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<SEC-DOCUMENT>0001130319-03-000344.txt : 20030416
<SEC-HEADER>0001130319-03-000344.hdr.sgml : 20030416
<ACCEPTANCE-DATETIME>20030416150517
ACCESSION NUMBER:		0001130319-03-000344
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20021231
FILED AS OF DATE:		20030416

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		03652460

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>o09454e40vf.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 40-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="4"><B>UNITED STATES</B>
</FONT>

<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</FONT>

<P align="center"><FONT size="3"><B>Washington, D.C. 20549</B>
</FONT>

<P align="center"><FONT size="5"><B>FORM 40-F</B>
</FONT>

<P align="center"><FONT size="3"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="30%">&nbsp;</TD>
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    <TD align="center" valign="top" nowrap><FONT size="2">For the fiscal year ended 31 December 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top" nowrap><FONT size="2">
Commission file number:1-14228
</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="6"><B>CAMECO CORPORATION</B></FONT><BR>
<FONT size="2">(Exact name of Registrant as specified in its charter)
</FONT>

<P align="center"><FONT size="2"><B>CANADA</B><BR>
(Province or other jurisdiction of incorporation or organization)
</FONT>

<P align="center"><FONT size="2">1090<BR>
(Primary Standard Industrial Classification Code Number)
</FONT>

<P align="center"><FONT size="2">2121 &#151; 11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3, Telephone: (306)&nbsp;956-6200<BR>
(Address and telephone number of Registrant&#146;s principal executive offices)
</FONT>

<P align="center"><FONT size="2">Fletcher Newton, Power Resources, Inc., 274 Union Boulevard, Suite&nbsp;310<BR>
Lakewood, Colorado, USA 80228, Telephone: (720)&nbsp;917-0112<BR>
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)
</FONT>

<P align="center"><FONT size="2">Securities registered pursuant to Section&nbsp;12(b) of the Act:
</FONT>

<P align="center"><FONT size="2">Title of Class: Common Shares, no par value; and Preferred Securities
</FONT>

<P align="center"><FONT size="2">Name of Exchange where Securities are listed: New York Stock Exchange
</FONT>

<P align="center"><FONT size="2">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: None
</FONT>

<P align="center"><FONT size="2">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: None
</FONT>

<P align="center"><FONT size="2">Information filed with this form:
</FONT>

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    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="Wingdings">&#254;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Annual Information Form
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD align="left" valign="top"><FONT size="2"><FONT face="Wingdings">&#254;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Audited annual financial statements</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">Number of outstanding shares of each of the issuer&#146;s classes of<BR>
capital or common stock as of the close of the period covered by the annual report:
</FONT>

<P align="center"><FONT size="2">55,985,873 Common Shares outstanding as of 31 December 2002
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">- 2 -
</FONT>

<P align="left"><FONT size="2">Indicated by check mark whether the Registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule&nbsp;12g3-2(b) under the Securities Exchange Act of
1934.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
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    <TD width="3%">&nbsp;</TD>
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    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Yes
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD align="left" valign="top"><FONT size="2"><FONT face="Wingdings">&#254;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">No</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Indicated by check mark whether the Registrant (1)&nbsp;has filed all reports
required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act or
1934 during the preceding 12&nbsp;months (or for such shorter period that the
Registrant was required to file such reports), and (2)&nbsp;has been subject to such
filing requirements for the past 90&nbsp;days.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2"><FONT face="Wingdings">&#254;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Yes
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><FONT face="Wingdings">&#111;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">No</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Certain statements in this Form&nbsp;40-F constitute &#147;forward-looking statements&#148;
within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. See &#147;Note Regarding Forward-Looking Statements&#148;.
</FONT>
<P align="left"><FONT size="2"><B>UNDERTAKING</B>
</FONT>

<P align="left"><FONT size="2">Cameco Corporation undertakes to make available, in person or by telephone,
representatives to respond to inquiries made by the Commission staff, and to
furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities registered pursuant to Form&nbsp;40-F; the securities in
relation to which the obligation to file an annual report on Form&nbsp;40-F arises;
or transactions in said securities.
</FONT>
<P align="left"><FONT size="2"><B>CONSENT TO SERVICE OF PROCESS</B>
</FONT>

<P align="left"><FONT size="2">Cameco Corporation has previously filed a Form&nbsp;F-X in connection with the class
of securities in relation to which the obligation to file this report arises.
</FONT>
<P align="left"><FONT size="2">Any change to the name or address of the agent for service of process of the
registrant shall be communicated promptly to the Securities and Exchange
Commission by an amendment to the Form
F-X referencing the file number of the relevant registration statement.
</FONT>
<P align="left"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">Pursuant to the requirements of the Exchange Act, Cameco Corporation certifies
that it meets all of the requirements for filing on Form&nbsp;40-F and has duly
caused this annual report to be signed on its behalf by the undersigned,
thereto fully authorized.
</FONT>
<P align="left"><FONT size="2">DATED this 16th day of April, 2003.
</FONT>

<CENTER>
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</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" colspan="3"><FONT size="2">CAMECO CORPORATION</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">Per:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>/s/ </I>David M. Petroff</FONT></TD>
</TR>

<TR valign="bottom">
<TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<hr align="LEFT" size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom">
<TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
David M. Petroff</FONT></TD>
</TR>

<TR valign="bottom">
<TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">CERTIFICATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv1.htm">Annual Information Form</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv2.htm">2002 Consolidated Audited Financial Statements</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv3.htm">2002 Management's Discussion and Analysis</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv4.htm">Controls and Procedures</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv5.htm">Consent of Independent Charter Accountants</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv99w1.htm">Certification of Chief Executive Officer</A></TD></TR>
<TR><TD colspan="9"><A HREF="o09454exv99w2.htm">Certification of Chief Financial Officer</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P align="center"><FONT size="2">- 3 -
</FONT>

<!-- link1 "CERTIFICATION" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>CERTIFICATION</B>
</FONT>

<P align="left"><FONT size="2">I, Gerald W. Grandey, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">I have reviewed this annual report on Form&nbsp;40-F of Cameco Corporation;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-14 and 15d-14) for the registrant and we
have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report
is being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures as of a date within 90&nbsp;days prior to the
filing date of this annual report (the &#147;Evaluation Date&#148;); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant&#146;s auditors and the audit
committee of registrant&#146;s board of directors (or persons performing the
equivalent function):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant&#146;s
ability to record, process, summarize and report financial data and
have identified for the registrant&#146;s auditors any material weaknesses
in internal controls; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s
internal controls; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Date: April&nbsp;16, 2003
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">/s/ Gerald W. Grandey</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2"><hr align="LEFT" size="1" width="50%" noshade></FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">Gerald W. Grandey</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">President &#038; Chief Executive Officer</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">(Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="center"><FONT size="2">- 4 -
</FONT>

<P align="center"><FONT size="2"><B>CERTIFICATION</B>
</FONT>

<P align="left"><FONT size="2">I, David M. Petroff, certify that:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">I have reviewed this annual report on Form&nbsp;40-F of Cameco Corporation;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to
make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by
this annual report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of
the registrant as of, and for, the periods presented in this annual
report;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">4.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules&nbsp;13a-14 and 15d-14) for the registrant and we
have:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report
is being prepared;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures as of a date within 90&nbsp;days prior to the
filing date of this annual report (the &#147;Evaluation Date&#148;); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">5.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I have disclosed, based on
our most recent evaluation, to the registrant&#146;s auditors and the audit
committee of registrant&#146;s board of directors (or persons performing the
equivalent function):</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant&#146;s
ability to record, process, summarize and report financial data and
have identified for the registrant&#146;s auditors any material weaknesses
in internal controls; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s
internal controls; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">6.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The registrant&#146;s other certifying officers and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of our most recent evaluation, including
any corrective actions with regard to significant deficiencies and
material weaknesses.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Date: April&nbsp;16, 2003
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">/s/ David M. Petroff</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2"><hr align="LEFT" size="1" width="50%" noshade></FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">David M. Petroff</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">Senior Vice-President, Finance
&#038;<BR>Administration &#038; Financial Officer</FONT></TD>
</TR>
<TR valign="top">
    <TD width="50%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="50%"><FONT size="2">(Principal Financial Officer)</FONT></TD>
</TR>

</TABLE>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2">EXHIBIT INDEX
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="80%">
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit No.</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">1.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Annual Information Form of Cameco Corporation
dated April&nbsp;16, 2003</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">2.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2002 Consolidated Audited Financial Statements</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">3.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2002 Management&#146;s Discussion and Analysis</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">4.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Controls and Procedures</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">5.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Auditors</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">99.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certification of Chief Executive Officer
pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="center"><FONT size="2">99.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Certification of Chief Financial Officer
pursuant to Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>




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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>o09454exv1.htm
<DESCRIPTION>ANNUAL INFORMATION FORM
<TEXT>
<HTML>
<HEAD>
<TITLE>Annual Information Form</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 1</B></FONT>

<P align="center"><FONT size="2">Cameco Corporation
</FONT>

<P align="center"><FONT size="2">Annual Information Form
</FONT>

<P align="center"><FONT size="2">April&nbsp;16, 2003
</FONT>


<P align="center"><FONT size="2"></FONT>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><IMG src="o09454o0945400.gif" alt="Cameco Logo">
</FONT>

<P align="center"><FONT size="2"><B>Cameco Corporation</B>
</FONT>

<P align="center"><FONT size="2"><B>ANNUAL INFORMATION FORM</B>
</FONT>

<P align="center"><FONT size="2"><B>For the Year Ended December&nbsp;31, 2002</B>
</FONT>

<P align="center"><FONT size="2"><B>Dated April&nbsp;16, 2003</B>
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>Cameco Corporation<BR>
Annual Information Form<BR>
Table of Contents</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>REPORTING CURRENCY AND FINANCIAL INFORMATION</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>NOTE REGARDING FORWARD LOOKING STATEMENTS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>INCORPORATION AND SUBSIDIARIES</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>2</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Three-Year Highlights</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003 Expected Material Developments in the Business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>4</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>THE NUCLEAR BUSINESS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Overview</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Uranium Concentrates Business</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Market Background</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Marketing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining Properties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>McArthur River</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>9</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Rabbit Lake</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>14</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Crow Butte</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>15</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Smith Ranch-Highland</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>15</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Development Projects</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>15</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Cigar Lake</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>15</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><I>Inkai</I></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>19</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>19</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserves and Resources</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>20</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Uranium Fuel Conversion Services</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>24</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Market Background</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>24</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Marketing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>24</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>25</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and Development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>26</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Environment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>26</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Legal Proceedings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>26</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Environmental Matters</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>26</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco Initiatives</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>27</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>27</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Environmental Regulation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>29</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Government Regulation</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>29</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canadian Uranium Industry Regulation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>30</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Uranium Industry Regulation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>32</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Land Tenure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>33</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canadian Royalties and Certain Taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>34</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canadian Income Taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>34</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US Taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>35</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Employees</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>35</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Risk Factors</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>35</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Bruce
Power LP &#151;
Nuclear Electrical Generation</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Overview</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>38</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">The Generating Facilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>39</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bruce &#147;A&#148; Restart</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>40</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ontario Deregulation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>40</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco Fuel Management</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>41</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">OPG Services to Bruce Power</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>41</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Nuclear Waste Management and
Decommissioning</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>42</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Regulatory Affairs</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>42</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

<TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Nuclear
Generation &#151; Risk Factors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>43</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>THE GOLD BUSINESS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>46</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Overview</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>46</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Kumtor &#151; Gold Producing Property</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>47</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Boroo &#151; Gold Development Property</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>52</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves and Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>55</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Legal Proceedings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>55</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Regulatory Compliance</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>55</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Employees</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>56</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Risk Factors</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>56</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>COMMON RISK FACTORS
URANIUM AND GOLD</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>57</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>SELECTED CONSOLIDATED
FINANCIAL AND OPERATING INFORMATION</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>60</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>2002 CONSOLIDATED FINANCIAL
STATEMENTS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>60</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>MINERAL
RESERVES AND RESOURCES &#151; QUALIFIED PERSON</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>MARKET FOR SECURITIES</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>DIRECTORS AND OFFICERS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Directors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>61</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Officers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>63</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>ADDITIONAL INFORMATION</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>63</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>APPENDIX &#147;A&#148; &#151; 2002 CONSOLIDATED
AUDITED FINANCIAL STATEMENTS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>65</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">

<TD colspan="5"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>APPENDIX &#147;B&#148; &#151; 2002 MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>96</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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<P align="center"><FONT size="2">&nbsp;
</FONT>
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<P align="left"><FONT size="2"><B>REPORTING CURRENCY AND FINANCIAL INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">All amounts in this Annual Information Form are expressed in Canadian dollars,
unless otherwise indicated. References to $(US) are to United States (&#147;US&#148;)
dollars.
</FONT>
<P align="left"><FONT size="2">Financial information is presented in accordance with Canadian generally
accepted accounting principles. Differences between generally accepted
accounting principles in Canada and the United States, as applicable to Cameco
Corporation, are explained in the Consolidated Financial Statements of the
Company for the fiscal year ended December&nbsp;31, 2002 and attached as Appendix
&#147;A&#148;.
</FONT>
<P align="left"><FONT size="2"><B>NOTE REGARDING FORWARD-LOOKING STATEMENTS</B>
</FONT>

<P align="left"><FONT size="2">Certain statements in this Annual Information Form and the information
incorporated herein are forward-looking statements. Discussions containing
forward-looking statements may be found in the material set forth in the
&#147;General Development of Business&#148;, &#147;The Nuclear Business&#148;, &#147;The Gold
Business&#148;, &#147;Common Risk Factors-Uranium and Gold&#148; and &#147;Management&#146;s Discussion
and Analysis&#148; sections. In addition, when used in this Annual Information
Form, the words &#147;believes&#148;, &#147;intends&#148; &#147;anticipates&#148;, &#147;expects&#148;, &#147;estimates&#148; and
words of similar import may indicate forward-looking statements. Statements
which are not historical facts are forward-looking statements that involve
risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by forward-looking
statements. Factors that could cause such differences, without limiting the
generality of the following, include: volatility and sensitivity to market
prices for uranium, conversion services, electricity in Ontario and gold; the
impact of the change in volume of uranium and conversion services sold,
electricity generated and gold produced; competition; the impact of change in
foreign currency exchange rates and interest rates; imprecision in reserve
estimates; environmental and safety risks including increased regulatory
burdens and long term hazardous waste disposal; unexpected geological or
hydrological conditions; political risks arising from operating in certain
developing countries; a possible deterioration in political support for nuclear
energy; changes in government regulations and policies, including trade laws
and policies; demand for nuclear power; replacement of production and failure
to obtain necessary permits and approvals from government authorities;
legislative and regulatory initiatives regarding deregulation, regulation,
re-regulation or restructuring of the electric utility industry in Ontario;
Ontario electricity rate regulations; weather and other natural phenomena;
ability to maintain and improve positive labour relations; operating
performance of the facilities; success of planned development projects; and
other development and operating risks. Although Cameco Corporation believes the
assumptions inherent in forward-looking statements are reasonable, undue
reliance should not be placed on these statements, which only apply as of the
date of this Annual Information Form. Cameco Corporation disclaims any
intention or obligation to update or revise any forward-looking statements,
whether as a result of new information, future developments or otherwise,
except as otherwise required by applicable law.
</FONT>
<P align="left"><FONT size="2"><B>INCORPORATION AND SUBSIDIARIES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Incorporation</I>
</FONT>
<P align="left"><FONT size="2">Cameco Corporation (&#147;Cameco&#148; or the &#147;Company&#148;) was incorporated under the
Canadian Business Corporations Act (&#147;CBCA&#148;) on June&nbsp;19, 1987 to combine the
uranium mining and milling operations of Saskatchewan Mining Development
Corporation (&#147;SMDC&#148;) with the uranium mining, refining and conversion
operations of Eldorado Nuclear Limited (&#147;ENL&#148;), since renamed Canada Eldor
Inc. (&#147;CEI&#148;) (the &#147;Reorganization&#148;). The Reorganization of SMDC and ENL was
accomplished by the Eldorado Nuclear Limited Reorganization and Divestiture Act
(Canada) (the &#147;ENL Reorganization Act&#148;) and The Saskatchewan Mining Development
Corporation Reorganization Act (Saskatchewan). Pursuant to this legislation,
in October 1988 CEI and SMDC transferred substantially all of their assets to
Cameco in exchange for Cameco assuming substantially all of their current and
certain other liabilities and issuing common shares, one Class&nbsp;B Share and
promissory notes of the Company.
</FONT>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">1</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
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<P align="left"><FONT size="2">On June&nbsp;18, 2001, legislation to amend the ENL Reorganization Act was passed by
the federal government. The legislative amendment allowed Cameco to proceed
with an amendment to Cameco&#146;s articles to increase the individual non-resident
share ownership from 5% to 15% and to increase the limit on aggregate
non-resident ownership voting rights from 20% to 25%. This amendment was
approved by special resolution of Cameco&#146;s shareholders at the 2002 annual
shareholders meeting.
</FONT>
<P align="left"><FONT size="2">At its formation, Cameco&#146;s share capital was owned 61.5% and 38.5%,
respectively, by the province of Saskatchewan and the Government of Canada. The
Company became a publicly traded company in Canada after the initial public
offering of its common shares in 1991. The province of Saskatchewan and the
Government of Canada have sold all of their common shares in Cameco. The
province of Saskatchewan retains one Class&nbsp;B share in Cameco.
</FONT>
<P align="left"><FONT size="2">The province of Saskatchewan, as the holder of the Class&nbsp;B share (the &#147;Class&nbsp;B
Share&#148;), is entitled to receive notice of and to attend all meetings of
shareholders including meetings of any class or series thereof but does not
have the right to vote at any such meeting other than a meeting of the holder
of the Class&nbsp;B Share as a class. The holder of the Class&nbsp;B Share does not have
the right to vote separately as a class except on any proposal to (i)&nbsp;amend
Part I of Schedule&nbsp;B of Cameco&#146;s articles, (ii)&nbsp;amalgamate that would effect an
amendment to Part I of Schedule&nbsp;B of Cameco&#146;s articles, or (iii)&nbsp;amend the
articles so as to alter the rights attached to the Class&nbsp;B Share. Part I of
Schedule&nbsp;B of Cameco&#146;s articles currently provides that (A)&nbsp;the registered
office and head office operations of Cameco must be located in the province of
Saskatchewan, (B)&nbsp;all of the executive officers (chairman and vice-chairman of
the board, chief executive officer, chief operating officer, chief financial
officer and president) of the Company and substantially all of the senior
officers (vice presidents) of the Company must be ordinarily resident in the
province of Saskatchewan, and (C)&nbsp;all annual meetings of shareholders of the
Company must be held at a place in the province of Saskatchewan.
</FONT>
<P align="left"><FONT size="2">At the 2003 annual and special shareholders meeting, shareholders will be asked
to approve two amendments to Cameco&#146;s articles. First, to permit the board to
appoint one or more directors between meetings of shareholders, as permitted by
the CBCA, subject to certain limitations. Second, to remove the requirement
that the chairman of the board must be ordinarily resident in the province of
Saskatchewan. For the first amendment to be effective, it must be approved by
shareholders by special resolution. For the second amendment to be effective,
it must approved by shareholders by special resolution and by the province of
Saskatchewan, the holder of the Class&nbsp;B Share.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s head office and principal place of business is located at 2121 &#150; 11th
Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3, telephone (306)
956-6200.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Subsidiaries</I>
</FONT>
<P align="left"><FONT size="2">Cameco owns a one-half interest in UEM Inc. (&#147;UEM&#148;), a Canadian company.
</FONT>
<P align="left"><FONT size="2">The Company owns a one-third interest in Kumtor Gold Company (&#147;KGC&#148;), a Kyrgyz
company, through its wholly owned Canadian subsidiary Cameco Gold Inc.
</FONT>
<P align="left"><FONT size="2">Cameco owns a 31.6% limited partnership interest in Bruce Power Limited
Partnership (&#147;Bruce Power&#148;), an Ontario limited partnership, through its wholly
owned Canadian subsidiaries Cameco Bruce Holdings Inc. and Cameco Bruce
Holdings II Inc.
</FONT>
<P align="left"><FONT size="2">No other subsidiaries are individually or collectively material.
</FONT>
<P align="left"><FONT size="2"><B>GENERAL DEVELOPMENT OF THE BUSINESS</B>
</FONT>

<P align="left"><FONT size="2">Cameco is the world&#146;s largest uranium supplier. The Company&#146;s competitive
position is based upon its large, high-grade reserves and low-cost operations,
significant market position and access to other supplies of uranium. Cameco
sells its produced and acquired uranium to electric utilities for use in the
nuclear generation of electricity. In addition to uranium mining, Cameco is one
of the four commercial converters of uranium concentrates (&#147;U<SUB>3</SUB>O<SUB>8</SUB>&#148;) to UF<SUB>6</SUB>
(uranium hexafluoride) in the western world and the principal supplier of
services to convert uranium concentrates to UO<SUB>2</SUB> (uranium dioxide). Cameco,
through subsidiaries, has a 31.6% limited partnership interest in Bruce Power,
which operates North America&#146;s largest nuclear electricity
generating facility. Bruce Power operates four, and with plans to
</FONT>
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    <TD width="50%">&nbsp;</TD>
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    <TD width="45%">&nbsp;</TD>
</TR>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">2</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
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<P align="left"><FONT size="2">restart two additional reactors will operate six, nuclear reactors at the
facility. While Cameco continues its principal focus on the nuclear business,
it is also in the gold business. A Cameco subsidiary has brought into
commercial production and operates the large Kumtor gold mine in the Kyrgyz
Republic in Central Asia. A Cameco majority owned subsidiary is developing the
Boroo gold mine in Mongolia. The Company continues to actively explore for
uranium and gold in a number of countries.
</FONT>
<P align="left"><FONT size="2"><B>Three-Year Highlights</B>
</FONT>

<P align="left"><FONT size="2">Major developments in Cameco&#146;s business in each of the fiscal years ended
December&nbsp;31, 2000 to December&nbsp;31, 2002 were as follows:
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2000</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlights from 2000 included:
</FONT>
<P>
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<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In July, the Inkai project, which is 60% owned by Cameco, received the
Kazakh government approvals necessary to begin test mining as a precursor
to preparation of a feasibility study.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In October, Cameco and British Energy plc (&#147;BE&#148;) signed a memorandum of
understanding providing for Cameco to acquire a 15% interest in Bruce
Power, which had signed an agreement to lease and operate the Bruce &#147;A&#148;
and &#147;B&#148; nuclear power plants and related facilities from Ontario Power
Generation Inc. (&#147;OPG&#148;), subject to meeting certain conditions.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In November, Cameco declared that McArthur River mine had achieved
commercial levels of production.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">McArthur River reserves were restated to 395&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB>.
McArthur River reserves and resources as at December&nbsp;31, 2000 totaled 540
million pounds U<SUB>3</SUB>O<SUB>8</SUB> of which Cameco&#146;s share was 69.805%.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2001</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Highlights from 2001 included:
</FONT>
<P>
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<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In April, Bruce Power decided to proceed with the restart of two Bruce
&#147;A&#148; nuclear reactors whose operation was previously suspended by Ontario
Hydro (predecessor to OPG), subject to regulatory approval.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In May, Bruce Power became the operator of the Bruce &#147;A&#148; and Bruce &#147;B&#148;
nuclear power plants, having received operating licenses from the Canadian
Nuclear Safety Commission (&#147;CNSC&#148;) and finalized and closed its long-term
lease with OPG of these nuclear power plants and related facilities.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">At that time a Cameco subsidiary acquired a 15% interest in Bruce Power and
Cameco became the exclusive supplier of non-enriched nuclear fuel to the
Bruce nuclear plants.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In June, the joint venture owners approved the Cigar Lake feasibility
study and decided to schedule Cigar Lake development for a 2005 production
start up, subject to regulatory approval and an improvement in the uranium
price.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In November, an amendment to the Russian highly enriched uranium
commercial agreement (&#147;HEU Commercial Agreement&#148;) was signed. By
year-end, a Cameco subsidiary had exercised options to purchase 63&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> under the amended HEU Commercial Agreement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In December, production of 18&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> was achieved at the
McArthur River-Key Lake operations, one year ahead of schedule.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In December, the government of Saskatchewan announced a new uranium
royalty regime, which took effect January&nbsp;1, 2002.</FONT></TD>
</TR>
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</TR>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">3</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2002</I>
</FONT>
<P align="left"><FONT size="2">Highlights from 2002 included:
</FONT>

<P>
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<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In February, the province of Saskatchewan sold its remaining common
shares (10%) of Cameco.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In March, a Cameco subsidiary acquired a 52% interest in AGR Limited
(&#147;AGR&#148;), which interest increased to 56% in December. AGR, through
subsidiaries, has a 95% interest in the Boroo gold deposit in Mongolia,
which is under development.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In June, a Cameco subsidiary purchased the Smith Ranch uranium in situ
leach mine located in Wyoming, nearby the subsidiary&#146;s Highland mine,
making Cameco, through subsidiaries, the sole primary producer of uranium
in the United States.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In July, Cameco signed a memorandum of agreement as an initial step
toward entering into a partnership to construct a $1.1&nbsp;billion (US)
enrichment facility in the United States. Under the terms of the
agreement, subject to satisfaction of certain conditions, Cameco will
obtain, upon entering into the partnership, an initial 20% interest in the
partnership. Following receipt of the NRC license and a restructuring of
the partnership, Cameco&#146;s interest will increase to 24.5%. In March 2003,
Cameco announced that it would not enter the partnership.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In July, a pit wall failure occurred at the Kumtor mine, reducing 2002
gold production from a forecast 700,000 ounces to 528,550 ounces (Cameco&#146;s
share is one-third).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In December, Cameco announced an increase in its annual common share
dividend from $0.50 to $0.60 per share. The dividend increase takes
effect for shareholders of record at the end of the first quarter 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In December, Cameco signed an agreement, along with others, to
collectively purchase 79.82% of Bruce Power from BE. In February 2003,
the purchase closed and Cameco&#146;s limited partnership interest in Bruce
Power, held through subsidiaries, increased from 15% to 31.6%.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>2003 Expected Material Developments in the Business</B>
</FONT>

<P align="left"><FONT size="2">Along with the additional interest in Bruce Power acquired in February 2003,
the following are the significant trends, events and commitments known to
Cameco that could have a material impact in 2003 on Cameco&#146;s business,
financial condition or results of operations:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In February 2003, Cameco and the Kyrgyz government agreed in principle to
restructure the Kumtor mine ownership. The proposed restructuring
envisions that Cameco, through subsidiaries, would hold all of the common
shares of KGC, the owner of the Kumtor mine. It is contemplated that KGC
would eventually be part of a publicly traded gold company established by
Cameco. The restructuring is consistent with Cameco&#146;s gold strategy and
contingent upon a number of factors including further negotiations leading
to final agreements acceptable to Cameco and the Kyrgyz government,
approvals by third party institutions and a fairness opinion requested by
the Kyrgyz government.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In 2003 Bruce Power intends to restart two of the four
laid-up units of the Bruce &#147;A&#148; station. In April 2003, the CNSC amended Bruce Power&#146;s
operating licence for this station to allow for the restart of units 3 and 4.
This allows Bruce Power to remove these units from their shutdown state once an officer designated
by the CNSC is satisfied that the units are ready to operate at full power. Once they are back
in service, Bruce Power&#146;s net generating capacity will increase from 3160&nbsp;MW to
4640&nbsp;MW. An average capacity factor of 88% is planned for the Bruce &#147;A&#148; and &#147;B&#148;
stations.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Cameco&#146;s issue of preferred securities ($125&nbsp;million (US)) is redeemable
at par on or after October&nbsp;14, 2003. Currently, Cameco has not determined
whether the securities will be redeemed in 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The price of gold strengthened considerably in 2002. As of March
31, 2003, approximately 19% of Cameco&#146;s production from existing gold reserves is hedged,
including about 41% of remaining 2003 estimated production. The remaining 2003 estimated production
is hedged at an expected price of $318 (US) per ounce. Cameco intends to reduce its
hedge position.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">4</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Production at Cameco&#146;s McArthur River mine was temporarily suspended
on April&nbsp;6, 2003, as increased water inflow from an area of collapsed rock in a new
development area, located just above the 530-metre level, began to flood non-critical
portions of the mine. No one was injured in the rock collapse. As of April&nbsp;14, 2003, the
volume of water being pumped from the McArthur River mine slightly exceeded the total
water inflow. The situation continues to be serious and fluctuates frequently as mine personnel
closely monitor water levels as well as pumping and water treatment equipment. The most critical
area of the mine remains unaffected but water is being stored close to this area and there
is only minimal storage left in the mine.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Since the rock collapse, mine personnel focused on matching
the mine&#146;s pumping and treatment capacity to the water inflow. Installing extra pumping
capacity took longer than anticipated. As a result, the grinding mill, located in one of the
lowest areas of the mine, is under water, as water accumulated in the mine. However, mine
personnel have successfully added more pump capacity so that, as of April&nbsp;14, 2003, the mine
is currently pumping out slightly more water than is coming in.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Water treatment capacity, on the surface, has also been substantially
increased and is currently capable of matching the pumping capacity. Mine personnel have also
improved the method of measuring water inflow and determined that the flow rate is higher than initially
estimated.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Most of the pumping capacity is located on the 530-metre
level below surface. The critical area of the mine, located 640 metres below the surface,
contains the ore processing equipment and large pumps that will be lost if total mine
pumping capacity does not keep up with the water inflow. Based on the inflow rates as of
April&nbsp;14, 2003, if the mine cannot pump water from the 640-metre level, Cameco expects
to have about two weeks to install additional pumping capacity before the pumps on the 530-metre level
are impacted. Mine personnel continue to focus on increasing pumping and water
treatment capacity.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">There has been slow progress constructing the concrete
barrier located in the development tunnel just above the 530-metre level. Based on plans and
information as of April&nbsp;14, 2003, it will likely still take about two weeks before the
concrete barrier can begin to control the water inflow and another two or three months to
permanently seal off the area.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Although events are still unfolding, Cameco anticipates
production restart will be delayed four to six months based on conditions as of April&nbsp;14,
2003. Annual mine and mill production will be well below the full capacity of 18.7 million
pounds of uranium. Given Cameco&#146;s inventory position and other supply sources, a
production shortfall of this magnitude is not expected to impact deliveries under 2003 sales
contracts.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">While the full impact of this situation is still being evaluated,
preliminary estimates indicate that 2003 net earnings will decline by about $4 to $5 million
for every month that McArthur River is unable to produce. This reduction in estimated
net earnings is based on the following assumptions:</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">costs associated with the efforts to bring the mine back into production
will be expensed as incurred,</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">McArthur River production will be replaced by drawing
down higher-cost inventory,</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">annual forecast sales and delivery volumes remain
unchanged, and</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="91%"><FONT size="2">the uranium spot price does not change.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The net earnings projection does not include any provision for
potential writedown of assets. As of April&nbsp;14, 2003, it is not expected that a
writedown of a material amount would be necessary. However, Cameco will continue to assess
the carrying values of its assets as new information becomes available.</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Operating cash flow in 2003 is expected to be relatively unaffected
unless Cameco decides to increase uranium product purchases.</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2"><B>THE NUCLEAR BUSINESS</B>
</FONT>

<P align="left"><FONT size="2"><B>Overview</B></FONT>

<P align="left"><FONT size="2">The only significant commercial use for uranium is to fuel nuclear power plants
for the generation of electricity. In recent years, nuclear plants generated
approximately 16% of the world&#146;s electricity. According to the World Nuclear
Association, nuclear plant electric generating capacity is expected to grow
modestly between now and the year 2012, primarily as a result of new reactor
construction outside the US and improved reactor operation. The rate of growth
is expected to be somewhat below that of the total market for electricity.
</FONT>
<P align="left"><FONT size="2">The major stages in the production of nuclear fuel are uranium exploration,
mining and milling, refining and conversion, enrichment and fuel fabrication.
Once a uranium deposit is discovered and reserves delineated, uranium ore is
mined and upgraded at a mill to produce uranium concentrates. Mining companies
that do not operate conversion service facilities usually sell uranium
concentrates to electrical generating companies (&#147;utilities&#148;) around the world
on the basis of the U<SUB>3</SUB>O<SUB>8</SUB> contained in the uranium concentrates. Utilities then
contract with converters, enrichers and fuel fabricators to produce the
required reactor fuel.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s involvement in the nuclear business consists principally of (a)
exploring for, developing, mining and milling uranium ore to produce uranium
concentrates; (b)&nbsp;supplying uranium refining and conversion services to produce
UO<sub>2</sub> and UF<sub>6</sub>; (c)&nbsp;selling produced and acquired uranium to utilities; and (d)
its subsidiaries collectively being a 31.6% limited partner in Bruce Power,
which operates North America&#146;s largest nuclear electricity generating facility.
</FONT>
<P align="left"><FONT size="2"><B>Uranium Concentrates Business</B>
</FONT>

