May 11, 2016

Canadian Securities Administrators

Cameco Corporation

Annual Meeting May 11, 2016

Report of Voting Results

Under National Instrument 51-102

In accordance with Section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations, we advise of the results of the voting on the matters submitted to the annual meeting (the Meeting) of the shareholders (the Shareholders) of Cameco Corporation (the Corporation) held on May 11, 2016. Each of the matters set forth below is described in greater detail in the Notice for the Meeting and Management Proxy Circular mailed to Shareholders prior to the Meeting.

The matters voted upon at the Meeting and the results of the voting were as follows:

Item 1: Election of Directors

The following directors were elected to hold office for the ensuing year or until their successors are elected or appointed:

Ian Bruce	Tim Gitzel
Daniel Camus	Jim Gowans
John Clappison	Don Kayne
Donald Deranger	Anne McLellan
Catherine Gignac	Neil McMillan

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for the election of directors, both before and after giving

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effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		209,530,622		93.27	%		15,118,923		6.73	%
Daniel Camus		208,522,231		92.82	%		16,127,314		7.18	%
John Clappison		221,506,760		98.60	%		3,142,785		1.40	%
Donald Deranger		221,339,474		98.53	%		3,310,071		1.47	%
Catherine Gignac		223,079,103		99.30	%		1,570,442		0.70	%
Tim Gitzel		222,826,789		99.19	%		1,822,756		0.81	%
Jim Gowans		215,533,570		95.94	%		9,112,275		4.06	%
Don Kayne		222,924,856		99.23	%		1,724,689		0.77	%
Anne McLellan		208,746,642		92.92	%		15,902,903		7.08	%
Neil McMillan		221,664,282		98.76	%		2,773,846		1.24	%

Vote Results After Reduction of Non-resident Vote to 25%:

Nominee	Votes For		% Votes For			Withheld		% Votes Withheld
Ian Bruce		138,042,854		90.29	%		14,847,596		9.71	%
Daniel Camus		137,771,360		90.11	%		15,119,090		9.89	%
John Clappison		150,423,913		98.39	%		2,466,537		1.61	%
Donald Deranger		150,576,852		98.49	%		2,313,598		1.51	%
Catherine Gignac		151,580,036		99.14	%		1,310,414		0.86	%
Tim Gitzel		151,323,845		98.98	%		1,566,606		1.02	%
Jim Gowans		146,191,565		95.62	%		6,697,961		4.38	%
Don Kayne		151,337,441		98.98	%		1,553,009		1.02	%
Anne McLellan		137,658,507		90.04	%		15,231,944		9.96	%
Neil McMillan		150,524,587		98.49	%		2,313,009		1.51	%

Item 2: Appointment of Auditors

By a vote by way of show of hands, KPMG LLP was appointed auditors of the Corporation to hold office until the next annual meeting of Shareholders, or until their successors are appointed.

If a ballot vote had been taken, based upon proxy votes by Shareholders received by the Corporation, the voting results for appointment of auditors, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, would have been:

Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Withheld		% Votes Withheld
242,699,548	98.50%		3,698,459	1.50%

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Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Withheld	% Votes Withheld
155,140,038	97.99%	3,187,527	2.01%

Item 3: Executive Compensation

On a vote by ballot, an advisory resolution was passed accepting the approach to executive compensation disclosed in Cameco’s Management Proxy Circular delivered in advance of this meeting.

The outcome of the ballot vote, both before and after giving effect to the twenty-five (25%) percent non-resident Shareholder voting restriction, was as follows:

Vote Results Before Reduction of Non-resident Vote:

Votes For	% Votes For	Votes Against	% Votes Against
204,891,514	91.20%	19,758,031	8.80%

Vote Results After Reduction of Non-resident Vote to 25%:

Votes For	% Votes For	Votes Against	% Votes Against
135,248,923	88.46%	17,650,316	11.54%

Cameco Corporation
By:	“Sean A. Quinn”
	Sean A. Quinn
	Senior Vice-President, Chief Legal Officer
	and Corporate Secretary