<SEC-DOCUMENT>0001193125-12-238207.txt : 20120517
<SEC-HEADER>0001193125-12-238207.hdr.sgml : 20120517
<ACCEPTANCE-DATETIME>20120517154217
ACCESSION NUMBER:		0001193125-12-238207
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120517
FILED AS OF DATE:		20120517
DATE AS OF CHANGE:		20120517

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		12851872

	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>6-K
<SEQUENCE>1
<FILENAME>d354416d6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 6-K</TITLE>
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 <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P> <P STYLE="margin-top:4px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>UNITED STATES </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Washington, DC 20549 </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>FORM 6-K
</B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Report of Foreign Private Issuer </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="3"><B>Pursuant to Rule 13a-16 or 15d-16 Under </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>the Securities Exchange Act of
1934 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>For the month of May, 2012 </B></FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="6"><B>Cameco Corporation </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>(Commission file No.&nbsp;1-14228) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2121-11th
Street West </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Saskatoon, Saskatchewan, Canada S7M 1J3 </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Address of Principal Executive Offices) </B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 20-F&nbsp;&nbsp;<FONT
STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">Yes&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No&nbsp;&nbsp;<FONT STYLE="FONT-FAMILY:WINGDINGS">&#254;</FONT> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the
registrant in connection with Rule&nbsp;12g3-2(b): </FONT></P> <P STYLE="font-size:8px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="line-height:0px;margin-top:0px;margin-bottom:0px;border-bottom:0.5pt solid #000000">&nbsp;</P>
<P STYLE="line-height:3px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000">&nbsp;</P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page 2</B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><U>Exhibit Index </U></B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:37pt"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exhibit No.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:37pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Description</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="border-bottom:1px solid #000000;width:29pt" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1">Page No.</FONT></P></TD></TR>


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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" NOWRAP><FONT STYLE="font-family:Times New Roman" SIZE="2">Material Change Report</FONT><BR> <P STYLE="margin-bottom:1px; margin-top:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">May 17, 2012</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 - 6</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>SIGNATURE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Date: May&nbsp;17, 2012</FONT></TD>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cameco Corporation</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">By:</FONT></TD></TR>
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<TD VALIGN="bottom"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Gary M. S.
Chad&#148;</I></FONT></P></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gary M. S. Chad</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior Vice-President, Governance,</FONT></TD></TR>
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<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">Law and Corporate Secretary</FONT></TD></TR>
</TABLE> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>d354416dex1.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
<HTML><HEAD>
<TITLE>Material Change Report</TITLE>
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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page 3</B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exhibit 1 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>FORM 51-102F3 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>MATERIAL CHANGE REPORT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;1 &#150; Name and Address of Company </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Cameco Corporation (&#147;<B>Cameco</B>&#148;) </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">2121 &#150; 11th Street West
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Saskatoon, Saskatchewan S7M 1J3 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;2 &#150; Date of Material Change </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;13, 2012 </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;3 &#150; News Release </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The news release relating to the material change described in this report was issued by Cameco via Marketwire on Monday, May&nbsp;14, 2012. A copy of the news release has been filed on SEDAR and is
available at www.sedar.com. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;4 &#150; Summary of Material Change </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;13, 2012, Cameco entered into an agreement with Advent International to purchase NUKEM Energy GmbH, one of the world&#146;s
leading traders and brokers of nuclear fuel products and services. Under the agreement, Cameco will pay Advent and other shareholders &#128;105&nbsp;million (US$136 million) on closing subject to certain adjustments. Cameco will receive the benefits
of owning NUKEM and the obligation for the company&#146;s net debt of &#128;127&nbsp;million (US$164 million) as of January&nbsp;1, 2012. As a result of cash generated from its ongoing business activities, NUKEM is expected to significantly reduce
the balance of its debt prior to closing. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The agreement also includes provisions that could provide Advent with a share of
