What the world needs. Clean, reliable energy. What the world needs. Clean, reliable energy. Cameco’s Experience In Kazakhstan Ken Seitz Vice-President Marketing Strategy & Administration Cameco Corporation March 8, 2010

Presentation Title (Change in View > Header & Footer) Information of a scientific and technical nature concerning Cigar Lake was prepared under the supervision of Grant Goddard, P. Eng., Cameco’s General Manager, Cigar Lake, and concerning McArthur River was prepared under the supervision of David Bronkhorst, P. Eng., Cameco’s Mine Manager, McArthur River, each of whom is a qualified person for the purpose of NI Please note that the statements made in this presentation, including statements regarding the company’s objectives, projections, outlook, estimates, expectations or predictions, are considered to be forward-looking information and statements under Canadian and US securities laws. This information involves risk and uncertainty and actual results could differ materially. In addition, material factors or assumptions were applied in drawing the conclusions contained in them. Additional information about the material factors that could cause the results to differ materially, and the material factors or assumptions that were applied, are contained in Cameco’s current annual information form and MD&A which are available on SEDAR and EDGAR. Forward-looking Statement

Presentation Title (Change in View > Header & Footer) About Cameco Crow Butte, Nebraska Rabbit Lake, Saskatchewan McArthur River, Saskatchewan Smith Ranch – Highland, Wyoming

Presentation Title (Change in View > Header & Footer) operatingseriousemergingnon- nuclear Nuclear Industry Trends New Build Outlook - Gross GWe Source: Cameco

Presentation Title (Change in View > Header & Footer) Inkai Project - Kazakhstan

Presentation Title (Change in View > Header & Footer) Inkai Background 1992Cameco sends a technical team to Central Asia to determine if there might be opportunities to develop mining projects in the newly independent republics in the region 1994Marketing & Investment Agreement signed 1995Inkai Joint Venture formed 1998Cameco and Kazatomprom reach agreement on development of the project that will allow it to proceed to the next phase of regulatory approval 1999Further reserve delineation

Presentation Title (Change in View > Header & Footer) Inkai Background 2000Construction of test mine begins 2002Test mine completed and 66,000 lbs uranium produced 2003Feasibility study completed 2004Joint venture approval of feasibility study and 470,000 lbs U3O8 2005Submission and approval of EA and design plan 2006 – 2008Construction of commercial mine 2009Commercial production

Presentation Title (Change in View > Header & Footer) Why Kazakhstan ●Opportunity to facilitate geographic diversification of uranium production ●2 nd largest uranium reserves and resources globally ●Cameco envisions significant increases in uranium demand ●Kazakhstan will play an important role in supplying this growing demand ●In order to sustain our position as one of the world’s largest uranium producers, Kazakhstan is an important country for Cameco to be active in

Presentation Title (Change in View > Header & Footer) Experience In Kazakhstan ●Significant resource potential in Central Asia ●Favourable experience partnering with local partner, government-owned KazAtomProm ●Development timelines are faster than in the West, but still lengthy ●Contractual obligations are honored ●Cameco’s positive experience building community support in Northern Saskatchewan has translated well to Kazakhstan

Presentation Title (Change in View > Header & Footer) Experience In Kazakhstan ●Government appreciates the value of the country’s natural resources and is aggressively pursuing development and growth opportunities ●Government is particularly interested in “value-added” opportunities, e.g. vertical integration in the nuclear fuel cycle ●Local employment is highly valued and key to understanding local conditions, design standards, and regulations

Presentation Title (Change in View > Header & Footer) Evolving Conditions ●Oil, gas, and uranium are all adding to the country’s fiscal strength ●Government is starting to seek stronger terms\ ●Less incentives being offered to foreign investors ●Increasing focus on safety, health, and environmental issues ●Kazakhstan is a new country in many ways and as a result, the regulatory regime is rapidly evolving

Presentation Title (Change in View > Header & Footer) Evolving Conditions ●In October 2007, President Nursultan Nazarbayev signed an amendment into law that allows the government to unilaterally break contracts with energy companies. ●The new law, effective in November 2007, gives Kazakhstan two paths to terminate contracts with energy companies. 1.One option forces the company into negotiations with the government. 2.The other option allows for the repudiation of the contract with a notice period of only two months.

Presentation Title (Change in View > Header & Footer) Evolving Conditions ●In May 2009 the state state Kazakhstan's National Security Committee, under the direction of the Kazakh Prosecutor General. Arrested the then president of Kazatomprom, Moukhtar Dzhakishev. ●Allegations that he unlawfully sold state assets ●Embezzling ●Honour contracts – appears stable ●Has significantly slowed decision making

Presentation Title (Change in View > Header & Footer) Summary ●Canadian Government is supportive of Cameco’s work in Kazakhstan and has been instrumental in assisting Cameco’s business objectives in the country ●Kazakhstan understands its significant resource potential and is working hard to capitalize on this ●As a result, the country’s economy is growing very quickly ●There are many foreign firms operating successfully in Kazakhstan ●Cameco’s experience has been a positive one ●Cameco maintains an excellent relationship with its partner, government owned KazAtomProm

Presentation Title (Change in View > Header & Footer)