Financial Summary

Focused on Financial Strength

Around the world, demand for energy continues to expand and nuclear remains an important part of the energy mix. Cameco continues to move forward on the path towards increasing annual uranium supply to 36 M lbs by 2018 in order to meet future uranium demand.

December 31 ($ millions except where indicated)		2012	2011	change
* Gross profit and adjusted net earnings, non-IFRS measures, should be considered supplemental in nature and not substitutes for related information prepared in accordance with IFRS. Other companies may calculate these measures differently. A discussion of these measures is available on page 34 of Cameco’s February 11, 2013 Annual Management's Discussion and Analysis.
Revenue		$2,321	$2,384	(3)%
Gross profit*		723	776	(7)%
Net earnings attributable to equity holders		266	450	(41)%
$ per common share (diluted)		0.67	1.14	(41)%
Adjusted net earnings*		447	509	(12)%
$ per common share (adjusted and diluted)		1.13	1.29	(12)%
Cash provided by operations (after working capital changes)		644	745	(14)%
Average realized uranium prices	$US/lb	47.62	49.17	(3)%
	$Cdn/lb	47.61	49.18	(3)%
Production (Cameco's Share)
Uranium production (million lbs U3O8)		21.9	22.4	(2)%
Financial Ratios
Current ratio (current assets/current liabilities)		3.1:1	3.7:1
Return on common shareholders' equity		5.4%	9.4%

A Good Forward-Looking Investment Today

• Strong growth potential based on a sound business strategy
  • increasing production over the next 5 years
• Capable senior management team with deep knowledge of the industry
• Pure-play nuclear investment – proven track record
• An industry leader