NUKEM&#146;s future earnings under certain conditions until the end of 2014. The agreement is subject to regulatory approvals and is expected to close in the fourth quarter of 2012. Following closing, NUKEM will continue to operate as an independent
company. NUKEM has 35 experienced professionals and support staff at its offices in Alzenau, Germany and Danbury, Connecticut. Key personnel within NUKEM have committed to remain with the company. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;5 &#150; Full Description of Material Change </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On May&nbsp;13, 2012, Cameco Deutschland Investments GmbH (the &#147;<B>Purchaser</B>&#148;), a wholly-owned subsidiary of Cameco, entered into a share purchase agreement (the
&#147;<B>Agreement</B>&#148;) with Advent Energy S.&agrave; r.l. (&#147;<B>Advent</B>&#148;), Energie Beteiligungs-Management MEP GmbH&nbsp;&amp; Co. KG and Energie Beteiligungs-Management UK MEP GmbH&nbsp;&amp;&nbsp;Co. KG (collectively, the
&#147;<B>Sellers</B>&#148;) and Cameco, as guarantor, pursuant to which the Purchaser will acquire all of the shares (the &#147;<B>Shares</B>&#148;) of NUKEM Energy GmbH (the &#147;<B>Company</B>&#148;), a limited liability company organized under
the laws of Germany, from the Sellers. Advent is the majority shareholder of the Company. The Company wholly owns, directly or indirectly, three German limited liability companies and one U.S. corporation (the &#147;<B>Subsidiaries</B>&#148; and,
together with the Company, the &#147;<B>Companies</B>&#148;), and has an indirect 49.5% interest in a Luxembourg company (the &#147;<B>Participation</B>&#148;). Collectively, the Company, the Subsidiaries and the Participation are referred to as the
&#147;<B>NUKEM Group</B>.&#148; </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the closing, the sale and purchase of the Shares will be retroactively effective, as of
January&nbsp;1, 2012 (the &#147;<B>Effective Date</B>&#148;). </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page 4</B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Purchase Price </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The initial purchase price (the &#147;<B>Initial Purchase Price</B>&#148;) for the Shares will be <B>&#128;104,865,000</B>, <U>minus</U>
(i)&nbsp;a potential adjustment of an amount equal to certain taxes that could be assessed against the Companies and (ii)&nbsp;certain of the Purchaser&#146;s hedging costs. The Initial Purchase Price must be paid on the closing date, together with
interest on the Initial Purchase Price at a rate of 5%&nbsp;per year, calculated from the Effective Date until the closing date. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B><I>Earn-Out Payments </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Agreement includes provisions that could
provide Advent with a share of the NUKEM Group&#146;s future earnings under certain conditions until the end of 2014. Specifically, as a subsequent increase of the Initial Purchase Price, the Purchaser must pay to the Sellers: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(i)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The First Earn-Out Payment</B>: A one-time earn-out payment amounting to 90% of the amount by which the consolidated EBITDA of the NUKEM Group for 2012, determined
pursuant to a specific formula outlined in the Agreement, <U>plus or minus</U> an adjustment based on the value of the NUKEM Group&#146;s inventory for 2012, exceeds US$115 million (the &#147;<B>First Earn-Out Amount</B>&#148;), <U>minus</U> the
Proportionate Income Tax (defined below) on the First Earn-Out Amount. </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(ii)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Second Earn-Out Payment</B>: A one-time earn-out payment amounting to 60% of the amount by which the consolidated EBITDA of the NUKEM Group for the period from
January&nbsp;1, 2012 through December&nbsp;31, 2014, determined pursuant to a specific formula outlined in the Agreement, <U>plus or minus</U> an adjustment based on the value of inventory for that period, exceeds US$263 million (the &#147;<B>Second
Earn-Out Amount</B>&#148;), <U>minus</U> the Proportionate Income Tax on the Second Earn-Out Amount, <U>minus</U> the amount of the First Earn-Out Payment, if any. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The &#147;<B>Proportionate Income Tax</B>&#148; means (a)&nbsp;the respective earn-out amount divided by the consolidated EBITDA for the
relevant time period, multiplied by (b)&nbsp;the respective Overall Income Tax. The &#147;<B>Overall Income Tax</B>&#148; means the total amount of income tax that would be due if the consolidated EBITDA of the NUKEM Group for the relevant period
was subject to a total income tax rate of 30%. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the above earn-out payments, the Purchaser agreed to cause
the NUKEM Group to refrain from certain activities from the closing until December&nbsp;31, 2014, including implementing material changes to the business of the Companies and entering into any agreements with the Purchaser or any affiliate of Cameco
which are not at arm&#146;s length and on market conditions. In the event that the Purchaser violates such covenants, the second earn-out payment will be adjusted in favor of the Sellers pursuant to mechanisms outlined in the Agreement. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Sellers are entitled to receive additional earn-out payments of up to US$15 million upon the satisfaction of certain
other conditions. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Closing Conditions </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The closing of the transaction is subject to the satisfaction of certain closing conditions, including the condition that the German Federal Ministry of Economics and Technology (the &#147;<B>German
Ministry</B>&#148;) has approved the acquisition or issued binding orders in relation to the acquisition without prohibiting the transaction (and the parties have agreed in writing that they are prepared to comply with such orders and close the
transaction), or that applicable waiting periods have expired without any order prohibiting the transaction. The closing is also conditioned on the receipt of all requisite approvals, clearances and waivers under U.S. and Chinese merger control law,