<P align="left"><FONT size="2"><B>Market Background</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Demand</I>
</FONT>
<P align="left"><FONT size="2">The demand for U<SUB>3</SUB>O<SUB>8</SUB> is directly linked to the level of electricity generated by
nuclear power plants. Western world annual uranium fuel consumption has
increased from approximately 56&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> in 1980 to about 154
million pounds in 2002. Cameco estimates that annual uranium fuel consumption
in the western world will reach 168&nbsp;million pounds in 2012, reflecting an
annual growth rate of 0.9% per year over the period. Demand could be increased
slightly by the current trend toward improving plant operating performance or
reduced by the premature closing of some nuclear power plants. Demand in the
former Soviet Union and Eastern Europe was about 19&nbsp;million pounds in 2002 and
is expected to increase to about 20&nbsp;million pounds in 2012.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supply</I>
</FONT>
<P align="left"><FONT size="2">The international uranium supply industry is highly competitive. Uranium
supply sources include primary mine production and secondary sources such as
excess inventories, uranium made available from the decommissioning of nuclear
weapons, re-enriched depleted uranium tails, and used reactor fuel that has
been reprocessed. Russia supplies most of the requirements of the former
Soviet Union and Eastern Europe from inventories, reprocessing of used reactor
fuel, and primary mine production.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">5</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Primary Production</I>
</FONT>
<P align="left"><FONT size="2">The uranium production industry is international in scope with a small number
of companies operating in relatively few countries. In 2001 (the latest year
for which figures are available), approximately 83% of the estimated world
production of 93&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> was provided by eight producers: Cameco,
Cogema, WMC Resources Ltd., Energy Resources of Australia Ltd. and Rossing
Uranium Limited in the western world, and NAVOI Mining Metallurgical Kombinat
in Uzbekistan, KazAtomprom in Kazakhstan, and Priargunsky Industrial Mining and
Chemical Enterprise in Russia. Approximately 95% of estimated world production
was sourced from nine countries (in order of production, from greatest to
least): Canada, Australia, Niger, Uzbekistan, Namibia, Kazakhstan, Russia, the
US and South Africa.
</FONT>
<P align="left"><FONT size="2">The Canadian uranium industry has, in recent years, been the leading supplier
with production of approximately 33&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> in 2001, or about 35%
of world production. Production from Cameco operated mines in Canada and the
US in 2002 was approximately 22&nbsp;million pounds. Cameco&#146;s share of this
production was approximately 16&nbsp;million pounds.
</FONT>
<P align="left"><FONT size="2">Subject to the restraints described below, all primary production is available
to meet the demand of the nuclear power industry in the western world.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Secondary Sources</I>
</FONT>
<P align="left"><FONT size="2">Each year since 1985, western world uranium production has been less than
western world utility uranium consumption. The resulting shortfall has been
covered by a number of secondary sources. Excess inventories held by
utilities, producers, other fuel cycle participants and governments (including
Russian government inventories) have been and continue to be a significant
source of supply. Utilities in Europe also use reprocessed uranium and
plutonium derived from used reactor fuel as a source of supply. In addition,
in recent years, another source of supply has been the use of excess Russian
enrichment capacity to re-enrich depleted uranium tails held by European
enrichers. Cameco estimates these two recycling sources will meet about 6% of
western world demand to 2012. Finally, uranium derived from the dismantling of
Russian nuclear weapons has become a significant source of supply and could
meet about 12% of western world demand to 2012. A limited amount of uranium
from the US weapons program has been introduced into the market but this is not
expected to become a significant supply source.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>USEC Privatization</I>
</FONT>
<P align="left"><FONT size="2">In July 1998, United States Enrichment Corporation (&#147;USEC&#148;) was privatized
through an initial public offering. In filing documents, USEC disclosed it had
a total uranium inventory of approximately 75&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent,
including transfers from the United States Department of Energy (&#147;DOE&#148;) of 13
million pounds derived from the dismantling of US nuclear weapons. Of the 75
million pounds, sale in the US of approximately 40&nbsp;million pounds is restricted
by the United States Enrichment Corporation Privatization Act (&#147;USEC
Privatization Act&#148;) to a maximum of four million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent per
year. Of the 75&nbsp;million pounds, USEC announced plans to sell 62&nbsp;million pounds
in the market from 2000 to 2005. To the end of 2002, Cameco believes USEC has
sold or committed about 80% of its inventory.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium from Nuclear Disarmament</I>
</FONT>
<P align="left"><FONT size="2">In February 1993, the United States and Russia signed an agreement (the
&#147;Russian HEU Agreement&#148;) to manage the sale of highly enriched uranium (&#147;HEU&#148;).
Under this agreement, over a term of 20&nbsp;years, 500 tonnes of HEU, derived from
dismantling nuclear weapons, are to be diluted in Russia and delivered to the
United States as low enriched uranium (&#147;Disarmament LEU&#148;), suitable for use in
nuclear energy plants. Disarmament LEU scheduled for delivery during the
20-year period represents approximately 400&nbsp;million pounds of natural uranium
as U<SUB>3</SUB>O<SUB>8</SUB> (&#147;Disarmament Uranium&#148;).
</FONT>
<P align="left"><FONT size="2">The USEC Privatization Act, which became law in 1996, regulates the
introduction of Disarmament Uranium into the US market. Under the USEC
Privatization Act, Disarmament Uranium delivered after 1996 may be sold into
the US market beginning in 1998 subject to an annual quota. The quota for 2002
was 10&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB>, and will increase by 2&nbsp;million pounds per year to
2005, and thereafter by 1&nbsp;million pounds per year to a maximum of 20&nbsp;million
pounds per year beyond 2008. This material may also be used in the US for
matched sales with newly mined US origin U<SUB>3</SUB>O<SUB>8</SUB> under the Russian suspension
agreement.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">6</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">Disarmament Uranium delivered in 1995 and 1996, totaling 14&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB>
equivalent, was purchased by DOE. Under the USEC Privatization Act, 5&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent was subsequently repurchased by Russia for matched sales
into the US market. The remaining 9&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent of this
material was to be sold by DOE prior to the end of 2003 in quantities not
exceeding 3&nbsp;million pounds per year. As of the end of 2002, DOE had not sold
any of this material.
</FONT>
<P align="left"><FONT size="2">In 1999, DOE purchased 28&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent contained in the
Disarmament LEU delivered by Russia in 1997 and 1998. DOE purchased this
material pursuant to the bilateral agreement related to the HEU Commercial
Agreement. This material, along with an additional 30&nbsp;million pounds of DOE
inventory, is included in a US stockpile to be withheld from the market until
March 2009.
</FONT>
<P align="left"><FONT size="2">In 2003 and each year thereafter, Russia plans to deliver about 24&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent until the Disarmament LEU derived from the entire 500
tonnes of HEU included under the Russian HEU Agreement has been delivered to
the United States. To the end of 2002, about 135&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent
had been delivered.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>HEU Commercial Agreement</I>
</FONT>
<P align="left"><FONT size="2">On March&nbsp;24 1999, Cameco Europe S.A., a wholly owned subsidiary of Cameco,
along with Compagnie Generale des Matieres Nucleaires, RWE Nukem Inc. of the
United States and its affiliate RWE Nuklear GmbH of Germany (collectively the
&#147;Companies&#148;), signed the HEU Commercial Agreement with AO Techsnabexport
(&#147;Tenex&#148;), the commercial arm of the Russian Ministry for Atomic Energy. Under
the HEU Commercial Agreement, the Companies were granted options to purchase a
majority of the Disarmament Uranium.
</FONT>
<P align="left"><FONT size="2">On November&nbsp;16, 2001, Tenex and the Companies signed an amendment to the HEU
Commercial Agreement. Under the terms of the amendment, the Companies committed
to exercise their options to purchase a quantity of uranium (about 124&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB>) equal to their share of the annual quota under the USEC
Privatization Act for the period 2002 to 2013. Cameco Europe S.A.&#146;s share is 53
million pounds. Tenex retained about 82&nbsp;million pounds to sell under its
share of the quota. The Companies have exclusive options to purchase the
balance of the Disarmament Uranium. Subsequently in 2001, Cameco Europe S.A.
exercised options for an additional 10&nbsp;million pounds. In late 2002, Cameco
Europe Ltd., a Swiss company, assumed the obligations and rights of Cameco
Europe S.A., a Luxembourg company, under HEU Commercial Agreement, as amended.
</FONT>
<P align="left"><FONT size="2">A series of related agreements between the US and Russian governments
(collectively, the &#147;Bilateral Agreement&#148;), which are integral to the HEU
Commercial Agreement, require Tenex to return to Russia the Disarmament Uranium
not purchased by the parties to the HEU Commercial Agreement and allows Russia
to use about 7&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent annually for blending down HEU to
Disarmament LEU. Pursuant to the Bilateral Agreement, the balance of the
returned uranium is to be placed in a monitored stockpile. In the event the
monitored stockpile exceeds 58&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent, Russia is
permitted to sell the excess into supply contracts in place on March&nbsp;24, 1999,
mainly with utilities in Eastern Europe.
</FONT>
<P align="left"><FONT size="2">In 2002, all scheduled HEU deliveries were received in the US. A Cameco
subsidiary took delivery of its US quota share in 2002. The uranium not
purchased by the parties to the HEU Commercial Agreement has been or is being
returned to Russia, to be held in a monitored stockpile or used by Russia in
blending down additional HEU to Disarmament LEU.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Trade Restraints and Policies</I>
</FONT>
<P align="left"><FONT size="2">The US government and the European Union (&#147;EU&#148;) have limited the access of CIS
suppliers to their respective markets. In the US, an ad hoc committee of
uranium producers and other companies filed an anti-dumping suit against the
former Soviet Union in 1991. The resulting settlement was effected in
suspension agreements signed in October 1992 by the US Department of Commerce
with Russia, Uzbekistan, Kazakhstan and Kyrgyzstan. The suspension agreements
with Uzbekistan, Kazakhstan and Kyrgyzstan have since terminated.
</FONT>
<P align="left"><FONT size="2">In 2000, the US International Trade Commission ruled that the suspension
agreement with Russia would remain in force until March 2004. The Russian
suspension agreement allows approximately 4&nbsp;million pounds of Russian U<SUB>3</SUB>O<SUB>8</SUB> per
year to be imported into the US, but only to the extent it is matched in sales
with an equal volume of new US production.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">7</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">The Euratom Supply Agency in Europe, which must approve all uranium-related
contracts entered into by members of the EU, has an informal policy limiting
the use of Russian uranium to about 20% of annual individual utility
requirements.
</FONT>
<P align="left"><FONT size="2">The US and EU restrictions have no effect on the sales of Russian uranium to
other countries. About one-quarter of western world uranium requirements arise
from utilities in countries unaffected by the US and EU restrictions. In 2002,
approximately 28% of Cameco&#146;s sales volume was to countries not subject to US
or EU restrictions. Utilities in some of these countries adopt policies which
effectively limit the amount of Russian uranium they will purchase. Such
policies often relate to security of supply concerns or their country&#146;s
bilateral relations with Russia.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prices</I>
</FONT>
<P align="left"><FONT size="2">Utilities secure a substantial percentage of their uranium requirements by
entering into medium and long-term contracts with uranium producers. These
contracts usually provide for deliveries to begin one to three years after
signing and continue for several years thereafter. In awarding medium and
long-term contracts, Cameco believes utilities consider the commercial terms
offered, including price, as well as the producer&#146;s record of performance and
uranium reserves.
</FONT>
<P align="left"><FONT size="2">Prices are established by a number of methods including base prices adjusted by
inflation indices, reference prices (generally spot price indicators but also
long term reference prices) and annual price negotiations. Many contracts also
contain floor prices, ceiling prices and other negotiated provisions which
affect the price ultimately paid. Prices under uranium supply contracts are
usually confidential.
</FONT>
<P align="left"><FONT size="2">Utilities also acquire uranium through spot and near-term purchases from
producers and traders. Spot market purchases are those which call for delivery
within one year. Traders generally source their uranium from organizations
holding excess inventory including utilities, producers and governments.
Demand in the spot market in 2002 remained essentially the same as 2001, with
sales of about 19&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB>.
</FONT>
<P align="left"><FONT size="2">As reported by TradeTech, the spot market price for U<SUB>3</SUB>O<SUB>8</SUB> increased by
approximately 7% in 2002, ending the year at $10.20 (US)&nbsp;per pound compared to
$9.50 (US)&nbsp;per pound at the end of 2001. In addition, due to trade
restrictions and policies, a two-tier market has existed such that there has
been a discount for uranium of Russian origin. In 2001 the two prices largely
converged and TradeTech no longer publishes a price that applies to Russian
origin uranium; however, Ux Consulting, LLC continues to publish a discount for
Russian uranium currently at US $0.20 per pound.
</FONT>
<P align="left"><FONT size="2"><B>Marketing</B>
</FONT>

<P align="left"><FONT size="2">Cameco markets uranium to utilities in direct competition with supplies
available from various sources worldwide. Cameco&#146;s marketing strategy is to
commit its uranium production under medium-term (three to five years) and
long-term (greater than five years) contracts with a diversified mix of pricing
mechanisms. Uranium concentrates sold under medium-and-long term contracts may
be governed by one of a variety of price determination mechanisms. For
concentrates delivered by Cameco in 2002, the following pricing mechanisms
applied: negotiated (6%), firm-price (37%) and market-related (57%).
</FONT>
<P align="left"><FONT size="2">Sales contracts typically contain some quantity flexibility that enables the
purchaser to reduce or increase the amount of uranium to be delivered from year
to year within a specified range. In general, utilities purchase from multiple
suppliers in order to diversify their sources. Cameco sells uranium
concentrates to utilities in Argentina, Belgium, Canada, Finland, Germany,
Japan, Mexico, Netherlands, South Korea, Spain, Sweden, Taiwan, United Kingdom,
and the US.
</FONT>
<P align="left"><FONT size="2">In 2002, approximately 34% of Cameco&#146;s U<SUB>3</SUB>O<SUB>8</SUB> sales were to five customers. For
the period 2003 forward, Cameco has commitments in excess of 100&nbsp;million pounds
U<SUB>3</SUB>O<SUB>8</SUB> under 77 medium-term and long-term contracts with more than 40 customers
worldwide. Cameco&#146;s five largest customers account for approximately 45% of
these commitments. Over this period, 66% of Cameco&#146;s committed sales volume is
to purchasers in North America (US, Canada and Mexico), 21% in the Far East and
13% in Europe.
</FONT>
<P align="left"><FONT size="2">Cameco generally does not sell into the spot uranium market. Cameco, however,
has taken advantage of low spot and long-term market prices to purchase uranium
under spot and long-term contracts. Cameco intends to deliver this
purchased material into certain long-term contracts and may make additional
purchases of this type in the future. At December&nbsp;31, 2002, Cameco had firm
commitments to purchase approximately 96&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB> over the 2003-2013
period, of which 60&nbsp;million pounds is the result of Cameco Europe S.A.&#146;s
exercise of certain options under the HEU Commercial Agreement.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">8</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2"><B>Mining Properties</B>
</FONT>

<P align="left"><FONT size="2">The Company&#146;s uranium production is from two sources in Saskatchewan and two
sources in the US. The Saskatchewan sources are the Rabbit Lake mine and mill
and the combined McArthur River mine &#151; Key Lake mill. The US sources are Crow
Butte and Smith Ranch-Highland in situ leach (&#147;ISL&#148;) operations. Cameco has two
material uranium properties, McArthur River, which is being mined, and Cigar
Lake, which is being developed.
</FONT>
<P align="left"><FONT size="2">The Key Lake mill processes McArthur River ore and stockpiled ore from the
depleted Key Lake mine. Mining at Key Lake ended in 1997. At Rabbit Lake,
mining ceased in April 1999 and milling ceased in May 2001 and both activities
resumed in 2002.
</FONT>
<P align="left"><FONT size="2">Except for nominal test mining uranium production from Inkai, the following
table shows Cameco&#146;s share of uranium production for the past three years from its uranium properties
(all in pounds U<sub>3</sub>O<sub>8</sub>):</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Key Lake (1)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">870,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">648,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">190,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake (2)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,253,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,563,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,143,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">792,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">805,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">763,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith
Ranch-Highland (3)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">881,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">695,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">887,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River
(4) (5)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,787,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,048,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,906,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16,583,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,759,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15,889,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The discrepancy between 2002 Key Lake production and 2002 throughput
shown in the &#147;Uranium Reserve Reconciliation&#148; at page 22 is due to the
impact of mill recovery and special waste rock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The discrepancy between 2002 Rabbit Lake production and 2002 throughput
shown in the &#147;Uranium Reserve Reconciliation&#148; at page 22 is due to the
impact of mill recovery and filling of the mill circuit in July 2002.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">A Cameco subsidiary acquired Smith Ranch in June 2002. Smith
Ranch-Highland 2002 production figure includes the subsidiary&#146;s share of
Smith Ranch production after closing of the acquisition. Smith
Ranch-Highland 2000 and 2001 production figures do not include Smith Ranch
production.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The discrepancy between 2002 McArthur River production and 2002
throughput shown in the &#147;Uranium Reserve Reconciliation&#148; at page 22 is due
to the impact of mill recovery, mill inventory and special waste rock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Milled at Key Lake.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B><I>McArthur River</I></B>
</FONT>

<P align="left"><FONT size="2">McArthur River is an underground uranium mine, in which Cameco has a direct and
indirect interest of 69.805%. It contains the world&#146;s largest known high-grade
uranium deposit. McArthur River is owned by joint venture partners Cameco
(55.844%), Cogema (16.234%) and UEM (27.922%), a company equally owned by
Cameco and Cogema. Cameco is the operator. At December&nbsp;31, 2002, the
Company&#146;s share of reserves are 618,800 tonnes of ore containing 318.8&nbsp;million
pounds U<sub>3</sub>O<sub>8</sub> with an average grade of 23.4% U<sub>3</sub>O<sub>8</sub> and its share of resources are
372,000 tonnes of material containing 77.8&nbsp;million pounds with an average grade
of 9.5% U<sub>3</sub>O<sub>8</sub>.
</FONT>
<P align="left"><FONT size="2">At an assumed annual production of 18&nbsp;million pounds, Cameco estimates that
McArthur River will have a mine life of at least 25&nbsp;years and a payback period
of capital invested of approximately 5&nbsp;years after 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description and Environment</I>
</FONT>
<P align="left"><FONT size="2">This property is located near Toby Lake in northern Saskatchewan, approximately
620 kilometres north of Saskatoon. The McArthur River mine site is compact,
occupying approximately an area of one kilometre in the north/south direction
and half a kilometre in the east/west direction. The site consists of an
underground mine, one full service shaft and two ventilation shafts along with
numerous surface facilities, including inert waste rock stockpiles, a large
capacity mine water treatment plant, a pump house, ponds, standby diesel
generators as well as maintenance and warehousing facilities. Other major
facilities include the orebody freezing plant, the administration/shop complex,
the ore slurry handling and truck load-out facility.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">9</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">The surface facilities and mine shafts for the McArthur River operation are
located on lands owned by the province of Saskatchewan. Cameco acquired the
right to use and occupy the lands under a surface lease agreement with the
province of Saskatchewan. The most recent surface lease agreement was signed in
April 1999 and is valid for 33&nbsp;years. Obligations attached to the surface lease
relate primarily to annual reporting regarding the status of the environment,
land development and progress on northern employment and business development.
The lease is renewable if necessary until full property decommissioning has
been achieved. The McArthur River surface lease presently covers 1,425
hectares. However, Cameco is seeking to reduce the size of the surface lease to
about 651 hectares.
</FONT>
<P align="left"><FONT size="2">The mineral property consists of 21 mineral claims and one mineral lease
totaling 84,818 hectares.
</FONT>
<P align="left"><FONT size="2">The McArthur River uranium deposit is located in the area subject to mineral
lease ML5516. Under this mineral lease, effective March&nbsp;8, 1994, Cameco
acquired the right to mine this deposit. The mineral lease is for a term of 10
years with the right to renew for successive subsequent 10&nbsp;year terms absent a
default by Cameco.
</FONT>
<P align="left"><FONT size="2">Surrounding the McArthur River uranium deposit are 21 mineral claims. A mineral
claim grants the holder the right to explore for minerals within the claim
lands and the right to apply for a mineral lease. Title to the 21 mineral
claims is secured until 2017.
</FONT>
<P align="left"><FONT size="2">All resources and reserves on the property are part of the McArthur River
orebody.
</FONT>
<P align="left"><FONT size="2">For additional information on mineral leases, mineral claims and surface
leases, see &#147;Land Tenure-Saskatchewan Operations&#148;.
</FONT>
<P align="left"><FONT size="2">Uranium produced from this property is subject to Saskatchewan royalties as
described in &#147;Government Regulation-Canadian Royalties and Certain Taxes&#148;.
Also UEM, with respect to its participating interest in the McArthur River
joint venture, is required to pay 5% of net profits, up to a maximum of $1.9
million, to a third party.
</FONT>
<P align="left"><FONT size="2">The property is subject to decommissioning liabilities. In accordance with
regulatory requirements, Cameco has filed with the provincial government a
conceptual decommissioning and reclamation plan and has provided a $6.0&nbsp;million
letter of credit as security for decommissioning the property.
</FONT>
<P align="left"><FONT size="2">Two permits must be maintained to operate the mine. Cameco holds a &#147;Mining
Facility Operating Licence&#148; from the Canadian Nuclear Safety Commission
(&#147;CNSC&#148;) and an &#147;Approval to Operate Pollutant Control Facilities&#148; from the
department of Saskatchewan Environment (&#147;SE&#148;). Both permits are current. The
&#147;Mining Facility Operating License&#148; from the CNSC expires on February&nbsp;28, 2004
and the &#147;Approval to Operate Pollutant Control Facilities&#148; from SE expires on
October&nbsp;31, 2004. Cameco expects regulators will renew these permits.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site accessibility, infrastructure and physiography</I>
</FONT>
<P align="left"><FONT size="2">The means of access to the property is by an all-weather road and by air.
Supplies are transported by truck and can easily be shipped from anywhere in
North America through Cameco&#146;s transit warehouse in Saskatoon. McArthur River
ore is transported to the Key Lake mill for processing some 80 kilometres to
the southwest along a gravel highway. Site operations are carried out all year
despite cold winter conditions. The fresh air necessary to ventilate the
underground
workings is heated during the winter months using propane-fired burners. There
is easy access to and sufficient water from nearby Toby Lake to satisfy all
industrial and residential water requirements. To minimize fresh water use,
most industrial water demands are met by recycling water. The site is
connected to the provincial power grid. There are standby generators in case
of grid power interruption. Personnel are recruited from the northern area
communities and major Saskatchewan population centers such as Saskatoon.
Underground work is tendered to a mining contractor.
McArthur River is a developed producing property, with surface right holdings
that cover all of its mining operation needs as well as requirements for
residences, access to water, airport, site roads and other necessary buildings
and infrastructures. No tailings management facilities are required as McArthur
River ore is milled at the Key Lake mill.
</FONT>
<P align="left"><FONT size="2">The topography and the environment is typical of the taiga that is common to
the Athabasca basin area of northern Saskatchewan. The surface facilities are
approximately 550 metres above sea level.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">10</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;
</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>History</I>
</FONT>
<P align="left"><FONT size="2">There have been numerous changes in ownership of participating interests in the
joint venture that governs the McArthur River property. The joint venture was
formed in 1976 and the joint venture partners at that time were Canadian Kelvin
Resources, Asamera Oil Corporation Ltd., and SMDC, a predecessor company to
Cameco. Recently, the two most significant changes in ownership were:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In 1998, Cameco bought all of the shares of Uranerz Exploration and
Mining Ltd. (and changed Uranerz&#146;s name to UEM), thereby increasing its
direct and indirect participating interest in the McArthur River joint
venture to 83.766%.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In 1999, Cogema acquired one-half of the shares of UEM, thereby reducing
Cameco&#146;s direct and indirect participating interest in the McArthur River
joint venture to 69.805%. Cogema&#146;s direct and indirect participating
interest in the McArthur River joint venture is 30.195%.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Cameco, through its predecessor company SMDC, became operator of the McArthur
River project in 1980. Surface exploration programs, ranging from small line
cutting crews to large helicopter supported drilling and prospecting camps,
were active from 1980 through to 1992. Surface drilling programs delineated an
ore zone over 1,700 metres in length, occurring at depths ranging between 530
to 640 metres below surface. Significant mineralizations of potentially
economic uranium grades were first discovered as a result of surface drilling
in the 1988 and 1989 exploration seasons.
</FONT>
<P align="left"><FONT size="2">In 1992, an underground exploration program was proposed to gain more accurate
information regarding the discovery in order to complete an assessment of the
means and feasibility of ore extraction. Upon review by the joint
Federal/Provincial Panel, and upon receiving the Panel&#146;s positive
recommendation, exploration camp construction began in February 1993 and
underground exploration proceeded with shaft sinking, level development and
definition underground drilling until 1997.
</FONT>
<P align="left"><FONT size="2">The environment impact statement for the full McArthur River development was
submitted to the joint Federal/Provincial Panel in 1995. Public hearings took
place and were completed in 1996. A positive recommendation was made by the
panel in early 1997. Subsequently, approvals were received from the
governments of Canada and Saskatchewan for the project to proceed to licensing
for construction. The Atomic Energy Control Board (&#147;AECB&#148;) issued construction
licences for McArthur River in August 1997 and May 1998.
</FONT>
<P align="left"><FONT size="2">In October 1999, Cameco received an operating licence from federal authorities
and operating approval from provincial authorities.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Development and Construction</I>
</FONT>
<P align="left"><FONT size="2">Construction and development of the McArthur River mine was completed on
schedule and mining commenced in December 1999. During the mine startup, also
known as mine commissioning, the operation of processing and mining equipment
was evaluated and modified as required. Upon completion of mine commissioning,
commercial production was achieved on November&nbsp;1, 2000.
</FONT>
<P align="left"><FONT size="2">At present, the site includes three shafts. The first shaft is used to move
workers, material and waste rock. The second shaft is used for mine exhaust
air ventilation and as an emergency exit. The third shaft was completed in
November 2000 and is equipped as a third means of egress. This shaft is also
used for fresh air ventilation.</FONT>

<P align="left"><FONT size="2">The McArthur River mine achieved its monthly design capacity of 1.5&nbsp;million
pounds U<sub>3</sub>O<sub>8</sub> for most of 2002 and is operating annually at its maximum licensed
throughput of 18.7&nbsp;million pounds.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geology and Mineralization</I>
</FONT>

<P align="left"><FONT size="2">The McArthur River deposit is located in the southeastern portion of the
Athabasca Basin, within the southwest part of the Churchill structural province
of the Canadian Shield. The crystalline basement rocks underlying the deposit
are members of the Aphebian aged Wollaston Domain, metasedimentary sequence.
These rocks are overlain by flat lying, unmetamorphosed sandstones and
conglomerates of the Helikian Athabasca Group. These sediments are over 500
metres thick in the deposit area.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">11</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2">The mineralization is situated alongside a northeast trending graphitic fault,
close to the unconformity between the basement rock and the overlying Athabasca
sandstone.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration, Drilling and Estimates</I>
</FONT>
<P align="left"><FONT size="2">The original McArthur River resource estimates were derived from surface
diamond drilling. The drill hole data consists of assay results from 42 drill
holes compiled with all relevant geological and technical data. These drill
holes did not allow a precise estimate of the resources but the very high
grades encountered justified the development of an underground exploration
project.
</FONT>
<P align="left"><FONT size="2">From 1994 to present, several drilling campaigns from underground levels at 530
metres and 640 metres depth were completed. Diamond drilling was followed by
systematic radiometric probing of the holes using a high flux probe adapted to
the very high radioactivity encountered. Drill holes intersected mineralized
zones on a grid spacing of 10 x 10 metres or less. Radiometric probing was at
0.10 metre spacing in the radioactive zones. Where core recovery allows it,
sampling and assaying of the cores as well as density measurements are
performed to confirm correlations. To date, assays have produced results
slightly (8-10%) above the calculated ore grades that were derived from the
radiometric probing data.
</FONT>
<P align="left"><FONT size="2">The data from the 500 underground exploration holes drilled to the end of 2001
have been interpreted and estimates of reserves have been made in four
mineralized zones. In addition to this drilling, more than one hundred freeze
holes and raisebore pilot holes have provided data confirming the
interpretation.
</FONT>
<P align="left"><FONT size="2">Cameco has developed and implemented procedures for quality control, data
verification and security of sampling that it believes will assure the
integrity of information resulting from drilling activities at McArthur River.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Operations</I>
</FONT>
<P align="left"><FONT size="2">The sandstones which overlay the basement rocks contain significant water,
which is at hydrostatic pressure. Water flow into the mine area is prevented by
ground freezing. Ore extraction is performed by the raise boring method with
broken ore falling into a line-of-sight remote controlled loader. The loader
transports the ore to one of two grizzlies. One grizzly routes ore to one of
two ore storage bins while the other grizzly reports directly to the grinding
circuit. This circuit grinds the ore to a size that is acceptable for the Key
Lake leaching circuit. From the grinding circuit, ore is thickened in two
underground thickeners that operate in parallel. Thickened ore is pumped 680
metres up to four surface ore
slurry holding tanks. Ore is drawn out of the four surface ore slurry holding
tanks into a mixing tank. More water is removed in another thickener. Ore
slurry is then pumped into containers on a transport truck for shipment to the
Key Lake mill over an 80 kilometer all-weather road. Once a raise has bored
through the ore zone, it is backfilled with concrete. The next raise is then
bored at a suitable distance away to allow cure time for the concrete fill.
After all the rows of raises are complete in a chamber, equipment is removed
from the area and the chamber is backfilled with concrete. A new chamber is
excavated to allow for the next area to be mined and the cycle is repeated.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Milling</I>
</FONT>
<P align="left"><FONT size="2">The McArthur River joint venture has entered into a toll milling agreement with
the Key Lake joint venture to process all the ore from the McArthur River mine.
The terms of the agreement include a provision for processing at cost plus a
fixed toll milling fee. The Key Lake joint venture is operated by Cameco and
is owned by Cameco (66&nbsp;2/3%) and UEM (33&nbsp;1/3%). UEM is owned equally by Cameco
and Cogema.
</FONT>
<P align="left"><FONT size="2">At the Key Lake mill, McArthur River ore is blended with low grade mineralized
waste rock down to approximately 4% U<sub>3</sub>O<sub>8</sub>. The uranium is then dissolved in a
single stage leaching circuit. Uranium solution is then separated from the
remaining ore solids in a counter current decantation circuit. The uranium
solution is purified in a solvent extraction circuit. The purified uranium is
precipitated out of solution by the addition of ammonia. The ammonium
diuranate is thickened and centrifuged before being transferred to a calciner.
The calciner dries and calcines the uranium oxide concentrate before it is
packed into 200 litre drums. The final product is about 99 %
U<sub>3</sub>O<sub>8</sub>.
</FONT>
<P align="left"><FONT size="2">The Key Lake property is subject to decommissioning liabilities. In accordance
with regulatory requirements, Cameco has filed with the provincial government a
conceptual decommissioning and reclamation plan and provided a $38&nbsp;million
letter of credit as security for decommissioning the property.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">12</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<P align="left"><FONT size="2">There are two tailings management facilities at the Key Lake site. One is an
above-ground impoundment with tailings stored within compacted till
embankments. This facility was constructed in 1983, has not received tailings
since 1998 and is now almost full. Cameco is reviewing several decommissioning
options regarding this facility.
</FONT>
<P align="left"><FONT size="2">The other tailings management facility (&#147;TMF&#148;) is the Deilmann pit. The
east-end of the Deilmann pit was mined out in April 1995 and then converted to
a TMF that has been in operation since the beginning of 1996. The west-end of
the Deilmann pit was mined out in 1997 and then converted to a TMF. The
Deilmann TMF uses a staged subaerial/subaqueous tailings deposition mode with a
pervious sand envelope constructed around the perimeter of the pit. The sand
envelope allows excess water to drain to a drainage blanket underlying the
tailings at the bottom of the pit and then to dewatering pumps in a raise well
connected by a drift to the drainage blanket. At the end of 1998, approval was
received from the CNSC and Saskatchewan Environment Resource Management to
convert the mode of tailings deposition from subaerial to subaqueous.
Conversion started immediately. Flooding commenced in June 1999. Based upon
current reserve estimates, the Deilmann TMF has adequate capacity to hold the
tailings from milling all of the McArthur River ore.
</FONT>
<P align="left"><FONT size="2">There are five large rock stockpiles at the Key Lake site. Three of the
stockpiles contain non-mineralized waste rock and two contain low grade
mineralized waste rock. The latter is currently used to lower the grade of
McArthur River ore to approximately 4% U<sub>3</sub>O<sub>8</sub> before entering the milling
circuit. Remaining waste rock stockpiles will require decommissioning upon
site closure.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Safety and Radiation Control</I>
</FONT>
<P align="left"><FONT size="2">At McArthur River, a key source of radiation exposure during mining results
from radon gas that emanates from ore and groundwater. Radon exposure is
minimized by effective use of ventilation. Water inflows are collected
underground and pumped to the surface for treatment before being released to
the environment. Exposure to radiation from the high-grade ore is minimized by
containment, shielding and remote handling of the ore during the processing and
handling stages.
</FONT>
<P align="left"><FONT size="2">The radiation levels that workers at McArthur River and Key Lake receive are
closely monitored. This includes the use of both personal and area monitoring
to measure and control exposures.
</FONT>
<P align="left"><FONT size="2">Under the Nuclear Safety and Control Act, radiation exposure limits incorporate
a formula that combine the doses of gamma radiation, radon and dust intake
which an individual receives in a year. Since mine start up and milling of
McArthur River ore at Key Lake, radiation exposure levels have been well below
applicable standards.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>McArthur River Resource and Reserve Estimates</I>
</FONT>
<P align="left"><FONT size="2">The mineral reserve and resource estimates for McArthur River are found at
&#147;Uranium Concentrates Business-Reserves and Resources&#148;. The key assumptions,
parameters and methods used in making these estimates are:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Assumptions</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">the reserves reported are in situ reserves without provision for
dilution or mining recovery for the following reasons:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(i)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">the grade of ore zones is so high that some waste or subgrade
material that is produced by mining must be blended with ore to
comply with the terms of the CNSC operating licence;</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(ii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">mining recovery is expected to be almost total in this
high-grade ore by means of current and planned mining methods; and</FONT></TD>
</TR>
<TR valign="top">
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(iii)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">mining recoveries since early 2000 to the end of 2002 have exceeded expectations.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Uranium prices remaining above their historic lows.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Parameters</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">grades were obtained from radiometric probing of underground drill
holes and converted to percentage U<sub>3</sub>O<sub>8</sub> on the basis of a correlation
between radiometric counts and assay values;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">densities were determined from regression formulas based on 374 density
measurements of drill core and chemical assay grades;</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">13</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">limits and continuity of the mineralization are structurally
controlled; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">reserves at McArthur River are based on estimated quantities of
mineralized material recoverable by established mining methods.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Methods</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Three-dimensional wireframe models were created from digitized
mineralization boundaries interpreted on 10 metre spacing vertical
cross-sections and planviews. Estimates of the grade and density of
blocks of 1 metre x 5 metre x 1 metre were obtained from ordinary
kriging; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Reserves are defined as the economically mineable part of the indicated
and measured resources. Only reserves have demonstrated economic
viability.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Although Cameco believes that McArthur River reserve and resource estimates
will not be materially affected by external factors, such as metallurgical,
safety and environmental, permitting, legal, title, taxation and political
issues, there can be no assurance that they will not be. There are numerous
uncertainties inherent in estimating mineral reserves and resources. The
accuracy of any reserve and resource estimation is the function of the quality
of available data and of engineering and geological interpretation and
judgment. Results from drillings, testing and production, as well as a material
change in the uranium price, subsequent to the date of the estimate, may
justify revision of such estimates.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other McArthur River Information</I>
</FONT>
<P align="left"><FONT size="2">For information pertaining to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">markets and contracts for sale of uranium produced from McArthur River,
see &#147;Uranium Concentrates Business-Marketing&#148;;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">taxes and royalties on McArthur River uranium production, see &#147;Government
Regulation-Canadian Royalties and Certain Taxes&#148; and &#147;Government
Regulation-Canadian Income Taxes&#148;; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">the April 2003 increase in water inflow at McArthur River, see &#147;2003 Expected
Material Developments in the Business.&#148;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">There are no material exploration or development activities planned for the
McArthur River operation in 2003.
</FONT>
<P align="left"><FONT size="2"><B><I>Rabbit Lake</I></B>
</FONT>

<P align="left"><FONT size="2">Rabbit Lake is a uranium mining and milling complex that has been in operation
since 1975. It is wholly owned by Cameco. In April 2002, the Eagle Point mine,
located on the Rabbit Lake lease, was reopened, ending a care and maintenance
period of three years. The Rabbit Lake mill resumed operation at the end of
August 2002, following the resumption of Eagle Point ore production in July
2002. The Rabbit Lake mill had been maintained on a care and maintenance
shutdown since July 2001, following the depletion of stockpiled ore. Based
upon planned production and life of mine plan, Rabbit Lake reserves are
forecast to be depleted in early 2005. The mineral reserve and resource
estimates for Rabbit Lake are found at &#147;Uranium Concentrates Business-Reserves
and Resources&#148;.
</FONT>

<P align="left"><FONT size="2">The property is subject to decommissioning liabilities. In accordance with
regulatory requirements, Cameco has filed with the provincial government a
conceptual decommissioning and reclamation plan and has provided a $36&nbsp;million
letter of credit as security for decommissioning the property.
</FONT>
<P align="left"><FONT size="2">There are two permits that must be maintained to conduct mining and milling
activities at Rabbit Lake. Cameco holds a &#147;Uranium Mine Operating Licence&#148; from
the CNSC and an &#147;Approval to Operate Pollutant Control Facilities&#148; from SE.
Both permits are current and will expire on October&nbsp;31, 2003. Cameco expects
regulators will renew these permits.
</FONT>
<P align="left"><FONT size="2">Subject to regulatory approval and mutually satisfactory business arrangements
among the Cigar Lake owners, it is expected that the Rabbit Lake mill will
process approximately one-half of the Cigar Lake uranium for a period of some 9
years. Deliveries of Cigar Lake uranium to the Rabbit Lake mill may commence
in 2008. An environmental impact statement for the processing of uranium from
the Cigar Lake mine at Rabbit Lake is expected to be filed with regulators in
2004.
</FONT>
<P align="left"><FONT size="2">Cameco is conducting exploration to determine if there is sufficient
mineralization to extend the life of the ore body.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">14</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2"><B><I>Crow Butte</I></B>
</FONT>

