Cameco Corporation Uranium | Investing in clean electricity

Common Shares: TSX - CCO | NYSE - CCJ | Dividend – $0.06 (CDN) quarterly

Vision Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.

Strategy Cameco is one of the world’s largest uranium producers, accounting for Cameco’s strategy is to build on our solid asset base in 15% of world production from its uranium and uranium conversion, and expertise in the mines in Canada and the US. Our global nuclear industry with sustainable investments to leading position is backed by about provide clean-energy solutions for growing world markets. 500 million pounds of proven and Our measures of success are a safe, healthy and rewarding probable reserves. Cameco holds workplace, a clean environment, supportive communities premier land positions in the world’s wherever we operate, and outstanding financial performance. most promising areas for new uranium discoveries in Canada and Australia as part of an intensive global Strength exploration program. Cameco is also a leading provider of processing Cameco generated $2.4 billion in cash flow over the past services required to produce fuel for five years while remaining below our net debt-to-capitalization nuclear power plants, and generates target ratio of 25%. Steady operating performance and 1,000 MW of clean electricity through conservative financial stewardship have positioned us to a partnership in North America’s pursue growth opportunities with a solid balance sheet largest nuclear generating station and excellent credit ratings. located in Ontario, Canada.

Uranium Market 2009-2018 (million lbs U3O8) Solid Fundamentals World demand is predicted to outpace existing supply. About 400 million pounds of new uranium 2500 production is required to meet demand over 2000 the next 10 years. Given that it takes about Required Supply 10 years to permit and construct new mines, 1500 Secondary the industry will be challenged to meet Sources World demand. As a result, we expect volatility 1000 Demand in prices over the next few years leading *Existing 500 Primary Mine to stabilization within a range that supports Production new mine development. 0 * does not include projects under construction

J U N E 2 0 0 9 Quality Uranium Assets Fuel Services Electricity Generation Gold

• One of the world’s largest • One of only three • Generates more than • Signifi cant shareholder in uranium producers with four conversion suppliers in 1,000 MW of clean Centerra Gold Inc. operating mines in Canada the western world. electricity through its 31.6% • Assets include Kumtor gold and the US. • Owns or controls about interest in the Bruce Power mine in Kyrgyzstan, Boroo • Controlling ownership 35% of western world Limited Partnership which gold mine and Gatsuurt of the world’s largest nameplate capacity to operates a nuclear generating project in Mongolia, and high-grade reserves and produce uranium station in southern Ontario the REN project in Nevada. with four Candu reactors. low-cost operations in hexafl uoride (UF6) required • centerragold.com northern Saskatchewan, to produce fuel for light • brucepower.com Canada with ore grades up to water reactors. 100 times the world average. • World’s only commercial • New mines being developed producer of natural uranium in Canada and Central Asia. fuel for Canadian-built • About 500 million pounds of Candu reactors. proven and probable reserves, • One of two Canadian extensive resources, and suppliers of fi nished fuel global exploration program. for Candu reactors.

Financial Highlights

2008 2007 Change ($ millions except per share amounts) Revenue 2,859 2,310 24% Net earnings attributable to common shares 450 416 8% Earnings per share – diluted 1.28 1.13 13% Cash provided by operations 708 801 (12%) Jerry Grandey, President and CEO Cash fl ow per share 2.02 2.28 (11%) Proven Track Record Weighted average number of paid common shares (millions)* 350 351 (0.3%) • Six consecutive years of record revenue and adjusted net earnings *Weighted average number of paid common shares rose to 392 million following March 9, 2009 close of share off ering. Currency is expressed in Canadian dollars unless otherwise noted. • Increased dividends by 185% since 2002 • Tripled uranium sales volume since 1991 Cameco Corporation 2121-11th Street West • Secured more than 70 million Saskatoon, Saskatchewan pounds of low-cost Russian S7M 1J3 uranium supply Phone: 306-956-6200 • Expanded into nuclear fuel Fax: 306-956-6201 manufacturing and electricity cameco.com generation

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