About Cameco

Our head office is in Saskatoon, Saskatchewan. We are one of the world'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. Our operations and investments span the nuclear fuel cycle, from exploration to electricity generation.

Management update

On July 1, 2011, Tim Gitzel assumed the role of president and chief executive officer (CEO), succeeding Jerry Grandey, who retired after more than eight years as CEO and 18 years with Cameco. Tim has developed extensive experience in Canadian and international uranium mining activities during his 18 years in senior management positions, and his transition to CEO was well planned and seamlessly executed. Tim joined the company in 2007 as senior vice-president and chief operating officer and was promoted to president in May of 2010. Before joining Cameco, he was executive vice-president, mining business unit for AREVA, based in Paris, France, with responsibility for uranium, gold, exploration and decommissioning operations in 11 countries around the world.

On July 15, 2011, Grant Isaac, previously senior vice-president, corporate services, became senior vice-president and chief financial officer (CFO), succeeding Kim Goheen who retired after 14 years with Cameco.

Alice Wong, previously vice-president, safety, health, environment, quality and regulatory relations, was appointed senior vice-president, corporate services.

Under Tim's direction, the management team remains committed to the strategy, vision and values that have helped us become a global leader in the nuclear industry.

Strengths

We are a pure-play nuclear investment with a proven track record and the strengths to take advantage of the world's rising demand for safe, clean and reliable energy. Our core strengths make us unique:

• a large portfolio of low-cost mining operations and geographically diverse uranium assets
• controlling interests in the world's largest high-grade uranium reserves
• extensive mineral reserves and resources located near our existing infrastructure
• excellent growth potential from existing assets, combined with an advanced global exploration program
• multiple sources of conversion and the ability to adjust production in response to changing market signals
• a worldwide marketing presence and a strong, creditworthy customer base
• an extensive portfolio of long-term sales contracts supported by long-life assets
• innovative technology and experience operating in technically challenging environments
• a leader in corporate social responsibility—building long-term, trusting relationships with communities impacted by our operations
• an enterprise-wide risk management system tied directly to our strategy and objectives
• balanced financial management focused on adding value for our shareholders while positioning us for growth
• among the first to build relationships in emerging markets

With our extraordinary assets, contract portfolio, employee expertise, comprehensive industry knowledge and financial strength, we are confident in our ability to continue to grow and increase shareholder value.

Business segments

Uranium
We are one of the world's largest uranium producers, and in 2011 accounted for about 16% of the world's production. We have controlling ownership of the world's largest high-grade reserves, with ore grades up to 100 times the world average, and low-cost operations. Product uranium concentrates (U3O8) Mineral reserves and resources Mineral reserves approximately 435 million pounds proven and probable Mineral resources approximately 254 million pounds measured and indicated and 318 million pounds inferred Global exploration focused on four continents approximately 5 million hectares of land	Operating properties McArthur River and Key Lake, Saskatchewan Rabbit Lake, Saskatchewan Smith Ranch-Highland, Wyoming Crow Butte, Nebraska Inkai, Kazakhstan Development project Cigar Lake, Saskatchewan Projects under evaluation Inkai blocks 1 and 2 production increase, Kazakhstan Inkai block 3, Kazakhstan McArthur River extension, Saskatchewan Kintyre, Australia Millennium, Saskatchewan
Fuel services
We are an integrated uranium fuel supplier, offering refining, conversion and fuel manufacturing services. Products uranium trioxide (UO3) uranium hexafluoride (UF6) (control about 25% of world conversion capacity) uranium dioxide (UO2) (the world's only commercial supplier of natural UO2) fuel bundles, reactor components and monitoring equipment used by Candu reactors	Operations Blind River refinery, Ontario (refines uranium concentrates to UO3) Port Hope conversion facility, Ontario (converts UO3 to UF6 or UO2) Cameco Fuel Manufacturing Inc., Ontario (manufactures fuel bundles and reactor components) a toll conversion agreement with Springfields Fuels Ltd. (SFL), Lancashire, United Kingdom (UK) (to convert UO3 to UF6 – expires in 2016) We also have a 24% interest in Global Laser Enrichment (GLE) 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.
Electricity
We generate clean electricity through our 31.6% interest in the Bruce Power Limited Partnership (BPLP), which operates four nuclear reactors at the Bruce B generating station in southern Ontario.	Capacity 3,260 megawatts (MW) (100% basis) (about 18% of Ontario's electricity) We also have agreements to manage the procurement of fuel and fuel services for BPLP, including: uranium concentrates conversion services fuel fabrication services

Global presence