<P align="left"><FONT size="2">Crow Butte, which has been in production since 1991, is an ISL uranium
operation located near Crawford, Nebraska, USA. Cameco holds a 100% interest
in Crow Butte indirectly through its wholly owned subsidiary, Crow Butte Land
Company. The mineral reserve and resource estimates for Crow Butte are found at
&#147;Uranium Concentrates Business-Reserves and Resources&#148;.
</FONT>
<P align="left"><FONT size="2">Crow Butte is subject to decommissioning liabilities. In accordance with
regulatory requirements, the operator of the property has provided a $12.8
million (US)&nbsp;letter of credit to the State of Nebraska as security for
decommissioning the property.
</FONT>
<P align="left"><FONT size="2"><B><I>Smith Ranch &#151; Highland</I></B>
</FONT>

<P align="left"><FONT size="2">Highland is an ISL uranium operation located near the towns of Glenrock and
Douglas, Wyoming, USA. It is owned 100% by Cameco through its wholly owned
subsidiary, Power Resources, Inc. (&#147;PRI&#148;).
</FONT>
<P align="left"><FONT size="2">In July 2002, PRI purchased the Smith Ranch ISL uranium operation. It is
located in Wyoming, adjacent to PRI&#146;s Highland operation. As part of the
purchase, PRI assumed decommissioning liabilities, estimated at $9.2&nbsp;million
(US), associated with Smith Ranch and purchased about $6&nbsp;million (US)&nbsp;in
uranium inventory. Cameco guaranteed PRI&#146;s assumption of these decommissioning
liabilities. In connection with the acquisition, PRI secured forward sales
contracts of more than 900,000 pounds of Smith Ranch production at prices
substantially above the long-term market indicators at that time.</FONT>

<P align="left"><FONT size="2">After the purchase, the two operations were merged. The Smith Ranch mill
processes all Smith Ranch and Highland ISL mined uranium. As a result, the
Highland mill is being maintained on a care and maintenance basis.
</FONT>
<P align="left"><FONT size="2">Smith Ranch and Highland are subject to decommissioning liabilities. In
accordance with regulatory requirements, PRI has provided letters of credit
totaling $32.7&nbsp;million (US)&nbsp;to the State of Wyoming as security for
decommissioning these properties.
</FONT>
<P align="left"><FONT size="2">The mineral reserve and resource estimates for Smith Ranch &#151; Highland are found
at &#147;Uranium Concentrates Business-Reserves and Resources&#148;.
</FONT>
<P align="left"><FONT size="2"><B>Development Projects</B>
</FONT>

<P align="left"><FONT size="2">Cameco has one material uranium development project &#151; Cigar Lake in
Saskatchewan. Cameco expects production to begin at Cigar Lake no earlier than
2006. Cameco also has a uranium development project in Kazakhstan called
Inkai. Inkai received all necessary government approvals to build and operate
its test ISL mine. Construction of the test mine began in November 2000 and
testing commenced in early 2002.
</FONT>
<P align="left"><FONT size="2">Continued development and start up of production at these two projects is
subject to market conditions and to the timely receipt of all necessary
governmental approvals, permits and licences.
</FONT>
<P align="left"><FONT size="2"><B><I>Cigar Lake</I></B>
</FONT>

<P align="left"><FONT size="2">Cigar Lake is the world&#146;s second largest known high-grade uranium deposit.
Cigar Lake is owned by joint venture partners Cameco (50.025%), Cogema (37.1%),
Idemitsu Uranium Exploration Canada Ltd. (7.875%) and TEPCO Resources Inc.
(5.0%). Cameco is the operator. At December&nbsp;31, 2002, Cameco&#146;s share of proven
and probable reserves are 276,000 tonnes of ore containing 115.8&nbsp;million pounds
U<sub>3</sub>O<sub>8</sub> with an average grade of 19% U<sub>3</sub>O<sub>8</sub> and inferred resources of 159,000 tonnes
of material containing 59.1&nbsp;million pounds with an average grade of 16.9% U<sub>3</sub>O<sub>8</sub>.
</FONT>
<P align="left"><FONT size="2">From the commencement of production and at an assumed annual production of 18
million pounds, Cameco estimates the first phase of Cigar Lake will have a mine
life of approximately 13&nbsp;years and a payback period of capital invested of
approximately 7&nbsp;years.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">15</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description and Environment</I>
</FONT>
<P align="left"><FONT size="2">The Cigar Lake minesite is located near Waterbury Lake, approximately 660
kilometres north of Saskatoon. The Cigar Lake minesite was developed for the
activities of test mining. At present, the site consists of an underground
development, complete with two main levels and a 500-metre mine shaft and head
frame, water treatment ponds, standby generators, freeze plant, office, shop,
warehouse, construction residences and support installations.
</FONT>
<P align="left"><FONT size="2">The surface facilities and mine shaft for the Cigar Lake project are located on
lands owned by the province of Saskatchewan. Cameco acquired the right to use
and occupy the lands under a surface lease agreement with the province of
Saskatchewan. The surface lease was signed in 1987 and is valid for 33&nbsp;years.
Obligations attached to the surface lease agreement primarily relate to annual
reporting regarding the status of the environment, the land development and
progress made on northern employment and business development. The lease is
renewable if necessary until full property decommissioning has been achieved.
The Cigar Lake surface lease covers a total of 974 hectares.
</FONT>
<P align="left"><FONT size="2">The mineral property consists of one mineral lease, totaling 308 hectares, and
25 mineral claims, totaling 92,740 hectares. The mineral lease and mineral
claims are contiguous. The Cigar Lake deposit is located in the area subject to
mineral lease ML5521. The right to mine this uranium deposit was acquired under
this mineral lease, as renewed, effective December&nbsp;1, 2001. The mineral lease
is for a term of 10&nbsp;years with the right to renew for successive subsequent 10
year terms absent a default by Cameco.
</FONT>
<P align="left"><FONT size="2">Surrounding the Cigar Lake deposit are 25 mineral claims. A mineral claim
grants the holder the right to explore for minerals within the claim lands and
the right to apply for a mineral lease. Title to the mineral claims is secured
until 2023.
</FONT>
<P align="left"><FONT size="2">All reserves and resources on the property are part of the Cigar Lake orebody.
</FONT>
<P align="left"><FONT size="2">For additional information on mineral leases, mineral claims and surface
leases, see &#147;Land Tenure-Saskatchewan Operations&#148;.
</FONT>
<P align="left"><FONT size="2">Uranium produced from this property will be subject to Saskatchewan royalties
as described in &#147;Government Regulation-Canadian Royalties and Certain Taxes&#148;.
</FONT>
<P align="left"><FONT size="2">The property is subject to decommissioning liabilities. In accordance with
regulatory requirements, Cigar Lake Mining Corporation (&#147;CLMC&#148;), the prior
operator of the project, filed with the provincial government a conceptual
decommissioning and reclamation plan for the test mining infrastructure and
surface disturbance. Financial assurances were provided by each of the owners
for a total amount of $4.2&nbsp;million to cover their respective portion of the
decommissioning work.
</FONT>
<P align="left"><FONT size="2">The Cigar Lake site has been operated under various permits, licences and
leases granted for the purpose of the test mine, all of which are currently in
good standing. The &#147;Uranium Mine Site Preparation License&#148; from the CNSC will
expire on July&nbsp;31, 2004 and the &#147;Approval to Operate Pollutant Control
Facilities&#148; from SE will expire May&nbsp;31, 2003. Cameco expects regulators will
renew these permits. Cameco applied for a construction licence in 2002. Cameco
expects to receive the licence in 2004, subject to confirmation by
the regulators of their licensing process.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site accessibility, infrastructure and physiography</I>
</FONT>
<P align="left"><FONT size="2">Access to the property is by road and by air. Supplies are transported by
truck on an all-weather road and can be easily shipped from anywhere in North
America through Cameco&#146;s transit warehouse in Saskatoon. Site activities are
carried out all year despite the cold weather during the winter months. The
fresh air is heated with propane-fired burners before being introduced
underground when the air temperature is below freezing. The water for the
industrial activities and the camp come from nearby Waterbury Lake. The site is
connected to the provincial electricity grid. There are standby generators in
case of grid power failures. Personnel are recruited from the northern
communities and major population centers such as Saskatoon. The underground
work is tendered to a mining contractor.
</FONT>
<P align="left"><FONT size="2">The surface lease grants sufficient rights, subject to regulatory approvals,
for mining operations and the lands subject to the surface lease are sufficient
for personal accommodation, access to water, airport, site roads and other
necessary buildings and infrastructure. Cameco expects that tailings management
facilities will not be required at Cigar Lake, as ore will not be milled at
Cigar Lake.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">16</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
2002 Cameco Annual Information Form</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">&nbsp;</FONT>




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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">The topography and the environment is typical of the taiga forested lands
common to the Athabasca basin area of northern Saskatchewan. The area is
covered with thick overburden. The site is approximately 490 metres above sea
level.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>History</I>
</FONT>
<P align="left"><FONT size="2">The first uranium mineralization discovered at Cigar Lake was in May 1981.
Since that time, the deposit has been defined by approximately 200 holes and
92,000 metres of core drilling from surface. CLMC has been operator of the
project since 1985. Effective January&nbsp;1, 2002, Cameco replaced CLMC as
operator.
</FONT>
<P align="left"><FONT size="2">In 1993, a preliminary feasibility study was delivered to the joint venture
partners. An environment impact statement was filed with the relevant
regulatory agencies in 1995. Technical challenges involving groundwater, rock
properties and radiation protection were evaluated and addressed during the
test mining phase.
</FONT>
<P align="left"><FONT size="2">Public hearings on the project environment impact statement were concluded in
1997 and the joint federal-provincial panel recommended to the governments of
Canada and Saskatchewan that the project be allowed to proceed, subject to
resolution, on terms acceptable to regulatory authorities, of issues with
respect to a tailings management facility and waste rock disposal. In April
1998, both levels of government accepted the joint panel recommendations and
authorized the project to proceed to the regulatory licensing stage.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geology and Mineralization</I>
</FONT>
<P align="left"><FONT size="2">The Cigar Lake deposit is located approximately 40 kilometres inside the margin
of the eastern part of the Athabasca Basin. It occurs at the unconformity
contact between rock of the Athabasca Group and underlying lower Proterozoic
Wollaston Group metasedimentary rocks, an analogous setting to the Key Lake,
the McClean Lake and Collins Bay deposits. It shares many similarities with
these deposits, including general structural setting, mineralogy, geochemistry,
host rock association and the age of the mineralization. The Cigar Lake
deposit is distinguished from other similar deposits by its size, its very high
grade, and the high degree of associated hydrothermal clay alteration. The
deposit is flat lying, approximately 1950 metres long, 20 to 100 metres wide,
and ranges up to 16 metres thick. It occurs at depths ranging between 410 to
450 metres below the surface.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration and Estimates</I>
</FONT>
<P align="left"><FONT size="2">The exploration of the Cigar Lake deposit was performed by Cogema. A data bank
was created from all assay measurement of the various elements. Algorithms
were established for the density determination based on the nature of the
mineralization and of the surrounding ground.
</FONT>
<P align="left"><FONT size="2">Cogema produced for CLMC various reserve and resource estimates. These
estimates were reviewed in 2000 by a task force from Cogema, CLMC and Cameco.
New test reserve and resource estimates were completed both by Cogema and
Cameco and the results were compared.
</FONT>
<P align="left"><FONT size="2">A new definition of the reserves based on the latest technical tests and
economics has been implemented. The new definition is based on a minimum
uranium content and a minimum grade for each estimated block.
</FONT>
<P align="left"><FONT size="2">Cameco believes that Cogema developed and implemented acceptable procedures for
quality control, data verification and security of information resulting from
exploration drilling activities at Cigar Lake.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Test Mining</I>
</FONT>
<P align="left"><FONT size="2">A test mining program was approved in late 1987. Shaft sinking began in 1988,
reaching a final depth of 501 metres in early 1990. Horizontal development was
advanced on two levels and test mining in frozen ground, using box hole boring
and high pressure water jet boring, was successfully carried out in 1991 and
1992.
</FONT>
<P align="left"><FONT size="2">During 1998, CLMC successfully tested a mechanical mine development system
suitable to local underground conditions and at year-end commissioned a freeze
hole drilling system. Also, throughout 1998, CLMC produced a number of
engineering studies that examined project development and milling options.
</FONT>


<P align="right"><FONT size="2">17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">In 1999 and 2000, further jet boring tests were completed with improved
systems. Information acquired from these tests were used to update the
feasibility study, which was later approved by the joint venture partners in
June 2001.
</FONT>
<P align="left"><FONT size="2">Subject to regulatory approval, the jet boring mining method will consist of
four metre diameter holes bored with a high pressure water jet in the
previously frozen high grade orebody. The ore will be ground and slurried
underground, pumped to surface and loaded into specialized containers. All the
ore slurry will be shipped to Cogema&#146;s McClean Lake mill for processing.
Approximately one-half of the resulting pregnant acqueous solution will then be
processed at the McClean Lake mill with the other half being transported to the
Rabbit Lake mill for further processing. See <I>&#147;</I><B><I>Rabbit Lake</I></B><I>&#148;.</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cigar Lake Resource and Reserve Estimates</I>
</FONT>
<P align="left"><FONT size="2">The mineral reserve and resource estimates for Cigar Lake are found at &#147;Uranium
Concentrates Business-Reserves and Resources&#148;. The key assumptions, parameters
and methods used in making these estimates are:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Assumptions</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The reserves reported include allowances for dilution and mining recovery;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">No such allowances are applied to mineral resources;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The minimum grade for proven
reserves is 5.9% U<SUB>3</SUB>O<SUB>8</SUB> and for probable reserves is 1.2% U<SUB>3</SUB>O<SUB>8</SUB>; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Uranium prices remaining above their historic lows.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Parameters</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">grades (percentage
U<SUB>3</SUB>O<SUB>8</SUB>) were obtained from assaying of drill core and
checked against radiometric results. In areas of lost core or poor
recovery, reliance was placed on radiometric grade determined from the
gamma probing;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">where density was not directly measured for each sample, a correlation
between uranium grade and density was applied; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">reserves at Cigar Lake are based on estimated quantities of mineralized
material recoverable by established mining methods.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Methods</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The geological interpretation of the orebody outline was done on
planviews, a two-dimension horizontal block model delineates the deposit
with block of size 15 metres x 6 metres;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Ordinary kriging served to estimate the grade, thickness and density of
the blocks; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Reserves are defined as the economically mineable part of the indicated
and measured resources. Only reserves have demonstrated economic
viability.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Although Cameco believes Cigar Lake reserve and resource estimates are unlikely
to be materially affected by external factors, such as metallurgical, safety
and environmental, permitting, legal, title, taxation and political issues,
there can be no assurance that they will not be. There are numerous
uncertainties inherent in estimating mineral reserves and resources. The
accuracy of any reserve and resource estimation is the function of the quality
of available data and of engineering and geological interpretation and
judgment. Results from drillings, testing and production, as well as a material
change the uranium price, subsequent to the date of the estimate, may justify
revision of such estimates.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Cigar Lake Information</I>
</FONT>
<P align="left"><FONT size="2">For information pertaining to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">markets and contracts for sale of uranium produced from Cigar Lake, see
&#147;Uranium Concentrates Business-Marketing&#148;; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">taxes and royalties on Cigar Lake uranium production, see &#147;Government
Regulation-Canadian Royalties and Certain Taxes&#148; and &#147;Government
Regulation-Canadian Income Taxes&#148;.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Material development activities are currently planned for the Cigar Lake
project. In June 2001, the joint venture partners approved the feasibility
study and the detailed engineering design was initiated and is continuing. A
preliminary estimate of the project development costs is $350&nbsp;million on a 100%
basis. Subject to regulatory approvals and market trends, production at the
Cigar Lake mine could begin no earlier than 2006.
</FONT>
<P align="left"><FONT size="2"><B><I>Inkai</I></B>
</FONT>

<P align="left"><FONT size="2">Inkai is an ISL project located in the Republic of Kazakhstan and consists of
three contiguous license blocks (leases). The project is owned and operated by
Joint Venture Inkai, which is owned by Cameco (60%) and KazAtomProm (40%). The
latter is a company owned by the Republic of Kazakhstan. Cameco&#146;s share of
measured and indicated resources is 57.1&nbsp;million pounds
U<SUB>3</SUB>O<SUB>8</SUB> and of inferred
resources is 170.5&nbsp;million pounds.
</FONT>
<P align="left"><FONT size="2">In April 1999, Inkai received from the government of Kazakhstan a mining
(extraction)&nbsp;licence for Block No.&nbsp;1 and a combined mining and exploration
licence for Blocks No.&nbsp;2 &#038; 3. The associated subsoil use contract, covering
both licences, was signed by the government and Joint Venture Inkai in July
2000. Subsequent to signing of the contract, Joint Venture Inkai obtained the
permits and authorizations needed to start construction of the test mine at
Block No.&nbsp;2. Construction of the test mine facilities was substantially
completed in December 2001. Test mining operations commenced in April 2002
following the federal government&#146;s formal inspection and acceptance of the
newly constructed facilities. An Environmental Impact Assessment on the planned
mining is expected to be completed in 2003. In 2002, an updated feasibility
study was initiated, which is scheduled for completion in 2003 and will
incorporate data obtained from test mining.
</FONT>
<P align="left"><FONT size="2">The Inkai ISL project is subject to decommissioning liabilities. Subsequent to
commencement of commercial production, Joint Venture Inkai is required to
establish a separate bank account and make contributions to the account as
security for decommissioning the property. Contributions to such bank account
are capped at $500,000 (US).
</FONT>
<P align="left"><FONT size="2">Cameco has agreed to provide funding to Joint Venture Inkai of up to $40
million (US)&nbsp;for project development. To December&nbsp;31, 2002, Cameco, through
subsidiaries, had advanced $15.5&nbsp;million (US) ($24.5&nbsp;million (Cdn)).
</FONT>
<P align="left"><FONT size="2"><B>Exploration</B>
</FONT>

<P align="left"><FONT size="2">Cameco carries out mineral exploration for new uranium resources on substantial
landholdings, principally located in two areas: the Athabasca basin of northern
Saskatchewan and the Arnhem Land region in Northern Territory, Australia.
Small landholdings are also located in the Thelon Basin of Canada&#146;s Northwest
Territories. The subdivision of lands (properties in which Cameco holds
interests greater than 10%) and uranium exploration expenditures is as follows:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Area</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>hectares at Dec. 2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002
actual<BR>expenditures<BR>(000&#146;)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><HR size="1" noshade></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Saskatchewan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">623,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Northwest Territories</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Australia</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,657,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,852</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Totals</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,332,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">The majority of Cameco&#146;s exploration lands are explored as joint ventures with
other mining companies, with Cogema the most common joint venture partner. At
year-end 2002, Cameco operated approximately three-quarters of its exploration
projects, including joint ventures. The majority of Cameco&#146;s exploration
projects are early to middle stage, on which indications of economic grades or
quantities of uranium have not yet been identified.
</FONT>

<P align="right"><FONT size="2">19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Cameco periodically acquires new exploration land holdings in both Canada and
Australia, where the Company perceives the discovery potential to be worth the
cost of acquiring and holding the land. At the same time, the Company may
decide to reduce its interest in certain projects through farm-out agreements
or other arrangements designed to
provide exploration funding from sources other than Cameco. One such
arrangement, announced in October 2001 and completed in July 2002, resulted in
Cameco and Pioneer Metals combining certain exploration assets to form a new
junior uranium company, UEX Corporation. Following third party financing and
after transferring in one exploration property and subscribing for $500,000 in
UEX common shares, Cameco owns a 35.3% interest in this new company and has
certain rights related to financing, milling, and marketing future uranium
deposits placed into production by UEX.
</FONT>
<P align="left"><FONT size="2">Since many areas of the world are known to host numerous types of uranium
mineralization, Cameco actively investigates the uranium exploration potential
of areas other than those described above. No major projects are currently
being undertaken in areas outside Canada and Australia.
</FONT>
<P align="left"><FONT size="2"><B>Reserves and Resources</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Reserves (1)</I>
</FONT>
<P align="left"><FONT size="2">The following table shows Cameco&#146;s share of estimated uranium reserves as at
December&nbsp;31, 2002:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Tonnes</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Grade</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Content</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Mining
Method</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B><HR size="1" noshade></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B><HR size="1" noshade></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="1"><FONT size="1"><B><HR size="1" noshade></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B><HR size="1" noshade></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>


<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">(%
U<SUB>3</SUB>O<SUB>8</SUB>)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">(pounds
U<SUB>3</SUB>O<SUB>3</SUB>)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1">(2)</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves &#150; Proven</B>
</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">249,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">113,222,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,345,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,318,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,970,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Key Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">52,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">590,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">593,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">23.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">310,331,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,170,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">637,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,580,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,896,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,681,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Proven Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>471,103,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves &#150; Probable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,625,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,771,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,244,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,059,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,442,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,659,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,792,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,424,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,711,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Probable Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>51,727,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>522,830,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Canadian Securities Administrators&#146; National Instrument 43-101
requires mining companies to disclose reserves and resources using the
subcategories of proven reserves, probable reserves, measured
resources, indicated resources and inferred resources. Cameco reports
reserves and resources separately. The amount of reported resources
does not include amounts identified as reserves.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mining Method: OP-Open Pit, UG-Underground, ISL-In situ Leaching</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Resources</I>
</FONT>
<P align="left"><FONT size="2">The following table shows Cameco&#146;s share of estimated uranium resources as at
December&nbsp;31, 2002:
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Grade</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Content</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Mining Method</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Tonnes</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(%
U<sub>3</sub>O<sub>8</sub>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(pounds
U<sub>3</sub>O<sub>8</sub>)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(1)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>

<TR Valign="bottom" bgcolor="#eeeeee">
<TD colspan="19"><Font size="2"><B>Measured
Resources</B></font></TD><tr>


<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,665,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,212,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,245,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,114,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">997,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,654,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">862,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">304,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,264,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Measured Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>21,317,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>



<TR Valign="bottom">
<TD colspan="19"><FONT SIZE="2"><B>Resources &#150; Indicated</B>
</font></TD><tr>




<TR valign="bottom" bgcolor="#eeeeee">

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dawn Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">199,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,436,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP&#043;UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,364,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,972,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48,866,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">362,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">76,691,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,611,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Northwest Unit</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,361,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,623,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">103,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,998,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,791,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">581,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruth</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,065,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,085,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">133,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Indicated Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>173,077,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>



<TR valign="bottom" bgcolor="#eeeeee">

<TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total
Measured &#38;
Indicated Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>194,394,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

  <TR Valign="bottom">
<TD colspan="19"><FONT SIZE="2"><B>Resources &#150; Inferred</B>
</font></TD><tr>




<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">159,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59,105,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">UG</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,333,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,977,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">170,520,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,367,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Northwest Unit</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,093,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,442,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,132,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,295,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">ISL</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Inferred Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>254,264,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mining Method: OP-Open Pit, UG-Underground, ISL-In-situ Leaching.</FONT></TD>
</TR>
</TABLE>


<P align="right"><FONT size="2">21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameco Annual Information Form</FONT>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Reserve Reconciliation</I>
</FONT>
<P align="left"><FONT size="2">The following reconciliation of Cameco&#146;s share of uranium reserves reflects the
changes in reserves during 2002. The 2002 additions and deletions result from
property acquisitions and from additional information provided by mining and
milling, analysis of drilling results, and reclassification.
</FONT>
<P align="center"><FONT size="2"><B>(in thousands of pounds U<SUB>3</SUB>O<SUB>8</SUB>)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="24%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Addition</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Throughput<SUP>(1)</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(Deletion)</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves &#150; Proven</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">113,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">113,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,202</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(763</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,906</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,345</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(2,252</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,066</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(446</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1,650</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,970</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Key Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">782</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(192</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">322,320</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(12,762</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">310,331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,415</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(8,415</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(465</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,943</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1,641</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">278</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,580</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(193</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(441</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,122</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Proven Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>490,244</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(16,245</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(2,896</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>471,103</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves &#151; Probable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,625</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,625</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,978</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(1,207</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,771</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(2,326</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,198</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,059</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,280</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,379</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9,659</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,797</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(282</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,711</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,711</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Probable Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>29,457</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>22,270</B></FONT></TD>
    <TD nowrap><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>51,727</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Proven &#038; Probable Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>519,701</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(16,245</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>19,374</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>522,830</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Corresponds to millfeed.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Changes in reserves or resources, as applicable, include reassessment of geological data, results of information provided by mining
and milling, and subsequent re-classification of reserves or resources, as applicable.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Change in share ownership or acquisition or surrender of claims.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2"><I>Uranium Resource Reconciliation</I>
</FONT>
<P align="left"><FONT size="2">The following reconciliation of Cameco&#146;s share of uranium resources reflects the changes in resources
during 2002. The 2002 additions and
deletions result from property acquisition and additional information provided by mining and milling,
analysis of drilling results, and reclassification.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>

    <TD width="24%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002 Addition</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Throughput<sup>(1)</sup></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(Deletion)</B></FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>

    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Measured Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,665</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,665</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Measured Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>9,359</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>11,958</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>21,317</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources &#151; Indicated</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dawn Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,436</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,436</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,364</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,972</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48,866</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">76,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">76,691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,026</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(415</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,611</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Northwest Unit</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,623</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,791</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruby Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">581</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">581</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ruth</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,065</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,085</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,085</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">133</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Indicated Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>154,557</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>18,520</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>173,077</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Measured &#38;
Indicated Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>163,916</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>30,478</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>194,394</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources &#150; Inferred</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59,105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,622</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(289</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gas Hills</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(19,800</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,530</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(553</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,977</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inkai</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">170,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">170,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North Butte/Brown Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6,118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(4,751</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Northwest Unit</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,093</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Peach</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(4,000</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reynolds Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,442</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shirley Basin</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,132</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,295</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,295</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taylor Ranch</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(5,000</FONT></TD>
    <TD><FONT size="2">)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Inferred Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>274,695</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(20,431</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>254,264</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Corresponds to millfeed.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Changes in reserves and resources, as applicable, include reassessment of geological data, results of information provided
by mining and milling, and subsequent re-classification of reserves or resources, as applicable.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Change in share ownership or acquisition or surrender of claims.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2"><B>Uranium Fuel Conversion Services</B>
</FONT>

<P align="left"><FONT size="2"><B>Market Background</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Demand</I>
</FONT>
<P align="left"><FONT size="2">The demand for UF<SUB>6</SUB> conversion services is directly linked to the level of
electricity generated by light water moderated nuclear power plants. Western
world demand for UF<SUB>6</SUB> conversion services in 2002 was estimated to be
approximately 57,000 tonnes of uranium. It is estimated that this demand will
increase to approximately 61,000 tonnes of uranium in 2012. Demand in the
former Soviet Union and Eastern Europe in 2002 was about 7,300 tonnes of
uranium and is expected to increase to about 7,700 tonnes of uranium by 2012.
</FONT>
<P align="left"><FONT size="2">The demand for UO<SUB>2</SUB> conversion services is linked to the level of electricity
generated by heavy water moderated nuclear power plants such as CANDU reactors.
Western world demand for UO<SUB>2</SUB> conversion services in 2002 was estimated to be
approximately 2,100 tonnes of uranium.
</FONT>
<P align="left"><FONT size="2">Most utility companies operating nuclear reactors purchase their uranium
requirements in the form of concentrates directly from mining and milling
operators. The uranium contained in the concentrates is refined and converted
to fuel grade UO<SUB>2</SUB>, or to UF<SUB>6</SUB> for enrichment, further processing and eventual
use in nuclear reactors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supply</I>
</FONT>
<P align="left"><FONT size="2">The western world UF<SUB>6</SUB> conversion industry consists of Cameco and three other
commercial producers with an annual conversion capacity of about 45,000 tonnes
of uranium. Cameco&#146;s annual UF<SUB>6</SUB> conversion capacity constitutes approximately
28% of the western world capacity. Cameco is the only commercial supplier of
conversion for natural UO<SUB>2</SUB> customers in the western world. Russia supplies most
of the requirements of the former Soviet Union and Eastern Europe in the form
of low enriched uranium.
</FONT>
<P align="left"><FONT size="2">On February&nbsp;9, 2001, British Nuclear Fuels Limited (&#147;BNFL&#148;), with annual
conversion capacity of about 6,000 tonnes, announced that it will halt
production of UF<SUB>6</SUB> in 2006. With the announcement, BNFL ceased the marketing of
UF<SUB>6</SUB> conversion services and sold its uncommitted UF<SUB>6</SUB> production to Cameco.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prices</I>
</FONT>
<P align="left"><FONT size="2">Cameco competes on the basis of price, location and service with two other
full-scale commercial suppliers in the western world. It also competes with
additional supplies from excess western inventories available on the secondary
or &#147;spot&#148; market, Russian inventory sales in the form of low enriched uranium,
Russian re-enriched depleted tails in the form of UF<SUB>6</SUB>, and Russian and US
uranium derived from dismantling nuclear weapons.
</FONT>
<P align="left"><FONT size="2">Under the USEC Privatization Act, the conversion component of Disarmament
Uranium is not restricted and is therefore available to the market, with the
exception of any quantities returned to Russia.
</FONT>
<P align="left"><FONT size="2"><B>Marketing</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UF<SUB>6</SUB></I>
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s marketing strategy for UF<SUB>6</SUB> conversion services is similar to that for
uranium concentrates.
</FONT>
<P align="left"><FONT size="2">Cameco sells its services directly to utilities located in many different
geographic regions of the world primarily through medium &#151; and long &#151; term
contracts.
</FONT>
<P align="left"><FONT size="2">For the period 2003 forward, Cameco has UF<SUB>6</SUB> conversion services commitments in
excess of 45,000 tonnes uranium under 66 long-term contracts. Cameco&#146;s five
largest customers account for approximately 35% of these commitments. Over
this period, 40% of Cameco&#146;s committed UF<SUB>6</SUB> conversion services volume is to
purchasers in North America, 34% in the Far East and 26% in Europe.
</FONT>
<P align="right"><FONT size="2">24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UO<SUB>2</SUB></I>
</FONT>
<P align="left"><FONT size="2">Cameco is the only commercial supplier of ceramic grade UO<SUB>2</SUB> for CANDU heavy
water moderated nuclear reactors operated in Canada by Bruce Power, OPG, New
Brunswick Power Corporation and Hydro Quebec. Cameco also exports UO<SUB>2</SUB> to South
Korea for its CANDU reactors.
</FONT>
<P align="left"><FONT size="2">Volumes of Canadian UO<SUB>2</SUB> sales are anticipated to increase over the next few
years as six shut-in reactors (four operated by OPG and two operated by Bruce
Power) are planned for restart. Three of these restarts (one OPG and two Bruce
Power) are scheduled in 2003.
</FONT>
<P align="left"><FONT size="2"><B>Operations</B>
</FONT>

<P align="left"><FONT size="2">Cameco owns and operates Canada&#146;s only uranium conversion facilities. Cameco
has a uranium refining facility that is located approximately eight kilometres
west of Blind River, Ontario and within close proximity to Lake Huron. Blind
River, with a population of about 4,000 is located approximately 600 kilometres
northwest of Toronto, Ontario. Cameco also has two conversion plants within
the town of Port Hope, Ontario, approximately 100 kilometres east of Toronto.
The town of Port Hope, with a population of about 12,500, is located on the
shore of Lake Ontario.
</FONT>
<P align="left"><FONT size="2">The Blind River facility, commissioned in 1983, has an annual licensed capacity
of 18,000 tonnes of uranium. It includes a uranium refinery, a large storage
area for uranium concentrates, and weighing and sampling facilities. The Blind
River facility refines the concentrates delivered by suppliers from throughout
the world into nuclear grade UO<SUB>3</SUB>, nearly all of which is shipped to Port Hope
for conversion into either UF<SUB>6</SUB> or UO<SUB>2</SUB>. A small quantity of UO<SUB>3</SUB> is supplied to
others for blending with enriched uranium to produce suitable reactor fuel.
</FONT>
<P align="left"><FONT size="2">The Port Hope conversion plants produce natural UO<SUB>2</SUB> and natural UF<SUB>6</SUB>. The UO<SUB>2</SUB>
plant is licensed for 2,800 tonnes of uranium per year and produces ceramic UO<SUB>2</SUB>
used as fuel in Canadian and other CANDU heavy water nuclear reactors, as well
as blanket fuel for light water nuclear reactors. The UF<SUB>6</SUB> plant, licensed for
12,500 tonnes of uranium per year, converts UO<SUB>3</SUB> to UF<SUB>6</SUB> using hydrogen, hydrogen
fluoride and fluorine in a series of process steps. The UF<SUB>6</SUB> is then shipped to
enrichment plants in the United States, Europe and Japan for further processing
to low enriched uranium prior to conversion to enriched UO<SUB>2</SUB>, which is used as
reactor fuel for light water nuclear reactors.
</FONT>
<P align="left"><FONT size="2">In January 2003, Cameco applied to the CNSC for regulatory approval to begin
the commercial production at Port Hope of slightly enriched uranium dioxide
powder (&#147;SEU&#148;), the primary uranium component of a new type of fuel that is
proposed for use in some CANDU reactors. Initially the SEU will be produced for
use in the Bruce &#147;B&#148; units as part of a power uprate project which is expected
to add about 400 MW to the capacity of the units. (See &#147;Bruce Power &#151; The Generating Facilities&#148;.) SEU is also expected to be
the basis of the fuel used by the next generation of CANDU reactors designed by
Atomic Energy of Canada Ltd. Cameco&#146;s Port Hope facility processed enriched
uranium between 1966 and 1987. This activity was discontinued when there no
longer was commercial demand.
</FONT>
<P align="left"><FONT size="2">CNSC approval would allow installation and operation at Port Hope of equipment
for blending natural UO<SUB>2</SUB> powder and low-enriched UO<SUB>2</SUB> powder to produce SEU. The
low-enriched UO<SUB>2</SUB> powder would be acquired from several suppliers. This
approval would not lead to an increase in the total volume of UO<SUB>2</SUB> produced, as
the SEU would essentially replace some of the natural UO<SUB>2</SUB> currently produced.
</FONT>
<P align="left"><FONT size="2">Commercial production of SEU will use sufficient volume of low enriched UO<SUB>2</SUB>
powder that criticality could potentially be achieved. Due to extensive
safeguards that will be put in place, which will be subject to regulatory
approval, to prevent this from happening, it is unlikely that criticality will
occur. Criticality is a nuclear fission reaction, not a nuclear explosion. The
products of criticality are heat and radiation. If a criticality did occur at
Port Hope, it is expected there would be little or no impact on the health and
safety of the public, as the SEU production area will be designed and
engineered to contain the incident. Low enriched fuel is used to power
approximately 400 nuclear reactors around the world.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s conversion facilities are subject to decommissioning liabilities. In
accordance with regulatory requirements, Cameco has provided $48.4&nbsp;million in
letters of credit as security for decommissioning these facilities.
</FONT>
<P align="right"><FONT size="2">25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Research and Development</B>
</FONT>

<P align="left"><FONT size="2">The activities of all operations are supported by Cameco&#146;s technology
development group which is actively engaged in supporting new business
initiatives as well as developing new processes to maintain and enhance
Cameco&#146;s position as a competitive and leading supplier of uranium
concentrates, refining and conversion services. For 2002, expenditures related
to these activities were approximately $ 2.5&nbsp;million.
</FONT>
<P align="left"><FONT size="2"><B>Environment</B>
</FONT>

