Cameco Corporation · TSX:CCO
Cameco — IPO Roadshow (February 2009)
26 slides from Cameco's IPO roadshow presentation, Feb 20, 2009
Slide 1: Cameco NUCLEAR. The Clean Air Energy.
Cameco NUCLEAR. The Clean Air Energy. Please note that statements made in this handout, including statements regarding the company’s objectives, projections, estimates, expectations or predictions, contain forward-looking information and statements within the meaning of applicable Canadian and U.S.
Slide 2: Jerry Grandey, President and CEO, February 2009
Jerry Grandey President and CEO Cameco Corporation February 2009
Slide 3: Florida Nuclear Capacity
Florida Nuclear Capacity
Slide 4: Note Regarding Share Offering
Note Regarding Share Offering “Cameco Corporation has filed a registration statement (including a prospectus) with the SEC (File No. 333-157385) for an offering of its common shares. Before you invest, you should read the prospectus in that registration statement and other documents that Cameco Corp
Slide 5: Forward-Looking Statements
Forward-Looking Statements “Please note that statements made in this presentation, including statements regarding the company’s objectives, projections, estimates, expectations or predictions, contain forward-looking information and statements within the meaning of applicable Canadian and U.S. secur
Slide 6: Economic Turmoil
Economic Turmoil global recession uncertain times * 2004 * * * 2008 *TSX Composite Index Performance *Dow Jones Industrial Average Performance
Slide 7: Cameco Corporation positioned to provide clean, reliable energy
Cameco Corporation positioned to provide clean, reliable energy
Slide 8: Cameco Advantage
Cameco Advantage stable customer base reliable revenue streams strong cash flow solid balance sheet
Slide 9: Cameco Strengths
Cameco Strengths world-class reserves low-cost operations
Slide 10: Worldwide Nuclear Growth
Worldwide Nuclear Growth long-term fundamentals remain strong 436 reactors operating in 34 countries Photo source: NASA
Slide 11: Nuclear Growth Potential
Nuclear Growth Potential US, Europe and Asia US utilities moving ahead China, Russia and India Photo Source: AREVA © Paiva Bourdon recommitted to long- term plans solid evidence nuclear renaissance is alive
Slide 12: Cameco's New Build Outlook
Cameco’s New Build Outlook 109 GWe Net Change* GWe Gross 2009-2018 110 21 100 90 80 Russia & Eastern Europe 34 70 China 60 Asia 50 Americas 40 35 30 Europe 20 9 * 10 10 0 * represents 97 net new reactors * represents 97 net new reactors
Slide 13: Primary Supply vs Consumption
Primary Supply vs Consumption million lb U3 O8 200 150 100 50 0 2006 2007 2008E 2009E supply consumption
Slide 14: Uranium Market
Uranium Market million lb U3 O8 2009-2018 2500 Required 2000 New supply deficit World Production of about 400 1500 Consumption million lbs Secondary Sources more new 1000 production * Existing needed Primary 500 Mine Production 0 * does not include projects under construction Source: Cameco’s estima
Slide 15: Spot Price Volatility
Spot Price Volatility Current $US / lb U3 O8 $150 $125 $100 $75 $50 $25 $0 7 7 7 7 8 8 8 8 9 — 0 — 0 — 0 — 0 — 0 - 0 — 0 — 0 — 0 n t n t n a pr ul c a ul c a J A J O J Apr J O J Spot Price* Long-term price** * average monthly spot price: Ux value at Feb. 9, 2009 — $47.00 ** Ux long-term price at Feb
Slide 16: Spot Market Influences
Spot Market Influences thinly traded volumes utility needs: z uncovered requirements z inventory management producer needs: z cover commitments z raise cash speculators
Slide 17: Cameco's Opportunities
Cameco’s Opportunities strategically positioned for future grew asset base core of production capability
Slide 18: Cameco's Strategic Position
Cameco’s Strategic Position strategic alliances and acquisitions z Nunavut, Niger, Kintyre continue global exploration reinvest in existing infrastructure
Slide 19: Production Operations
Production Operations Canada reserves of 333 million lb (Cameco share 232 m lb) 21% U3O8 average ore grade transitioning to new mine McArthur River/Key Lake areas reserves of 17.5 million lb average ore grade of 1% U3O8 added to reserve base in 2008 Rabbit Lake
Slide 20: Cigar Lake Remediation
Cigar Lake Remediation
Slide 21: Cigar Lake Project Plan Going Forward
Cigar Lake Project Plan Going Forward identified source on 420 m level install bulkheads inject grout and concrete into tunnel test integrity process to take most of 2009
Slide 22: In-situ Recovery Operations
In-situ Recovery Operations US and Kazakhstan production to increase at all sites Inkai expects commercial Smith Ranch — Highland, Wyoming production in 2009 Crow Butte, Nebraska Inkai
Slide 23: More Than Mining: Nuclear Fuel Cycle
More Than Mining Nuclear Fuel Cycle
Slide 24: Financial Highlights
Revenue Financial Highlights 3,000 2,859 CDN $ million 2,500 2,310 2,000 1,832 1,500 excellent results 1,000 500 record revenue 0 2006 2007 2008 Cash Flow Adjusted Net Earnings 1,000 800 801 800 708 572 589 600 600 418 400 400 274 200 200 0 0 2006 2007 2008 2006 2007 2008
Slide 25: Rewarding Investment
Rewarding Investment robust outlook for nuclear energy & uranium unparalleled uranium asset base vertically integrated operations long-term contracting strategy strong financial performance
Slide 26: cameco.com TSX: CCO NYSE: CCJ
cameco.com TSX — CCO TSX 60 NYSE — CCJ Presentation Script Jerry Grandey BMO Florida Feb 24, 2009 Word Count: 2733 (~24 minutes) Final Feb 17 Slide 1 — Intro Good morning. Slide 2 — Florida Nuclear Capacity It’s a great pleasure to be here in Florida with you to talk about Cameco. Florida is one of