Management's Discussion and Analysis

This management’s discussion and analysis (MD&A) includes information that will help you understand management‘s perspective of our audited consolidated financial statements (financial statements) and notes for the year ended December 31, 2012. This information is based on what we knew on February 8, 2013.

We encourage you to read our financial statements and notes as you review this MD&A. You can find more information about Cameco, including our 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 an investment decision about our securities.

Throughout this document, the terms we, us, our and Cameco mean Cameco Corporation and its subsidiaries; however it does not include NUKEM Gmbh (NUKEM), unless otherwise indicated.

The financial information in this MD&A and in our financial statements and notes are prepared according to International Financial Reporting Standards (IFRS).

Unless we have specified otherwise, all dollar amounts are in Canadian dollars.