or the expiry of applicable waiting periods, without any order or injunction of a court of competent jurisdiction in the U.S. or China prohibiting the transaction. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page 5</B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Purchaser is required to fulfill any additional conditions of the German Ministry and
competent authorities in the U.S. at its own costs and risk unless such conditions have or may reasonably be expected to have such a material adverse effect on the net worth, financial condition or results of operations of the Companies and the
Purchaser&#146;s group (taken as a whole) that the Purchaser may no longer reasonably be expected to consummate the transaction. If the competent merger control authorities in China are prepared to grant approval of the transaction only subject to
compliance with specific conditions or obligations, the Purchaser must consider them in good faith, but is not required to accept such conditions or obligations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Finally, the closing is also conditional on the resolution of certain of the Companies&#146; outstanding tax matters, and that the final tax assessments, if any, do not exceed a specified amount.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Rescission and Break Fee </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If the closing has not occurred by February&nbsp;28, 2013, the Sellers (jointly) may rescind the Agreement, unless the Purchaser averts the rescission by issuing a specific notice (the &#147;<B>Avoidance
Notice</B>&#148;). </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the closing has not occurred by May&nbsp;31, 2013, either the Sellers (jointly) or the Purchaser may
rescind the Agreement, and such rescission cannot be averted. In the event that the Agreement so rescinded and the Purchaser had previously issued an Avoidance Notice, the Purchaser must pay the Sellers a &#128;3&nbsp;million break fee. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Senior Facilities Agreement </I></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company and certain of its subsidiaries are parties to a senior facilities agreement dated June&nbsp;14, 2007, as amended from time to time, with certain financial institutions (the &#147;<B>Senior
Facilities Agreement</B>&#148;). In addition, the Company, as obligor, is a party to a security trust agreement dated June&nbsp;14, 2007 with the Sellers as security providers and a financial institution (the &#147;<B>Security Trust
Agreement</B>&#148;) and, in connection with the Securities Facilities Agreement and the Security Trust Agreement, the Companies have granted various security interests over their assets as collateral, including the shares of the Subsidiaries (the
&#147;<B>Collateral Arrangements</B>&#148; and, together with the Senior Facilities Agreement and the Security Trust Agreement, the &#147;<B>Financing Agreements</B>&#148;). On January&nbsp;1, 2012, the Company was indebted &#128;127&nbsp;million
under the Financing Agreements. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless the Purchaser notifies the Sellers by no later than August&nbsp;31, 2012 that it will
continue the existing financing in whole or in part, on the closing the Purchaser must repay amounts outstanding under the Financing Agreements and the Sellers and the Companies will be released from all obligations and liabilities in connection
with the Financing Agreements. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Sellers&#146; Undertakings </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Sellers agreed that, until the end of 2014, they will not solicit certain key employees of the NUKEM Group for employment and will
cause certain key employees not to compete with the business of the Companies. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>Guarantee </I></B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cameco guarantees all of the obligations of the Purchaser under the Agreement. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;6 &#150; Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102 </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P>

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 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Page 6</B>
</FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;7 &#150; Omitted Information </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Not applicable. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;8
&#150; Executive Officer </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Gary M.S. Chad </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Senior Vice-President </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Governance, Law and Corporate Secretary </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Cameco Corporation </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(306)&nbsp;956-6303 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Item&nbsp;9 &#150; Date of Report </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">May&nbsp;17, 2012 </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Caution
Regarding Forward-Looking Information and Statements </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain information in Item&nbsp;4 of this Material Change Report constitutes
&#147;forward-looking information&#148; or &#147;forward-looking statements&#148; within the meaning of Canadian and U.S. securities laws, including the expectation that NUKEM will significantly reduce the balance of its debt prior to closing, the
expected closing date and the effectiveness of the commitments of NUKEM&#146;s key personnel to remain with the company. Please refer to Cameco&#146;s May&nbsp;14, 2012 news release under the heading &#147;Caution Regarding Forward-Looking
Information and Statements&#148; for a description of the material assumptions which this forward-looking information is based on and the material risks that could cause actual results to differ materially from the forward-looking information.
Cameco has provided this forward-looking information to help you understand management&#146;s view regarding the acquisition and it may not be appropriate for other purposes. Cameco does not undertake any obligation to update or revise
forward-looking information, whether as a result of new information, future events or otherwise, except as legally required. </FONT></P>
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