<P align="left"><FONT size="2">For environmental protection, the Blind River refinery operates a monitoring
lagoon system for liquid effluents in order to ensure adherence to regulatory
standards. Gaseous emissions are filtered, scrubbed and monitored for uranium
particulate and certain other deleterious substances. Cooling water is used in
a closed loop system with very limited discharge to the environment. Extensive
chemical recovery steps are also used to reduce environmental release. In Port
Hope, provisions for environmental protection include scrubbing and filtration
systems for gaseous emissions and evaporator systems for liquid process
effluents. Resulting condensates released to the environment are monitored to
ensure compliance with regulatory standards. Extensive chemical recovery steps
are also used to reduce environmental release and reduce waste accumulation.
</FONT>
<P align="left"><FONT size="2">In 1998, Cameco reached an agreement with International Uranium Corporation of
Denver, Colorado for the processing of certain uranium-bearing by-products from
Blind River and Port Hope at the White Mesa mill in Blanding, Utah. The
agreement received regulatory approval in both Canada and US. Shipments to
Utah for recycling of all of the by-product inventory was completed in 2000,
including by-products accumulated by a predecessor company prior to 1988 that
was stored at Blind River and Port Hope. Shipments of newly produced
by-products continued throughout 2002. While this program has addressed the
accumulated inventory of by-products and is addressing current recycling
requirements for these by-products, other outlets are being considered. In
2001, a pilot test program of recycling these by-products at Cameco&#146;s Key Lake
mill was completed. This test was conducted to develop the information that
would be necessary to support an application for regulatory approval to recycle
by-products at the Key Lake mill, if and when desired. In 2002, Cameco
submitted a proposal to federal and provincial regulatory authorities for
approval to recycle these by-products at the Key Lake mill. Provincial
regulatory approval was received on February&nbsp;21, 2003. Federal regulatory
approval is still pending.
</FONT>
<P align="left"><FONT size="2">Both Blind River and Port Hope facilities were re-licensed by the CNSC for a
five-year period commencing on February&nbsp;28, 2002.
</FONT>
<P align="left"><FONT size="2"><B>Legal Proceedings</B>
</FONT>

<P align="left"><FONT size="2">A complaint was filed in federal court in Denver, Colorado, USA on November&nbsp;28,
2000 by Mr.&nbsp;Oren Benton claiming damages in excess of $100&nbsp;million from the
Company with respect to each of his claims of breach of contract and tortious
interference with contractual relations and business expectations. Cameco&#146;s
motion to dismiss Mr.&nbsp;Benton&#146;s claims was granted and Mr.&nbsp;Benton&#146;s claims were
dismissed in 2002. Mr.&nbsp;Benton has appealed this decision. Cameco believes,
after consultation with legal counsel, this action is completely without merit
and will defend it vigorously.
</FONT>
<P align="left"><FONT size="2"><B>Environmental Matters</B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s operations are subject to numerous laws and regulations regarding
environmental matters and the management of hazardous wastes and materials.
Changes in environmental laws and regulations or more stringent application of
existing standards could cause additional expense, capital expenditures,
restrictions or delays in the exploration, development, operation or
decommissioning of the Company&#146;s properties.
</FONT>
<P align="left"><FONT size="2">Cameco estimates total future decommissioning and reclamation costs for its
operating assets to be $253&nbsp;million. In connection with future decommissioning
and reclamation costs, Cameco has provided financial assurances of
approximately $205&nbsp;million in the form of letters of credit to satisfy current
regulatory requirements. See Note 7 to the Consolidated Financial Statements of
the Company for the fiscal year ended December&nbsp;31, 2002.
</FONT>
<P align="right"><FONT size="2">26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2"><B><I>Cameco Initiatives</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s environmental and safety efforts are both corporate and site-based.
Corporate and site-based environmental and safety departments have been created
to manage and coordinate the Company&#146;s environmental assessment and regulatory
compliance and reporting functions. Cameco conducts regular environmental and
safety audits of its sites. Annual expenditures of over $16&nbsp;million have been
dedicated to environmental monitoring, protection, assessment and health and
safety programs.
</FONT>
<P align="left"><FONT size="2">Like other large industrial organizations, Cameco utilizes chemicals in its
operations that could be hazardous to health and the environment if handled
incorrectly. Employees are trained in the proper use of hazardous substances
and in emergency response techniques.
</FONT>
<P align="left"><FONT size="2">Cameco has had a formal environmental and safety policy in place since 1991. In
1999, Cameco revised this environmental policy in support of an initiative to
generate a new environmental management system at its operating sites. This
system reinforces the Company&#146;s commitment to ongoing management of
environmental risks and is structured to be compatible with the requirements of
the relevant international standard, referred to as ISO 14001. In 2000, the
Port Hope operation became the first Cameco managed site to become certified
under the new standard. In 2002, the Blind River, Key Lake and McArthur River
operations were also ISO 14001 certified. In May 2001, Cameco received a
request from the CNSC to develop a corporate quality assurance program in
support of re-licensing its Canadian operations. Cameco elected to embark on
developing a broader quality management system. This system is to include
operational activities at its Canadian operating licensed sites as well as
corporate oversight and audit responsibilities for these sites. A plan and
implementation schedule for this new management system was filed with the CNSC
and accepted in early 2002. At year end, a draft corporate quality management
system manual, covering Canadian uranium operations, was also filed with the
CNSC, in accordance with the accepted implementation schedule. This schedule
calls for site implementation to be completed in the second half of 2004.
</FONT>
<P align="left"><FONT size="2">The Company has an environmental and safety committee of the board of
directors, which regularly reviews environmental and safety aspects of the
Company&#146;s operations. To promote better communication with communities in
northern Saskatchewan on environmental and other matters, the Company organized
the Northern Community Liaison Committee in 1990 and the Athabasca Working
Group in 1993 (with CLMC and Cogema). The Company also co-operates with the
northern community environmental quality committees organized more recently by
the province of Saskatchewan. Cameco also conducts regular environment-focused
community liaison activities at its fuel services sites in Ontario.
</FONT>
<P align="left"><FONT size="2"><B><I>Canada</I></B>
</FONT>

<P align="left"><FONT size="2">Environmental matters related to Cameco&#146;s operations in Canada are the subject
of ongoing public scrutiny and regulatory review by the CNSC, Environment
Canada, the federal Department of Fisheries and Oceans, SE and the Ontario
Ministry of the Environment (&#147;MOE&#148;).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</FONT>
<P align="left"><FONT size="2">Once reserves of a particular deposit in Canada have been exhausted or after
processing activities have been permanently suspended, Cameco and its partners
are required by law to decommission operating sites, including waste rock and
tailings management facilities, and reclaim those areas affected by their
activities, to the satisfaction of provincial and federal regulatory
authorities. Cameco annually accrues amounts for future reclamation costs
based on the estimated life of the facility, units of production and estimates
of future decommissioning and reclamation costs. Cameco&#146;s estimation of these
future costs are based upon the application of reclamation techniques which are
believed to be capable of generating reasonable environmental and radiological
performance. The annual accrual and total provision is regularly reviewed by
the Company, as well as for license renewal applications as required by
regulatory agencies. If required, the future accrual rate is then adjusted.
The regulatory agencies accept the decommissioning plans in concept, not upon
detailed performance forecast which has not yet been generated. As Cameco
properties approach or go into decommissioning, further regulatory review of
the
decommissioning plans may result in additional decommissioning requirements,
associated costs and the requirement to provide additional financial
assurances. As of December&nbsp;31, 2002, Cameco had accrued a total accounting
provision of approximately $143&nbsp;million related to nuclear activities. See
Note 7 to the Consolidated Financial Statements of the Company for the fiscal
year ended December&nbsp;31, 2002.
</FONT>
<P align="right"><FONT size="2">27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">Both the CNSC and SE have regulations requiring financial assurances for
decommissioning and reclamation of minesites. Financial assurances in the form
of letters of credit were first supplied for Rabbit Lake and McArthur River in
1996 and for Key Lake in 1997. Letters of credit for the Port Hope and Blind
River facilities were supplied in early 2002 for the first time, in conjunction
with general CNSC site relicensing. Throughout late 2001 and 2002,
decommissioning and reclamation financial assurances for all Canadian uranium
operations, including Cigar Lake, have been re-examined, in accordance with
regulatory mandated review schedules. While this work is not yet fully
complete, no material changes are anticipated in the amount of financial
assurances as a result of this review.
</FONT>
<P align="left"><FONT size="2">Pursuant to the Reorganization of SMDC and ENL (now Canada Eldor Inc.), Cameco
assumed the ownership and primary responsibility for the management of wastes
existing at the time of the Reorganization (&#147;Historical Waste&#148;) at the Port
Hope Conversion Facility, the Blind River Refinery, the Port Granby Waste Site
and the Welcome Waste Site (&#147;Historical Facilities&#148;), all located in Ontario.
The Company assumed liability for the first $2&nbsp;million of all
costs in respect of any claim arising out of or related to the Historical Waste
and all decommissioning and reclamation costs at the Historical Facilities and
23/98ths of the next $98&nbsp;million of such costs. Canada Eldor Inc. retained
liability for the balance of the costs up to $100&nbsp;million and for all the costs
in excess of $100&nbsp;million, effectively capping Cameco&#146;s liability at $25
million. See Note 13 to the Consolidated Financial Statements of the Company
for the fiscal year ended December&nbsp;31, 2002.
</FONT>
<P align="left"><FONT size="2">On October&nbsp;6, 2000, the government of Canada and certain Port Hope area
communities announced the signing of a &#147;Principles of Understanding&#148;,
establishing the framework for development of a legal agreement for the clean
up, storage and long-term management of certain of the Historical Wastes. On
June&nbsp;19, 2001, the government of Canada announced that the legal agreement had
been signed and that it would invest about $260&nbsp;million over 10&nbsp;years to carry
out the work. On July&nbsp;30, 2002, the government of Canada released the scope
document for the environmental assessment of the project to manage low level
radioactive waste for long term in the Port Hope area.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Regulatory Compliance</I>
</FONT>
<P align="left"><FONT size="2">Potentially significant regulatory issues relate to the establishment of new
criteria for levels of uranium in ambient air in the vicinity of the Company&#146;s
Ontario operations, establishment of new enhanced environmental monitoring
programs in the vicinity of all Canadian operations and decisions arising from
the current evaluation of radionuclide releases (including uranium) from
nuclear facilities being carried out under the Canadian Environmental
Protection Act. Changes to these regulations may require additional response
by Cameco in the near term in order to remain in compliance with the relevant
regulations and regulatory guidelines.
</FONT>
<P align="left"><FONT size="2">These new regulatory initiatives and future initiatives have and likely will
continue to generate additional environmental studies in the vicinity of these
operations. It is unclear if these additional studies will ultimately
translate into further regulatory requirements on the Company.
</FONT>
<P align="left"><FONT size="2">Cameco continues to face challenges from the burden of increasing regulatory
demands and costs from the CNSC, Canadian Environmental Assessment Agency and
other federal and provincial regulators. In addition to the issues noted
above, the lead regulator, the CNSC, intends to increase its fees charged to
the nuclear industry, and is increasing the regulatory burden as a result of
the implementation of the new Nuclear Safety and Control Act. For instance,
Cameco has been directed to implement a formal quality assurance program to
manage its Canadian nuclear operations. Lower tier operational changes are
increasingly subject to regulatory burden which may include delays due to
longer regulatory approval processes. These increasing requirements are
expected to continue to result in creeping administration costs and some
additional capital expenditures for compliance. As well, the complex
regulatory approval process reduces Cameco&#146;s flexibility to make operational
changes in a timely fashion.
</FONT>
<P align="left"><FONT size="2">The 1997 Nuclear Safety and Control Act and 2000 Regulations thereunder
establish occupational and public radiation exposure limits in accordance with
the most recent International Commission on Radiological Protection
recommendations. Additional work on internal radiation protection dosimetry
(primarily dust inhalation) is being
carried out at Cameco&#146;s Ontario operations to comply with these new limits in
accordance with an agreed to regulatory transition plan. The McArthur River
mine, the Key Lake mill, and the Rabbit Lake mine/mill operation are in
compliance with the new regulatory requirements.
</FONT>
<P align="right"><FONT size="2">28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">In recent years, when auditing Cameco, the CNSC has put a priority on auditing
specific environmental and safety related programs. These have included such
aspects as radiation protection programs, environmental monitoring, fire
protection, operational quality assurance, organization and management
evaluation, transportation systems, geotechnical monitoring and ventilation
systems. These program-specific audits and regular site inspections by
regulatory project officers have generated, and are intended to continue to
generate, actions to improve environmental and safety performance and ensure
that these risks remain well managed. Resulting program modifications are
typically procedural and do not incur large capital costs.
</FONT>
<P align="left"><FONT size="2">In 2001, Cameco successfully renewed its CNSC operating licences for Rabbit
Lake, Key Lake and McArthur River for two-year terms. Cameco also received a
licence to become the operator of the Cigar Lake project. In 2002, the Port
Hope and Blind River CNSC operating licenses were renewed for five-year terms.
In 2003, Cameco will seek re-licensing of the Rabbit Lake, Key Lake and
McArthur River operations, as well as a construction license for the Cigar Lake
project.
</FONT>
<P align="left"><FONT size="2"><B><I>US Environmental Regulation</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco subsidiaries&#146; ISL operations in the US are subject to numerous federal,
state and local regulations governing, among other things, air emissions, water
discharges, hazardous materials handling and disposal and site reclamation. In
2000, at the Highland operation, PRI self reported to the Wyoming Department of
Environmental Quality (&#147;WDEQ&#148;) injection well casing leaks, resulting in
releases into unauthorized zones. As a result of PRI&#146;s report, the Wyoming
agency issued a notice of violation (NOV). PRI took the position that there
was
minimal environmental impact, given the quality of the released water and the
geotechnical characteristics of the release zones. Nevertheless, the issue
required additional investigation as a potential future decommissioning issue,
and necessitated procedural and physical modifications in well construction to
better assure injection well integrity. The well casing leaks are not expected
to materially increase site decommissioning costs. There was no fine
associated with the NOV, largely because of the self-reporting of the issue and
its low potential for environmental impact. Arising from the NOV was an
Administrative Order on Consent, which specified a compliance schedule and a
revision of the regulatory permit to address the casing leak issue. The Order
on Consent essentially forms a contract for resolving the issues arising out of
the NOV. Changes in well construction have reduced the frequency of well
casing leaks. The changes have also been implemented at PRI&#146;s Smith Ranch
operation.
</FONT>
<P align="left"><FONT size="2">After mining has been completed, an ISL wellfield must be restored in
accordance with regulatory requirements. Generally this involves restoring the
groundwater to its pre-mining use using reverse osmosis (ultra filtration
technology) and restoration. Restoration of Crow Butte wellfields is regulated
by the Nebraska Department of Environmental Quality (&#147;NDEQ&#148;) and the Nuclear
Regulatory Commission (&#147;NRC&#148;) and restoration of Smith Ranch-Highland
wellfields is regulated by the WDEQ and NRC.
</FONT>
<P align="left"><FONT size="2">Crow Butte has three wellfields under restoration. In 2000 Crow Butte
Resources Inc., after the NDEQ confirmed that wellfield 1 was restored to its
regulatory standards, requested the NRC accept that wellfield 1 was restored to
its regulatory standards. The NRC approved the restoration on February&nbsp;12,
2003.
</FONT>
<P align="left"><FONT size="2">Smith Ranch-Highland has three wellfields under restoration. In 1999 PRI
requested the WDEQ accept that one wellfield was restored to its regulatory
standards. The WDEQ has not yet done so.
</FONT>
<P align="left"><FONT size="2">The delay by regulators to accept restoration of these wellfields is a
significant issue for Cameco subsidiaries&#146; US ISL operations. Discussions are
ongoing with regulators to establish clear criteria for wellfield restoration.
The Company is uncertain when, and at what cost, its US subsidiaries&#146; ISL
operations will be able to complete restoration of mined out ISL wellfields to
the satisfaction of regulators.
</FONT>
<P align="left"><FONT size="2"><B>Government Regulation</B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s business is subject to various levels of extensive governmental
controls and regulations which are amended from time to time. The Company is
unable to predict what additional legislation or amendments may be proposed
that might affect its business or when any proposals, if enacted, might become
effective.
</FONT>
<P align="left"><FONT size="2">Outlined below are some of the more significant government controls and
regulations which materially affect the Company&#146;s uranium business.
</FONT>
<P align="right"><FONT size="2">29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2"><B><I>Canadian Uranium Industry Regulation</I></B>
</FONT>

<P align="left"><FONT size="2">The Canadian federal government has recognized that the uranium industry has
special importance in relation to the national interest and therefore regulates
the industry through regulations and policy announcements. The regulations and
policy announcements apply to any uranium property or plant in Canada which the
CNSC may determine to be, or to have the capability of, producing or processing
uranium for nuclear fuel application. The regulations require that the
property or plant be owned legally and beneficially by a company incorporated
in Canada.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Ownership Restriction</I>
</FONT>
<P align="left"><FONT size="2">The latest expression of Canadian government policy on non-resident ownership
of uranium mining properties is contained in a letter dated December&nbsp;23, 1987
from the Minister of State (Forestry and Mines) to the Canadian uranium
industry. The basic limit for non-resident ownership of uranium properties at
the stage of first production is 49%. Resident ownership levels of less than
51% will be permitted if the property is in fact Canadian-controlled.
Exceptions to the policy may be granted subject to Cabinet approval and will be
provided only in cases where it is demonstrated that Canadian partners cannot
be found.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco Ownership Restriction</I>
</FONT>
<P align="left"><FONT size="2">As part of the Canadian government regulation of the Canadian uranium mining
industry, the Eldorado Nuclear Limited Reorganization Act Canada (&#147;ENL
Reorganization Act&#148;) imposes constraints on the issue, transfer and ownership,
including joint ownership, of Cameco shares so as to prevent both residents and
non-residents of Canada from owning or controlling more than a specified
percentage of shares. The following is a summary of the constraints currently
contained Cameco&#146;s articles:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">No resident alone or together with associates, may hold, beneficially own
or control, directly or
indirectly, other than by way of security only, shares to which are
attached more than 25% of the votes that may ordinarily be cast to elect
directors of Cameco.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">No non-resident of Canada, alone or together with associates, may hold,
beneficially own or control, directly or indirectly, other than by way of
security only, shares to which are attached more than 15% of the votes
that may ordinarily be cast to elect directors of Cameco.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The votes attaching to shares held, beneficially owned or controlled,
directly or indirectly by all non-residents together, and cast at any
meeting of shareholders, will be counted or prorated so as to limit the
counting of those votes to not more than 25% of the total number of votes
cast by shareholders at that meeting.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">To give effect to such constraints, Cameco&#146;s articles contain provisions
for the enforcement of the restrictions relating to ownership and voting
by residents of Canada and non-residents of Canada described above,
including provisions for suspension of voting rights, forfeiture of
dividends, prohibitions against the issue and transfer of shares and
suspension of all remaining shareholders&#146; rights.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">The provisions of the ENL Reorganization Act allow the board to require the
holders or other subscribers for shares and certain other persons to furnish
declarations as to residence, ownership of shares and certain other matters
relative to the enforcement of the restrictions. Cameco is precluded from
issuing or registering a transfer of any shares where contravention of the
resident or non-resident ownership restrictions would result. Cameco requires
that, prior to each transfer of shares, other than a transfer to a depository,
the transferee give a declaration providing information relating to compliance
with these ownership restrictions.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s board is entitled to determine whether contraventions of the ENL
Reorganization Act or the articles have occurred. Cameco&#146;s board may make such
determination whether or not it, or Cameco&#146;s transfer agent and registrar, has
received such declarations, if the board has reason to believe that
contravention of the ownership restrictions has occurred.
</FONT>
<P align="right"><FONT size="2">30&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">If Cameco&#146;s board determines that shares are held by a shareholder in
contravention of the ownership restrictions, Cameco has the power to suspend
all rights of the shareholder in respect of all shares held, other than the
right to transfer them, not earlier than 30&nbsp;days after first sending notice to
the shareholder, unless the shares so held have been disposed of by the
shareholder and Cameco has been so advised.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Nuclear Safety and Control Act</I>
</FONT>
<P align="left"><FONT size="2">In Canada, control of the mining, extraction, use and export of uranium was
formerly governed by the Atomic Energy Control Act (the &#147;AECA&#148;), a federal
statute. The AECA was administered by the AECB. On March&nbsp;20, 1997, the Nuclear
Safety and Control Act (the &#147;NSCA&#148;) received royal assent. In the following
years, related regulations and key regulatory guidelines were prepared and
finalized. On May&nbsp;31, 2000, the new act and regulations came into force
replacing the AECA. The NSCA expands the jurisdiction of the CNSC, which has
replaced the AECB, notably expanding its role in environmental regulation.
</FONT>
<P align="left"><FONT size="2">The NSCA authorizes the CNSC to make regulations governing all aspects of the
development and application of nuclear energy, including uranium mining,
milling, conversion and transportation. The most significant powers given to
the CNSC are in the licensing area. The NSCA grants the CNSC licensing
authority for all nuclear activities in Canada, including the issuance of new
licences to new operators, the renewal of existing licences, and amendments to
existing licences. A person may only possess or dispose of nuclear substances
and construct, operate and decommission its nuclear facilities in accordance
with the terms of a CNSC licence. The licence specifies conditions that
licensees must satisfy in order to maintain the right to operate nuclear
facilities.
</FONT>
<P align="left"><FONT size="2">A fundamental principle in nuclear regulation is that the licensee bears the
responsibility for safety, with the CNSC setting safety objectives and auditing
licensee&#146;s performance against the objectives. The regulations made under NSCA
include provisions dealing with facilities licence requirements, radiation
protection, physical security for all nuclear facilities and the transport of
radioactive materials. The CNSC has also issued guidance documents to assist
licensees in complying with regulatory requirements such as decommissioning,
emergency planning, and optimization of radiation protection measures.
</FONT>
<P align="left"><FONT size="2">The NSCA is the product of a recent update of regulatory requirements by the
Federal government in relation to the effective regulation of nuclear energy in
Canada. The NSCA grants to the CNSC the power to act as a court of record, the
right to require financial guarantees for nuclear waste management and
decommissioning as a condition of granting a licence, order-making powers which
are more flexible than those allowed under the predecessor legislation, the
AECA, and the right to impose higher monetary penalties than was allowed under
such predecessor legislation. The NSCA also grants the CNSC power to require
nuclear power plant operator re-certification and to set requirements for
nuclear facility security measures. The NSCA also provides for increased
emphasis on environmental matters, including a requirement that licensing
applicants make adequate provision for the protection of the environment.
Additional regulatory priority is evident in the areas of quality assurance and
human factor engineering and assessment.
</FONT>
<P align="left"><FONT size="2">All of the Canadian operations of the Company are governed primarily by
licences granted by the CNSC and are subject to all applicable federal statutes
and regulations and to all laws of general application in the province where
the operation is located, except to the extent that such laws conflict with the
terms and conditions of the licence or applicable federal laws. Failure to
comply with licence conditions or applicable statutes and regulations may
result in orders being issued which may cause operations to cease or be
curtailed or may require installation of additional equipment or other remedial
action. The Company may also be subject to prosecution if it fails to comply
with such applicable statutes and regulations. Environmental regulation of the
uranium mining industry in Saskatchewan and the uranium processing industry in
Ontario are also regulated under both provincial and other federal legislation.
Progress continued to be made to better harmonize provincial and federal
regulatory regimes in Saskatchewan. In February 2003, the federal and
provincial governments signed an agreement that is expected to lead to greater
administrative efficiency in regulation of the Saskatchewan uranium industry
over the next few years.
</FONT>
<P align="right"><FONT size="2">31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">The CNSC has adopted a plan to aid in the transition from the AECA to the NSCA.
The plan defines temporary exemptions covering new radiation and quality
assurance programs and new packaging and transportation requirements. Cameco
estimates that small, but sustained, capital and operating expenditures will be
required, primarily for implementing new radiation and quality assurance
programs. In 2003, the CNSC is expected to
implement new cost recovery regulations. A fee for service arrangement is
proposed, based on a fully absorbed rate of $200 per hour. Preliminary
estimates of the impact on the licensing costs for Cameco operated sites is an
increase of $0.9&nbsp;million (a 42% increase) in 2003. With a one year phase-in
and prorating from the time of implementation, it is expected that it will take
two years to see full transition to the new rates.
</FONT>
<P align="left"><FONT size="2">New projects must follow the NSCA procedures. Certain properties are deemed to
have complied by transition rules from AECA to NSCA. In September 2002, a
court held that Cogema&#146;s McClean uranium mill in Saskatchewan was not properly
licensed under these transition rules. The decision is being appealed. Due to
this decision, the licensing process that Cameco is subject to may be longer
and more complex.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Export Regulation</I>
</FONT>
<P align="left"><FONT size="2">The export of uranium is regulated by the Canadian federal government which
establishes nuclear energy policy. Cameco&#146;s uranium exports are required to
have export licences and export permits granted by the CNSC and the Department
of Foreign Affairs and International Trade, respectively, and such licences and
permits are obtained by Cameco for all such exports.
</FONT>
<P align="left"><FONT size="2"><B><I>US Uranium Industry Regulation</I></B>
</FONT>

<P align="left"><FONT size="2">Uranium recovery in the US is primarily regulated by the NRC pursuant to the
Atomic Energy Act of 1954, as amended. Its primary function is to ensure the
protection of employees, the public and the environment from radioactive
materials and it also regulates most aspects of the uranium recovery process.
The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations(&#147;10 CFR&#148;). The NRC issues Domestic
Source Material Licenses pursuant to 10 CFR Part 40.
</FONT>
<P align="left"><FONT size="2">The review of a license application is governed by the National Environmental
Policy Act (&#147;NEPA&#148;) which is implemented through 10 CFR Part 51. Although the
NRC voted to support new regulations for uranium recovery operations, which
would apply to the Company&#146;s US ISL operations, in 2002 the NRC withdrew their
support for these regulations.
</FONT>
<P align="left"><FONT size="2">The NRC is finalizing their approval for an alternative process whereby a state
government can regulate groundwater issues through a memorandum of
understanding entered into with the NRC. If implemented, this would apply to
all groundwater issues, including restoration, and eliminate one area of
regulatory duplication pertaining to ISL well fields. The US Environmental
Protection Agency (&#147;EPA&#148;) and certain states have formally indicated that they
are in favour of the proposed process. The NRC is expected to decide later in
2003 whether to proceed with this change in the regulatory process.
</FONT>
<P align="left"><FONT size="2">The uranium recovery industry in Wyoming is also regulated by the WDEQ, Land
Quality Division (&#147;LQD&#148;) pursuant to the Wyoming Environmental Quality Act
(&#147;WEQA&#148;) and the LQD Non-Coal Rules and Regulations arising from the WEQA.
Pursuant to WEQA, the WDEQ issues a permit to mine which is administered by the
LQD. In addition, the state administers a number of EPA programs under the
Clean Air Act and the Clean Water Act, some of which are incorporated into the
LQD Non-Coal Rules and Regulations (for example the Underground Injection
Control regulations under the Clean Water Act). Currently wellfield
decommissioning is required to background water standard in Wyoming. Recently,
the Wyoming Environmental Quality Council approved wellfield groundwater
restoration to class of use standard, whereby restoration is judged in the
context of what the groundwater could be used for. In order for the proposed
regulatory change to take effect, the consent of Wyoming&#146;s governor will be
required.
</FONT>
<P align="left"><FONT size="2">Similarly, the uranium recovery industry in Nebraska is regulated by the NRC
and the NDEQ pursuant to the Nebraska Environmental Protection Act. Pursuant
to this act and the regulations made thereunder, the NDEQ issues a permit to
mine. In Nebraska wellfield groundwater restoration is required to class of use
water standard. The NDEQ and NRC have approved the restoration of wellfield 1
at Crow Butte.
</FONT>
<P align="right"><FONT size="2">32&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">In all cases, failure to comply with NRC license and/or state permit-to-mine
conditions, or a failure to comply with other applicable rules and regulations,
can bring enforcement action. For the state, this starts with non-cited
violations for minor, easily correctable violations (generally through
&#147;conference and conciliation&#148;), through notices of violation (&#147;NOV&#146;s&#148;) which
can include: fines; supplemental environmental projects; remedial action,
additional monitoring and permit changes; and, ultimately, could include orders
to cease operations. NRC enforcement policy describes a progression of
enforcement starting with an NOV and working through a pre-enforcement
conference, fines, imprisonment and the barring of workers or contractors from
working in the nuclear industry. Under state and federal law, criminal charges
are possible if violations are deemed to be the result of criminal intent or
action.
</FONT>
<P align="left"><FONT size="2">Following a determination by the federal Mine Safety and Health Administration
(&#147;MSHA&#148;) that it had no jurisdiction over the Smith Ranch-Highland operation,
safety at the operation is regulated by the Wyoming State Mine Inspector&#146;s
Office. In January 2003, MSHA advised that it would no longer regulate Crow
Butte&#146;s operations. Unless this decision is changed, safety at Crow Butte will
be regulated under Nebraska&#146;s Occupational Health and Safety Act. This
regulatory change is not expected to have a material impact on the Crow Butte
operation.
</FONT>
<P align="left"><FONT size="2">Other agencies are involved in the regulation of the uranium recovery industry,
either directly or indirectly, including the EPA, the Department of
Transportation, the Bureau of Land Management, Department of Energy, the
Department of Defense, the Army Corps of Engineers, and the US Fish and
Wildlife Service.
</FONT>
<P align="left"><FONT size="2">The export of uranium from the US and the movement of nuclear materials within
the US are also regulated by the NRC. &#147;NRC 741 form&#148; reporting is the primary
mechanism for tracking physical movements of US or any other origin uranium to
foreign and domestic buyers. US government export policies are established and
enforced through bilateral agreements for nuclear co-operation and trade with
specific countries (or political blocs such as the EU), with the general goal
of supporting the peaceful uses of nuclear energy while upholding specific US
foreign policy and non-proliferation objectives. While specific sales
contracts are not reviewed or approved, export licenses for shipment of uranium
outside the US are granted by the NRC.
</FONT>
<P align="left"><FONT size="2"><B><I>Land Tenure</I></B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Saskatchewan Operations</I>
</FONT>
<P align="left"><FONT size="2">Most of the Company&#146;s uranium reserves and resources are located in
Saskatchewan. The right to mine minerals is acquired by the Company as a
lessee under a mineral lease from the province of Saskatchewan (a &#147;Crown
Lease&#148;). A Crown Lease is for a term of 10&nbsp;years, with a right to renew for
successive 10&nbsp;year terms in the absence of default by the lessee. The lessee
is required to expend certain amounts for work during each year of a Crown
Lease. A Crown Lease cannot be terminated except in the event of default and
for certain environmental concerns as prescribed in The Crown Minerals Act
(Saskatchewan). However, Crown Leases may be amended unilaterally by the
lessor by an amendment to The Crown Minerals Act (Saskatchewan) or The Mineral
Disposition Regulations, 1986 (Saskatchewan).
</FONT>
<P align="left"><FONT size="2">The right to explore for minerals is acquired by the Company in Saskatchewan
under a mineral claim from the province of Saskatchewan (a &#147;Mineral Claim&#148;).
The term of a Mineral Claim is two years, with the right to renew for
successive one year periods. To maintain a Mineral Claim in good standing,
generally, the holder of a Mineral Claim must expend a prescribed amount on
exploration. Excess expenditures can be applied to satisfy expenditure
requirements for future claim years. Except for exploration purposes, a Mineral
Claim does not grant the holder the right to mine minerals. A holder of a
Mineral Claim in good standing has the right to convert a Mineral Claim into a
Mineral Lease. Surface exploration work of a Mineral Claim requires additional
governmental approvals.
</FONT>
<P align="left"><FONT size="2">The surface facilities and mine shafts are located on lands owned by the
province of Saskatchewan. The right to use and occupy the lands is acquired
under a surface lease (a &#147;Surface Lease&#148;) from the province of Saskatchewan. A
Surface Lease is for a period of time, up to a maximum of 33&nbsp;years, as is
necessary to allow the lessee to operate its mine and plant and thereafter to
carry out the reclamation of the lands involved. Surface Leases are also used
by the province of Saskatchewan as a mechanism to achieve certain environmental
protection, radiation protection and socioeconomic objectives and contain
certain undertakings in this regard.
</FONT>
<P align="right"><FONT size="2">33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>US Operations</I>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s uranium reserves and resources in the US are held by subsidiaries
and are located in Wyoming and Nebraska. The right to mine or develop minerals
is acquired either by leases from the fee simple owners (private parties) or
mining claims located on property owned by the US Federal Government. In
addition, the Company&#146;s subsidiaries acquire surface leases which allow
wellfield installation and operation to permit the mining of the uranium
reserves by ISL operations.
</FONT>
<P align="left"><FONT size="2"><B><I>Canadian Royalties and Certain Taxes</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco pays royalties to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province under the terms of Part III of
the Crown Mineral Royalty Schedule, 1986 (Saskatchewan) (the &#147;Schedule&#148;), as
amended. Royalties include both a basic royalty and a tiered royalty. The
basic royalty is equal to 5% of gross sales of uranium and is reduced by the
Saskatchewan resource credit equal to 1% of the gross sales of uranium.
</FONT>
<P align="left"><FONT size="2">The tiered royalty is an additional levy on the gross sales of uranium which
applies only when the sales price of uranium exceeds levels prescribed by the
Schedule. Uranium sales subject to the tiered royalty are first reduced by
capital allowances as permitted by the Schedule for new mine or mill
construction and certain mill expansion. When these capital allowances are
reduced to zero, tiered royalties become payable. Both the prices and the
capital allowances as defined in the Schedule are adjusted annually to reflect
changes in the Canadian gross domestic product.
</FONT>
<P align="left"><FONT size="2">The tiered royalty is calculated on the positive difference between the sales
price per pound of U<SUB>3</SUB>O<SUB>8</SUB> and the prescribed prices according to the following:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="33%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Canadian Dollar</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Royalty Rate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Sales Price in Excess of:</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">14.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">plus</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">21.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">plus</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">29.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">The above prices are applicable to 2002 and are in Canadian dollars.
</FONT>
<P align="left"><FONT size="2">For example, if the sales price realized by Cameco was $25 per pound in
Canadian dollars, tiered royalties would be calculated as follows (assuming all
capital allowances have been reduced to zero):
</FONT>
<P align="center"><FONT size="2">&#091;6% x ($25.00 &#150; $14.55) x pounds sold&#093; &#043; &#091;4% x ($25.00 &#150; $21.83) x pounds sold&#093;
</FONT>

