals used for previous water inflows do not fail</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there are no labour disputes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we obtain contractors, equipment, operating parts and supplies, and regulatory permits and
approvals when we need them</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Material risks</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an unexpected geological, hydrological or underground condition, such as an additional
water inflow, further delays our progress</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we cannot obtain or maintain the necessary regulatory permits or approvals</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>natural phenomena, labour disputes, equipment failure, delay in obtaining the required
contractors, equipment, operating parts or supplies, or other reasons cause a material delay
or disruption in our plans</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is a challenging deposit to develop and mine. These challenges include control of
groundwater, weak ground formations, radiation protection, water inflow, mining method uncertainty,
regulatory approvals, tailings capacity, surface and underground fires and other mining-related
challenges. To reduce this risk, we are applying our operational experience and the lessons we&#146;ve
learned about water inflows from McArthur River and Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The greatest risk to development and production is from water inflows. The 2006 and 2008 water
inflows were significant setbacks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consequences of another water inflow at Cigar Lake would depend on its magnitude, location and
timing, but could include a significant delay in Cigar Lake&#146;s remediation, development or
production, a material increase in costs and a loss of mineral reserves. Although we take the
following steps to mitigate the risks of water inflow, there can be no guarantee that these will be
successful:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Bulk freezing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of the primary challenges in mining the deposit are control of groundwater and ground support.
Bulk freezing reduces but does not eliminate the risk of water inflows.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mine development</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our approach is to carry out extensive grouting and careful placement of mine development away from
known groundwater sources whenever possible. In addition, we assess all planned mine development
for relative risk, and apply extensive additional technical and operating controls for all higher
risk development.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Pumping capacity and treatment limits</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total installed pumping capacity from the Cigar Lake mine is currently 1,550 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr.
On the surface, we have water treatment capacity of 2,550 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr and approximately
100,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> of surface storage. We have regulatory approval to release 1,100
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr of treated water in non-routine circumstances. In our view, we have sufficient
capacity to handle an estimated maximum inflow, and we intend to install additional capacity to
assure the long-term success of the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above, our main risks in 2010 include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uncertainty about the condition of the underground development, which we will know once the
crews have assessed the underground</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delay or lack of success in implementing our remediation plan</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also manage the risks listed on page 54.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 73<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium
&#150; projects under evaluation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Kintyre</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kintyre, which we acquired with a partner in 2008, adds potential for low-cost production and
diversifies our geographic reach and deposit types. We are the operator.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Western Australia</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">70%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit type
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">open pit</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;2008, we paid $346&nbsp;million (US)&nbsp;to acquire a 70% interest in Kintyre. Mitsubishi
Development Pty Ltd. owns the remaining 30%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This year we:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>opened an office in Perth to manage the project through the evaluation and prefeasibility
stages</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>received permits and established a camp to support ongoing diamond drilling</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continued to hire professional and support staff</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>began environmental studies and confirmatory drilling</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continued our dialogue with the Martu, the native land title holders for this property</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our plan for 2010 is to keep moving the project towards a production decision. We expect to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>negotiate a mine development agreement with the Martu</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete delineation drilling of the deposit</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>estimate a resource</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conduct metallurgical testing to define the milling process</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue the environmental assessment for the environmental impact statement we plan to
submit to regulators in 2011</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>begin a prefeasibility study</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>build a temporary construction camp</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing the risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To successfully develop this project, we need a positive feasibility study, regulatory approval and
an agreement with the Martu. We also manage the risks listed on page 54.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 74<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium
&#150; projects under evaluation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Millennium</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Millennium is a uranium deposit in northern Saskatchewan that we expect will use the mill at Key
Lake. We are the operator.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">42%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Deposit type
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">underground</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Estimated resources
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">19.6&nbsp;million pounds (indicated)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Cameco&#146;s share)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.1&nbsp;million pounds (inferred)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Millennium deposit was discovered in 2000. The deposit was delineated through geophysical
survey and drilling work between 2000 and 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We submitted our project description for an environmental assessment and we continued consultation
activities. The environmental assessment and feasibility study are under way.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our plan for 2010 is to keep moving the project towards a production decision. We expect to:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete the feasibility study</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue our environmental assessment process</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue with our community consultation</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing the risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The English River First Nation (ERFN)&nbsp;has selected surface lands covering the Millennium deposit in
a claim for Treaty Land Entitlement (TLE). The Saskatchewan government has rejected the selection,
but the ERFN has challenged the government&#146;s decision in the courts. The TLE process does not
affect our mineral rights, but it could have an impact on the surface rights and benefits we
ultimately negotiate as part of the development of this deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also manage the risks listed on page 54.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 75<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#150; exploration</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration is key to ensuring our long-term growth, and since 2002 we have more than tripled
our annual investment.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Exploration
and development spending</B></div>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o60848o6084816.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Brownfield exploration</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Brownfield exploration is uranium exploration near our existing operations and on advanced
exploration projects where uranium mineralization is being defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we invested $23&nbsp;million in six brownfield and advanced exploration projects. The largest
investment ($11.2&nbsp;million) was at Kintyre for delineation drilling. We also carried out significant
programs at McArthur River, Rabbit Lake, and the Millennium deposit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Regional exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we invested about $31&nbsp;million in regional exploration programs (including support costs).
Saskatchewan was the largest single region, followed by Australia, northern Canada and the rest of
the global program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Plans for 2010</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We plan to invest approximately $90&nbsp;million to $95&nbsp;million on uranium exploration in 2010 as part
of our long-term strategy. This includes approximately $40&nbsp;million for exploration at Kintyre and
Inkai block 3 in Kazakhstan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Brownfield exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximately 20% of the uranium exploration budget, about $11&nbsp;million, will be invested in six
brownfield exploration projects in the Athabasca Basin and Australia.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Regional exploration</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to allocate the rest of the exploration budget among 48 projects worldwide, the majority
of which are at drill target stage. Among the larger investments planned are $5&nbsp;million on two
adjacent projects in Nunavut, a $2&nbsp;million program on the Dawn Lake project in Saskatchewan, and a
$3&nbsp;million investment on the Wellington Range project in Northern Territory, Australia.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 76<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel
services &#150; refining</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Blind River refinery</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blind River is the world&#146;s largest commercial uranium refinery, refining U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
from mines around the world into UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ontario, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">approved: 18&nbsp;million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">application: 24&nbsp;million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> per year</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Blind River refinery produced 12.9&nbsp;million kgU of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>, which is 29% higher than our
forecast. This ensured that SFL maintained its contractual inventories and Port Hope met its
production requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect production in 2010 to be between 11&nbsp;million and 13&nbsp;million kgU as UO3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once we receive regulatory approval to produce at 24&nbsp;million kgU, construction to increase capacity
will begin.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We manage the risks listed on page 54.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 77<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel
services &#150; conversion and fuel manufacturing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Port Hope conversion services</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Port Hope is the only uranium conversion facility in Canada, and one of only four in the western
world. It is the only commercial supplier of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for Canadian-made Candu reactors. We
control 35% of western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> capacity.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ontario, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.5&nbsp;million kgU as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> per year</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.8&nbsp;million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> per year</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco Fuel Manufacturing Inc. (CFM)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM produces fuel bundles and reactor components for Candu reactors.

