This document from Cameco Corporation President Tim Gitzel from January 2011 discusses trends in the uranium market, including: - The spot and long-term price of uranium increasing from $35/lb in 2010 to $66/lb by the end of 2010. - Forecasts of China's uranium requirements growing from 10 million lbs in 2010 to over 40 million lbs by 2020. - Expected annual world uranium consumption growing at 3% annually from 150 million lbs in 2009 to over 200 million lbs in 2019. - A uranium market supply deficit of 135 million lbs between 2010-2019 that will require new production sources. - Cameco's growth strategy to double their ur

1. Cameco Corporation
Tim Gitzel
President
January 2011

2. Upward Price Pressure
Current $US/lb U3O8
$75
$65
$55
$45
$35
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Spot Price* Long-term price**
* average monthly spot price: Ux value at January 10, 2011 - $66.00
** long-term price at December 31, 2010 - $66.00 (industry average – Ux & TradeTech)

3. Forward Looking Information
Information of a scientific and technical nature concerning Cigar Lake was prepared
under the supervision of Grant Goddard, P. Eng., Cameco’s Vice-President,
Saskatchewan Mining North, concerning McArthur River was prepared under the
supervision of David Bronkhorst, P. Eng., Cameco’s Vice-President, Saskatchewan
Mining South, and concerning Inkai was prepared under the supervision of Charles
Foldenauer, JV Inkai’s General Manager, Operations and Development. Each of
these individuals is a qualified person for the purpose of NI 43-101.
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, MD&A for the year ended December
31, 2009 and for the first, second and third quarters of 2010, which are available on
SEDAR and EDGAR.

4. China Uranium Requirements Forecast
Million lbs U3O8
50
40
30
20
10
0
2010 2013 2016 2020
High Base Low
Source: Ux Consulting

5. Expected Annual World Consumption
● expected average annual growth rate - about 3%
250
200
150
100
50
0
2009 2019E
Source: Cameco Estimate

6. Uranium Market 2010-2019*
● supply deficit of about 135 million lbs
● more new production needed
2500
Required
New
2000 Production
Secondary
Sources
1500 World
Consumption
* Existing
1000 Primary
Mine
Production
500
0
* does not include projects under construction
Source: Cameco Estimate

7. Growth Strategy - Double ‘U’
● 40 m lbs U3O8 production by 2018
40
40
30
20
10 21
0
2009 2018

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