<P align="left"><FONT size="2">Cameco did not pay tiered royalties in 2002. Cameco does not expect to pay
tiered royalties in 2003 due to the availability of capital allowances.
</FONT>
<P align="left"><FONT size="2">Cameco is subject to capital taxes on paid-up capital (as defined for capital
tax purposes in the relevant provincial legislation) in respect of its
operations in Saskatchewan and in Ontario. In Saskatchewan, it pays at a rate
of 0.6% on paid-up capital in excess of $10&nbsp;million. In addition, a resource
corporation in Saskatchewan pays a corporate resource surcharge of 3.6% of the
value of resource sales. This surcharge is only payable to the extent that it
exceeds the regular capital tax. In Ontario, the Company pays a tax of 0.3% on
paid-up capital allocated to Ontario.
</FONT>
<P align="left"><FONT size="2"><B><I>Canadian Income Taxes</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco, certain wholly owned subsidiaries, and UEM are subject to federal and
provincial income tax in Canada. Current income tax expense for 2002 was $ 7.9
million.
</FONT>
<P align="right"><FONT size="2">34&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">For income tax purposes, royalties are not deductible. However, Cameco is
eligible for the resource allowance (except at Bruce Power) which is a
deduction from income tax purposes. The resource allowance deduction is equal
to 25% of adjusted resource profits, as defined in the Income Tax (Canada).
Bruce Power is eligible for the manufacturing tax credit and processing tax
credit.
</FONT>
<P align="left"><FONT size="2">Cameco, certain wholly owned subsidiaries and UEM are also subject to federal
large corporations tax, which is levied on a corporation&#146;s taxable capital
employed in Canada. This tax is calculated at a rate of 0.225% on taxable
capital in excess of $10&nbsp;million. Total large corporations tax paid in 2002
was $ 4.5&nbsp;million.
</FONT>
<P align="left"><FONT size="2"><B><I>US Taxes</I></B>
</FONT>

<P align="left"><FONT size="2">The Company, through its US subsidiaries, pays a severance tax to the state of
Nebraska in respect of uranium produced at the Crow Butte mine and pays an ad
valorem tax to the county and a severance tax to the state of Wyoming in
respect of the Smith Ranch-Highland operation. Total severance and ad valorem
taxes paid in 2002 were $429,500 (US).
</FONT>
<P align="left"><FONT size="2">The Company, also through its US subsidiaries, is subject to US federal and
state income tax. The income of Cameco&#146;s US subsidiaries is currently not
subject to US regular income tax due to certain income tax deductions that are
available. The Company&#146;s US subsidiaries may also be subject to Alternative
Minimum Tax (AMT)&nbsp;at a rate of 20%, although no AMT was payable for 2002. AMT
paid in prior years may be carried forward indefinitely to be applied as a
credit against future regular income taxes.
</FONT>
<P align="left"><FONT size="2"><B>Employees</B>
</FONT>

<P align="left"><FONT size="2">At December&nbsp;31, 2002, Cameco had 1,436 employees. Of the total, 559 employees
are represented by three separate locals of the United Steelworkers of America
trade union with collective agreements for each of the two bargaining units at
the Port Hope conversion facility (expiring June&nbsp;30, 2004) and one for the
bargaining unit employees at the McArthur River and Key Lake operations
(expired December&nbsp;31, 2002). Cameco is negotiating a new collective agreement
for bargaining unit employees at the McArthur River and Key Lake operations.
</FONT>
<P align="left"><FONT size="2"><B>Risk Factors</B>
</FONT>

<P align="left"><FONT size="2">The following information pertains to the outlook and conditions currently
known to the Company which could have a material impact on the financial
condition of the Company. This information, by its nature, is not all
inclusive. It is not a guarantee that other factors will not affect the
Company in the future. This discussion should be read in conjunction with
material in other sections of this Annual Information Form, including
Management&#146;s Discussion and Analysis (Appendix &#147;B&#148;). As the context requires,
the reference to Company or Cameco also includes Cameco&#146;s direct and indirect
subsidiaries.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Volatility and Sensitivity to Prices and Costs</B>
</FONT>
<P align="left"><FONT size="2">Because the majority of the Company&#146;s revenues are derived from the sale of
uranium and uranium products, the Company&#146;s net earnings and operating cash
flow are closely related and sensitive to fluctuations in the long and short
term market price of U<SUB>3</SUB>O<SUB>8</SUB> and for uranium conversion services. Historically,
these prices have fluctuated and have been and will continue to be affected by
numerous factors beyond the Company&#146;s control. Such factors include, among
others: demand for nuclear power; political and economic conditions in uranium
producing and consuming countries, such as Canada, the US and Russia and other
republics of the CIS; reprocessing of used reactor fuel and the re-enrichment
of depleted uranium tails; sales of excess civilian and military inventories
(including from the dismantling of nuclear weapons) by governments and industry
participants; and production levels and costs of production in countries such
as Russia and other republics of the CIS, Africa and Australia.
</FONT>
<P align="left"><FONT size="2">The fluctuation of the prices of uranium and UF<SUB>6</SUB> conversion services is
illustrated by the following tables, which set forth, for the periods
indicated, the highs and lows of the spot price for non-CIS origin U<SUB>3</SUB>O<SUB>8</SUB> and the
UF<SUB>6</SUB> conversion services:

<P align="right"><FONT size="2">35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
</FONT>
<P align="center"><FONT size="2"><B>Spot Uranium Prices (1)</B>
</FONT>

<DIV align="center"><FONT size="2"><B>(US $/lb of U<SUB>3</SUB>O<SUB>8</SUB> )</B>
</FONT>
</DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1993</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1994</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1995</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1996</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1997</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1998</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Spot</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">High</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">16.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Low</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Source: The Nuexco Exchange Value, formerly published by Nuexco.
Since January 1995, it has been published by TradeTech. Since late
1992 the spot prices reflect the spot price for all uranium other than
of CIS origin.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><B>Range of Nuexco UF<SUB>6</SUB> Conversion Values (1)</B>
</FONT>

<DIV align="center"><FONT size="2"><B>For Spot and Near-Term Transactions</B>
</FONT>
</DIV>

<DIV align="center"><FONT size="2"><B>(US$/kg U)</B>
</FONT>
</DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1993</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1994</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1995</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1996</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1997</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1998</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Spot</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">High</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">6.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Low</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.05</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Source: The Nuexco Conversion Value, formerly published monthly by
Nuexco. Since January 1995, it has been published by TradeTech. The
conversion value over this period of time is for the provision of
conversion services delivered in North America.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Although the Company employs various pricing mechanisms within its sales
contracts to manage its exposure to price fluctuations, there can be no
assurance that such a program will be successful.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Competition from Other Energy Sources and Public Acceptance of Nuclear
Energy</B>
</FONT>
<P align="left"><FONT size="2">Nuclear energy competes with other sources of energy, including oil, natural
gas, coal and hydro-electricity. These other energy sources are to some extent
interchangeable with nuclear energy, particularly over the longer term.
Sustained lower prices of oil, natural gas, coal and hydro-electricity may
result in lower demand for uranium concentrates and uranium conversion
services. Furthermore, growth of the uranium and nuclear power industry will
depend upon continued and increased acceptance of nuclear technology as a
means of generating electricity. Because of unique political, technological
and environmental factors that affect the nuclear industry, the industry is
subject to public opinion risks which could have an adverse impact on the
demand for nuclear power and increase the regulation of the nuclear power
industry.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Uranium Industry Competition and International Trade Restrictions</B>
</FONT>
<P align="left"><FONT size="2">The international uranium industry, including the supply of uranium
concentrates and the provision of uranium conversion services, is highly
competitive. The Company markets uranium to utilities in direct competition
with supplies available from a relatively small number of western world uranium
mining and enrichment companies, from certain republics of the CIS and the
People&#146;s Republic of China, from excess inventories, including inventories made
available from decommissioning of nuclear weapons, from reprocessed uranium and
plutonium from used reactor fuel, and from the use of excess Russian enrichment
capacity to re-enrich depleted uranium tails held by European enrichers in the
form of UF<SUB>6</SUB>. The supply of uranium from Russia is, to some extent, impeded by
a number of international trade agreements and policies. These agreements and
any similar future agreements, governmental policies or trade restrictions are
beyond the control of Cameco and may affect the supply of uranium available in
the US and Europe, which are the largest markets for uranium in the world.
</FONT>
<P align="right"><FONT size="2">36&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">With respect to UF<SUB>6</SUB> conversion, the Company competes on the basis of price,
location and service with two other full scale commercial suppliers in the
western world and with additional supplies available from excess inventories,
including inventories made available from decommissioning of nuclear weapons,
and the use of excess Russian enrichment capacity to re-enrich depleted uranium
tails held by European enrichers in the form of UF<SUB>6</SUB>.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Deregulation of the Electrical Utility Industry</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s future prospects are tied directly to the electrical utility
industry worldwide. Deregulation of the utility industry, particularly in the
US and Europe, is expected to impact the market for nuclear and other fuels for
years to come, and may result in the premature shutdown of nuclear reactors.
Experience to date with deregulation indicates that utilities are improving the
performance of their reactors, achieving record capacity factors. There can be
no assurance that this trend will continue.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Replacement of Reserves</B>
</FONT>
<P align="left"><FONT size="2">The McArthur River and Rabbit Lake mines are currently the Company&#146;s principal
sources of uranium concentrates. Unless the Cigar Lake deposit is placed into
production or other reserves are discovered or extensions to existing orebodies
are found, the Company&#146;s sources of mined uranium concentrates will decrease
over time as reserves at these two mines are depleted. The Rabbit Lake mine is
expected to be depleted in early 2005. Although in the past the Company (or its
predecessors) has successfully replenished its reserves through ongoing
exploration, development and acquisition programs, there can be no assurance
that Cameco&#146;s future exploration, development and acquisition efforts will be
successful. In addition, while Cameco believes that the Cigar Lake deposit
will be put into production, there can be no assurance that it will be.
</FONT>
<P align="left"><FONT size="2">Due to the unique nature of the deposits at McArthur River and Cigar Lake,
technical challenges exist involving groundwater, rock properties, radiation
protection and ore-handling and transport. Failure to resolve technical
challenges at McArthur River or Cigar Lake may have a material adverse effect
on the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Decommissioning and Reclamation</B>
</FONT>
<P align="left"><FONT size="2">Environmental regulators are increasingly requiring financial assurances to
assure that the cost of decommissioning and reclaiming sites are borne by the
parties involved, and not by government. Cameco has filed decommissioning plans
for certain of its properties with regulators. These regulators have accepted
the decommissioning plans in concept, not upon a detailed performance forecast,
which has not yet been generated. As Cameco properties approach or go into
decommissioning, further regulatory review of the decommissioning plans may
result in additional decommissioning requirements, associated costs and the
requirement to provide additional financial assurances. It is not possible to
predict what level of decommissioning and reclamation (and financial assurances
relating thereto) may be required in the future by regulators.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Dependence on Limited Number of Customers</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s principal business relates to the production and sale of uranium
concentrates and the provision of uranium conversion services. The Company
relies heavily on a small number of customers to purchase a significant portion
of its production of uranium concentrates and its uranium conversion services.
For instance, for the period 2003 through 2005, Cameco&#146;s five largest customers
are anticipated to account for approximately 39% of the Company&#146;s contracted
supply of U<SUB>3</SUB>O<SUB>8</SUB>. For the period 2003 through 2005, Cameco&#146;s five largest UF<SUB>6</SUB>
conversion customers are anticipated to account for approximately 35% of the
Company&#146;s contracted supply of UF<SUB>6</SUB> conversion services. Cameco is currently the
only commercial supplier of UO<SUB>2</SUB> for use in Canadian CANDU heavy water reactors
with sales to its largest customer, OPG, accounting for approximately 39% of
the Company&#146;s UO<SUB>2</SUB> sales in 2002. The loss of any of the Company&#146;s largest
customers or curtailment of purchases by such customers could have a material
adverse effect on the Company&#146;s financial condition and results of operations.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Technical Obsolescence.</B>
</FONT>
<P align="left"><FONT size="2">Requirements for the Company&#146;s products and services may be affected by
technological changes in nuclear reactors, enrichment and used fuel processing.
</FONT>
<P align="right"><FONT size="2">37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Bruce Power LP &#150; Nuclear Electrical Generation</B>
</FONT>

<P align="left"><FONT size="2"><B>Overview</B></FONT>

<P align="left"><FONT size="2"><B><I>Business</I></B></FONT>

<P align="left"><FONT size="2">Bruce Power&#146;s business is the generation and sale of electricity into the
Ontario wholesale market. Bruce Power generates electricity using the four
Bruce &#147;B&#148; nuclear powered units and, subject to regulatory approval, intends to
generate additional electricity commencing in 2003 using two Bruce &#147;A&#148; nuclear
powered units. The Bruce &#147;B&#148; nuclear units have capacity to supply about 15% of
Ontario&#146;s electricity needs. Once the two Bruce &#147;A&#148; units are restarted, Bruce
Power will have the capacity to supply about 20 % of Ontario&#146;s electricity
needs. Bruce Power has about 3,300 employees. Beginning in 2003, Bruce Power
is expected to contribute significantly to Cameco&#146;s earnings.
</FONT>
<P align="left"><FONT size="2"><B><I>2001 Acquisition</I></B>
</FONT>

<P align="left"><FONT size="2">On May&nbsp;11, 2001, Cameco, through its wholly owned subsidiary, Cameco Bruce
Holdings Inc., acquired a 15% limited partnership interest in Bruce Power, an
Ontario limited partnership, and directly acquired a 15% interest in Bruce
Power Inc., the general partner of Bruce Power. On the same date, Bruce Power
signed and closed agreements with OPG and certain of its subsidiaries to lease
and operate the Bruce &#147;A&#148; and &#147;B&#148; nuclear powered units and related facilities
located in southwestern Ontario.
</FONT>
<P align="left"><FONT size="2">To obtain its interest in Bruce Power, Cameco committed to invest up to $100
million in Bruce Power and to provide up to approximately $102&nbsp;million in
financial assurances on behalf of Bruce Power. As of December&nbsp;31, 2002, Cameco
had invested approximately $93&nbsp;million in Bruce Power and had provided about
$82&nbsp;million in financial assurances. In addition, Cameco purchased finished
nuclear fuel from OPG for approximately $74&nbsp;million for resale to Bruce Power,
which resale has been completed.
</FONT>
<P align="left"><FONT size="2">Concurrent with Cameco&#146;s acquisition, The Power Workers&#146; Union acquired a 2.0%
interest in Bruce Power and The Society of Energy Professionals acquired a 0.6%
interest in Bruce Power. They are the two main unions representing workers at
Bruce Power. BE indirectly held the balance, being an 82.4% interest in Bruce
Power.
</FONT>
<P align="left"><FONT size="2"><B><I>2003 Acquisition</I></B>
</FONT>

<P align="left"><FONT size="2">In early September of 2002, after announcing a weakened financial position, BE
received financial support from the British government. As a condition of the
agreement to provide its financial support, the British government required and
received guarantees from certain BE subsidiaries and related companies,
including Bruce Power. BE&#146;s weakened financial position resulted in its
agreement, in late 2002, to sell 79.8% of Bruce Power to a consortium of
Cameco, TransCanada PipeLines Limited (&#147;TransCanada&#148;), and BPC Generation
Infrastructure Trust (&#147;BPC&#148;), a trust established by Ontario Municipal
Employees Retirement System. The Power Worker&#146;s Union and The Society of Energy
Professionals agreed to acquire BE&#146;s remaining 2.6% interest in Bruce Power.
</FONT>
<P align="left"><FONT size="2">On February&nbsp;14, 2003 the agreement closed, with a Cameco wholly owned
subsidiary, Cameco Bruce Holdings II Inc., acquiring a 16.6% interest in Bruce
Power, bringing Cameco&#146;s total indirect interest in Bruce Power to 31.6%.
Cameco concurrently increased its interest in Bruce Power Inc. from 15% to 33
1/3%. Cameco acquired these interests from an affiliate of BE and paid
approximately $209&nbsp;million.
</FONT>
<P align="left"><FONT size="2">Concurrently, TransCanada, through a subsidiary, and BPC each acquired a 31.6%
interest in Bruce Power and a 33 1/3% interest in Bruce Power Inc. from the
same BE affiliate. The Power Worker&#146;s Union and The Society of Energy
Professionals increased their collective interest in Bruce Power from 2.6% to
5.2% as part of the same transaction.
</FONT>
<P align="left"><FONT size="2">As part of the closing of this transaction, a Cameco subsidiary, a TransCanada
subsidiary and BPC each advanced $75&nbsp;million to Bruce Power. Bruce Power used
these funds to pay $225&nbsp;million in deferred rent that it owed to OPG. (see
&#147;Overview-<I>Bruce Power-OPG Lease</I>&#148;);
</FONT>
<P align="right"><FONT size="2">38&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">The Bruce Power limited partnership agreement and certain other related
documents were amended to give effect to the new ownership of Bruce Power
following closing. Under these new arrangements, among other things, Cameco
will continue as Bruce Power&#146;s fuel manager. (see &#147;Cameco Fuel Management&#148;);
</FONT>
<P align="left"><FONT size="2">As part of the acquisition of BE&#146;s interest in Bruce Power, the consortium
acquired a BE affiliate&#146;s 50% interest in Huron Wind L.P. (Cameco subsidiary&#146;s
share is 1/3 of the 50% interest). Located adjacent to the Bruce site, the
nine-megawatt Huron Wind L.P. wind farm officially opened on November&nbsp;29, 2002.
OPG owns the other 50% of Huron Wind L.P.
</FONT>
<P align="left"><FONT size="2">Upon closing, Bruce Power&#146;s guarantees in support of the financial support to
BE provided by the British government were released.
</FONT>
<P align="left"><FONT size="2">The acquisition and its share of the OPG deferred rent payments were funded by
Cameco with existing cash reserves and short term debt, increasing Cameco&#146;s net
debt to capitalization ratio to about 19%.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s total commitment for financial assurances given on behalf of Bruce
Power is estimated to be $200&nbsp;million. These financial assurances include
financial assurances given to the CNSC in support of Bruce Power&#146;s operating
licence, guarantees in favour of OPG under the lease between Bruce Power and
OPG for the Bruce site, and guarantees in support of Bruce Power&#146;s power
purchase agreements with customers. This last commitment is subject to
adjustment as the actual amounts of financial assurances in support of power
purchase agreements will fluctuate in response to wholesale electricity market
changes.
</FONT>
<P align="left"><FONT size="2"><B><I>Bruce Power-OPG Lease</I></B>
</FONT>

<P align="left"><FONT size="2">In May 2001, Bruce Power signed and closed agreements to lease and operate the
Bruce &#147;A&#148; and &#147;B&#148; nuclear powered units and related facilities in southwestern
Ontario with OPG and certain of its subsidiaries. The initial lease period
expires in 2018. Bruce Power has the right to extend the lease and certain
related agreements for up to an additional 25&nbsp;years. The lease was amended in
January 2002, and again in 2003 as part of the 2003 Acquisition described
above.
</FONT>
<P align="left"><FONT size="2">Bruce Power paid OPG an initial rental payment of about $552&nbsp;million, comprised of about $327&nbsp;million in cash and a $225&nbsp;million note receivable as deferred rent. As part
of the 2003 Acquisition, a Cameco subsidiary, a TransCanada subsidiary and BPC
each advanced $75&nbsp;million to Bruce Power. Bruce Power used these funds to pay
the $225&nbsp;million OPG note receivable.
</FONT>
<P align="left"><FONT size="2">The lease provides for Bruce Power to pay OPG rent consisting of base rent and
supplemental rent. The base rent increases over the term of the lease. The
supplemental rent is determined in accordance with a fixed formula, subject to
an inflation adjustment. For each year in the period 2004 to 2008, the
aggregate of these rents, subject to limited exceptions, cannot be less than $190&nbsp;million. In 2002, the
aggregate of these rent payments was approximately $165&nbsp;million.
</FONT>
<P align="left"><FONT size="2">OPG is responsible for nuclear waste and decommissioning liabilities at the
Bruce site. OPG is responsible for the plant decommissioning after the
reactors have been defuelled and the heavy water drained. (see &#147;Nuclear Waste
Management and Decommissioning&#148;).
</FONT>
<P align="left"><FONT size="2"><B>The Generating Facilities</B>
</FONT>

<P align="left"><FONT size="2">The Bruce nuclear generating stations are located approximately 200 kilometres
northwest of Toronto on Lake Huron. The Bruce nuclear generating stations
consist of eight CANDU reactors. The four Bruce &#147;B&#148; reactors, with a combined
net generating capacity of 3,160 megawatts, were commissioned between 1984 and
1987. The four Bruce &#147;A&#148; reactors, with a combined generating capacity of 3,087
megawatts, were commissioned between 1977 and 1979 and removed from service by
OPG between 1995 and 1998.
</FONT>
<P align="left"><FONT size="2">The estimated operating life of a nuclear generating station ends when
substantial capital expenditures are required to replace life-limiting
components, such as steam generators and fuel channel pressure tubes, and such
capital expenditures are not economically justified. Bruce Power estimates that
the operating life of the four Bruce &#147;B&#148; nuclear units will end about mid-2018
(based upon 201,000 effective fuel power
</FONT>
<P align="right"><FONT size="2">39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">hours for fuel channels) and the operating life of the two Bruce &#147;A&#148; units, assuming completion of the restart
program by 2003, will end about 2008 for Unit 3 and 2015 for Unit 4 (assuming
steam generator replacement for Unit 4 in 2007). An investment by Bruce Power
to replace steam generators, fuel channel pressure tubes and other
life-limiting components at the end of their useful life will depend, among
other things, on prevailing economic, financial and market conditions. If
replacement of life-limiting components is not justified, Cameco expects that
Bruce Power will continue to operate these units until their shutdown is
dictated by safety or economic considerations.
</FONT>
<P align="left"><FONT size="2">In 2003, Bruce Power&#146;s capital expenditure program, excluding the Bruce &#147;A&#148;
restart program, is expected to total about $165&nbsp;million. In addition to
sustaining capital expenditures of about $15&nbsp;million annually per unit, the
main projects in Bruce Power&#146;s business plan include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">a project to uprate the capacity of the Bruce &#147;B&#148; units (approximate
annual expenditures in millions for 2003 to 2005: $15, $185, and
$100), and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">the completion of the Bruce &#147;B&#148; environmental qualification program
(to be completed in 2003 at an estimated expenditure of $30&nbsp;million).</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Over the next three years, annual capital expenditures, excluding the Bruce &#147;A&#148;
restart program, are expected to average about $245&nbsp;million. Bruce Power&#146;s
internal cash flow is expected to be sufficient to fund its 2003 capital
programs including the restart of two Bruce &#147;A&#148; units.
</FONT>
<P align="left"><FONT size="2">Among other things, the project to uprate the capacity of the Bruce &#147;B&#148; units
involves the use of SEU. (see &#147;Uranium Fuel Conversion Services&#148; and &#147;Cameco
Fuel Management&#148;).
</FONT>
<P align="left"><FONT size="2">As part of its Bruce &#147;B&#148; power uprate project, Bruce Power plans to refuel the
Bruce &#147;B&#148; units with modified fuel containing SEU beginning in 2006. The Bruce &#147;B&#148; units are currently
operating at 90% of maximum capacity based upon an operating limitation imposed by the CNSC. This limitation was placed on
the reactors when studies revealed that emergency shutdown systems may not provide sufficient safety margins for certain
low probability accidents. The derating to 90% of full power ensures that the necessary safety margin is maintained. The
use of the modified fuel is intended to improve the safety margins of the reactors and allow them to operate at their
design capacity and with the necessary safety margin. Approval is required from the CNSC to operate the Bruce &#147;B&#148;
units with the modified fuel. (See &#147;Uranium Fuel Conversion Services&#148; and &#147;Cameco Fuel Management&#148;.)
</FONT>
<P align="left"><FONT size="2"><B>Bruce &#147;A&#148; Restart</B>
</FONT>

<P align="left"><FONT size="2">One of Bruce Power&#146;s key initiatives is the restart of two of the four laid-up
units of the Bruce &#147;A&#148; station (Units 3 and 4), which is planned for 2003. Once
back in service, they are expected to have a combined net generating capacity
of about 1,500 megawatts. Bruce Power currently has no plans to restart the
other two Bruce &#147;A&#148; units. The project costs to restart Units 3 and 4 of the Bruce &#147;A&#148; station in 2002 were
estimated to be $400&nbsp;million. This estimate is under review by Bruce Power and Cameco expects the estimated project
costs to increase materially.
</FONT>
<P align="left"><FONT size="2">A number of hearings have been held by the CNSC as an integral part of the
relicensing process. The first held on December&nbsp;12, 2002 was for consideration
of the Environmental Assessment and led to the CNSC accepting that the restart
is not likely to cause significant adverse environmental impacts. This was an
essential step to allow licence amendment. After their acceptance, the CNSC
allowed a designated officer to approve the start of refuelling on January&nbsp;13,
staff certifications were issued by the CNSC on January&nbsp;14, and fuelling
commenced on Unit 4 on January&nbsp;15. Refuelling of Unit&nbsp;4 was
completed as planned. Refuelling of Unit&nbsp;3 is commencing.
</FONT>
<P align="left"><FONT size="2">The next hearing was a part of a two-stage process with dates of January&nbsp;12 and
February&nbsp;26. The Commission Member Document presented in January defined the
CNSC requirements that must be satisfied before operation of the two units at
power will be allowed. On April&nbsp;4, 2003 Bruce Power announced that the CNSC had
accepted a recommendation from its staff to amend Bruce Power&#146;s operating
licence to restart Bruce &#147;A&#148; Units 3 and 4. This decision means Bruce Power can
remove reactors from their current guaranteed shutdown state once an officer
designated by the CNSC is satisfied the Units are ready to operate at full
power. The actual restart dates will be driven by a variety of factors,
including the actual levels of work execution in the field, which in turn can
be impacted by the timely availability of materials and resources, and the
success in the overall management of a project of this scope and complexity.
</FONT>
<P align="left"><FONT size="2"><B>Ontario Deregulation</B>
</FONT>

<P align="left"><FONT size="2">The electricity market in the province of Ontario opened (&#147;Market Opening&#148;) to
full competition on May&nbsp;1, 2002.
In order to create a competitive market after Market Opening, the Ontario
government approved a framework, known as the &#147;market power mitigation&#148;
framework, to ensure an orderly and gradual transition to an industry structure
in which OPG&#146;s share of generating capacity available to the Ontario market is
substantially reduced.
</FONT>
<P align="right"><FONT size="2">40&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">OPG&#146;s decontrol targets are specified in terms of Tier 1 and Tier 2 capacity.
Tier 1 capacity is defined as all nuclear and hydroelectric generation in
Ontario. Tier 2 capacity is defined as that portion of Ontario&#146;s generation
capacity,
including fossil generation, inter-tie capacity and demand-side bidding, that
is not part of Tier 1 capacity. Within 42&nbsp;months after May&nbsp;1, 2002, OPG is
required to reduce its share of in-service Tier 2 generating capacity through
transfer of effective control of a minimum of 4,000 MW of in-service Tier 2
capacity. At OPG&#146;s discretion, it may substitute the transfer of effective
control of up to 1,000 MW of hydroelectric power in place of an equivalent
amount of Tier 2 capacity. Within 10&nbsp;years after May&nbsp;1, 2002, OPG must reduce
its effective control of total Tier 1 and Tier 2 capacity to 35% or less of the
supply options in the Ontario market. Forty-two months following May&nbsp;1, 2002, the
Ontario Energy Board (&#147;OEB&#148;) will review and publicly report on OPG&#146;s success
in attaining its decontrol target respecting Tier 2 capacity, as well as its
plans for meeting its 10&nbsp;year decontrol target. In keeping with its decontrol
obligations, in May 2001 OPG leased the Bruce nuclear generating stations to
Bruce Power.
</FONT>
<P align="left"><FONT size="2">In the Ontario market, generators, wholesalers and suppliers, both inside and
outside Ontario, compete to sell electricity into the real time energy market
or spot market administered by an agency established by the Ontario government
called the Independent Electricity Market Operator (&#147;IMO&#148;). Both wholesale
market participants and retail customers have access to the electricity
supplier of their choice. Bruce Power earns revenue through medium- and
long-term contracts and spot market sales. Bruce Power uses risk management
activities, such as trading of electricity and related contracts, in order to
mitigate Bruce Power&#146;s exposure to volatile electricity prices.
</FONT>
<P align="left"><FONT size="2">In November 2002, the Government of Ontario introduced Bill 210 <I>Electricity Pricing,
Conservation and Supply Act, 2002</I>, reversing, in part, its decision to deregulate the electricity market.
The Bill became law on December&nbsp;9, 2002. The new legislation and related regulations include the following key features:
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Effective December 1, 2002 (but retroactive to Market Opening) and at least
until April&nbsp;30, 2006, the price of electricity paid by &#147;low volume consumers&#148; (consumers using less than 150,000 kWh
annually, although this was subsequently increased to 250,000 kWh, as described below) and other &#147;designated consumers&#148; is fixed at
4.3&#162;/kWh;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The rates of transmission and distribution and the fees for the operation of the IMO are
capped at current levels.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">IMO market uplift charges to
distributors and low volume and designated consumers are capped at
0.62&#162;/kWh.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The Minister of Energy has been given increased power
including the ability to review market rules made by the IMO to ensure that the new rules
do not unduly and adversely affect the interests of consumers, with respect to prices or the
reliability or quality of electricity service. This Minister has also been given power to control
rates approved by the OEB and to require certain orders to be amended.</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Tax incentives are provided to promote conservation, use of alternate fuels and support
for clean energy production through a variety of mechanisms.</FONT></TD>
</TR>
</TABLE>

<P align="left"><FONT size="2">On March 21, 2003, the Province announced a business protection plan for large
electricity consumers in Ontario. Under this plan, consumers using up to 250,000 kWh per year will be included in the fixed
price rate of 4.3&#162;/kWh retroactive to May&nbsp;1, 2002. Except for certain designated customers, all consumers
using above 250,000 kWh per year will remain in the competitive wholesale and retail markets and receive rebates
under the terms of the existing market power mitigation agreement arrangements for the 12 months ending April&nbsp;30, 2003.
Effective May&nbsp;1, 2003, rebates to these customers will be fixed at 50% of the amount by which the average spot price in the IMO-administered
market exceeds 3.8&#162;/kWh, with rebates paid on a quarterly basis.
</FONT>

<P align="left"><FONT size="2">These regulatory changes have not had a direct impact on the price in the wholesale electricity
market into which Bruce Power sells its output. However, the volume of medium- and long-term transactions in the wholesale
electricity market has dramatically decreased and the regulatory changes have increased uncertainty for generators like Bruce Power.
</FONT>

<P align="left"><FONT size="2"><B>Cameco Fuel Management</B>
</FONT>

<P align="left"><FONT size="2">Cameco has overall responsibility to procure nuclear fuel for Bruce Power. This
includes the supply by Cameco of all uranium concentrates and UO<SUB>2</SUB> conversion
services required for the Bruce nuclear generating stations, making Bruce Power
a significant customer for Cameco&#146;s core products. The four Bruce &#147;B&#148; units are
expected to use at least 1&nbsp;million pounds of U<SUB>3</SUB>O<SUB>8</SUB> and 400 tonnes of natural UO<SUB>2</SUB>
conversion services each year. Volumes will increase by approximately 50% once
the two Bruce &#147;A&#148; units are restarted.
</FONT>
<P align="left"><FONT size="2">In late 2001, on behalf of Bruce Power, Cameco negotiated a fuel manufacturing
services agreement with Zircatec Precision Industries Inc. (&#147;ZPI&#148;) covering all
of Bruce Power&#146;s fuel manufacturing requirements through the initial lease
period. Under the arrangement, ZPI will manufacture UO<SUB>2</SUB> provided by Cameco
into finished nuclear fuel bundles for Bruce Power.
</FONT>
<P align="left"><FONT size="2">Bruce Power is also pursuing the use of SEU as part of its power uprate project
for the four Bruce &#147;B&#148; units. Cameco is working with Bruce Power, ZPI and
others in the development of SEU. Cameco does not expect Bruce Power&#146;s use of
SEU will have a significant impact on the volume of U<SUB>3</SUB>O<SUB>8</SUB> and natural UO<SUB>2</SUB>
conversion services sold to Bruce Power. (see &#147;Uranium Fuel Conversion
Services&#148;)
</FONT>
<P align="left"><FONT size="2"><B>OPG Services to Bruce Power</B>
</FONT>

<P align="left"><FONT size="2">As part of the OPG-Bruce Power transaction, OPG agreed to provide certain
services to Bruce Power. Some of these services are required in order for Bruce
Power to comply with terms of its CNSC operating licences. The material
short-term OPG services include: nuclear operating support services and steam
generation and fuel channel inspection and maintenance services. The initial
term of these service arrangements expires December&nbsp;31, 2003 and thereafter
they may be terminated upon 12&nbsp;months prior notice by either Bruce Power or
OPG. The material long-term OPG services include services relating to the
supply, delivery and processing of heavy water for use in the Bruce nuclear
units, low level and intermediate waste storage and disposal services, and
collection and storage of used fuel bundles generated from the operation of the
Bruce nuclear units as further described in &#147;Nuclear Waste Management and
Decommissioning.&#148;
</FONT>