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ontario, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">100%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">End product
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Candu fuel bundles and components</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 9001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2 million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>as finished bundles</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Springfields Fuels Ltd. (SFL)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SFL is the newest conversion facility in the world. We contract almost all of its capacity through
a toll-processing agreement to 2016.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lancashire, UK</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Toll-processing agreement
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">annual conversion of 5&nbsp;million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Licensed capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.0&nbsp;million kgU as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> per year</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 78<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fuel services production was 12.3&nbsp;million kgU in 2009, in line with our target of 11&nbsp;million to 13
million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at the UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant began in mid-January&nbsp;2009, after it had been shut down for
an extended planned maintenance period. We upgraded the floors and in-floor structures, and they
now meet the standards of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant began on June&nbsp;17, 2009 after being suspended in December
2008 as hydrofluoric acid (HF)&nbsp;was not available on acceptable terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">HF is a primary feed material for the production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. We have signed an agreement
with our original supplier, and with two additional suppliers, broadening our sources of supply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Fuel manufacturing</I><FONT style="font-variant: SMALL-CAPS"> </FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP sales represent a substantial portion of our fuel manufacturing business.

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have an agreement with Bruce Power A Limited Partnership (BALP)&nbsp;to supply fuel bundles that
contain slightly enriched uranium (SEU). We received regulatory approval and began construction to
modify the plant to produce SEU. At BALP&#146;s request, construction has been suspended. BALP is
considering its alternatives.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Port Hope conversion facility cleanup and modernization (Vision 2010)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The federal Minister of the Environment approved the environmental assessment guidelines, and work
on the environmental assessment continues.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Collective agreements</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following a strike at CFM, unionized employees ratified a new three-year collective agreement that
expires on June&nbsp;1, 2012.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Community outreach</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continued to strengthen our community outreach program in Port Hope by:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>holding a series of community forums</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>making presentations to municipal council</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reaching out using community newsletters, newspaper advertising, public displays, open
houses and a website dedicated to the Port Hope community</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Public opinion research shows we have a strong level of local support.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect total production to be between 14&nbsp;million and 16&nbsp;million kgU in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Port Hope conversion facility cleanup and modernization (Vision 2010)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to file the environmental assessment for this project in 2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main risk in 2010 is a potential strike by unionized employees at the Port Hope conversion
facility, which would impact production. The collective agreement expires on June&nbsp;30, 2010.
 We also manage the risks listed on page 54.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 79<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Electricity</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bruce Power Limited Partnership (BPLP)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP leases and operates four Candu nuclear reactors that have the capacity to provide about 15% of
Ontario&#146;s electricity.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Location
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ontario, Canada</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ownership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31.6%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ISO certification
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">ISO 14001 certified</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Expected reactor life
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2017 to 2020</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Term of lease
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2018 &#150; right to extend for 25&nbsp;years</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Generation capacity
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3,260 MW</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Average annual fuel
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.2&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">supplied by Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600 tonnes UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">conversion and fuel fabrication</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Background</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are the fuel procurement manager for BPLP&#146;s four nuclear reactors and for BALP&#146;s two operating
reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We provide 100% of BPLP&#146;s uranium concentrates and have agreed to supply BALP with the majority of
its future uranium concentrates. Sales to BPLP and BALP are also a substantial portion of our fuel
manufacturing business and an important part of our UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 update</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Output</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s adjusted capacity factor was 91% this year, which included 24.6 TWh of actual generation and
1.2 TWh of deemed generation (the market operator reduced power output from the B units during a
period of excess baseload generation in Ontario).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Licensing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The operating licence for the four B reactors has been extended to October&nbsp;31, 2014.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Planning for the future</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Output</I>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect the capacity factor to be approximately 90% in 2010 and actual output to be about 4%
higher than in 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Managing our risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The collective agreements for the two main unions at Bruce Power will expire in December&nbsp;2010.
Bruce Power is working actively towards new agreements with its union partners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP manages the unique risks associated with operating Candu reactors. The amount of electricity
generated, and the cost of that generation, could vary materially from forecast if planned outages
are significantly longer than planned, or there are many unplanned outages, either for maintenance,
regulatory requirements, equipment malfunction or due to other causes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also manages the risks listed on page 54.
</DIV>






<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 80<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reserves and resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our uranium reserves and resources are the foundation of our company and are fundamental to
our success.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate and disclose them in five categories (proven and probable reserves, and measured,
indicated and inferred resources) following established industry practices and in compliance with
National Instrument 43-101 (NI 43-101). We use current geological models, current or projected
operating costs and mine plans to estimate our reserves, allowing for dilution and mining losses.
We apply our standard data verification process for every estimate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Changes this year</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of proven and probable reserves went from 495&nbsp;million pounds at the end of 2008 to
478.7&nbsp;million pounds at the end of 2009. The change was mostly the result of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>mining and milling activities, which used 22&nbsp;million pounds</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>identifying additional reserves &#150; 14&nbsp;million pounds at McArthur River, and 8&nbsp;million pounds
at Rabbit Lake</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reclassifying reserves to resources &#150; 8&nbsp;million pounds at Cigar Lake and 6&nbsp;million pounds
at Ruby Ranch and Ruth</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Measured and indicated resources increased from 127.9&nbsp;million pounds at the end of 2008 to 139.6
million pounds at the end of 2009. The change was mostly the result of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adding 20&nbsp;million pounds of resources at Tamarack, Rabbit Lake and Crow Butte</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upgrading 14&nbsp;million pounds of resources to reserves at McArthur River, zone 4</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>downgrading 6&nbsp;million pounds of reserves to resources at Ruby Ranch and Ruth</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2009, our share of inferred resources was nearly 354&nbsp;million pounds &#151; a net gain of
18&nbsp;million pounds, which came mostly from the addition of 14&nbsp;million pounds from surface drilling
on McArthur River zone B.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 81<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Qualified persons</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed in this MD&#038;A, including the reserve and resource
estimates for our material properties (McArthur River/Key Lake, Cigar Lake and Inkai) were prepared
by, or under the supervision of, individuals who are qualified persons for the purposes of NI
43-101.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>McArthur River/Key Lake</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, director, mineral resources management, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>David Bronkhorst, general manager, McArthur River, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Greg Murdock, technical superintendent, McArthur River, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lorne D. Schwartz, chief metallurgist, mining technical services, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Les Yesnik, general manager, Key Lake, Cameco</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Inkai</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, director, mineral resources management, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Charles J. Foldenauer, deputy general director, operations, Inkai</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cigar Lake</I>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, director, mineral resources management, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grant J.H. Goddard, general manager, Cigar Lake, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>C. Scott Bishop, chief mine engineer, Cigar Lake, Cameco</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Lorne D. Schwartz, chief metallurgist, mining technical services, Cameco</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alain G. Mainville, director, mineral resources management, oversees and co-ordinates the
estimation of mineral reserves and resources by Cameco&#146;s qualified persons, and reports to
management and the board&#146;s reserves oversight committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Estimates are based on our knowledge, mining experience, analysis of drilling results and
management&#146;s best judgment. They are, however, imprecise by nature, may change over time, and
include many variables and assumptions, including:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>geological interpretation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extraction plans</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commodity prices</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>operating and capital costs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Important information for US investors</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the terms measured, indicated and inferred resources are recognized and required by Canadian
securities regulatory authorities, the US Securities and Exchange Commission (SEC)&nbsp;does not
recognize them. Under US standards, mineralization may not be classified as a &#145;reserve&#146; unless it
has been determined at the time of reporting that the mineralization could be economically and
legally produced or extracted. US investors should not assume that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any or all of a measured or indicated resource will ever be converted into proven
or probable mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any or all of an inferred resource exists or is economically or legally mineable,
or will ever be upgraded to a higher category. Under Canadian securities regulations,
estimates of inferred resources may not form the basis of feasibility or prefeasibility
studies.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The requirements of Canadian securities regulators for identification of &#147;reserves&#148; are also not
the same as those of the SEC, and mineral reserves reported by us in accordance with Canadian
requirements may not qualify as reserves under SEC standards.
