Ms. Rachelle Girard reports

CAMECO ANNOUNCES NEXT CHAIR OF THE BOARD OF DIRECTORS

Victor J. Zaleschuk will step down as chair of Cameco Corp.'s board of directors following the corporation's annual general meeting on May 14, 2013.

Cameco's board has selected A. Neil McMillan to succeed Mr. Zaleschuk as non-executive chair of the board, provided he is re-elected at Cameco's annual general meeting. Mr. Zaleschuk will continue to serve as a director if re-elected.

"Under Neil's leadership, I have every confidence that the board will continue to provide effective governance to deliver growth and shareholder value," said Mr. Zaleschuk, who joined Cameco's board in 2001 and was elected chair in 2003. "It has been a pleasure and privilege to serve as chair of this leading company for the past decade, but it's time for me to step down as chair to assure healthy renewal of board leadership."

Mr. McMillan has been an independent director of Cameco since 2002. He has chief executive officer experience, and diverse expertise in mining, government relations and the investment industry.

"I want to thank Vic for his strong board leadership during a period of dynamic growth at Cameco," said Mr. McMillan. "I am pleased that my fellow board members have confidence that I can provide effective board leadership, and I look forward to working with Cameco's management team. My focus will be on delivering superior shareholder value while meeting Cameco's commitment to sustainable development."