<P align="right"><FONT size="2">41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P align="left"><FONT size="2"><B>Nuclear Waste Management and Decommissioning</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As they operate, the Bruce nuclear units generate:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">used nuclear fuel bundles (&#147;high-level radioactive waste&#148;);</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">other material that has come in close contact with reactors but is less
radioactive than used nuclear fuel bundles, such as ion exchange resins
and other structural material and reactor equipment, including pressure
tubes (&#147;intermediate-level radioactive waste&#148;); and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">material used in connection with station operation that is not highly
radioactive (&#147;low-level radioactive waste&#148;).</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Used nuclear fuel bundles from the Bruce reactors are temporarily stored in
water-filled pools (&#147;wet bays&#148;) at the Bruce nuclear stations for a cooling
off period of at least ten years during which their radioactivity
substantially decreases. As the Bruce &#147;B&#148; wet bays will become full in 2003,
OPG has constructed a dry storage facility at its radioactive waste operations
site that is located on a part of the Bruce site not leased to Bruce Power.
After the cooling off period, used nuclear fuel bundles will be transferred to
above ground concrete canisters at OPG&#146;s dry storage facility. In-station
modifications to the Bruce &#147;B&#148; wet bays to support the loading of used nuclear
fuel bundles into dry storage containers were completed by Bruce Power in
2002. When originally constructed, the wet bays at Bruce &#147;A&#148; and &#147;B&#148; had
sufficient capacity to store used nuclear fuel bundles for up to 15 to 20&nbsp;years
of operation.
</FONT>
<P align="left"><FONT size="2">Bruce Power pays OPG a fee for OPG to assume title to the used nuclear fuel
bundles discharged from the Bruce reactors during the lease period. OPG
retains title to all used fuel bundles stored in the wet bays before May&nbsp;11,
2001. No later than April 2003, OPG is required to commence collection of used
nuclear fuel bundles stored in the wet bays for transport to and storage at its
dry storage facility at the Bruce site. These shipments have now commenced.
While the used nuclear fuel bundles are contained in wet bays, Bruce Power is
responsible for their management.
</FONT>
<P align="left"><FONT size="2">During the term of the lease, OPG has also agreed to take title to, store and
dispose of all of Bruce Power&#146;s low and intermediate-level radioactive waste at
OPG&#146;s radioactive waste management facility at the Bruce site. OPG retains
title to all low and intermediate-level radioactive waste generated before May
11, 2001.
</FONT>
<P align="left"><FONT size="2">Under the lease agreement, OPG, as the owner of the Bruce nuclear plants, is
responsible for decommissioning of the eight Bruce nuclear units and for
funding and meeting other requirements relating thereto that the CNSC may
require of Bruce Power as licensed operator of the Bruce nuclear plants. OPG
is also responsible to manage radioactive waste associated with decommissioning
of the Bruce nuclear plants.
</FONT>
<P align="left"><FONT size="2">There is no facility in Canada for the permanent disposal of used nuclear fuel.
Bill C-27, the <I>Nuclear Fuel Waste Act</I>, implementing the federal government&#146;s
nuclear fuel waste management strategy, received Royal Assent on June&nbsp;13, 2002.
Under this legislation, owners of used nuclear fuel in Canada are required to
establish an organization, as a separate legal entity, with a mandate to manage
and co-ordinate the full range of activities relating to the long-term
management of used nuclear fuel. The organization is to report regularly to the
federal government and to make recommendations on long-term management of used
nuclear fuel. The legislation also required the owners of used nuclear fuel,
including OPG, to establish a trust fund with a Canadian financial institution
and make specified deposits. As OPG is the owner of the used nuclear fuel
bundles discharged from the Bruce units, it, not Bruce Power, is subject to the
financial contribution requirements of this legislation.
</FONT>
<P align="left"><FONT size="2"><B>Regulatory Affairs</B>
</FONT>
<P align="left"><FONT size="2">The federal government under the Canadian Nuclear Safety and Control Act
regulates Bruce Power&#146;s nuclear operations. (see &#147;Government
Regulation-Canadian Uranium Industry Regulation&#148;). In addition, Bruce Power is
subject to the Nuclear Liability Act (&#147;NLA&#148;).
</FONT>
<P align="right"><FONT size="2">42&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">All of the construction, equipment, safety systems and operating limits for the
Bruce nuclear generation stations are subject to regulation by the CNSC under
the Canadian Nuclear Safety and Control Act. Bruce Power is required to
regularly report to the CNSC, which monitors the safety performance of the
Bruce nuclear generating stations. On
May&nbsp;9, 2001, Bruce Power received a licence to operate the Bruce &#147;B&#148; nuclear
units and a licence to operate Bruce &#147;A&#148; nuclear units (but only in a laid up
condition), which licences took effect on May&nbsp;11, 2001. These licences expire
on October&nbsp;31, 2003. On April&nbsp;4, 2003, Bruce Power announced that the CNSC had
accepted a recommendation from its staff to amend Bruce Power&#146;s operating licence to restart
Bruce &#147;A&#148; Units 3 and 4. This decision means Bruce Power can remove the reactors from their
current guaranteed shutdown state once an officer designated by the CNSC is satisfied the Units
are ready to operate at full power.
</FONT>
<P align="left"><FONT size="2">The NLA requires operators of nuclear generating facilities to purchase nuclear
liability insurance from the Nuclear Liability Association of Canada in amounts
specified in the NLA. Currently, the NLA requires the operator of nuclear
stations to maintain, for each of its nuclear stations, insurance up to a limit
of $75&nbsp;million for liability imposed under the NLA. Under Part I of the NLA, an
operator is strictly liable for any damage to property of, or personal injury
to, the public arising from a nuclear incident (as defined in the NLA), other
than damage resulting from sabotage or acts of war. If in the opinion of the
Governor in Council, an operator&#146;s liability could exceed $75
million in respect of a nuclear incident, or it would be in the public interest
to do so, the Governor in Council would proclaim Part II of the NLA in effect.
Under Part II of the NLA, an operator&#146;s liability would effectively be limited
to the amount of such insurance and the Governor in Council may authorize funds
to be paid by the federal government for claims in excess of that amount. The
NLA is currently under review and this review could require an increase in
insurance coverage that Bruce Power must obtain.
</FONT>
<P align="left"><FONT size="2"><B>Nuclear Generation &#150; Risk Factors</B>
</FONT>
<P align="left"><FONT size="2">Cameco has forecast that Bruce Power will contribute significantly to Cameco&#146;s
earnings beginning in 2003. However, the following information, known to the
Company, pertaining to the outlook and conditions applicable to Bruce Power,
could have a material impact on this contribution. This information, by its
nature, is not all-inclusive. It is not a guarantee that other factors will not
affect Bruce Power and, as a consequence, Cameco. This discussion should be
read in conjunction with material in other sections of this Annual Information
Form, including Management&#146;s Discussion and Analysis. (Appendix &#147;B&#148;)
</FONT>
<P align="left"><FONT size="2"><B><I>Restructuring of Ontario&#146;s Electricity Industry</I></B>
</FONT>
<P align="left"><FONT size="2">The government of Ontario retains the overall power to regulate and further
restructure Ontario&#146;s electricity industry. Ontario&#146;s electricity market
opened to competition May&nbsp;1, 2002 with the introduction of competition in both
the wholesale and retail markets in Ontario. However, the Ontario government in November 2002 and
March 2003, as described in &#147;Ontario Deregulation&#148;, announced regulatory changes
reversing, in part, its decision to deregulate the electricity market. The regulatory
authorities responsible for the structuring, development and operation of the
new Ontario electricity market, the IMO and OEB, and many of the incumbent
participants in the Ontario market, including Bruce Power, have little or
no operating experience in a competitive electricity marketplace. Accordingly,
it is possible that further changes in the structure of electricity industry
may be necessitated based on the experience of regulatory authorities and
market participants in the new competitive environment. These changes may be
accomplished either through fundamental changes by the government of Ontario to
the structure of the Ontario electricity industry, or through changes made by
the IMO to the market rules. In addition, it is difficult to predict the
effect of these changing market and regulatory conditions on Bruce Power&#146;s
business, results of operations, financial position or prospects.
</FONT>
<P align="left"><FONT size="2">In certain jurisdictions where the energy marketplace has been opened to
competition, factors such as energy price volatility and episodes of supply
shortages have prompted a re-examination of the market framework by
governments, regulatory authorities and consumer groups. An example is the
November 2002 announcement by the Ontario government of the price cap of 4.3
cents per kilowatt-hour for certain participants in the retail electricity
market. Political, regulatory and consumer responses to the competitive
wholesale and retail electricity markets in Ontario and the possible
development of a trend toward re-regulation in the North American electricity industry, could have a material
adverse effect on Bruce Power&#146;s business, results of operations, financial
position or prospects.
</FONT>
<P align="right"><FONT size="2">43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2"><B><I>Government Regulation</I></B>
</FONT>

<P align="left"><FONT size="2">Bruce Power&#146;s operations are subject to extensive government regulation that
may change from time to time. Matters that are subject to regulation include
nuclear operations (including regulation pursuant to Nuclear Safety and Control
Act (Canada), the NLA and the Emergency Plans Act (Ontario)), nuclear waste
management and decommissioning and environmental matters including air
emissions. Operations that are not currently regulated may become subject to
regulation. Because legal requirements are frequently changed and are subject
to
interpretation, Bruce Power is unable to predict the ultimate cost of
compliance with these requirements or their effect on operations. Some of
Bruce Power&#146;s operations are regulated by government agencies that exercise
discretionary powers conferred by statute. Because the scope of such authority
is uncertain and may be inconsistently applied, Bruce Power is unable to
predict the ultimate cost of compliance with these requirements or their effect
on operations. Due to, among other things, inadequate safety margins, the CNSC has the power to limit the
output from or order the shutdown of one or more of the Bruce &#147;A&#148; and &#147;B&#148;
units and to impose additional onerous licence conditions on Bruce Power.
</FONT>
<P align="left"><FONT size="2"><B><I>Bruce A Restart</I></B>
</FONT>
<P align="left"><FONT size="2">There can be no assurance that the designated CNSC staff officer will authorize Bruce Power to proceed
with the restart of two Bruce &#147;A&#148; reactors on a timely basis or at all. The regulatory approval process, construction
delays, or other factors, may delay the restart of one or both of the Bruce &#147;A&#148;
reactors. A delay in the restart of one or both of the Bruce &#147;A&#148; reactors
could have a material adverse effect on Bruce Power and, as result, Cameco.
</FONT>
<P align="left"><FONT size="2"><B><I>Nuclear Operations</I></B>
</FONT>
<P align="left"><FONT size="2">Bruce Power is subject to extensive federal regulation with respect to its
nuclear operations. Bruce Power&#146;s failure to comply with such regulation could
have a material adverse effect on Bruce Power.
</FONT>
<P align="left"><FONT size="2">Risks of substantial liability, as well as the potential for significant
increased costs of operations, arise from the management and operation of
nuclear generating stations, including, among other things, from structural
problems, increasing security requirements to cover factors such as physical
security threats, equipment malfunctions, and the storage, handling and
disposal of radioactive materials. Bruce Power has implemented risk management
strategies, but there can be no assurance that such risks can be minimized or
eliminated. An accident at a nuclear installation anywhere in the world or other reasons could
cause the CNSC to limit the operation or licensing of the Bruce nuclear
generation stations.
</FONT>
<P align="left"><FONT size="2">OPG undertook a testing and inspection program to ascertain the physical
condition of its nuclear generating stations. Under the OPG-Bruce Power lease
arrangement, Bruce Power has continued that program for the Bruce nuclear
generating stations by contracting with OPG for the supply of steam generation,
fuel channel and other inspection services. As a result of this program, OPG
identified equipment life cycle issues, such as steam generator tube corrosion,
feeder pipe wall thinning and pressure tube/calandria tube contact. Cameco
understands these conditions were anticipated in the design but that experience
has shown that the rate of degradation is higher than anticipated. In addition,
no nuclear generating station utilizing CANDU technology has yet completed a
full life cycle. There can be no assurance that Bruce Power will not have to
incur significant capital expenditures for repairs or replacements in addition
to those currently contemplated. To address these issues, Bruce Power may need
to increase preventative maintenance programs and allow for more outage time (a
period when a nuclear reactor is not operating) than currently planned. Such
additional repairs, replacements and longer outage times could have a material
adverse effect on Bruce Power.
</FONT>
<P align="left"><FONT size="2">The occurrence of any of these events could adversely effect Bruce Power&#146;s
expected contribution to Cameco&#146;s financial results.
</FONT>
<P align="left"><FONT size="2"><B><I>Reliance Upon Single Contractors</I></B>
</FONT>
<P align="left"><FONT size="2">Bruce Power is dependent upon OPG for certain nuclear support services, Cameco
for U<sub>3</sub>O<sub>8</sub> supply and UO<sub>2</sub> conversion services, and ZPI for fuel manufacturing
services. Reliance by Bruce Power on a single contractor for each of these services is a supply security risk. Failure of any
of these suppliers to provide services of adequate quality or in a timely
manner, or, in the case of OPG, to agree to extend the term of short-term
material service agreements, could have a material adverse effect on Bruce
Power and, as a result, Bruce Power&#146;s expected contribution to Cameco&#146;s
financial results.
</FONT>
<P align="right"><FONT size="2">44&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2"><B><I>Nuclear Waste Management and Decommissioning</I></B>
</FONT>

<P align="left"><FONT size="2">Bruce Power is subject to extensive federal regulation with respect to nuclear
waste management. Failure to comply with such regulation could lead to
prosecution and could subject Bruce Power to fines and other penalties,
including the revocation of operating licences for its nuclear generation
facilities. Any release of radioactive material beyond
prescribed limits from property leased or occupied by Bruce Power could lead to
governmental orders requiring investigation, control and/or remediation of such
release and could also lead to claims from third parties for harm caused by
such release. Bruce Power incurs substantial costs for nuclear waste management
and changes in federal regulation could result in additional costs that could
have a material adverse effect on Bruce Power.
</FONT>
<P align="left"><FONT size="2">The wet bays at Bruce &#147;A&#148; and &#147;B&#148; have limited capacity to store used nuclear
fuel. As required by contract with Bruce Power, OPG has commenced collection of used fuel bundles stored in the wet bays for transport to and
storage at OPG&#146;s dry storage facility at the Bruce site. OPG has title to all
used nuclear fuel bundles in the wet bays. Failure of OPG to continue
to provide
collection services of adequate quality or in a timely manner or problems
associated with the instation modifications to the Bruce &#147;B&#148; wet bays to
support the loading of used nuclear fuel bundles into dry storage containers,
could have a material adverse effect on Bruce Power.
</FONT>
<P align="left"><FONT size="2">The occurrence of any of these events could adversely effect Bruce Power&#146;s
expected contribution to Cameco&#146;s financial results.
</FONT>
<P align="left"><FONT size="2"><B><I>Competition</I></B>
</FONT>
<P align="left"><FONT size="2">Since Market Opening and the subsequent regulation of the retail electricity
market, wholesale prices have been volatile. Increased competition from the
restart of other wholesale generation at the Pickering nuclear station and from
new construction may result in lower wholesale electricity prices. Cameco
believes Bruce Power&#146;s ability to compete depends upon many factors within and
outside its control. There can be no assurance that Bruce Power will be able to
compete successfully or that competitive pressure will not have a material
adverse effect on Bruce Power and, as result, Bruce Power&#146;s expected
contribution to Cameco&#146;s financial results.
</FONT>
<P align="left"><FONT size="2"><B><I>Reliance Upon Transmission Systems</I></B>
</FONT>
<P align="left"><FONT size="2">Bruce Power&#146;s ability to sell electricity depends on the capacity and
reliability of the Ontario electricity transmission system operated by Hydro
One under the direction of the IMO and regulated by the OEB. Accordingly, the
success of Bruce Power&#146;s business is dependent upon Hydro One&#146;s operating
performance and financial stability, as well as the provincial regulation of
Ontario&#146;s electricity transmission system. The lack of adequate and reliable
electricity transmission capacity would have a material adverse effect on
Bruce Power and, as a result, Bruce Power&#146;s expected contribution to Cameco&#146;s
financial results.
</FONT>
<P align="left"><FONT size="2"><B><I>Effects of Weather</I></B>
</FONT>
<P align="left"><FONT size="2">By the nature of its business, Bruce Power&#146;s earnings are sensitive to weather
variations from time to time. Variations in winter weather affect the demand
for electrical heating requirements. Variations in summer weather affect the
demand for electrical cooling requirements.
</FONT>
<P align="left"><FONT size="2"><B><I>Credit Risk</I></B>
</FONT>
<P align="left"><FONT size="2">Credit risk is the risk of non-performance by contractual counterparties with
respect to payment for services provided. A significant portion of Bruce
Power&#146;s revenues are derived from sales through the IMO-administered spot
market. Participants in the IMO spot market must meet IMO-mandated standards
for creditworthiness with the result that Bruce Power&#146;s risk for these sales
should be effectively managed. To the extent that the credit support provided
by purchasers of power to the IMO is inadequate, all market participants are
responsible for any shortfall in proportion to their market activity.
</FONT>
<P align="right"><FONT size="2">45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<P align="left"><FONT size="2">A significant portion of Bruce Power&#146;s revenues are derived from the sale of
electricity under medium-term and long-term power purchase agreements. As a
result, Bruce Power is exposed to credit risk. The purchasers and Bruce Power
under such agreements must meet certain standards for creditworthiness and, in
certain circumstances, must supply financial assurances as security for
non-performance. The requirement of purchasers to provide financial assurances
should result in Bruce Power&#146;s credit risk for these sales being effectively
managed. To the extent that financial assurances provided by such purchasers
is inadequate, Bruce Power is subject to credit risk, the occurrence of which
could have a material adverse impact on Bruce Power&#146;s expected contribution to
Cameco&#146;s financial results. Bruce Power is likewise obligated, in certain
circumstances, to provide financial assurances to such purchasers. Depending on
the circumstances, this may burden the credit capacity of Bruce Power and
Cameco. Cameco has committed to provide a certain amount of financial
assurances to Bruce Power.(see &#147;Overview &#151; <I>2003 Acquisition</I>&#148;)
</FONT>
<P align="left"><FONT size="2"><B><I>Spot Market Electricity Prices</I></B>
</FONT>

<P align="left"><FONT size="2">A significant portion of Bruce Power&#146;s revenue is tied, either directly or
indirectly, to the spot market price for electricity in Ontario. The price of
wholesale electricity may vary depending on, among other variables: the
availability of generation and transmission systems, economic growth, economic
slowdown, seasonal and weather-based variations in electricity demand, the
plans and activities of other market participants, the evolution of newly
deregulated electricity markets, regulatory decisions in Ontario and
neighbouring jurisdictions (including
deregulation), the exchange rate for the Canadian dollar and wholesale market
trading rules, mechanisms for maintaining adequate generation reserves and the
level of competition. Although Bruce Power engages in risk management
activities, including trading of electricity and related contracts, to mitigate
these risks, there can be no assurance that these activities will be
successful. Electricity prices have proven to be extremely volatile at certain
times in certain markets.
</FONT>
<P align="left"><FONT size="2"><B>THE GOLD BUSINESS</B>
</FONT>
<P align="left"><FONT size="2"><B>Overview</B>
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s gold business consists primarily of mining operations and exploration,
which is managed by Cameco Gold Inc. (&#147;CGI&#148;). CGI, with its head office in
Toronto, Ontario, was established in 1996 as a wholly owned subsidiary of
Cameco.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s material gold mining property is the Kumtor mine in the Kyrgyz
Republic. CGI subsidiaries have a one-third (1/3) interest in and operate the
Kumtor mine. In 2002, due to a pit wall collapse in July, the Kumtor mine
produced 528,550 ounces, compared to forecast production of 700,000 ounces.
Mining of higher-grade ore was postponed due to the pit wall failure and is
expected to resume in mid-2003 with the completion of the removal of pit wall
material.
</FONT>
<P align="left"><FONT size="2">In February 2003, Cameco and the Kyrgyz government agreed in principle to
restructure the Kumtor mine ownership. The proposed restructuring envisions
that a Cameco subsidiary would hold all of the common shares of KGC, the owner
of the Kumtor mine. The restructuring is contingent upon a number of factors
including further negotiations leading to final agreements acceptable to Cameco
and the Kyrgyz government, approvals by third party institutions and a fairness
opinion requested by the Kyrgyz government.
</FONT>
<P align="left"><FONT size="2">The Kyrgyz government has issued a decree directing various ministries and
agencies to examine all agreements and documents necessary to complete the
proposed restructuring and submit them to the government for review. During the same period, the Kyrgyz government will evaluate the
independent fairness opinion on the proposed restructuring.
</FONT>
<P align="left"><FONT size="2">The proposed restructuring currently contemplates an exchange of assets. A
Cameco subsidiary would receive KGC common shares without any further cash
investment by Cameco and in exchange the government would realize a more
predictable and secure revenue stream, obtain additional tax proceeds and
benefit from potentially higher gold prices through royalties. JSC
Kyrgyzaltyn, a company wholly owned by the Kyrgyz government, would continue to
participate in the management of the Kumtor mine.
</FONT>
<P align="right"><FONT size="2">46&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">The restructuring proposal contemplates that the Kumtor mine would eventually
be part of a publicly traded gold company established by Cameco.
</FONT>
<P align="left"><FONT size="2">Boroo Gold Company LLC (&#147;BGC&#148;), a 54 % CGI indirect owned subsidiary, is
developing the Boroo mine in Mongolia. In 2002, CGI indirectly acquired its
interest in BGC when it acquired majority control of AGR. The project schedule
is under review and commercial production from the Boroo mine is not expected
until early 2004.
</FONT>
<P align="left"><FONT size="2">KGC and AGR hedge the price risk of future gold sales. As of December&nbsp;31,
2002, KGC had in place forward and sales options on 769,400 ounces and AGR had
in place forward sales of 200,000 ounces. Combined these hedge positions, at
December&nbsp;31, 2002, represent about 22% of their proven and probable reserves.
Cameco&#146;s share of these hedge arrangements was 456,500 ounces, consisting of
371,500 ounces in forward contracts and a net position of 85,000 ounces in
collars (matched and puts and calls.) In the latter part of 2002, KGC actively
decreased its gold hedge position to take advantage of higher spot market
prices. As of December&nbsp;31, 2002, approximately 45% of KGC&#146;s estimated gold production is hedged at an
expected price of approximately $307 (US)&nbsp;per ounce. Cameco will participate to
the extent unhedged in price movements. For example, if the price of gold
declines significantly, Cameco, through its indirect one-third share of
ownership of KGC, is exposed to a decline in earnings and a potential loss in
its gold business.
</FONT>
<P align="left"><FONT size="2">Increasing gold prices have the effect of increasing the credit support
required under hedge agreement obligations. Cameco has agreed to provide credit
support to gold hedge agreement counterparties to mitigate the potential of
default. At December&nbsp;31, 2002, Cameco&#146;s maximum financial exposure under these
support arrangements was $61&nbsp;million (US). The mark-to-market loss on these
hedge positions amounted to $38&nbsp;million (US)&nbsp;at December&nbsp;31, 2002, based upon a
spot gold price of $347 (US).
</FONT>
<P align="left"><FONT size="2">CGI also explores for gold. During 2002, exploration was carried out in central
Canada, the western US and Central Asia. In 2003, CGI expects to focus its gold
exploration activities in Nevada, Mongolia and Central Asia.
</FONT>
<P align="left"><FONT size="2">In November 2002, CGI reported the discovery of high-grade gold mineralization
at its REN project in northern Nevada. Fourteen drill holes drilled over a
three-year period have returned high-grade intercepts, including assayed grades
ranging from 8.0 grams gold per tonne (g/t) over 28.9 meters to 55.2 g/t over
24.4 meters. Exploration results from five of the holes confirm that the
mineralization extends at least 200 meters in length. Mineralization occurs at
a depth of 700 meters to 900 meters below the surface. Further drilling is
required to define the extent of mineralization that remains open in three
directions. As preliminary exploration data, these results are not sufficient
to draw conclusions as to the economic significance of the mineralization.
CGI, through affiliates, is the operator and majority owner (62.14%) of the REN
project.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s goal is to obtain recognition for the considerable value generated by
Cameco&#146;s past investments in gold and their future prospects. To achieve this,
Cameco plans to consolidate its gold assets. Following the recent rise in gold
prices, the evaluation of available options for asset consolidation has taken
longer than previously anticipated. In the meantime, Cameco will continue to
manage its gold assets to increase their value to Cameco shareholders.
</FONT>
<P align="left"><FONT size="2"><B>Kumtor &#151; Gold Producing Property</B>
</FONT>
<P align="left"><FONT size="2">The Kumtor gold deposit is located in the Kyrgyz Republic. In 1992, Cameco and
the Government of the Kyrgyz Republic entered into an agreement to evaluate and
develop the Kumtor gold deposit. Cameco, through its wholly owned subsidiaries
CGI and Kumtor Mountain Company (&#147;KMC&#148;), holds a 33 1/3%
interest in the operation through its interest in the Kyrgyz joint venture
company, KGC. Cameco acquired its interest from the Kyrgyz Republic which,
through JSC Kyrgyzaltyn (formerly the State Concern Kyrgyzalytn), holds the
other 66 2/3% interest in KGC. Kumtor Operating Company (&#147;KOC&#148;), a wholly
owned subsidiary of CGI, acts as operator of the joint venture for which it
receives a management fee. The mineral reserve and resource estimates for
Kumtor are found at &#147;The Gold Business-Reserves and Resources&#148;.
</FONT>
<P align="left"><FONT size="2">Based upon December&nbsp;31, 2002 reserve estimates for Kumtor (100% basis), Cameco
expects that the Kumtor deposit will be depleted no earlier than 2008. Cameco
received payback of its capital invested in 2002.
</FONT>
<P align="right"><FONT size="2">47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description and Environment</I>
</FONT>
<P align="left"><FONT size="2">KGC has exclusive mineral rights over an area of approximately 800 hectares of
land centered on the Kumtor deposit. In addition, the joint venture has
secured surface rights over an area of approximately 10,000 hectares in the
vicinity of the Kumtor deposit. This is referred to as the Mining Lease
Territory and provides the joint venture with sufficient surface area for the
plant, tailings disposal area and all other facilities supporting the mining
operation, ore processing and waste rock disposal. The term of KGC&#146;s mineral
and surface rights for the Kumtor deposit extend beyond 2008, the year when
mining is expected to be completed. KGC has all necessary material permits to
conduct mining and milling operations at Kumtor. All mineral resources and
reserves are part of the Kumtor gold deposit that has been mined by open pit
since 1997.
</FONT>
<P align="left"><FONT size="2">KGC has committed to operate the Kumtor mine in accordance with Canadian,
Saskatchewan and applicable Kyrgyz laws and regulations and the Environment
Action Plan (&#147;EMAP&#148;) for the mine as well as sound international mining
practices.
</FONT>
<P align="left"><FONT size="2">KGC estimates its future decommissioning and reclamation costs for the Kumtor
mine to be $20.4&nbsp;million (US)&nbsp;in current dollars. These estimates were last
reviewed by KGC technical personnel in 1999 and are intended to be updated in
the future as required. In 1998, a reclamation trust fund (the &#147;fund&#148;) was
established to cover the future costs of reclamation, net of expected salvage
value which was estimated, in 1999, at $14.9&nbsp;million (US). In order to fund the
remaining $5.5&nbsp;million (US), contributions are made to the fund over the life
of the mine on a unit of production method. At December&nbsp;31, 2002, the balance
in the fund was $3.5&nbsp;million (US), with the remaining $2.2&nbsp;million (US)&nbsp;to be
contributed over the life of the mine.
</FONT>
<P align="left"><FONT size="2">The site consists of an open pit mine situated at approximately 4,000 metres
above sea level along the northwestern slopes of the Akshirak Ridge in the
interior of the Tien-Shan Mountains. The mine includes waste and ore stockpile
areas as well as an area to dispose of the ice stripped from the top of the
deposit. There is a crusher and a mill. Other major facilities include a
fresh water system, a camp/residence for the employees on site, a warehouse,
shops, offices, a batch plant, two standby diesel generators, and a tailing
management facility (&#147;TMF&#148;). An airstrip is 6 kilometres northwest of the open
pit.
</FONT>
<P align="left"><FONT size="2">The TMF is located in the Kumtor river valley. Tails are deposited in this
facility via a seven-kilometre pipeline from the mill. In 2001, an additional
pipeline was added, twinning the existing one. The tailings dam was designed
and constructed to address the permafrost conditions at the minesite. Stored
behind the tailings dam are 18.9&nbsp;million cubic metres of tailings sands and
process water. A series of diversion ditches prevent runoff and natural
watercourses from entering the tailings basin.
</FONT>
<P align="left"><FONT size="2">The TMF and the effluent treatment plant (&#147;ETP&#148;) were commissioned in 1999,
with government approval for the ETP obtained in June and for the TMF in
December 1999. There were 5.2&nbsp;million cubic metres of
effluent treated and 5.3&nbsp;million cubic metres of effluent discharged into the
environment during the summer of 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site accessibility, infrastructure and physiography</I>
</FONT>
<P align="left"><FONT size="2">The site is located near the headwaters of the Kumtor River. It is accessible
by an all-weather road constructed in the Ara-Bel-Su valley. Employees are
bussed to the mine site from Bishkek and the Issyk-Kul region. Supplies are
transported by rail up to Balykchy at the west end of Issyk-Kul Lake and then
trucked to the minesite. The industrial and potable fresh water is pumped from
Petrov Lake, approximately five kilometres northeast of the mill site. The
glacial lake has sufficient water available year around to supply all the
anticipated need of the operations. The site is connected to the power grid of
the Kyrgyz Republic. Most employees are native to Kyrgyzstan.
</FONT>
<P align="left"><FONT size="2">The terrain is alpine glaciated with broad flat valleys and moraine mounds
along the valley walls. The climate is continental in a zone of permafrost and
active glaciers. Vegetation is predominant on the valley floors and sparse on
the elevated benches and mountain slopes. Despite cold winter conditions,
Kumtor is a 365&nbsp;day-per-year operation.
</FONT>
<P align="right"><FONT size="2">48&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>History and Financing</I>
</FONT>
<P align="left"><FONT size="2">Although the Kumtor area has a history of intermittent exploration dating to
the late 1920&#146;s, the actual discovery of the deposit was made in the summer of
1978 in the course of a general survey. Intensive exploration, adit sampling,
drilling and geological interpretation work took place between 1979 and 1989.
In 1992, Cameco and the government of the Kyrgyz Republic entered into an
agreement to evaluate and develop the deposit. KOC retained Kilborn Western
Inc. to prepare a feasibility study which was submitted in November 1993.
</FONT>
<P align="left"><FONT size="2">Construction and development began in 1994 and was completed in early 1997 at a
cost of approximately $450&nbsp;million (US). Commercial production commenced on
May&nbsp;1, 1997 and more than 502,000 ounces were produced during that year.
</FONT>
<P align="left"><FONT size="2">As an equity investment, Cameco provided the first $45&nbsp;million (US)&nbsp;of
development costs for the project. Additionally, Cameco provided a $107&nbsp;million
(US)&nbsp;subordinated loan to KGC, $61&nbsp;million (US)&nbsp;of which was outstanding at
December&nbsp;31, 2002.
</FONT>
<P align="left"><FONT size="2">A consortium of financial institutions advanced $285&nbsp;million (US)&nbsp;in senior and
subordinated loans to the project (&#147;the third party loans&#148;). The third party
loans consisted of a senior debt component of $265&nbsp;million (US)&nbsp;and a third
party subordinated debt component of $20&nbsp;million (US). As of December&nbsp;31, 2002,
payments of $191&nbsp;million (US)&nbsp;on the senior debt had been made and $77&nbsp;million
(US)&nbsp;of senior debt (US)&nbsp;and $20&nbsp;million (US)&nbsp;of subordinated third party debt
was outstanding.
</FONT>
<P align="left"><FONT size="2">In April 2002, KGC&#146;s senior loan was restructured and resulted in the extension
of the term of repayment to June&nbsp;1, 2006 and the replacement of non-commercial
lenders as senior lenders. In November 2002, the senior lenders agreed to defer
December 2002 and June 2003 semi-annual principal payments until the period
December 2004 to June 2006. An offshore debt reserve account and the shares of
KGC secure the senior debt.
</FONT>
<P align="left"><FONT size="2">The third party loans are a direct obligation of KGC. However, under the terms
of the financing agreements, Cameco has agreed to guarantee the payment of all
amounts of principal and interest that become due in respect of the senior
debt. Cameco has purchased political risk insurance that entitles it to seek
full reimbursement from the insurers if Cameco is required to pay on the
guarantee due to a political risk event in the Kyrgyz Republic. Cameco has also
purchased political risk insurance that covers 90% of the carrying value of its
subordinated loan to KGC and 90% of the carrying value of its equity
contribution to the project.
</FONT>
<P align="left"><FONT size="2">In May 1998, a truck accident in Kyrgyzstan resulted in a spill of
approximately 1,760 kilograms of sodium cyanide into a small river. The truck
was en route to the Kumtor gold mine. Following the accident, a scientific
commission of international experts was assembled to assess the impact. The
commission released its report to the public in September 1998 and, among other
things, concluded that no one died as a result of the spill, that, based on
reported cases within the first 72 hours, up to 16 cases of cyanide exposure
could have occurred, although none of these has
been confirmed and no medical evidence has yet been supplied to support these
cases as being cyanide related and that none of these potential cases were
likely to experience long term effects. Despite the finding of the
international experts, a separate commission established by the prime minister
of Kyrgyzstan determined that damages as a result of the accident amounted to
$4.6&nbsp;million (US). Subsequently, KGC reached a formal settlement agreement
with the government of Kyrgyzstan. In January 1999, the settlement agreement
was submitted to a tribunal of the American Arbitration Association which
reviewed the terms of settlement and confirmed them as fair and reasonable.
Mine operations were not disturbed by the accident.
</FONT>
<P align="left"><FONT size="2">This incident resulted in extensive review of the Emergency Response Plan
(&#147;ERP&#148;) by local authorities, agency lenders and KOC. A revised plan took
effect December 1999. The Kumtor site operated, from 2000 through 2002,
without an incident necessitating implementation of the ERP.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geology and Mineralization</I>
</FONT>
<P align="left"><FONT size="2">Two major fault zones delineate the local structural setting of the Kumtor
area. The first structure is the Nikolaev Lineament which marks the boundary
between the rocks affected by the Caledonian orogen to the west and by the
Hercynian orogen. The Kumtor Fault zone, which is parallel to and east of the
lineament with a traced strike length of more than 50 kilometres and variable
widths up to 400 metres, is the second major structural setting.
</FONT>
<P align="right"><FONT size="2">49&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">The Kumtor deposit is in the zone of sheared, brecciated and hydrothermally
altered Precambrian metasediments just south and sub parallel to the Kumtor
Fault zone. The southeast dipping zone of alteration and mineralization has a
strike length of 1,250 metres, near surface widths up to 400 metres and depths
up to 1,000 metres.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Exploration, Sampling and Analysis</I>
</FONT>
<P align="left"><FONT size="2">The exploration work, performed by predecessors of KGC, resulted in the
collection of 69,775 samples of which 37,075 were channel samples. The
trenches provided 7,250 samples and adits one, two and four provided 14,300,
10,665 and 4,860 samples respectively. The drill core samples totaled 32,700.
A total of 22,100 channel samples and 16,900 core samples were used in the
evaluation of the reserves by the Soviets.
</FONT>
<P align="left"><FONT size="2">The results of the investigative work were compiled in a geological report
titled &#147;Results of Detailed Exploration of the Kumtor Gold Deposit&#148; issued in
1989. This report included the evaluation of the reserves. It was prepared by
the Ministry of Geology of the Union of Soviet Socialist Republics (USSR)&nbsp;and
approved by the General Director of Kyrgyz Geology and the Deputy General
Director, Chief Geologist of Kyrgyz Geology in his capacity as head of the
Uchkoshkon Geological Expedition.
</FONT>
<P align="left"><FONT size="2">Late in 1992, Kilborn Western Inc. was commissioned to prepare a feasibility
study to evaluate and develop the Kumtor deposit. An integral part of the
evaluation process was data validation comprising assaying of the original
sample rejects, recalculation of the reserves and resources, underground
geological and geotechnical remapping and
resampling of parts of the higher mineralization grade zones and process
testwork of original and fresh metallurgical
samples. The recalculation of the reserves and the resources were carried out
by Geostat Systems International based on geostatistical methods employing
three-dimensional block modelling and kriging to the 3,668 metres elevation in
the deposit.
</FONT>
<P align="left"><FONT size="2">In 1998-1999, additional drilling was carried out by KOC in the planned open
pit area as well as at depth to evaluate certain areas of the orebody. Some 67
holes were drilled, assayed with additional check sampling and incorporated
into the original data bank.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s mining resources department and KOC personnel conducted a
reinterpretation of the orebody and a new reserve model was created, providing
the base for a new life-of-mine plan. This reserve model is regularly compared
to the actual mine production. After more than five years of mining, the
number of mined ounces is consistent with expectations based upon the new
model.
</FONT>
<P align="left"><FONT size="2">In 2002, additional drilling was carried out by KOC in the planned open pit
area to further evaluate the orebody. Drilling was also performed in the
Southwest Zone and Sarytor exploration areas. In the present open pit area 10
holes were drilled totaling 2,119 metres, assayed with additional check
sampling and incorporated into the original databank. In the Southwest Zone and
Sarytor exploration areas, a total of 50 holes were drilled, totaling 9,292
metres, assayed with additional check sampling and incorporated into the
original exploration databank.
</FONT>
<P align="left"><FONT size="2">KOC has developed and implemented procedures for quality control, data
verification and sampling which it believes will assure the integrity of
information resulting from its drilling activities at Kumtor.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mining</I>
</FONT>
<P align="left"><FONT size="2">The Kumtor deposit is developed using conventional open pit mining methods.
Initially, part of the orebody was overlaid by a glacial icecap 10-30 metres
thick. This icecap was removed during the first three years of operation. Now
mining is focused on ore extraction and removal of the surrounding waste rock.
Operations began at the 4,300 metre elevation in 1996. Presently, mining is
conducted between the 4,100 and 3,950 metre elevations.
</FONT>
<P align="left"><FONT size="2">Total mine production in 2002 was 19.7&nbsp;million bank cubic metres, a 6.3%
increase over the previous year. Ore is delivered to the mill at a nominal
rate of 15,500 tonnes per day. The average strip ratio is 11:1, requiring an
average mining rate of 185,000 tonnes per day. The mill feed grade in 2002 was
approximately 3.71 grams per tonne, significantly lower than the 5.10 grams per
tonne delivered to the mill in 2001. <I>(see &#147;2002 Pit Wall Failure&#148;)</I>
</FONT>
<P align="left"><FONT size="2">Mining benches are 8 metres in height with 3 to 4 benches under development at
any given time. Drilling is performed by six rotary-percussion blasthole drill
rigs. Holes are drilled on a nominal 5.5 metre x 5.5 metre pattern. 400-500
holes are shot daily using bulk ANFO and emulsion explosives.
</FONT>
<P align="right"><FONT size="2">50&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P align="left"><FONT size="2">Six hydraulic shovels and four front-end loaders load a fleet of twenty-seven
haul trucks. The location of the ore and waste rock is determined by assaying
drillhole cuttings. Boundaries between material-types are surveyed in and
digging is supervised by KGC engineering staff to ensure that ore and waste
rock are separated correctly. All mine equipment is monitored by a
computer-controlled dispatch system.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Milling</I>
</FONT>
<P align="left"><FONT size="2">The Kumtor mill consists of a nominal 15,500 tonne per day conventional plant,
using pyrite flotation and carbon in-leach (CIL)&nbsp;in the process where both the
reground pyrite concentrate and the flotation tails are leached in separate
circuits. The grinding circuit consists of a semiautogenous mill, a pebble
crusher, a ball mill and a regrind mill. High rate thickeners reclaim as much
water as possible from the flotation concentrate, flotation tails feed,
reground flotation concentrate CIL feed and final tails. In 2002, gold
recoveries declined to 78.13% from 83.1% in 2001 due to the processing of
stockpiled, lower grade ore. The pit wall failure prevented access to the
higher grade that was scheduled for mining and milling in 2002. <I>(</I>see <I>&#147;2002 Pit
Wall Failure&#148;)</I>
</FONT>
<P align="left"><FONT size="2">In 2002, 528,550 ounces of gold were poured compared to 752,000 ounces in 2001.
Gold production is expected to increase to about 670,000 ounces in 2003.
Approximately 3,709,000 ounces of gold have been poured from startup in 1997
until December&nbsp;31, 2002. All economic ore is forecast to be milled by 2008.
</FONT>
<P align="left"><FONT size="2">The cash cost per ounce in 2002 was approximately $216 (US)&nbsp;calculated in
accordance with the standards of The Gold Institute. The cash cost per ounce
in 2001 was $142 (US). The higher costs are related to the processing of lower
grade ore due to the pit wall failure. <I>(</I>see <I>&#147;2002 Pit Wall Failure&#148;)</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2002 Pit Wall Failure</I>
</FONT>
<P align="left"><FONT size="2">On July&nbsp;8, 2002, a pit wall failure occurred at the Kumtor mine, resulting in
the temporary suspension of operations. Mine production resumed on July&nbsp;15,
2002 in an area away from the pit wall failure. A Kyrgyz national employed by
KOC died as a result of a rockslide. The rockslide involved approximately 7.5
million tonnes of rock. The rock is expected to be removed by mid-2003 at a
projected cost of about $1 (US)&nbsp;per tonne. No gold reserves were believed lost
as a result of the rockslide. The three blast hole drills were covered by the
slide. One was repaired and returned to service. The other two were damaged
beyond repair. Cameco&#146;s 2002 net earnings were reduced by approximately $27
million as a result of the pit wall failure. No allowance was made in 2002 for
possible proceeds from insurance.
</FONT>
<P align="left"><FONT size="2">The pit wall failure resulted in a significant revision to the mining plan,
including the postponement of mining higher-grade ore. KGC has been milling
lower grade ore and achieving lower recovery rates. As a
result, gold production at Kumtor in 2002 was 528,550 ounces. Prior to the pit
wall failure, Kumtor was forecast to produce 700,000 ounces. Production at
Kumtor in 2003 is forecast to be 670,000 ounces.
</FONT>
<P align="left"><FONT size="2">Technical experts were assembled to assess pit wall stability in the rockslide
area as well as options for accessing this ore zone. The preliminary
information gathered was used to analyze and assess the revised pit wall slope
configurations and develop a revised mining plan. The revised mining plan
provides for greater stability and better access to high-grade ore. A
geotechnical drilling program was designed and initiated to provide further
information on the July rockslide. This information was also used to finalize
the design of the pit slopes for the revised mining plan. In addition,
revisions were made to the monitoring system and equipment to provide a good
degree of &#147;real time&#148; warning should there be further movement.
</FONT>
<P align="left"><FONT size="2">As a result of the incident, 200,000 ounces of Cameco&#146;s share of Kumtor gold
hedges were rolled forward to future periods. Although this action will not
have a cash impact, such redesignation of hedge contracts reduced Cameco&#146;s 2002
net earnings by $2&nbsp;million (which reduction is included in the approximately
$27&nbsp;million impact on Cameco&#146;s net earnings mentioned above.)
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kumtor Resource and Reserve Estimates</I>
</FONT>
<P align="left"><FONT size="2">The mineral reserve and resource estimates for Kumtor are found at &#147;The Gold
Business-Reserves and Resources&#148;. The key assumptions, parameters and methods
used in making these estimates are:
</FONT>
<P align="right"><FONT size="2">51&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Assumptions</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The reserves reported include allowances for dilution and mining recovery; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">No such allowances are applied to mineral resources;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Parameters</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">gold values were obtained from assaying of surface trenches and underground working samples as well as from drill
hole cores;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">cutting of high grade samples was established at 60 grams gold per tonne;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">density was measured on 200 samples and ranged from 2.51 to 3.23 tonnes per cubic metre. An average density of 2.85
tonnes per cubic metre is used for waste and mineralized rocks;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">reserves at Kumtor are not only based on grades but also on the volume and location; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">reserves are calculating using a gold price of $300 (US)&nbsp;per ounce.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">3.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Key Methods</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The geological interpretation of the orebody outlines
was done on vertical sections 40 metres apart and on planviews at
24 metre spacing;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">A three-dimensional block model delineates the reserves
and resources;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Estimates of the grade of blocks 10 metres x 10 metres
x 8 metres were obtained by ordinary kriging; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Reserves are defined as the economically mineable part
of the indicated and measured resources. Only reserves have
demonstrated economic viability.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Although Cameco believes Kumtor reserve and resource estimates are unlikely to
be materially affected by external factors, such as metallurgical, safety and
environmental, permitting, legal, title, taxation and political issues, there
can be no assurance that they will not be. There are numerous uncertainties
inherent in estimating mineral reserves and resources. The accuracy of any
reserve and resource estimation is the function of the quality of available
data and of engineering and geological interpretation and judgment. Results
from drillings, testing and production, as well as a material change in the
gold price, subsequent to the date of the estimate, may justify revisions of
such estimates.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Other Kumtor Information</I>
</FONT>
<P align="left"><FONT size="2">All gold produced by the Kumtor mine is purchased by JSC Kyrgyzaltyn, the owner
of 66 2/3% of KGC, for reprocessing at its refinery in the Kyrgyz Republic. KGC
uses derivative financial instruments to mitigate the price risk on a portion
of future gold production. See &#147;Gold Business-Risk Factors-Votality and
Sensitivity to Prices.&#148;
</FONT>
<P align="left"><FONT size="2">The Kyrgyz tax regime applicable to the Kumtor operation is governed by an
agreement between Cameco, JSC Kyrgyzaltyn and the Kyrgyz government.
</FONT>
<P align="left"><FONT size="2">There are no material exploration or development activities planned for the
Kumtor operation.
</FONT>
<P align="left"><FONT size="2"><B>Boroo &#151; Gold Development Property</B>
</FONT>