</DIV>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 82<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other information concerning descriptions of mineralization, reserves and resources may not be
comparable to information made public by companies that comply with the SEC&#146;s reporting and
disclosure requirements for US domestic mining companies, including Industry Guide 7.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 83<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reserves</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(100% &#150; only the second last column shows Cameco&#146;s share)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Proven and probable</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(tonnes in thousands; pounds in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>PROVEN</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>PROBABLE</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>TOTAL RESERVES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share of</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Mining</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>metallurgical</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff"><B>method</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>recovery (%)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">498.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15.72</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">172.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">280.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">26.33</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">162.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">778.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.53</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">335.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">234.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">98.7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">130.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25.62</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">426.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">14.41</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">135.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">557.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.04</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">209.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">104.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">98.5</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">37.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.75</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,059.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.89</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">20.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,096.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.88</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">96.7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">open pit</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.52</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">61.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.52</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">98.7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,043.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">83,434.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">123.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">89,477.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">134.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,403.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.13</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,403.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.13</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">72.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,803.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,803.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">771.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.12</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,931.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.09</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,703.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">968.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.11</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">493.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.17</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,461.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.13</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">85.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>8,511.9</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>263.1</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>97,831.0</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>475.3</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>106,342.9</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>738.4</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>478.7</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Metallurgical recovery</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We report mineral reserves as the quantity of contained ore supporting our mining plans, and
include an estimate of the metallurgical recovery for each uranium property. Metallurgical recovery
is an estimate of the amount of valuable material that can be physically recovered by the
metallurgical extraction process, and is calculated by multiplying content by the estimated
metallurgical recovery percentage. Our share of uranium in the table above is before accounting for
estimated metallurgical recovery.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Estimates of Inkai</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our mineral reserve estimates of Inkai assume annual production of 5.2&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Inkai has regulatory approval to produce 2.6&nbsp;million pounds, and
applied for approval to increase production to 5.2&nbsp;million pounds per year in 2005. We expect to
receive all permits and approvals required for the construction and operation of the new ISR mine
at Inkai in 2010, including approval to increase annual production to 5.2&nbsp;million pounds. There can
be no certainty, however, that we will receive these permits or approvals. If Inkai does not
receive approval to increase production, we will re-categorize half of its mineral reserves as
mineral resources.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Notes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Estimates in the table:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>are based on the exchange rate at December&nbsp;31, 2009 ($1.00 US=$1.05 Cdn)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>use an average uranium price of $54 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Totals may not add up due to rounding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not expect these estimates to be materially affected by environmental, permitting, legal,
title, taxation, socio-economic, political or marketing issues.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 84<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(100% &#150; only the last column shows Cameco&#146;s share)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Measured and indicated</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">(tonnes in thousands; pounds in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>TOTAL MEASURED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>MEASURED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>AND INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Mining</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #ffffff"><B>method</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">162.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.39</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">22.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">39.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.37</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">202.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.78</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">30.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">8.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.35</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.27</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.6</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">792.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.59</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">792.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.59</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">open pit, underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">347.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.69</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">347.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.69</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">468.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.53</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">468.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.53</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">46.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">19.6</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">183.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.42</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">183.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.42</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13,291.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13,291.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">21.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,964.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,418.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,382.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.7</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">762.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,012.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,774.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,834.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.10</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13,170.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.06</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">17.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16,005.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.07</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.0</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">64.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.23</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,322.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.20</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,386.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.20</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,215.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,215.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.08</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,080.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.09</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,080.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.09</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">89.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.16</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,638.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.11</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,727.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0.12</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.4</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5,886.0</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>34.7</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>40,996.0</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>163.8</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>46,882.0</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&#151;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>198.5</B></TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>139.6</B></TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inferred</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(tonnes in thousands; pounds in millions)
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY </B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">604.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">159.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">111.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">480.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">133.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">66.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">119.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tamarack</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">underground</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">45.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">254,696.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">255.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">153.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">861.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte-Brown Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">640.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6,370.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,843.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">56.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">210.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">508.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>267,651.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>576.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>353.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Notes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resources do not include amounts that have been identified as reserves. Resources do not have
demonstrated economic viability. Totals may not add up due to rounding.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 85<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Additional information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Related party transactions</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We buy significant amounts of goods and services for our Saskatchewan mining operations from
northern Saskatchewan suppliers, to support economic development in the region. One of these
suppliers is Points Athabasca Contracting Ltd. (PACL). In 2009, we paid PACL $30.8&nbsp;million for
construction and contracting services (2008 &#151; $38.5&nbsp;million). These transactions were conducted in
the normal course of business. A member of Cameco&#146;s board of directors is the president of PACL.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Critical accounting estimates</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because of the nature of our business, we are required to make estimates that affect the
amount of assets and liabilities, revenues and expenses, commitments and contingencies we report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We base our estimates on our experience, our best judgment, guidelines established by the Canadian
Institute of Mining, Metallurgy and Petroleum and on assumptions we believe are reasonable. We
believe the following critical accounting estimates reflect the more significant judgments used in
the preparation of our financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Decommissioning and reclamation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are required to estimate the cost of decommissioning and reclamation for each operation, but we
normally do not incur these costs until an asset is nearing the end of its useful life. Regulatory
requirements and decommissioning methods could change during that time, making our actual costs
different from our estimates. A significant change in these costs or in our mineral reserves could
have a material impact on our net earnings and financial position.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Property, plant and equipment</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We depreciate property, plant and equipment primarily using the unit of production method, where
the carrying value is reduced as resources are depleted. A change in our mineral reserves would
change our depreciation expenses, and such a change could have a material impact on amounts charged
to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We assess the carrying values of property, plant and equipment and goodwill every year, or more
often if necessary. If we determine that we cannot recover the carrying value of an asset or
goodwill, we write off the unrecoverable amount against current earnings. We base our assessment of
recoverability on assumptions and judgments we make about future prices, production costs, our
requirements for sustaining capital and our ability to economically recover mineral reserves. A
material change in any of these assumptions could have a significant impact on the potential
impairment of these assets.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">When we are preparing our financial statements, we estimate taxes in each jurisdiction we operate
in, taking into consideration different tax rates, non-deductible expenses, valuation allowances,
changes in tax laws and our expectations for future results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We base our estimates of future income taxes on temporary differences between the assets and
liabilities we report in our financial statements, and the assets and liabilities determined by the
tax laws in the various countries we operate in. We record future income taxes in our financial
statements based on our estimated future cash flows, which includes estimates of non-deductible
expenses. If these estimates are not accurate, there could be a material impact on our net earnings
and financial position.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 86<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Controls and procedures</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have evaluated the effectiveness of our disclosure controls and procedures and internal
control over financial reporting as of December&nbsp;31, 2009, as required by the rules of the US
Securities and Exchange Commission and the Canadian Securities Administrators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management, including our president and chief executive officer and our chief financial officer,
supervised and participated in the evaluation, and concluded that our disclosure controls and
procedures are effective to provide a reasonable level of assurance that the information we are
required to disclose in reports we file or submit under securities laws is recorded, processed,
summarized and reported accurately, and within the time periods specified. It should be noted that
while the CEO and CFO believe that our disclosure controls and procedures provide a reasonable
level of assurance that they are effective, they do not expect the disclosure controls and
procedures or internal control over financial reporting to be capable of preventing all errors and
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management, including our president and chief executive officer and our chief financial officer, is
responsible for establishing and maintaining internal control over financial reporting and
conducted an evaluation of the effectiveness of our internal control over financial reporting based
on the <I>Internal Control &#151; Integrated Framework </I>issued by the Committee of Sponsoring Organizations
of the Treadway Commission. Based on this evaluation, management concluded that our internal
control over financial reporting was effective as of December&nbsp;31, 2009. We have not made any change
to our internal control over financial reporting during the 2009 fiscal year that has materially
affected, or is reasonably likely to materially affect, our internal control over financial
reporting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>New accounting pronouncements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>International financial reporting standards (IFRS)</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Accounting Standards Board requires Canadian publicly accountable enterprises to adopt IFRS
effective January&nbsp;1, 2011. Although IFRS has a conceptual framework that is similar to Canadian
GAAP, there are significant differences in recognition, measurement and disclosure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have developed a three-phase implementation plan that will ensure compliance and a smooth
transition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Senior management and the board&#146;s audit committee are actively involved in the process. A major
public accounting firm has been engaged to provide technical accounting advice and project
management guidance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Phase 1: Preliminary study and diagnostic &#151; completed in June&nbsp;2008</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During this phase, we:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>completed a high-level impact assessment</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prioritized areas to evaluate in phase 2</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developed a detailed plan for convergence and implementation</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>determined which information technology systems need to be modified to meet IFRS reporting
requirements. Necessary systems modifications have been tested and implemented as of June&nbsp;30,
2009</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Phase 2: Detailed component evaluation &#151; in progress</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During this phase, we are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessing the impact of the adoption of IFRS on our results of operations, financial
position and financial statement disclosures</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 87<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing a detailed, systematic gap analysis of accounting and disclosure differences
between Canadian GAAP and IFRS, which will help us make final decisions about accounting
policies and our overall conversion strategy</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>specifying all changes we need to make to existing business processes</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See the detailed status below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Phase 3: Embedding &#150; in progress</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During this final phase, we will:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>carry out the changes to our business processes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive the audit committee&#146;s approval of our accounting policy changes</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete the training process for our audit committee, board members and staff</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>collect the financial information we need to create our 2010 and 2011 financial statements
under IFRS</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive the board&#146;s approval of the new statements</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Progress update</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are still evaluating some key accounting policy alternatives and implementation decisions, and
have not yet determined the full accounting effects of adopting IFRS. We do not, however, expect
that adopting IFRS will have a material impact on our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Senior management and the audit committee have approved our IFRS accounting policies, but IFRS
standards are evolving and may be different at the time of transition. The International Accounting
Standards Board (IASB)&nbsp;has several projects underway that could affect the differences between
Canadian GAAP and IFRS. For example, we expect that the standards for consolidation, liabilities,
discontinued operations, financial instruments, employee benefits and joint ventures could change
before we adopt IFRS, and that IFRS for income taxes may change at a later date. We have been
monitoring and evaluating these changes, and our analysis incorporates the standards we expect to
be in effect at the time of transition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We currently expect IFRS to affect our consolidated financial statements in the following key
areas:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Asset impairment</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We use a two-step approach to test for impairment under Canadian GAAP:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We compare the carrying value of the asset with undiscounted future cash flows to see
whether there is an impairment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If there is an impairment, we measure it by comparing the carrying value of the asset with
its fair value.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">International Accounting Standard (IAS)&nbsp;36, <I>Impairment of Assets</I>, takes a one-step approach:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Compare the carrying value of the asset with either its fair value less costs to sell or
its value in use &#151; whichever is higher.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Value in use uses discounted future cash flows, and could result in more writedowns, but the effect
of this could be lower because IAS 36 allows companies to reverse impairment losses (for everything
except goodwill) if an impairment is reduced because circumstances have changed. Canadian GAAP does
not allow companies to reverse impairment losses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Employee benefits</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We amortize past service costs on a straight-line basis over the expected average remaining service
life of the plan participants under Canadian GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IAS 19, <I>Employee Benefits</I>, requires companies to expense the past service cost component of defined
benefit plans on an accelerated basis. Vested past service costs must be expensed
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 88<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">immediately. Unvested past service costs must be recognized on a straight-line basis until the
benefits vest. Companies will also recognize actuarial gains and losses directly in equity rather
than through profit or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IFRS 1, <I>First-Time Adoption of International Financial Reporting Standards </I>(IFRS 1), also allows
companies to recognize all cumulative actuarial gains and losses in retained earnings at the
transition date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Share-based payments</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We measure cash-settled, share-based payments to employees based on the intrinsic value of the
award under Canadian GAAP. IFRS 2, <I>Share-Based Payments</I>, requires companies to measure payments at
the award&#146;s fair value, both initially and at each reporting date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect this difference to affect how we account for our phantom stock option plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Provisions (Including asset retirement obligations)</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IAS 37, <I>Provisions, Contingent Liabilities and Contingent Assets</I>, requires companies to recognize a
provision when:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there is a present obligation because of a past transaction or event</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it is probable (i.e. more likely than not) that an outflow of resources will be required to
settle the obligation, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the obligation can be reliably estimated</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian GAAP uses the term &#147;likely&#148; in its recognition criteria, which is a higher threshold than
&#147;probable&#148;, so some contingent liabilities may be recognized under IFRS that were not recognized
under Canadian GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IFRS also measures provisions differently. For example:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When there is a range of equally possible outcomes, IFRS uses the midpoint of the range as
the best estimate, while Canadian GAAP uses the low end of the range.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under IFRS, material provisions are discounted.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Joint ventures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We proportionately account for interests in jointly controlled enterprises under Canadian GAAP. The
IASB has indicated that it expects to issue a new standard in 2010 that will replace IAS 31
<I>Interests in Joint Ventures</I>. It is considering Exposure Draft 9, <I>Joint Arrangements (ED 9)</I>, which
proposes that an entity recognize its interest in a joint controlled enterprise using the equity
method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect to use the equity method to account for our joint venture interests when we transition to
IFRS.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Income taxes</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Canadian GAAP, we credit (or charge) income tax directly to equity only when it relates to
items that we are crediting (or charging) directly to equity in the same period. IAS 12, <I>Income
Taxes</I>, requires companies to credit (or charge) income tax directly to equity whether or not the
related item is credited (or charged) directly to equity in the same period. That means we may have
to recognize some income tax effects directly in equity rather than through net income or loss.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Canadian GAAP, we cannot recognize deferred tax for a temporary difference that arises from
intercompany transactions. We record the taxes we pay or recover in these transactions as an asset
or liability, and then recognize them as a tax expense when the asset leaves the group or is
otherwise used. IAS 12 requires entities to recognize deferred taxes for temporary differences that
arise from intercompany transactions, and to recognize taxes paid or recovered in these
transactions in the period incurred.