<P align="left"><FONT size="2">BGC, a 54 % CGI indirect owned subsidiary, is developing the Boroo mine in
Mongolia, with a planned annual production of 175,000&nbsp;ounces.
</FONT>
<P align="left"><FONT size="2">On March&nbsp;5, 2002, CGI acquired a 52% interest in AGR, a British Virgin Islands
company, for $12&nbsp;million (US)&nbsp;cash and issuance of a $4.8&nbsp;million (US)
promissory note. AGR indirectly owns 95% of BGC, a Mongolian entity. A
Mongolian entity indirectly owns the remaining 5% of BGC. BGC has the rights to
the Boroo gold deposit located in Mongolia.
</FONT>
<P align="left"><FONT size="2">Subsequent to the acquisition, CGI increased its interest in AGR to 56% by
financing and conducting $3&nbsp;million (US)&nbsp;of further exploration on Boroo and
Gatsuurt. The promissory note was satisfied by CGI transferring to AGR 61% of a
subsidiary that owns 100% of Cameco Gold Mongolia LLC, which has rights to the
Gatsuurt exploration property in Mongolia.
</FONT>
<P align="right"><FONT size="2">52&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">The Boroo open pit mine and mill is currently under construction, with a
planned annual production of 175,000 ounces (CGI&#146;s share is 54 %). The project
budget to reach commercial production is $63&nbsp;million (US), an increase of of
$23&nbsp;million (US)&nbsp;from the original estimate of $40&nbsp;million (US). About half
the increase relates to change in the operating plan from a contractor-supplied
mine equipment fleet to one in which BGC purchases the fleet. The remainder of
the capital cost increase is due to improvements in the processing facilities.
About 40% of the capital budget was spent to the end of January 2003. A CGI
subsidiary is funding the construction of the Boroo open pit mine and mill
through a loan which bears interest at LIBOR plus 4%. The project schedule is
under review and commercial production is not expected until early 2004.
</FONT>
<P align="left"><FONT size="2">At December&nbsp;31, 2002, AGR&#146;s hedge position was 200,000 ounces, which is
expected to yield an average price of approximately $315 (US)&nbsp;per ounce.
</FONT>
<P align="left"><FONT size="2">CGI estimates that the future decommissioning and reclamation costs for the
Boroo mine to be approximately
$3&nbsp;million (US)&nbsp;in current dollars. Periodic contributions to an escrow
account are planned to cover this future liability.
</FONT>
<P align="left"><FONT size="2">A stability agreement has been entered into with Mongolian government. It
expires in 2013. Among other things, the stability agreement provides for:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">a three-year income tax exemption from the commencement of production, a
20% income tax rate for the following three years and a 40% income tax
rate thereafter;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">gold may be freely exported, without the application of value added tax or export charges;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">the payment of a 2.5% net smelter royalty to the Mongolian government;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">any value added tax obligations may be offset against the royalty payable;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">all proceeds resulting from gold sales may be deposited in an offshore
account, provided sufficient funds are deposited in a commercial bank in
Mongolia to cover fiscal obligations to the Mongolian government;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mongolian tax laws in effect in 1998 when the agreement was signed will
govern, unless laws more favorable take effect; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The Mongolian government may not expropriate BGC assets.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">AGR intends to pursue political risk insurance for its investment in
Boroo.
</FONT>
<P align="right"><FONT size="2">53&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Reserves and Resources</B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s gold reserves and resources are located in the Kyrgyz Republic and
Mongolia.
</FONT>
<P align="left"><FONT size="2">The following table shows Cameco&#146;s share of the estimated gold reserves and
resources as at December&nbsp;31, 2002:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Gold</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><HR noshade size="1"></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Mining</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Tonnes</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>g/t</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>oz//ton</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ounces</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Method <SUP>(1)</SUP></B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves-Proven</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8,173,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,127,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves-Probable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,015,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">606,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">210,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Probable
Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>5,225,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>3.75</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0.11</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>630,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>13,398,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>4.08</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0.12</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,757,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources-Indicated</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,758,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">236,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources-Inferred</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2"></FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,792,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.67</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">326,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,455,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">606,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">OP&#038;UG</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Inferred
Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>6,247,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>4.64</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0.14</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>932,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mining Method: OP-Open Pit, UG &#151; Underground.</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">54&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2"><B>Gold Reserve and Resource Reconciliation</B>
</FONT>

<P align="left"><FONT size="2">The following reconciliation of Cameco&#146;s share of gold reserves and resources
reflects the changes in gold reserves and resources during 2002. The 2002
additions and deletions at Kumtor result from mining and milling and additional
information provided by mining experience, drilling results analysis and
reclassifications. The addition of the reserves and resources at the Boroo mine
results from acquisition of an interest in AGR.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="center" colspan="3"><FONT size="1"><B>(in troy ounces)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec. 31</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Addition</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Dec 31</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Throughput<SUP>(1)</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(Deletion)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves-Proven</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD nowrap><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,108,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(221,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">240,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,127,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Reserves-Probable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">606,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">606,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">180,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(156,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Probable
Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>180,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>450,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>630,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Reserves</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,288,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>(221,000</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>690,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>1,757,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources-Indicated</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">236,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">236,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Resources-Inferred</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Boroo</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">326,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">326,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">743,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">(137,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><SUP>(2)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">606,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Inferred
Resources</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>743,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>0</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>189,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"><B>932,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Corresponds to millfeed. The discrepancy
between the 2002 millfeed and Cameco&#146;s share of 2002 ounces
produced is due to mill recovery and the processing
of low grade material.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Change in reserves or resources, as applicable, include reassessment of
geological data, results of information provided by mining and milling,
and subsequent re-classification of reserves or resources, as applicable.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Change in share ownership or acquisition or surrender of claims.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Legal Proceedings</B>
</FONT>

<P align="left"><FONT size="2">An action was commenced during 1997 in a Canadian court by certain dependants
of nine persons against the Company, CGI, KOC and certain other parties seeking
damages, in the amount of $20,700,000 including punitive damages, plus interest
and costs in connection with the death of the said nine persons in a helicopter
accident in Kyrgyzstan on October&nbsp;4, 1995. This action is being defended by
the insurers of the Company.
</FONT>
<P align="left"><FONT size="2"><B>Regulatory Compliance</B>
</FONT>
<P align="left"><FONT size="2">Pursuant to the financing agreements related to the Kumtor gold project, the
project participants agreed that all construction, development and, once in
operation, production activities related to the project must be conducted in
accordance with Canadian, Saskatchewan, and applicable Kyrgyz laws and
regulations and the accepted Environmental Management Action Plan for the
project as well as sound international mining practices. Modifications to the
original, pre-operational Environmental Management Action Plan have been
approved by appropriate external parties.
</FONT>
<P align="right"><FONT size="2">55&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Employees</B>
</FONT>
<P align="left"><FONT size="2">KOC had approximately 107 expatriate and 1,450 national employees at December
31, 2002.
</FONT>
<P align="left"><FONT size="2"><B>Risk Factors</B>
</FONT>
<P align="left"><FONT size="2">The following information pertains to the outlook and conditions currently
known to the Company which could have a material impact on the financial
condition of the Company. This information, by its nature, is not all
inclusive. It is not a guarantee that other factors will not affect the
Company in the future. This discussion should be read in conjunction with
material in other sections of this Annual Information Form, including
Management&#146;s Discussion and Analysis (Appendix &#147;B&#148;) As the context requires for
the following information, the reference to Company or Cameco also includes
Cameco&#146;s direct and indirect subsidiaries.
</FONT>
<P align="left"><FONT size="2"><B>Volatility and Sensitivity to Gold Prices</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s share of revenue from its gold business is largely dependent on
the world market price of gold. The gold price is subject to volatile price
movements over time and is affected by numerous factors beyond the Company&#146;s
control. Such factors include, among others: global supply and demand;
central bank lending, sales and purchases; expectations for the future rate of
inflation; the level of interest rates; the strength of, and confidence in, the
US dollar; market speculative activities; and global or regional political and
economic events.
</FONT>
<P align="left"><FONT size="2">Fluctuation in gold prices is illustrated by the following table which sets
forth for the periods indicated the average closing gold prices in United
States dollars per ounce.
</FONT>
<P align="center"><FONT size="2"><B>Average London PM Fix<BR>
(US$)</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1993</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1994</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1995</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1996</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1997</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1998</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>1999</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">US$ Average</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">388</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">331</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">271</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">On March&nbsp;3, 2003 the closing price of gold on the London market (PM Fix) was
$345 (US)&nbsp;per ounce.
</FONT>
<P align="left"><FONT size="2">If the market price for gold falls and remains below variable production costs
of a Cameco subsidiary&#146;s mining operations for a sustained period, losses may
be sustained and, under certain circumstances, there may be a curtailment or
suspension of some or all of mining activities. The Company would also have to
assess the economic impact of any sustained lower gold prices on recoverability
and, therefore, the cut off grade and level of its gold reserves and resources.
The Company would have to assess the impact of such an environment on any
outstanding guarantees related to its gold activities.
</FONT>
<P align="left"><FONT size="2">AGR and KGC hedge the price risk for future gold sales. AGR and KGC use
derivative financial instruments such as forward sales contracts and collars
(matched puts and calls) to mitigate the price risk on a portion of future gold
production. AGR and KGC uses these instruments for hedging purposes and do not
hold or issue derivative financial instruments for trading purposes. The mix
of instruments and the amounts change from time to time with changes in
pricing, market conditions and hedging strategies.
</FONT>
<P align="left"><FONT size="2">Cameco has agreed to provide credit support to KGC&#146;s and AGR&#146;s counterparties,
subject to stipulated per ounce limits, in order to mitigate the potential of
default by these companies. At year-end 2002, based upon the number of ounces
hedged and the stipulated per ounce limits, Cameco had a maximum financial
exposure under its support arrangements of $61&nbsp;million (US). The
mark-to-market loss on these hedge positions amounted to $38&nbsp;million (US)&nbsp;at
December&nbsp;31, 2002, based upon a spot gold price of $347 (US). As the gold price
rises, Cameco may need to increase the stipulated per ounce limits. For a
summary of the Company&#146;s share of future gold sale and delivery commitments,
see Note 25 to the Consolidated Financial Statements of the Company for the
fiscal year ended December&nbsp;31, 2002.
</FONT>
<P align="right"><FONT size="2">56&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">The extent of future gold price hedging by AGR and KGC will depend upon its
assessment of gold market factors and other conditions. Although AGR and KGC
utilize hedging programs to mitigate the price risk on a portion of future gold
production, there can be no assurance that such programs will be successful.
</FONT>

<P align="left"><FONT size="2"><B>Replacement of Reserves</B>
</FONT>

<P align="left"><FONT size="2">The Kumtor mine is the Company&#146;s sole source of gold production, albeit
indirectly through its indirect 1/3 equity ownership of KGC. The Boroo deposit
is currently being developed by BGC and is expected to provide another source
of gold production for the Company. Unless other reserves are discovered or
extension to the existing orebodies are found, the Company&#146;s total gold
reserves will decrease as reserves at Kumtor and Boroo are depleted.
</FONT>

<P align="left"><FONT size="2"><B>Decommissioning and Reclamation</B>
</FONT>

<P align="left"><FONT size="2">KGC&#146;s decommissioning and reclamation plan for the Kumtor mine was last updated
in 1999. KGC estimates future decommissioning and reclamation costs to be
approximately $20&nbsp;million (US). To cover this future liability, a reclamation
trust fund was established in 1998 to which contributions are made annually.
BGC&#146;s decommissioning and reclamation plan for the Boroo mine estimates future
decommissioning and reclamation costs to be approximately $3&nbsp;million (US).
Periodic contributions to an escrow account are planned to cover this future
liability. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the
future by regulators.
</FONT>

<P align="left"><FONT size="2"><B>COMMON RISK FACTORS &#151; URANIUM AND GOLD</B>
</FONT>
<P align="left"><FONT size="2">In addition to the risk factors referred to under &#147;Nuclear Business-Risk
Factors&#148; and &#147;Gold Business-Risk Factors&#148;, there are certain risks which are
generally applicable to both the uranium and gold mining industries, as
outlined in the following. The risks discussed here are not all inclusive. No
guarantee is provided that other factors will not affect the Company in the
future. This discussion should be read in conjunction with material in other
sections of this Annual Information Form, including Management&#146;s Discussion and
Analysis (Appendix &#147;B&#148;). As the context requires for the following information,
reference to the Company or Cameco also includes Cameco&#146;s direct and indirect
subsidiaries.
</FONT>
<P align="left"><FONT size="2"><B>Imprecision of Reserve and Resource Estimates</B>
</FONT>
<P align="left"><FONT size="2">Reserve and Resource figures included for uranium and gold are estimates and no
assurances can be given that the indicated levels of uranium and gold will be
produced or that Cameco will receive the gold price and uranium price assumed
in determining its reserves. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and industry
practices. Valid estimates made at a given time may significantly change when
new information becomes available. While the Company believes that the reserve
and resource estimates included are well established and reflects management&#146;s
best estimates, by their nature reserve and resource estimates are imprecise
and depend, to a certain extent, upon statistical inferences which may
ultimately prove unreliable. Furthermore, market price fluctuations in uranium
and gold, as well as increased capital or production costs or reduced recovery
rates, may render ore reserves containing lower grades of mineralization
uneconomic and may ultimately result in a restatement of reserves. The extent
to which resources may ultimately be reclassified as proven or probable
reserves is dependent upon the demonstration of their profitable recovery. The
evaluation of reserves or resources is always influenced by economic and
technological factors, which may change over time.
</FONT>
<P align="left"><FONT size="2">Resources figures included herein have not been adjusted in consideration of
these risks and, therefore, no assurances can be given that any resource
estimate will ultimately be reclassified as proven or probable reserves.
</FONT>
<P align="left"><FONT size="2"><B>Production Estimates</B>
</FONT>
<P align="left"><FONT size="2">Cameco prepares estimates of future production for particular operations. No
assurance can be given that production estimates will be achieved. Failure to
achieve production estimates could have an adverse impact on Cameco&#146;s future
cash flows, earnings, results of operations
</FONT>
<P align="right"><FONT size="2">57&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">and financial condition. These
production estimates are based on, among other things, the following factors: the accuracy of reserve estimates;
the accuracy of assumptions regarding ground conditions and physical
characteristics of ores, such as hardness and presence or absence of particular
metallurgical characteristics; and the accuracy of estimated rates and costs of
mining and processing.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s actual production may vary from estimates for a variety of reasons,
including, among others: actual ore mined varying from estimates of grade,
tonnage, dilution and metallurgical and other characteristics; short-term
operating factors relating to the ore reserves, such as the need for sequential
development of orebodies and the processing of new or different ore grades;
risk and hazards associated with mining; natural phenomena, such as inclement
weather conditions, underground floods, earthquakes, pit wall failures and
cave-ins; and unexpected labour shortages or strikes.
</FONT>
<P align="left"><FONT size="2"><B>Mining, Refining and Conversion Risks and Insurance</B>
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s business is capital intensive and subject to a number of risks and
hazards, including environmental pollution, accidents or spills, industrial and
transportation accidents, labour disputes, changes in the regulatory
environment, natural phenomena (such as inclement weather conditions
earthquakes, pit wall failures, cave-ins and underground flooding) and
encountering unusual or unexpected geological conditions. The Company also
contracts for the transport of its uranium and uranium products to refining,
conversion and enrichment facilities in North America and Europe, which exposes
the Company to transportation risks. Many of the foregoing risks and hazards
could result in damage to, or destruction of, the Company&#146;s mineral properties
or refining or conversion facilities, personal injury or death, environmental
damage, delays in or interruption of or cessation of production from the
Company&#146;s mines or refining or conversion facilities or in its exploration or
development activities, delay in or inability to receive regulatory approvals
to transport its uranium and uranium products, or costs, monetary losses and
potential legal liability and adverse governmental action. In addition, due to
the radioactive nature of the materials handled in uranium mining, refining,
conversion and transport, additional costs and risks are incurred by the
Company on a regular and ongoing basis.
</FONT>
<P align="left"><FONT size="2">Although the Company maintains insurance to cover some of these risks and
hazards in amounts it believes to be reasonable, such insurance may not provide
adequate coverage in the event of certain circumstances. No assurance can be
given that such insurance will continue to be available or it will be available
at economically feasible premiums or that it will provide sufficient coverage
for losses related to these or other risks and hazards.
</FONT>
<P align="left"><FONT size="2">The Company may be subject to liability or sustain loss for certain risks and
hazards against which it cannot insure or which it may elect not to insure
because of the cost. This lack of insurance coverage could result in material
economic harm to Cameco.
</FONT>
<P align="left"><FONT size="2"><B>Nature of Exploration and Development</B>
</FONT>
<P align="left"><FONT size="2">Exploration for and development of mineral properties involve significant
financial risks which even a combination of careful evaluation, experience and
knowledge may not eliminate. While the discovery of an ore body may result in
substantial rewards, few properties which are explored are ultimately developed
into producing mines. Major expenses may be required to establish reserves by
drilling, constructing mining and processing facilities at a site, developing
metallurgical processes and extracting uranium and gold from ore. It is
impossible to ensure that the current exploration and development programs of
the Company will result in profitable commercial mining operations or
replacement of current production at existing mining operations with new
reserves.
</FONT>
<P align="left"><FONT size="2">Cameco&#146;s ability to sustain or increase its present levels of uranium and gold
production is dependent in part on the successful development of new orebodies
and/or expansion of existing mining operations. The economic feasibility of
development projects is based upon many factors, including, among others: the
accuracy of reserve estimates; metallurgical recoveries; capital and operating
costs of such projects; government regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting, and environmental
protection; and uranium and gold prices, which are highly cyclical. Development
projects are also subject to the successful completion of feasibility studies,
issuance of necessary governmental permits and availability of adequate
financing.
</FONT>
<P align="right"><FONT size="2">58&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">Development projects have no operating history upon which to base estimates of
future cash flow. Cameco&#146;s estimates of proven and probable reserves and cash
operating costs are, to a large extent, based upon detailed geological and
engineering analysis. Cameco also conducts feasibility studies which derive
estimates of capital and operating costs based upon many factors, including,
among others: anticipated tonnage and grades of ore to be mined and processed;
the configuration of the orebody; ground and mining conditions; expected
recovery rates of the gold and uranium from the ore; and anticipated
environmental and regulatory compliance costs.
</FONT>
<P align="left"><FONT size="2">It is possible that actual costs and economic returns of current and new mining
operations may differ materially from Cameco&#146;s best estimates. It is not
unusual in the mining industry for new mining operations to experience
unexpected problems during the start-up phase and to require more capital than
anticipated.
</FONT>
<P align="left"><FONT size="2"><B>Governmental Regulation and Policy Risks</B>
</FONT>
<P align="left"><FONT size="2">Mining and refining operations and exploration activities, particularly uranium
mining, refining, conversion and transport in Canada and the United States, are
subject to extensive laws and regulations. Such regulations relate to
production, development, exploration, exports, imports, taxes and royalties,
labour standards, occupational health, waste disposal, protection and
remediation of the environment, mines decommissioning and reclamation, mine
safety, toxic substances, transportation safety and emergency response, and
other matters. Compliance with such laws and regulations has increased the
costs of exploring, drilling, developing, constructing, operating and closing
the Company&#146;s mines and refining and other facilities. It is possible that, in
the future, the costs, delays and other effects associated with such laws and
regulations may impact the Company&#146;s decision as to whether to operate existing
mines, ore refining and other facilities or, with respect to exploration and
development properties, whether to proceed with exploration or development.
The Company expends significant financial and managerial resources to comply
with such laws and regulations. Cameco anticipates it will have to continue to
do so as the historic trend toward stricter government regulation may continue.
Because legal requirements are frequently changing and subject to
interpretation, Cameco is unable to predict the ultimate cost of compliance
with these requirements or their effect on operations. Furthermore, future
changes in governments, regulations and policies, such as those affecting the
Company&#146;s mining operations, uranium refining and conversion operations, and
uranium transport, could materially and adversely affect the Company&#146;s results
of operations and financial condition in a particular period or its long term
business prospects.
</FONT>
<P align="left"><FONT size="2">Worldwide demand for uranium is directly tied to the demand for electricity
produced by the nuclear power industry, which is also subject to extensive
government regulation and policies. The development of mines and related
facilities is contingent upon governmental approvals which are complex and time
consuming to obtain and which, depending upon the location of the project,
involve multiple governmental agencies. The duration and success of such
approvals are subject to many variables outside the Company&#146;s control. The
governments of Canada and the province of Saskatchewan have issued their
approvals with respect to the development of the Cigar Lake project. Initially
CLMC, and now Cameco and Cogema directly are proceeding to obtain various
permits and licenses which are necessary to proceed with the project. In the
event a production decision is made for Cigar Lake, any significant delays in
obtaining such permits or licences could have a material adverse effect on the
Company.
</FONT>
<P align="left"><FONT size="2"><B>Environmental Risks</B>
</FONT>
<P align="left"><FONT size="2">The Company has expended significant financial and managerial resources to
comply with environmental protection laws, regulations and permitting
requirements, and anticipates that it will be required to continue to do so in
the future as the historical trend toward stricter environmental regulation may
continue. The uranium industry is subject to not only the worker health,
safety and environmental risks associated with all mining businesses, including
potential liabilities to third parties for environmental damage, but also to
additional risks uniquely associated with uranium mining and processing. The
possibility of more stringent regulations exists in the areas of worker health
and safety, the disposition of wastes, the decommissioning
and reclamation of mining, milling, refining and conversion sites, and other
environmental matters each of which could have a material adverse effect on the
costs or the viability of a particular project.
</FONT>
<P align="left"><FONT size="2">The Company&#146;s domestic and foreign facilities operate under various operating
and environmental permits, licences and approvals that contain conditions that
must be met and the Company&#146;s right to continue operating its facilities is, in
a number of instances, dependent upon compliance with such conditions. Failure
to meet any such condition could have a material adverse affect on the
Company&#146;s financial condition or results of operations.
</FONT>
<P align="right"><FONT size="2">59&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>Counterparty/Credit Risk</B>
</FONT>
<P align="left"><FONT size="2">AGR and KGC engage in transactions to mitigate the price risk on a portion of
future gold production (see &#147;Gold Business-Risk Factors-Volatility and
Sensitivity to Gold Prices&#148;) and Cameco enters into transactions to reduce the
impact of fluctuations in currency exchange rates. These transactions expose
the Company to the risk of default by
the counterparties to such contracts. The Company manages this risk of
default, or credit risk, by dealing only with financial institutions that meet
its credit rating standards and by limiting exposures with individual
counterparties.
</FONT>
<P align="left"><FONT size="2">In addition, Cameco&#146;s sales of uranium product and conversion services expose
the Company to the risk of non-payment. The Company manages this risk by
monitoring the credit worthiness of its customers and requiring pre-payment or
other forms of payment security from customers with an unacceptable level of
credit risk. As of March&nbsp;31, 2003, 11% of Cameco forecast revenue under contract, for the period 2003 to 2005,
were with customers whose creditworthiness did not meet Cameco&#146;s standards for unsecured payment
terms. Of that percentage, one-half is attributable to Bruce Power, which has not established
a credit rating.
</FONT>
<P align="left"><FONT size="2">Although the Company seeks to manage its credit risk exposure, there can be no
assurance that the Company will be successful.
</FONT>
<P align="left"><FONT size="2"><B>Currency Fluctuations</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s earnings and operating cash flow may also be affected by changes
in the US/Canadian dollar exchange rate since most of its revenues are
denominated in US dollars and many of its costs are denominated in Canadian
dollars. Although the Company utilizes a hedging program to manage its
exchange rate exposure, there can be no assurance that such a program will be
successful.
</FONT>
<P align="left"><FONT size="2"><B>Political Risk</B>
</FONT>
<P align="left"><FONT size="2">See the Company&#146;s Management&#146;s Discussion and Analysis attached as Appendix
&#147;B&#148;.
</FONT>
<P align="left"><FONT size="2"><B>SELECTED CONSOLIDATED FINANCIAL AND OPERATING INFORMATION</B>
</FONT>
<P align="left"><FONT size="2">The selected consolidated financial and operating information presented below
should be read in conjunction with Management&#146;s Discussion and Analysis and the
Company&#146;s Consolidated Financial Statements for the year ended December&nbsp;31,
2002, notes thereto and other financial information included elsewhere in this
Annual Information Form.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Year Ended December 31,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>(in millions except per common share amounts)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>2000</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">748.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">700.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">688.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><HR size="1" noshade></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (loss)&nbsp;from operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">88.60</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">94.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(45.70</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- per common share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(0.82</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings (loss)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">46.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55.90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(87.20</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- per common share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(1.57</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">250.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">116.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">224.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- per common share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">4.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,945.20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,947.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,800.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long term debt not maturing within one year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">218.30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">327.80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">269.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash dividends declared per common share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2002 CONSOLIDATED FINANCIAL STATEMENTS</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s 2002 Consolidated Financial Statements are attached as Appendix
&#147;A&#148;.
</FONT>
<P align="right"><FONT size="2">60&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s Management&#146;s Discussion and Analysis is attached as Appendix &#147;B&#148;.
</FONT>
<P align="left"><FONT size="2"><B>MINERAL RESERVES AND RESOURCES &#150; QUALIFIED PERSON</B>
</FONT>
<P align="left"><FONT size="2">Reserve and resource estimates for Cameco&#146;s material mining properties, namely,
McArthur River, Cigar Lake and Kumtor, as presented in this Annual Information
Form are prepared by or under the supervision of a qualified person, Alain
Gaston Mainville, Geologist and Professional Geoscientist, who is Manager,
Mining Resources and Methods at Cameco. Cameco&#146;s reserve and resource
estimates are extracted from internally generated data or audited reports. No
independent verification of Cameco&#146;s reserve and resource estimates has been
performed.
</FONT>
<P align="left"><FONT size="2"><B>MARKET FOR SECURITIES</B>
</FONT>
<P align="left"><FONT size="2">The Company&#146;s common shares are listed and traded on The Toronto Stock Exchange
(CCO)&nbsp;and the New York Stock Exchange (CCJ).
</FONT>
<P align="left"><FONT size="2">Also listed and traded on the New York Stock Exchange are the Company&#146;s 8.75%
Preferred Securities (CCJPR), a series of junior subordinated debentures which
are due in 2047.
</FONT>
<P align="left"><FONT size="2"><B>DIRECTORS AND OFFICERS</B>
</FONT>

<P align="left"><FONT size="2"><B>Directors</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Name, Office held in</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Principal Occupation or</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Director</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Corporation and Municipality of Residence</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Employment</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Since (1)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">JOHN S. AUSTON <SUP>(2, 6)</SUP><BR>
West Vancouver, British Columbia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Geologist; Corporate
Director 2000 to
present; prior: President,
Director
and Chief Executive
Officer, Ashton
Mining of Canada Inc. 1996-2000;
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1999</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">JOE F. COLVIN <SUP>(2, 4, 6)</SUP><BR>
Kiawah Island, South Carolina, U.S.A.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President and Chief
Executive Officer,
Nuclear Energy
Institute 1996 to
present; prior: Executive
Vice-President and
Chief Operating
Officer, Nuclear
Energy Institute Inc.
1994 to 1996.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1999</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">HARRY D. COOK <SUP>(4)</SUP><BR>
La Ronge, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief, Lac La Ronge
Indian Band 1987 to
present; President,
Kitsaski Management
Limited Partnership,
Prince Albert Grand
Council Executive
Board Member,
Federation of
Saskatchewan Indian
Nations Taxation
Commission Board
Member and Indian
Government Commission
member.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1992</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">JAMES R. CURTISS <SUP>(4, 5)</SUP><BR>
Brookeville, Maryland, U.S.A.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Lawyer, Partner,
Winston &#038; Strawn 1993
to present; prior: Commissioner
US
Nuclear Regulatory
Commission 1988-1993.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1994</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="right"><FONT size="2">61&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Name, Office held in</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Principal Occupation or</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT></TD>
                    <TD><FONT size="1">&nbsp;</FONT></TD>
                            <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Director</B></FONT></TD>