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 89<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IASB may address these differences from GAAP in a fundamental review of income tax accounting
at some time in the future, but this review is not likely to be soon.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>First-time adoption of IFRS</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">IFRS 1 generally requires an entity to apply the new standards retrospectively at the end of its
first IFRS reporting period, but there are some mandatory exceptions and some optional exemptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are analyzing the options available to us, and currently expect to use the exemptions in the
table below. This is a summary of the changes we currently believe will be most significant when we
transition to IFRS &#150; it is not a complete list of changes we will be required to make. We are still
working on our analysis and have not made decisions about the accounting policies that are
available. At this stage, we cannot reliably quantify the expected impacts of these differences on
our consolidated financial statements.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Business combinations
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will have the option to apply
IFRS 3, <I>Business Combinations,</I>
retrospectively or prospectively.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to apply IFRS 3
prospectively to all business
combinations that occurred before
the transition date, except as
required under IFRS 1.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fair value as deemed cost
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will be able to choose to use the
fair value of property, plant and
equipment as deemed cost at the
transition date, or to use the value
determined under GAAP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to use the historical bases
under Canadian GAAP as deemed cost
at the transition date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share-based payments
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will be able to apply IFRS 2,
<I>Share-Based Payments, </I>to all equity
instruments granted on or before
November&nbsp;7, 2002, and to those
granted after November&nbsp;7, 2002 only
if they had not vested by the
transition date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to apply IFRS 2 to all
equity instruments granted after
November&nbsp;7, 2002 that had not vested
as of January&nbsp;1, 2010, and to all
liabilities arising from share-based
payment transactions that existed at
January&nbsp;1, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Borrowing costs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will be able to choose to apply
IAS 23 retrospectively, using a date
we specify, or to capitalize
borrowing costs for all qualifying
assets when capitalization begins on
or after January&nbsp;1, 2010.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to apply IAS 23
prospectively. For all qualifying
assets, we will expense the
borrowing costs we were capitalizing
before January&nbsp;1, 2010, and
capitalize the borrowing costs that
take effect on or after that date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Employee benefits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IAS 19, <I>Employee Benefits</I>, requires
entities to defer or amortize
certain actuarial gains and losses,
subject to certain provisions
(corridor approach), or to
immediately recognize them in
equity.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will have the option of
recognizing cumulative actuarial
gains and losses on benefit plans in
retained earnings at the transition
date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Differences in currency translation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IAS 21, <I>The Effects of Changes in
Foreign Exchange Rates</I>, will require
us to calculate currency translation
differences retrospectively, from
the date we formed or acquired a
subsidiary or associate.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IFRS 1 gives us the option of
resetting cumulative translation
gains and losses to zero at the
transition date.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to reset all cumulative
translation gains and losses to zero
in retained earnings at the
transition date.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 90<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Decommissioning <BR>
liabilities
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will have the option of applying IFRIC 1, <I>Changes in
Existing Decommissioning, Restoration and Similar
Liabilities</I>, retrospectively or prospectively.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IFRIC 1 will require us to add or deduct a change in our
obligations to dismantle, remove and restore items of
property, plant and equipment, from the cost of the asset it
relates to. The adjusted amount is then depreciated
prospectively over the asset&#146;s remaining useful life.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We plan to adopt IFRIC 1 prospectively at the transition date.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As we proceed with our transition, we are also assessing the impact on our internal controls
over financial reporting, and on our disclosure controls and procedures. Changes in accounting
policies or business processes could require the implementation of additional controls or
procedures to ensure the integrity of our financial disclosures. We plan to design and test the
effectiveness of new controls in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted several educational and training sessions for our audit committee and the board of
directors in 2009. During these sessions, management and external advisors provided the board with
detailed background information on IFRS accounting standards (including IFRS 1 elections), the
implications of policy choices on our financial reporting, and a preliminary view of the expected
format and content of our financial statements and notes upon transition. Management gives the
audit committee quarterly project status updates and presentations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We began training management and accounting staff in 2008. Training is being delivered mainly by
external advisors, and focusing on the accounting issues most relevant to Cameco. Sessions will
continue throughout 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our transition plan includes the need to inform key external stakeholders about the anticipated
impact of the IFRS transition on our financial reporting. In 2009, we provided an information
update as part of our investor day presentations. We are planning further communications with the
investment community in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are also evaluating the impact of IFRS on our business activities in general. At this stage, we
do not believe the adoption of IFRS will have a material effect on our risk management practices,
hedging activities, capital requirements, compensation arrangements, compliance with debt covenants
or other contractual commitments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business combinations</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CICA Handbook Section&nbsp;1582, <I>Business Combinations, </I>is effective for business combinations with an
acquisition date after January&nbsp;1, 2011. This standard specifies a number of changes, including: an
expanded definition of a business, a requirement to measure all business acquisitions at fair
value, a requirement to measure non-controlling interests at fair value and a requirement to
recognize acquisition-related costs as expenses.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated financial statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CICA Handbook Section&nbsp;1601, <I>Consolidated Financial Statements, </I>which replaces the existing
standard, is effective for periods beginning on or after January&nbsp;1, 2011. This section establishes
the standards for preparing consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Non-controlling interests in consolidated financial statements</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CICA Handbook Section&nbsp;1602, <I>Non-controlling Interests in Consolidated Financial Statements</I>, is
effective for periods beginning on or after January&nbsp;1, 2011. This section specifies that
non-controlling interests be treated as a separate component of equity, not as a liability or other
item
</DIV>




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 91<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">outside of equity. Section&nbsp;1602 will be applied prospectively to all non-controlling interests,
including any that arose before the effective date.
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Corporation <B>&#149;</B> Management&#146;s discussion and analysis <B>&#149;</B> </B>February&nbsp;23, 2010
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->page 92<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>o60848exv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.4</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal years ended December&nbsp;31, 2009 and December&nbsp;31, 2008, KPMG LLP and its affiliates were
paid by Cameco Corporation and its subsidiaries the following fees:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(Cdn$)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,756,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">49.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,388,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">27.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,197,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,735,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">76.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,586,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">98,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">676,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">283,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,574,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,113,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Pre-Approval Policies and Procedures</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco Corporation&#146;s corporate governance practices, under its audit committee charter,
the audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. The audit committee pre-approves the audit and non-audit services up to a
maximum specified level of fees. If fees relating to audit and non-audit services are expected to
exceed this level or if a type of audit or non-audit service is to be performed that previously has
not been pre-approved, then separate pre-approval by Cameco Corporation&#146;s audit committee or audit
committee chair, or in the absence of the audit committee chair, the chair of the board, is
required. All pre-approvals granted pursuant to the delegated authority must be presented by the
member(s) who granted the pre-approvals to the full audit committee at its next meeting. The audit
committee has adopted a written policy to provide procedures to implement the foregoing principles.
For each of the years ended December&nbsp;31, 2009 and 2008, none of Cameco Corporation&#146;s Audit-Related
Fees, Tax Fees or All Other Fees made use of the de minimis exception to pre-approval provisions
contained in paragraph (c)(7)(i) of Rule&nbsp;2-01 of Regulation&nbsp;S-X promulgated by the U.S. Securities
and Exchange Commission.
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>o60848exv99w5.htm
<DESCRIPTION>EX-99.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w5</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.5</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Cash Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Less Than</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 &#151; 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4 &#151; 5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(Cdn$ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Yrs</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>794</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">794</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP capital lease <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>170</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>358</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on BPLP capital lease <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>67</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>249</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconditional purchase commitments
<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>879</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual cash obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,012</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Denominated in US dollars, converted to Canadian dollars at the December&nbsp;31, 2009
rate of Cdn$1.0466.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Virtually all of Cameco Corporation&#146;s purchase commitments are under
long-term, fixed-price arrangements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commercial Commitments</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(Cdn$ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total amounts committed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP guarantees <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total commercial commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1 </SUP></TD>
    <TD>&nbsp;</TD>
    <TD> The standby letters of credit maturing in 2010 were issued with a one-year term
and will be automatically renewed on a year-by-year basis until the underlying obligations are
resolved. These obligations are primarily the decommissioning and reclamation of Cameco
Corporation&#146;s mining and conversion facilities. As such, the letters of credit are expected
to remain outstanding well into the future.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2009, Cameco Corporation&#146;s total commitment for financial
assurances given on behalf of BPLP was estimated to be Cdn$87&nbsp;million. Refer to note 26 in
the 2009 consolidated audited financial statements.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>o60848exv99w6.htm
<DESCRIPTION>EX-99.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.6</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited Cameco Corporation&#146;s (&#147;the Corporation&#148;) internal control over financial reporting
as of December&nbsp;31, 2009, based on the criteria established in Internal Control&#151;Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
The Corporation&#146;s management is responsible for maintaining effective internal control over
financial reporting and for its assessment of the effectiveness of internal control over financial
reporting, included in the accompanying management&#146;s discussion and analysis. Our responsibility
is to express an opinion on the Corporation&#146;s internal control over financial reporting based on
our audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A corporation&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A corporation&#146;s internal control over financial reporting includes those policies and
procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the corporation; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the corporation are being made only in accordance with authorizations of management
and directors of the corporation; and (3)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the corporation&#146;s assets that
could have a material effect on the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, the Corporation maintained, in all material respects, effective internal control
over financial reporting as of December&nbsp;31, 2009, based on the criteria established in Internal
Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have conducted our audits on the consolidated financial statements in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States). Our report dated February&nbsp;23, 2010 expressed an unqualified
opinion on those consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ KPMG LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2010
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>o60848exv99w7.htm
<DESCRIPTION>EX-99.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.7</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 36pt"><B>CAMECO CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 9pt"><B>RECONCILIATION TO UNITED STATES GAAP</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt">December&nbsp;31, 2009
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o60848o6084801.gif" alt="(KPMG LOGO)">
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>KPMG LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Telephone
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 934-6200</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Chartered Accountants</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 934-6233</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">600-128 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Avenue South
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internet
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.kpmg.ca</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatoon Saskatchewan S7K 1M8</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>AUDITORS&#146; REPORT ON RECONCILIATION TO UNITED STATES GAAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;23, 2010, we reported on the consolidated balance sheets of Cameco Corporation (&#147;the
Corporation&#148;) as at December&nbsp;31, 2009 and 2008 and the consolidated statements of earnings,
shareholders&#146; equity, comprehensive income, accumulated other comprehensive income and cash flows
for each of the years ended December&nbsp;31, 2009 and 2008. In connection with our audits of the
aforementioned consolidated financial statements, we also have audited the related supplemental
note entitled &#147;Reconciliation to United States GAAP&#148;. This supplemental note is the responsibility
of the Corporation&#146;s management. Our responsibility is to express an opinion on this supplemental
note based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In our opinion, such supplemental note, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly, in all material respects, the information
set forth therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="o60848o6084802.gif" alt="(KPMG LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2010
</DIV>


<DIV align="LEFT" style="font-size: 8pt; margin-left: 25%; margin-top: 30pt">KPMG LLP, is a Canadian limited liability partnership and a member firm of the KPMG<br>
network of independent member firms affiliated with KPMG International, a Swiss cooperative.<br>KPMG Canada provides services to KPMG LLP.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reconciliation to United States GAAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consolidated financial statements of Cameco are expressed in Canadian dollars in accordance
with Canadian generally accepted accounting principles (Canadian GAAP). The following
adjustments and disclosures would be required in order to present these consolidated financial
statements in accordance with accounting principles generally accepted in the United States (US
GAAP).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation of earnings under Canadian GAAP to earnings determined under US GAAP:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">

    <TD nowrap align="right" colspan="8" style="border-bottom: 1px solid #000000">(Recast &#091;e&#093;)</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="1" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from continuing operations under Canadian GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>716,997</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>366,149</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (deduct)&nbsp;adjustments for &#091;d&#093;:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pre-operating costs (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation (iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,044</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,628</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In-process research and development (viii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(92,736</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax effect of adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,881</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,509</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest in loss under Canadian GAAP<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,035</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(245</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from continuing operations under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>727,843</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>251,561</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from discontinued operations under Canadian GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>382,425</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>83,968</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add adjustment for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings from discontinued operations &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from discontinued operations under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>475,598</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>157,791</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,203,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>409,352</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less net loss attributable to non-controlling interests<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,035</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,433</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,244</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(58,398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,999</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings attributable to common shareholders under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1,145,043</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>343,353</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other comprehensive income:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income under Canadian GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>974,970</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>511,832</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to net earnings attributable to common shareholders under US GAAP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(106,764</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (deduct)&nbsp;adjustments for &#091;d&#093;:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unamortized actuarial gain (iv)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,006</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unamortized actuarial gain transferred to net earnings (iv)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(27,712</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,026</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency translation adjustments (viii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,240</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>968,868</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>509,597</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings per share under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.87</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>0.72</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.95</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>0.98</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>1.87</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>0.72</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.07</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.26</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>2.94</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>0.98</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As required by Statement of Financial Accounting Standards (SFAS)&nbsp;No.&nbsp;160,
Non-controlling Interests in Consolidated Financial Statements, the company has reclassified
its non-controlling interests on the statements of earnings and balance sheets.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparison of balance sheet items determined in accordance with Canadian GAAP to balance
sheet items determined in accordance with US GAAP:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Balance Sheets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000">(Recast &#091;e&#093;)</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,527,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$2,258,854</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$1,177,692</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$954,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets &#151; discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,104,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,068,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,531,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,932,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,379,966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,713</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other &#091;d(v)(viii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">648,545</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">699,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622,753</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,342,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,587,809</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,242,335</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$763,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$657,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$822,724</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$721,099</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities &#151; discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">743,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">703,802</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">952,853</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">793,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042,374</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">296,896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">313,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,072</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,163</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,334,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,849,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,355,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,853,799</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share capital &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,499,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,049,784</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-controlling interest<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,018</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,158,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,016,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,153,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,966,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- net actuarial loss &#091;d(iv)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,538</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,903</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- equity investment net actuarial loss &#091;d(iv)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,785</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,365</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- equity investment prior service cost &#091;d(iv)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,772</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,109</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- cumulative translation account &#091;d(ii)(viii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,323</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- hedges and derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,626</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,626</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,260</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total accumulated other comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65,835</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">165,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,843,828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,738,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,513,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,388,536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,342,102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,587,809</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>6,242,335</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>As required by Statement of Financial Accounting Standards (SFAS)&nbsp;No.&nbsp;160,
Non-controlling Interests in Consolidated Financial Statements, the company has reclassified
its non-controlling interests on the statements of earnings and balance sheets.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Components of accounts payable and accrued liabilities are as follows:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$438,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$339,390</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$402,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$304,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes and royalties payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total accounts payable and accrued liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>534,664</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>476,799</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>514,710</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right"><B>$</B><B>448,957</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The effects of these adjustments would result in the consolidated statements of cash
flows reporting the following under US GAAP:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$660,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$540,108</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by (used in) investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,064,681</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">558,670</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Included within the cash provided by investing activities for 2009 is $871,300,000 related to
the disposition of the interest in Centerra Gold Inc. (Centerra). There are no cash flows
from discontinued operations contained within cash provided by operations or financing
activities.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A description of certain significant differences between Canadian GAAP and US GAAP
follows:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pre-Operating Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, pre-operating costs incurred during the commissioning phase of a
new project are deferred until commercial production levels are achieved, subject to
time limitations. Under US GAAP, such costs are expensed as incurred. McArthur River
commercial production commenced March&nbsp;1, 2000 for US GAAP and November&nbsp;1, 2000 for
Canadian GAAP. Differences in capitalized costs are amortized over the estimated lives
of the assets to which they relate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cumulative Translation Account</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to 2007, under US GAAP, exchange gains and losses of any foreign currency debt
designated as hedges of net investments in subsidiaries were included in comprehensive
income. Cumulative amounts were included in accumulated other comprehensive income on
the balance sheet. Adjustments from prior years related to this difference amount to
$21,222,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, Cameco amended its stock option program, introducing a cash settlement feature
for the exercise of employee stock options. Under Canadian GAAP, options that include
a cash settlement feature are classified as liabilities and carried at their intrinsic
value. The intrinsic value is marked to market each period with an offsetting
adjustment to expense. Under US GAAP, the liabilities are required to be measured at
their fair value each period with an offsetting adjustment to expense. For US GAAP
purposes, the fair value of the options was determined using the Black-Scholes
option-pricing model. As a result of the difference, compensation expense for US GAAP
purposes for 2007 was reduced by $76,126,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In November&nbsp;2008, Cameco amended its stock option program, removing the cash settlement
feature for the exercise of employee stock options. Under both Canadian and US GAAP,
options that do not include a cash settlement feature are classified as equity and
measured at their grant date fair value. The Black-Scholes option-pricing model was
used to determine the fair value of the options as at the date of amendment. It was
determined that compensation expense previously recorded under Canadian GAAP was in
excess of the fair value of the outstanding options. Thus, no charges or recoveries
were recorded under Canadian GAAP as a result of this amendment. The expense recorded
under US GAAP, while the cash settlement option was in effect, was lower than the grant
date fair value of the outstanding options. The reversal of the recovery of stock
compensation costs as a result of the use of the intrinsic value model under Canadian
GAAP at a time when Cameco&#146;s share price was declining results in an increase expense
for US GAAP purposes of $3,044,000 in 2009 (2008 &#151; $65,628,000). The cumulative
Canadian-US GAAP difference for stock-based compensation expense is $7,454,000, of
which</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">




</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$2,202,000 is a permanent difference. The remaining $5,252,000 is a temporary
difference and future expenses under US GAAP will be increased by that amount.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of December&nbsp;31, 2009, Cameco had stock-based compensation costs relating to unvested
stock option awards that have not yet been recognized in the amount of $3,186,000 (2008
 &#151; $4,469,000), net of estimated forfeitures. The compensation cost will be recognized
on a straight-line basis over the remaining vesting periods of the awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2006, the FASB issued Statement No.&nbsp;158, Employers&#146; Accounting for Defined
Benefit Pension and Other Post-Retirement Plans (FAS 158), an amendment of FASB
Statements No.&nbsp;87, 88, 106 and 132(R). FAS 158 requires an entity to recognize the
funded status of a benefit plan in the balance sheet and to recognize the existing
unrecognized net gains and losses, unrecognized prior service costs, and unrecognized
net transition assets in other comprehensive income. There is no similar requirement
under Canadian GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Cameco benefit plan, a loss of $4,635,000 was included in other comprehensive
income (2008 &#151; a gain of $1,709,000). For the BPLP benefit plan, a loss of
$50,624,000 was included in other comprehensive income (2008 &#151; a gain of
$121,060,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate used to discount pension and other post-retirement benefit plan obligations
was based on the AA high quality Canadian corporate bond yield curve at December&nbsp;31,
2009, as developed by third party actuaries. The estimated future cash flows for the
pension and other post-retirement obligations were matched to the corresponding spot
rates on this yield curve to derive a representative single discount rate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2009, the Ontario provincial government enacted amendments that provided for a
reduction in the general corporate income tax rate for business operating in the
province of Ontario. The cumulative effect on the income tax liability related to the
2009 adjustments to other comprehensive income for pension and other post-retirement
benefits was an increase of $9,460,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(v)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in Bruce Power L.P. (BPLP)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, Cameco accounts for its interest in BPLP by the proportionate
consolidation method. Under US GAAP, Cameco is required to equity account for its
investment and record in earnings its proportionate share of their net earnings
measured in accordance with US GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(vi)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Convertible Debentures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, convertible debentures are to be classified entirely as debt rather than
equity. Due to the difference, accretion related to the equity component of
convertible debentures for Canadian GAAP has been reversed for US GAAP purposes. Since
all interest related to the debentures was being capitalized under both US and Canadian
GAAP, the adjustments affected only the balance sheet. The convertible debentures were
converted to common shares in October&nbsp;2008. In comparison to Canadian GAAP, the
cumulative differences on the US GAAP balance sheet were to decrease share capital by
$12,930,000 and property, plant and equipment by $12,930,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(vii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as
follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$34,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$20,587</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions based on tax positions related to the current year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,161</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions for tax positions of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reductions for tax positions of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,100</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$43,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$34,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">All of the tax benefits included in the table would, if recognized, impact the
effective income tax rate. It is Cameco&#146;s policy to classify interest and penalties
associated with unrecognized tax benefits, if any, in income tax expense. For the years
ended December&nbsp;31, 2008 and 2009, there were no amounts accrued for penalties or
interest expense.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco and its subsidiaries file tax returns in several jurisdictions. At December&nbsp;31,
2009, the significant jurisdictions and the tax years subject to examination by tax
authorities were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Years</B></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2005 - present</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2006 - present</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2008 - present</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barbados</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2001 - present</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">&nbsp;</TD>

</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(viii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in GE-Hitachi Global Laser Enrichment LLC (GLE)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective June&nbsp;19, 2008, Cameco acquired a 24% interest in GLE. In total, $94,727,000
of the purchase price has been allocated to in-process research and development
(IPR&#038;D). Under Canadian GAAP, IPR&#038;D is capitalized and amortized over the period until
the project commences commercial production. Under Canadian GAAP, these expenditures
are being amortized over a period of 8.5&nbsp;years, with all amounts amortized by December
31, 2016. Under US GAAP, any portion of the purchase price allocated to research and
development activities for which there is no alternative future use must be expensed on
the acquisition date. Under US GAAP, the expense for 2009 has been decreased by
$18,294,000 (2008 &#151; increased by $92,736,000). As a result, the carrying value of the
investment is lower under US GAAP which causes a foreign currency translation
difference in the amount of $5,245,000 (2008 &#151; $18,240,000), which has been recorded in
the cumulative translation account.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Sale of Centerra Gold Inc. (Centerra)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On December&nbsp;30, 2009, Cameco completed a public offering of 88,618,472 common shares of
Centerra for net proceeds of approximately $871,000,000 and, for Canadian GAAP purposes,
recorded a net gain of $374,000,000. Concurrent with this offering, Cameco transferred an
additional 25,300,000 common shares of Centerra to Kyrgyzaltyn pursuant to the agreement that
Cameco entered into with the Government of the Kyrgyz Republic on April&nbsp;24, 2009. As a
result of the closing of the public offering, and the transfer of the Centerra common shares
to Kyrgyzaltyn, Cameco has disposed of its entire interest in Centerra. For US GAAP
purposes, Cameco recorded an incremental gain on disposition of $23,570,000 which represents
the remaining book value of Centerra&#146;s net assets under US GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The assets and liabilities related to the discontinued operations have been reclassified as
assets or liabilities of discontinued operations on the consolidated balance sheets.
Operating results related to the discontinued operations have been included in earnings from
discontinued operations on the consolidated statements of earnings. Comparative period
balances have been restated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Results of Discontinued Operations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The results of the operations of Centerra are presented under &#147;discontinued operations&#148; on
the consolidated statements of earnings. The following table presents the components of the
US GAAP adjustments related to the discontinued operations amounts:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 0px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$23,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from discontinued operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$93,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$73,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The incremental gain of $23,570,000 was comprised of amounts related to unamortized stripping
costs ($12,819,000), previously unvalued gold ore stockpiles ($8,787,000) and future income
tax assets acquired on acquisition of Centerra ($1,964,000).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The following table presents the components of the US GAAP adjustments related to the
operating results of Centerra:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stripping costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$18,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$11,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax (expense)&nbsp;recovery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,426</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,463</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification of non-controlling interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,800</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$69,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$73,823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, stripping costs incurred during the production phase by mining companies
to remove overburden and other mine waste materials in order to access mineral deposits, can
be either expensed or capitalized given the specifics of the situation. Under US GAAP,
stripping costs are deemed to be variable production costs that should be included in the
costs of the inventory produced during the period that the stripping costs are incurred. No
stripping costs were incurred in 2009 (2008 &#151; $13,835,000) and capitalized at Centerra&#146;s
mines under Canadian GAAP. Under US GAAP, adjustments were made to expense these amounts.
Differences in capitalized costs are amortized over the estimated lives of the assets to
which they relate. In 2009, an adjustment was made to reduce the amount of depreciation
charged to earnings by $18,929,000 (2008 &#151; $25,395,000). A charge for non-controlling
interest in the amount of $7,333,000 (2008 &#151; $6,444,000) is included in the net loss
attributable to non-controlling interests.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As required by Statement of Financial Accounting Standards (SFAS)&nbsp;No.&nbsp;160, Non-controlling
Interests in Consolidated Financial Statements, the company has reclassified its
non-controlling interests on the statements of earnings and balance sheets. Accordingly,
minority interest of $54,100,000 (2008 &#151; $59,800,000) included in discontinued operations
under Canadian GAAP has been reclassified as net loss attributable to non-controlling
interest.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>COMMENTS BY AUDITORS FOR US READERS ON CANADA &#151; US REPORTING DIFFERENCES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the United States, reporting standards for auditors require the addition of an explanatory
paragraph (following the opinion paragraph):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that refers to the audit report on the Corporation&#146;s internal control over financial
reporting. Our report to the shareholders dated February&nbsp;23, 2010 is expressed in
accordance with Canadian reporting standards, which do not require a reference to the
auditors&#146; report on the Corporation&#146;s internal control over financial reporting in the
auditors&#146; report on the consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when there is a change in accounting principles that has a material effect on the
comparability of the Corporation&#146;s financial statements such as the changes described
in note 3(b)(iii) to the consolidated financial statements. Our report to the
shareholders dated February&nbsp;23, 2010 is expressed in accordance with Canadian reporting
standards, which do not require a reference to changes in accounting principles in the
auditors&#146; report when the change is properly accounted for and adequately disclosed in
the financial statements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ KPMG LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;23, 2010
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>o60848exv99w8.htm
<DESCRIPTION>EX-99.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the inclusion in this annual report on Form 40-F of:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our auditors&#146; report dated February&nbsp;23, 2010 on the consolidated balance sheets of
Cameco Corporation (the &#147;Corporation&#148;) as at December&nbsp;31, 2009 and 2008, and the consolidated
statements of earnings, shareholders&#146; equity, comprehensive income and cash flows for each of
the years in the 2-year period ended December&nbsp;31, 2009,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Comments by Auditors for US Readers on Canada-US Reporting Differences, dated
February&nbsp;23, 2010,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our auditors&#146; report on reconciliation to United States GAAP dated February&nbsp;23, 2010,
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#150;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Report of Independent Registered Public Accounting Firm dated February&nbsp;23, 2010 on
the Corporation&#146;s internal control over financial reporting as of December&nbsp;31, 2009,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of which is contained in this annual report on Form 40-F of the Corporation for the fiscal
year ended December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the incorporation by reference of such reports in the registration statements
(Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco Corporation Stock Option Plan,
and registration statement (No.&nbsp;333-139324) on Form S-8 for the Cameco Corporation Employee Share
Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">/s/ KPMG LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;31, 2010
</DIV>








<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>o60848exv99w9.htm
<DESCRIPTION>EX-99.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.9</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Gerald W. Grandey, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 40-F of Cameco Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of the issuer&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;31, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                 /s/ <I>Gerald W. Grandey</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Gerald W. Grandey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">President &#038; Chief Executive
Officer <BR>
(Principal Executive Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>o60848exv99w10.htm
<DESCRIPTION>EX-99.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.10</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, O. Kim Goheen, certify that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 40-F of Cameco Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of the issuer&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2010
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                               /s/ <I>O. Kim Goheen</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President &#038;<BR>
Chief Financial Officer<BR>
(Principal Financial Officer)&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>o60848exv99w11.htm
<DESCRIPTION>EX-99.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w11</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2009, as filed with the U.S. Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Gerald W. Grandey, President &#038; Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By<I>:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ <I>Gerald W. Grandey</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Gerald W. Grandey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: President &#038; Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;31, 2010
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>o60848exv99w12.htm
<DESCRIPTION>EX-99.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.12</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2009, as filed with the U.S. Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, O. Kim Goheen, Senior Vice-President &#038; Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="40%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ <I>O. Kim Goheen</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: O. Kim Goheen</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" nowrap>Title: Senior Vice-President &#038; Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;31, 2010
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>o60848exv99w13.htm
<DESCRIPTION>EX-99.13
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.13</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148;, &#147;The Nuclear Business &#151; Mining
Properties &#151; Inkai&#148;, &#147;The Nuclear Business &#151; Development Projects &#151; Cigar Lake&#148; and
&#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information Form for the year ended
December&nbsp;31, 2009 dated March&nbsp;31, 2010 for the McArthur River/Key Lake, Inkai and Cigar
Lake properties; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the McArthur River/Key Lake, Cigar Lake and Inkai
properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Alain G. Mainville</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain G. Mainville, P. Geo.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Director, Mineral Resources Management, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>15
<FILENAME>o60848exv99w14.htm
<DESCRIPTION>EX-99.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.14</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; Inkai&#148;, and &#147;Interest of Experts&#148; in the Corporation&#146;s
Annual Information Form for the year ended December&nbsp;31, 2008 dated March&nbsp;31, 2010 for
the Inkai property; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
23, 2010 for the Inkai property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Charles Foldenauer</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles Foldenauer, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">General Deputy Director, Operations, Joint Venture Inkai Limited Liability Partnership</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>16
<FILENAME>o60848exv99w15.htm
<DESCRIPTION>EX-99.15
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w15</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.15</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Development Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2009 dated March
31, 2010 for the Cigar Lake property; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the Cigar Lake property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Grant J. H. Goddard</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant J. H. Goddard, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">General Manager, Cigar Lake project, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>17
<FILENAME>o60848exv99w16.htm
<DESCRIPTION>EX-99.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.16</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148;, &#147;The Nuclear Business &#151; Development
Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the Corporation&#146;s Annual
Information Form for the year ended December&nbsp;31, 2009 dated March&nbsp;31, 2010 for the
McArthur River/Key Lake and the Cigar Lake properties; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the McArthur River/Key Lake and the Cigar Lake
properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Lorne Schwartz</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lorne Schwartz, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Chief Metallurgist, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>18
<FILENAME>o60848exv99w17.htm
<DESCRIPTION>EX-99.17
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.17</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Development Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2009 dated March
31, 2010 for the Cigar Lake property; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the Cigar Lake property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>C. Scott Bishop</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C. Scott Bishop, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Chief Mine Engineer, Cigar Lake project, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>19
<FILENAME>o60848exv99w18.htm
<DESCRIPTION>EX-99.18
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w18</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.18</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2009 dated March
31, 2010 for the McArthur River/Key Lake properties; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Gregory M. Murdock</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gregory M. Murdock, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Technical Superintendent, McArthur River, Cameco Corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.19
<SEQUENCE>20
<FILENAME>o60848exv99w19.htm
<DESCRIPTION>EX-99.19
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.19</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2009 dated March
31, 2010 for the McArthur River/Key Lake properties; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>David Bronkhorst</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Bronkhorst, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">General Manager, McArthur River, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.20
<SEQUENCE>21
<FILENAME>o60848exv99w20.htm
<DESCRIPTION>EX-99.20
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.20</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form&nbsp;40-F&#148;) of Cameco
Corporation (the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange
Commission pursuant to the United States Securities Exchange Act of 1934, as amended.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information in the following instances:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2009 dated March
31, 2010 for the McArthur River/Key Lake properties; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Reserves and Resources&#148; in Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operation for the year ended December&nbsp;31,
2009 dated February&nbsp;23, 2010 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Leslie (Les) D. Yesnik</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leslie (Les) D. Yesnik, P. Eng.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">General Manager, Key Lake operations, Cameco Corporation</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;31, 2010</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
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