</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Corporation and Municipality of Residence</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Employment</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
            <TD><FONT size="1">&nbsp;</FONT></TD>
                    <TD><FONT size="1">&nbsp;</FONT></TD>
                            <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Since (1)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
         <TD><FONT size="1">&nbsp;</FONT></TD>
          <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">GEORGE S. DEMBROSKI<SUP>(2, 5, 6)</SUP> <BR>
Toronto, Ontario</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Corporate Director
1998 to present;
prior: Vice-Chairman and
Director, RBC
Dominion Securities
Limited (investment
dealer) 1981-1998.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1996</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">GERALD W. GRANDEY<SUP>(2)</SUP> <BR>
President and Chief Executive
Officer <BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position 2003;
prior: President
2000-2002;
Executive
Vice-President
1997-2000; Senior
Vice-President,
Marketing and
Corporate
Development
1993-1997.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2000</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">NANCY E. HOPKINS <SUP>(2, 3)</SUP> <BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Lawyer, Partner,
McDougall Gauley
1984 to present. Effective
January&nbsp;1, 2001 Gauley &amp;
Company merged with
McDougall Ready to
form McDougall
Gauley.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1992</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">J.W. GEORGE IVANY <SUP>(3, 5, 6)</SUP><BR>
Kelowna, British Columbia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Corporate Director,
1999 to present;
prior: President
and
Vice-Chancellor,
University of
Saskatchewan
1989-1999.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1999</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">A. NEIL McMILLAN<SUP>(2, 3, 4)</SUP><BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President, Claude
Resources Inc. 1996
to present.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2001</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">ROBERT W. PETERSON<SUP>(3, 4, 5)</SUP><BR>
Regina, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President and Chief
Operating Officer
Denro Holdings Ltd.
1994 to present.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1994</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">VICTOR J. ZALESCHUK <SUP>(3, 5, 6, 7)</SUP> <BR>
Calgary, Alberta</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Corporate Director,
November&nbsp;5, 2001 to
present; prior: President and Chief
Executive Officer,
Nexen Inc.
(formerly Canadian
Occidental
Petroleum Ltd.)
from June&nbsp;1, 1997
to June&nbsp;1, 2001;
Senior
Vice-President
Finance and Chief
Financial Officer
1986 to May&nbsp;31, 1997.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2001</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Each director will hold office until the
next annual meeting unless such director&#146;s office is
earlier vacated in accordance with the corporate law
requirements applicable to the Company from time to time.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Member of the strategic planning committee.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Member of the audit committee.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Member of the environmental and safety
committee.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Member of the compensation and human
resources committee.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Member of the nominating and corporate
governance committee.</FONT></TD>
</TR>

<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Appointed audit committee financial expert.</FONT></TD>
</TR>
</TABLE>

<P align="right"><FONT size="2">62&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="left"><FONT size="2"><B>Officers</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="1"><B>Name, Office and Municipality of Residence</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left"><FONT size="1"><B>Principal Occupation for Past Five Years</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">BERNARD M. MICHEL <BR>
Chair<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position 2003;
prior: Chair and
Chief Executive
Officer 2000-2002;
Chair, President
and Chief Executive
Officer 1993-2000;
President and Chief
Executive Officer
1991-1993,
President and Chief
Operating Officer
1990-1991.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">GERALD W. GRANDEY<BR>
President and Chief Executive Officer<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position 2003;
prior: President,
2000-2002;
Executive
Vice-President
1997-2000; Senior
Vice-President,
Marketing and
Corporate
Development
1993-1997.</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">DAVID M. PETROFF <BR>
Senior Vice-President, Finance and Administration<BR>
and Chief Financial Officer<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position April&nbsp;24,
1997; prior: Senior
Vice-President,
Finance and
Administration
1997, Cameco
Corporation;
Vice-President and
Treasurer
1991-1997, Denison
Mines Limited.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">RITA M. MIRWALD<BR>
Senior Vice-President, Human Resources and<BR>
Corporate Relations<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position April&nbsp;24,
1997; prior: Vice-President,
Human Resources and
Corporate
Relations,
1995-1997;
Vice-President,
Corporate Relations
1994-1995;
Director, Corporate
Affairs and
Investors Relations
1990-1993.</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">GARY M.S. CHAD <BR>
Senior Vice-President, Law, <BR>
Regulatory Affairs and Corporate Secretary <BR>
Saskatoon, Saskatchewan <BR></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position January&nbsp;1,
2000; prior: Senior
General Counsel and
Secretary 1990-1999.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">GEORGE B. ASSIE <BR>
Senior Vice-President, Marketing and Business Development<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position January&nbsp;1,
2003; prior: President
Cameco
Inc., Eden Prairie,
Minnesota.</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#eeeeee">
    <TD valign="top"><FONT size="2">TERRY ROGERS<BR>
Senior Vice-President and Chief Operating Officer<BR>
Saskatoon, Saskatchewan</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Assumed current
position February
1, 2003; prior: President
Kumtor
Operating Company,
Kyrgyzstan.</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">The directors and officers of Cameco as a group, beneficially own, directly or
indirectly, less than 1% of the issued and outstanding common shares of Cameco.
</FONT>
<P align="left"><FONT size="2"><B>ADDITIONAL INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will provide to any person, upon request to the Secretary of the
Company:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">When the securities of the Company are in the course of a distribution
pursuant to a short form prospectus or a preliminary short form prospectus
has been filed in respect of a distribution of its securities,</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">one copy of the Annual Information Form of the Company,
together with one copy of any document, or the pertinent pages of
any document, incorporated by reference in the Annual Information
Form;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">one copy of the comparative financial statements of the
Company for is most recently completed financial year together with
the accompanying report of the auditor and one copy of any interim
financial statement of the Company subsequent to the financial
statements for its most recently completed financial year;</FONT></TD>
</TR>
</TABLE>
<P align="right"><FONT size="2">63&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">one copy of the management proxy circular of the Company in
respect of its most recent annual meeting of shareholders; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">one copy of any other documents that are incorporated by
reference into the preliminary short form prospectus or the short
form prospectus and are not required to be provided under (a)&nbsp;to (c)
above; or</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">any other time, one copy of any document referred to in (1)(a), (b)&nbsp;and
(c)&nbsp;above, provided the Company may require the payment of a reasonable
charge if the request is made by a person who is not a security holder of
the Company.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Additional information, including directors&#146; and officers&#146; remuneration and
indebtedness to the Company, principal holders of the Company&#146;s securities and
options to purchase securities is contained in the Management Proxy Circular
dated April&nbsp;16, 2003 and additional information is provided in the Company&#146;s
Consolidated Financial Statement for the fiscal year-ended December&nbsp;31, 2002.
Copies of the Management Proxy Circular are available upon request from the
Secretary of the Company at 2121-11th Street West, Saskatoon, Saskatchewan, S7M
1J3, telephone: (306)&nbsp;956-6200.
</FONT>

<P align="right"><FONT size="2">64&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 Cameo Annual Information Form</FONT>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>4
<FILENAME>o09454exv2.htm
<DESCRIPTION>2002 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>2002 Consolidated Audited Financial Statements</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 2</B></FONT>

<P align="center"><FONT size="2">Cameco Corporation
</FONT>

<P align="center"><FONT size="2">2002 Consolidated Audited Financial Statements
</FONT>


<P align="center"><FONT size="2"></FONT>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="center"><FONT size="2"><HR size="1" noshade><IMG src="o09454o0945426.gif" alt="(RESILIENT LOGO)">
</FONT>

<DIV align="left"><FONT size="2"><HR size="1" noshade>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><FONT size="4">
<FONT color="#8B8E8E"><B>Index</B></FONT></FONT></TD>
    <TD valign="top"><FONT size="4">&nbsp;</FONT></TD>
    <TD><FONT size="4">&nbsp;</FONT>
 </TD>
<TR valign="bottom">
    <TD colspan="3"><FONT size="2"><HR size="1" noshade></FONT>
 </TD>

</TR>
 </TABLE>
</DIV>


<P><DIV style="float: left; width: 48%">

<DIV align="right">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Report of Management&#146;s Accountability</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>2</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Auditors&#146; Report</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>2</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Consolidated Balance Sheets</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>3</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Consolidated Statements of Earnings (Loss)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>4</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Consolidated Statements of Retained Earnings</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>4</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Consolidated Statements of Cash Flows</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>5</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Notes to Consolidated Financial Statements</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>6</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
1.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Cameco Corporation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>6</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
2.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Accounting Policies
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>6</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
3.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Inventories
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>6</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
4.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Property, Plant and Equipment
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>6</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
5.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Long-Term Receivables, Investments and Other
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>7</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
6.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Long-Term Debt
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>7</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
7.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Provision for Reclamation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>8</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
8.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Other Liabilities
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>8</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
9.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Preferred Securities
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>9</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
10.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"> Share Capital
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>9</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
11.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"> Cumulative Translation Account
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>10</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
12.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"> Interest and Other
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>10</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2">
13.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Provision for Waste Disposal
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" valign="top"><FONT size="2"><B>10</B></FONT></TD>
</TR>

</TABLE>
</DIV>

</DIV><DIV style="float: right; width: 48%">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
14.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Other Income (Expenses)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>10</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
15.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Income Taxes
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>11</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
16.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Other Operating Items
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>12</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
17.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Joint Ventures
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>12</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
18.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Kumtor Gold Company (KGC)&nbsp;Joint Venture
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>13</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
19.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Investment in Bruce Power L.P. (Bruce Power)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>14</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
20.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Stock Option Plan
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>15</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
21.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Stock-Based Compensation
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>16</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
22.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Pension and Other Post-Retirement Benefits
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>17</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
23.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Property and Business Acquisitions
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>18</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
24.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Commitments and Contingencies
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>19</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
25.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Financial Instruments
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>19</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
26.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Per Share Amounts
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>21</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
27.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Segmented Information
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>21</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
28.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">New Accounting Pronouncements
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>24</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
29.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2">Comparative Figures
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="top"><FONT size="2"><B>24</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD nowrap align="left" valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">
30.<br>
</FONT></TD>
    <TD nowrap valign="top"><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="left" valign="top"><FONT size="2">Generally Accepted Accounting Principles
in Canada and the United States
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" valign="bottom"><FONT size="2"><B>24</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD nowrap align="left"><FONT size="2"><br>
</FONT></TD>
    <TD align="right"><FONT size="2">
31.<br>
</FONT></TD>
    <TD nowrap><FONT size="2"><br>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">Subsequent Event
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD align="left"><FONT size="2"><B>31</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="7" align="left"><FONT size="2"><B>Summary of Significant Accounting Policies</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>28</B></FONT></TD>
</TR>

</TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 1
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 47%">

<P><FONT size="4"><FONT color="#8B8E8E"><B>Report of Management&#146;s<br> Accountability</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<P align="left"><FONT size="2">The accompanying consolidated financial
statements have been prepared by management
in accordance with Canadian generally
accepted accounting principles.
</FONT>
<P align="left"><FONT size="2">Management is also responsible for the
information disclosed in the management&#146;s
discussion and analysis including
responsibility for the existence of
appropriate information systems, procedures
and controls to ensure that the information
used internally by management and disclosed
externally is complete and reliable in all
material respects.
</FONT>
<P align="left"><FONT size="2">The integrity and reliability of Cameco&#146;s
reporting systems are achieved through the
use of formal policies and procedures, the
careful selection of employees and
appropriate delegation of authority and
division of responsibilities. Internal
accounting controls are monitored by the
internal auditor. Cameco&#146;s code of ethics,
which is communicated to all levels in the
organization, requires employees to
maintain high standards in their conduct of
the corporation&#146;s affairs.
</FONT>
<P align="left"><FONT size="2">Our shareholders&#146; independent auditors, KPMG
LLP, whose report on their examination
follows, have audited the consolidated
financial statements in accordance with
Canadian generally accepted auditing
standards.
</FONT>
<P align="left"><FONT size="2">The board of directors annually appoints an
audit committee comprised of directors who
are not employees of the corporation. This
committee meets regularly with management,
the internal auditor and the shareholders&#146;
auditors to review significant accounting,
reporting and internal control matters.
Both the internal and shareholders&#146;
auditors have unrestricted access to the
audit committee. The audit committee
reviews the financial statements, the
report of the shareholders&#146; auditors, and
management&#146;s discussion and analysis and
submits its report to the board of
directors for formal approval.
</FONT>
<P><FONT size="2">
 Original signed by David M. Petroff
</FONT>
<P><FONT size="2">
 Senior Vice-President, Finance and Administration<BR>
and Chief Financial Officer
</FONT>
<P><FONT size="2">
 February&nbsp;14, 2003
</FONT>
</DIV><DIV style="float: right; width: 47%">

<P><FONT size="4"><FONT color="#8B8E8E"><br><B>Auditor&#146;s Report</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<P><FONT size="2"><B>To the Shareholders of Cameco Corporation</B>
</FONT>

<P align="left"><FONT size="2">We have audited the consolidated balance
sheets of Cameco Corporation as at December
31, 2002 and 2001 and the consolidated
statements of earnings (loss), retained
earnings and cash flows for each of the
years in the three-year period ended
December&nbsp;31, 2002. These financial
statements are the responsibility of the
corporation&#146;s management. Our responsibility
is to express an opinion on these financial
statements based on our audits.
</FONT>
<P align="left"><FONT size="2">We conducted our audits in accordance with
Canadian generally accepted auditing
standards. Those standards require that we
plan and perform an audit to obtain
reasonable assurance whether the financial
statements are free of material
misstatement. An audit includes examining,
on a test basis, evidence supporting the
amounts and disclosures in the financial
statements. An audit also includes assessing
the accounting principles used and
significant estimates made by management, as
well as evaluating the overall financial
statement presentation.
</FONT>
<P align="left"><FONT size="2">In our opinion, these consolidated
financial statements present fairly, in
all material respects, the financial
position of the corporation as at December
31, 2002 and 2001 and the results of its
operations and its cash flows for each of
the years in the three-year period ended
December&nbsp;31, 2002 in accordance with
Canadian generally accepted accounting
principles.
</FONT>
<P><FONT size="2">
 Original signed by KPMG<SUB>LLP</SUB>
</FONT>
<P><FONT size="2">
 Chartered Accountants<BR>
Saskatoon, Canada
</FONT>
<P><FONT size="2">
 February&nbsp;11, 2003, except as to note 19(c) which is as of<BR>
February&nbsp;14, 2003 and note&nbsp;31 which is as of April&nbsp;16, 2003
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 2
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="4"><FONT color="#8B8E8E"><B>Consolidated Balance Sheets</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000"><FONT color="#8B8E8E">As at December 31</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
            <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">58,096</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">33,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounts receivable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">186,369</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">255,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inventories &#091;note 3&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">339,684</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">354,384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Supplies and prepaid expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">45,731</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44,574</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current portion of long-term receivables, investments and other &#091;note 5&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20,163</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">650,043</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">718,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment &#091;note 4&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,037,613</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,994,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term receivables, investments and other &#091;note 5&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">257,523</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">233,961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945,179</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,947,347</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities and Shareholders&#146; Equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounts payable and accrued liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">131,932</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">108,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends payable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6,998</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current portion of long-term debt &#091;note 6&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6,318</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,189</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current portion of other liabilities &#091;note 8&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">16,931</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,182</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Future income taxes &#091;note 15&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,198</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">171,377</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">166,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term debt &#091;note 6&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">218,290</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">327,773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for reclamation &#091;note 7&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">155,036</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities &#091;note 8&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,523</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,787</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Future income taxes &#091;note 15&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">522,979</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">480,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,077,205</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,124,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18,078</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities &#091;note 9&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">193,763</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">195,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital &#091;note 10&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">680,934</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">670,031</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contributed surplus</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">472,488</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">472,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">483,658</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">465,420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cumulative translation account &#091;note 11&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">19,053</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,849,896</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,822,947</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities and shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945,179</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,947,347</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2">
 Commitments and contingencies &#091;notes 6, 7, 18, 19, 24, 25&#093;
</FONT>
<P><FONT size="2">
 See accompanying notes to consolidated financial statements.
</FONT>
<P><FONT size="2">
 <B>Approved by the board of directors</B>
</FONT>
<P><FONT size="2">
 <B>Original signed by Gerald W. Grandey and Nancy E. Hopkins</B>
</FONT>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 3
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="4"><FONT color="#8B8E8E"><B>Consolidated Statements of Earnings (Loss)</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000"><FONT color="#8B8E8E">For the year ended December 31</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"  nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Revenue from</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Products and services</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">748,334</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">700,839</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">688,940</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Products and services sold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">486,155</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">422,067</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">413,880</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, depletion and reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">112,755</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">129,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">117,005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Administration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">41,693</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,644</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">38,232</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">21,532</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18,203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,804</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,257</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,097</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,452</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest and other &#091;note 12&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1,957</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,366</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,657</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gain on property interests &#091;note 23&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(2,670</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of mineral properties &#091;note 4&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">127,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for waste disposal &#091;note 13&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">659,765</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">606,032</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">734,672</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings (loss)&nbsp;from operations</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">88,569</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">94,807</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(45,732</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from Bruce Power</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">15,769</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,167</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other income (expenses) &#091;note 14&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(878</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings (loss)&nbsp;before income taxes and minority interest</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">103,460</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">107,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(43,836</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income tax expense &#091;note 15&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">48,871</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">42,343</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34,501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(871</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55,460</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>65,221</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(78,337</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities charges, net of tax &#091;note 9&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,340</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,325</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,880</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)&nbsp;attributable to common shares</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>46,120</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>55,896</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>($87,217</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basic earnings (loss)&nbsp;per common share &#091;note 26&#093;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.83</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(1.57</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Diluted earnings (loss)&nbsp;per common share &#091;note 26&#093;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.83</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(1.57</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="4"><FONT color="#8B8E8E"><B>Consolidated Statements of Retained Earnings</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000"><FONT color="#8B8E8E">For the year ended December 31</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings at beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">465,420</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">437,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">552,154</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings (loss)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,460</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">65,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(78,337</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends on common shares</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(27,882</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(27,804</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(27,609</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities charges, net of tax &#091;note 9&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(9,340</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9,325</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8,880</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Retained earnings at end of year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>483,658</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>465,420</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>437,328</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2">
 See accompanying notes to consolidated financial statements.
</FONT>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 4
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="4"><FONT color="#8B8E8E"><B>Consolidated Statements of Cash Flows</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000"><FONT color="#8B8E8E">For the year ended December 31</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Operating activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings (loss)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,460</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">65,221</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(78,337</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Items not requiring (providing)&nbsp;cash:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, depletion and reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">112,755</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">129,387</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">117,005</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for future taxes &#091;note 15&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">38,602</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">32,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29,961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred charges (revenue)&nbsp;recognized</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,375</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10,373</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15,727</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from Bruce Power &#091;note 19&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(15,769</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12,167</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity in (earnings)&nbsp;loss from associated companies &#091;note 14&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,083</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gain on property interests &#091;note 23&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(2,670</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of mineral properties &#091;note 4&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">127,738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for waste disposal &#091;note 13&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,218</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(871</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other operating items &#091;note 16&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">60,877</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(88,578</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash provided by operations &#091;note 26&#093;</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>250,842</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>116,247</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>224,305</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Investing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Additions to property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(90,226</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(58,275</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(94,977</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase in long-term receivables, investments and other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(42,597</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(94,808</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(991</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Decrease in long-term receivables, investments and other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">58,296</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,601</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Proceeds on sale of property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">101</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">403</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash used in investing</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(74,426</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(130,717</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(85,121</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Financing activities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Decrease in debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(130,295</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(25,485</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(61,561</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase in debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,379</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">79,932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restricted cash</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11,138</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issue of shares, net of issue costs</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10,903</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">911</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares repurchased</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(46,484</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities charges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(17,238</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(17,268</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(16,445</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(27,944</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(27,720</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(28,022</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash provided by (used in) financing</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(152,057</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>15,076</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(151,522</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase (decrease)&nbsp;in cash during the year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">24,359</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12,338</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash at beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">33,737</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash at end of year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>58,096</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>33,737</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>33,131</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Supplemental cash flow disclosure</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">16,572</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">22,860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">28,601</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">5,309</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">4,316</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<P><FONT size="2">
 See accompanying notes to consolidated financial statements.
</FONT>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 5
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><FONT size="4"><FONT color="#8B8E8E"><B>Notes to Consolidated Financial Statements</B></FONT><BR>
<HR size="1" noshade>
</FONT>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2" color="#8B8E8E">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><FONT color="#8B8E8E">For the years ended December&nbsp;31, 2002, 2001 and 2000
</FONT></FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>1.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Cameco Corporation</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco Corporation is incorporated under the Canada Business Corporations
Act. Cameco Corporation and its subsidiaries (collectively, Cameco or the
company) are primarily engaged in the exploration for and the development,
mining, refining and conversion of uranium for sale as fuel for generating
electricity in nuclear power reactors in Canada and other countries. The
company has an interest in the Bruce Power electrical generation plant in
Ontario. Cameco is also involved in the exploration for and the development,
mining and sale of gold.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>2.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Accounting Policies</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">A summary of significant accounting policies follows the notes to the
consolidated financial statements.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>3.</b>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;<B>Inventories</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Uranium</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Concentrate</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">284,052</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">305,252</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>

    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Broken ore</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8,586</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,360</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">292,638</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">310,612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Conversion</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">39,097</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,946</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gold</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Broken ore</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4,189</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,368</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Finished</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3,760</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,458</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7,949</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,826</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>339,684</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>354,384</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>4.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Property, Plant and Equipment</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">Accumulated</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">Depreciation</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Cost</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">and Depletion</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">Net</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Net</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Uranium</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,302,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">892,652</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,409,823</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,436,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">347,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">347,206</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">314,602</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Conversion</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">250,862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">124,577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">126,285</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">126,898</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Gold</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mining</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">229,612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">146,071</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">83,541</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">96,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,384</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,664</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">15,374</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,952</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>3,232,577</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,194,964</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,037,613</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,994,424</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In 2000, as a result of depressed uranium prices, Cameco recorded a writedown
of $127,738,000 relating to certain of its in situ leach mining assets located
in the United
States. The amount of the writedown was determined based on estimated future
net cash flows and uranium price forecasts.
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 6
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>5.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Long-Term Receivables, Investments and Other</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold Company</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subordinated loan &#151; principal &#091;note 18&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">64,276</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">80,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subordinated loan &#151; interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">292</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">501</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Restricted cash &#151; debt reserve</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">489</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,723</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investments in associated companies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment in Technology Commercialization International, Inc.</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4,017</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investment in UEX Corporation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3,455</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Portfolio investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Energy Resources of Australia Ltd. (market $18,688)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">17,564</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">General Hydrogen Corporation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6,323</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest in Bruce Power L.P. &#091;note 19&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">130,218</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">81,416</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred charges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">17,808</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,642</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Advances receivable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">22,704</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23,593</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued pension benefit asset &#091;note 22&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,817</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,094</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8,723</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,722</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">277,686</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">264,265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Less current portion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(20,163</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(30,304</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>257,523</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>233,961</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The security agreement between Kumtor Gold Company (KGC)&nbsp;and its senior debt
lenders requires that in order to make certain payments to shareholders and
subordinated lenders, funds sufficient to meet those senior debt principal
and interest payments scheduled to occur over the ensuing six months to be
held in a debt reserve account until paid.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>6.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Long-Term Debt</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debentures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">149,079</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">148, 830</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Commercial paper</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">24,455</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">145,498</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Kumtor Gold Company &#091;note 18&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Senior debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">40,543</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">49,017</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subordinated debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10,531</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,617</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">224,608</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">353,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Less current portion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6,318</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(26,189</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>218,290</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>327,773</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has $50,000,000 outstanding in senior unsecured debentures that bear
interest at a rate of 7.0% per annum and will mature July&nbsp;6, 2006. Cameco also
has $100,000,000 outstanding in senior unsecured debentures that bear interest
at a rate of 6.9% per annum and will mature July&nbsp;12, 2006.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has a $200,000,000 three-year unsecured revolving credit facility that
is available until December&nbsp;4, 2005 and a $225,000,000 364-day unsecured
revolving credit facility with a two-year term-out option. Cameco may also
borrow directly from investors by issuing commercial paper. Commercial paper
outstanding at December&nbsp;31, 2002 was $15,482,000 (US) (2001 &#151; $62,945,000 (Cdn)
and $51,836,000 (US)) and bears interest at an average rate
of 1.4% (2001 &#151; 2.1%). These amounts are classified as long-term debt up to the
limit available under the revolving credit facility.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has $293,638,000 ($143,800,000 (Cdn) and $94,858,000 (US)) in letter of
credit facilities. Outstanding letters of credit at December&nbsp;31, 2002 amounted
to $208,975,000 (2001 &#151; $147,454,000). The majority of the letters of credit
relate to future reclamation and decommissioning liabilities &#091;note 7&#093;.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 7
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The table below represents currently scheduled maturities of long-term debt
over the next five years including Cameco&#146;s one-third share of Kumtor Gold
Company principal repayments on debt.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%" >
 <TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" colspan="2"><FONT size="2">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">6,318</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="right"><FONT size="2">12,637</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">39,724</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
     <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">163,296</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2007</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,633</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>224,608</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has guaranteed the repayment of KGC senior debt &#091;note 18&#093;. Cameco&#146;s
contingent obligation under this guarantee exceeds the amount included in
the Cameco long-term debt as at December&nbsp;31, 2002 by $81,086,000 (2001 -
$98,034,000).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>7.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Provision for Reclamation</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">70,244</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55,429</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Conversion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">72,682</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73,601</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12,110</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,553</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>155,036</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>139,583</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco&#146;s estimates of decommissioning and reclamation costs are based on
reclamation standards which meet or exceed regulatory requirements and are
stated in current dollars. Elements of uncertainty in estimating these
amounts include potential changes in regulatory requirements,
decommissioning and reclamation alternatives and amounts to be recovered
from other parties.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco estimates total future decommissioning and reclamation costs for its
operating assets to be $253,000,000. These estimates are formally reviewed
by Cameco technical personnel at least every two years or more frequently as
required by regulatory agencies. These costs are accrued and charged to
operations using the unit-of-production method so that the estimated future
liability will be fully provided when decommissioning and reclamation
activities are undertaken. In connection with future decommissioning and
reclamation costs, Cameco has provided financial assurances of $204,823,000
in the form of letters of credit to satisfy current regulatory requirements.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>8.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Other Liabilities</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Borrowed product</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12,952</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued post-retirement benefit liability &#091;note 22&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4,092</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,102</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7,308</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">26,454</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,969</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Less current portion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(16,931</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,182</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>9,523</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>9,787</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 8
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>9.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Preferred Securities</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco issued $125,000,000 (US), 8.75% preferred securities in denominations
of $25 (US)&nbsp;each due September&nbsp;30, 2047, accruing interest from the date of
issuance payable quarterly commencing December&nbsp;31, 1998.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The preferred securities are redeemable, at the option of Cameco, in whole
or in part at any time on or after October&nbsp;14, 2003, at a redemption price
equal to 100% of the principal amount of the preferred securities to be
redeemed plus any accrued and unpaid interest thereon to the date of
redemption.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The principal amounts of the preferred securities, net of after-tax issue
costs of $4,330,000 (Cdn) have been classified as equity, and interest
payments on an after-tax basis are classified as distributions of equity, as
Cameco has the unrestricted ability to settle its obligations by delivering
common shares of Cameco.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>10.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Share Capital</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Authorized share capital:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Unlimited number of first preferred shares<BR>
Unlimited number of second preferred shares<BR>
Unlimited number of voting common shares, and<BR>
One Class&nbsp;B share
</FONT>
</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="right"><FONT size="2"><B>(a)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Common Shares</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000"><B>Number Issued</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Number of Shares)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,671,440</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,512,440</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">57,238,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issued:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares repurchased</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,350,101</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share savings plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">607,072</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stock option plan &#091;note 20&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">314,433</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">159,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Issued share capital</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55,985,873</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>55,671,440</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>55,512,440</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000"><B>Amount</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">676,404</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">672,487</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">693,560</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Issued:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shares repurchased</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(28,201</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share savings plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,830</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stock option plan &#091;note 20&#093;</FONT></DIV></TD>

    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,087</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,917</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">298</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Issued share capital</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>685,491</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>676,404</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>672,487</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Less loans receivable &#091;note 20&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(4,557</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,373</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,836</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>End of year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>680,934</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>670,031</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>665,651</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Shares repurchased relate to an open market share repurchase program for a
one-year period ending September&nbsp;28, 2000. The difference of $18,283,000
between the share repurchase price and the book value of the Cameco shares
acquired during 2000 has been charged to contributed surplus.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On December&nbsp;31, 1990, Cameco issued 10-year, 11% redeemable and exchangeable
bonds registered to subscribing employees under a share savings plan. The plan
matured in 2000 and all outstanding bonds were exchanged for Cameco shares or
redeemed.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="right"><FONT size="2"><B>(b)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Class&nbsp;B Share</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">One Class&nbsp;B share issued during 1988 and assigned $1 of share capital, entitles
the shareholder to vote separately as a class in respect of any proposal to
locate the head office of Cameco to a place not in the province of
Saskatchewan.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 9
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>11.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Cumulative Translation Account</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The balance of $19,053,000 (2001 &#151; $19,779,000) represents the cumulative
unrealized net exchange gain on Cameco&#146;s net investments in foreign
operations, and on the foreign currency debt and preferred securities
designated as hedges of the net investments.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>12.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Interest and Other</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on long-term debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14,478</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">20,116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">26,521</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other interest and financing charges</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,039</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,616</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,792</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6,842</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10,773</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15,903</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign exchange gains</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1,648</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(791</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,279</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mark-to-market loss</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,811</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capitalized interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(11,795</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12,534</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(15,788</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(1,957</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(2,366</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(5,657</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">As a result of the Kumtor pit wall failure, certain gold contracts
designated as hedges of Kumtor&#146;s gold production were no longer effective.
Mark-to-market losses on these contracts have been expensed.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>13.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Provision for Waste Disposal</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The terms of the agreement to transfer assets from Canada Eldor Inc. to
Cameco on October&nbsp;5, 1988 included a formula for sharing any future costs
related to certain specified wastes accumulated by Canada Eldor Inc. and
transferred to Cameco.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In 2000, an agreement was reached between the government of Canada and the
communities of Port Hope, Hope Township and Clarington for the cleanup,
storage and long-term management of certain specified wastes covered under
the agreement. Accordingly, Cameco recognized a liability of $20,218,000
representing its maximum remaining obligation.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>14.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Other Income (Expenses)</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1" ><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividends on portfolio investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">205</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">590</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity in earnings (loss)&nbsp;of associated companies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1,083</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(878</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>590</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,896</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 10
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>15.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Income Taxes</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The significant components of future income tax assets and liabilities at
December&nbsp;31 are as follows:
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52,638</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">40,718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52,464</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">47,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign exploration and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">27,771</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26,120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4,634</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,989</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Future income tax assets before valuation allowance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">137,507</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">118,827</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Valuation allowance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(69,505</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(45,790</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Future income tax assets, net of valuation allowance</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>68,002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>73,037</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>584,321</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">544,957</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inventories</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,198</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21,311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term investments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6,660</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Future income tax liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>600,179</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>574,868</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net future income tax liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>532,177</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>501,831</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Less current portion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(9,198</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(21,311</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>522,979</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>480,520</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The provision for income taxes differs from the amount computed by applying the
combined expected federal and provincial income tax rate to earnings before
income taxes. The reasons for these differences are as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (loss)&nbsp;before income taxes and minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">103,460</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">107,564</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(43,836</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Combined federal and provincial tax rate</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">45.4</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45.6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Computed income tax expense (recovery)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">46,971</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">48,942</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(20,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Increase (decrease)&nbsp;in taxes resulting from:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provincial royalties and other taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8,883</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,959</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Federal resource allowance</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(5,918</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,710</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(10,152</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Difference between Canadian rate and rates
applicable to subsidiaries in other countries</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(7,379</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(12,895</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(9,045</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of mineral properties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">52,003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Large corporations and other taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4,521</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4,558</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,793</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,764</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,433</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Income tax expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>48,871</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>42,343</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>34,501</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current income taxes
</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT> </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7,895</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">7,704</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,552</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,374</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,882</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">988</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>10,269</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>9,586</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>4,540</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Future income taxes (recovery)
</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">39,419</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">31,047</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">33,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,284</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(817</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,710</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">944</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>38,602</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>32,757</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>29,961</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>48,871</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>42,343</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>34,501</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 11
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>16.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Other Operating Items</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Changes in non-cash working capital:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounts receivable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">27,396</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(82,094</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(6,162</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest receivable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">205</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">515</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Inventories</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10,932</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Supplies and prepaid expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1,157</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(24</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,703</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounts payable and accrued liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18,342</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,992</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,654</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">279</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,117</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,745</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hedge position settlements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14,794</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(11,328</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(11,746</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reclamation payments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6,878</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,655</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,011</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(3,036</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,336</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6,091</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>60,877</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(88,578</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>23,447</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>17.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Joint Ventures</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco conducts a portion of its development, mining and milling activities
through joint ventures.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco&#146;s significant uranium joint venture interests are comprised of:
</FONT></TD>
</TR>
</TABLE>
<DIV align="left">
<TABLE cellspacing="0" border="0" cellpadding="0" width="35%" >
 <TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Producing:</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">69.81</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Key Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">83.33</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Non-producing:</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cigar Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">50.03</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Uranium joint ventures allocate inventory production to each joint venture
participant and the joint venture participant derives revenue directly from the
sale of such inventory. Mining and milling expenses incurred by the joint
venture are included in the cost of inventory. Cameco&#146;s share of assets and
liabilities held through uranium joint ventures is as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="4"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">16,327</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">14,776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment, at cost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,141,576</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,121,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>1,157,903</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,136,691</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12,693</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">11,966</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net investment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,145,210</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,124,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>1,157,903</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,136,691</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 12
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco&#146;s gold joint venture interests are comprised of a 33.33% participation
interest in Kumtor Gold Company. Kumtor Gold Company obtains revenue directly
from the sale of products. Cameco&#146;s share of the assets and liabilities,
revenue and expenses, and cash flows relating to the Kumtor joint venture is as
follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="4"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB" align="left"><FONT size="2">$</FONT></TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2">28,933</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">41,422</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB" align="right"><FONT size="2">89,678</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">104,822</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"  align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2"><B>118,611</B></FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>146,244</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"  align="left"><FONT size="2">$</FONT></TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2">6,772</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">4,742</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2">85,352</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">104,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2">26,487</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36,781</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"  align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD bgcolor="#DEE0CB"  align="right"><FONT size="2"><B>118,611</B></FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>146,244</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenues</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">82,361</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">110,225</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">104,983</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(91,848</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(81,523</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(101,838</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(9,487</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>28,702</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>3,145</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash provided by (used in)</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13,142</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">39,804</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">31,821</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Investing activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(4,716</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,492</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,242</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financing activities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(16,013</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">)</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(44,517</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(29,970</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Increase (decrease)&nbsp;in cash during the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(7,587</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(7,205</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>609</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>18.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Kumtor Gold Company (KGC)&nbsp;Joint Venture</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On May&nbsp;26, 1994, Cameco, the Republic of Kyrgyzstan and Kyrgyzaltyn, an
instrumentality of the Republic, signed an amended joint venture master
agreement that provided for the exploration, development, operation and
arrangement of financing, of the Kumtor gold project by Cameco. KGC was
formed in the Republic of Kyrgyzstan as a joint stock company to hold the
assets of the Kumtor gold project pursuant to a master agreement among the
parties. Kyrgyzaltyn holds a two-thirds interest in KGC and Cameco holds a
one-third interest.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 2002, KGC entered into a new credit agreement with commercial banks
to refinance its senior debt. The shares and offshore bank accounts of KGC
secure the senior debt. Cameco has guaranteed the repayment of KGC senior
debt and has purchased political risk insurance to support the guarantee.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has proportionately consolidated its one-third interest in KGC.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 13
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">
<P><br>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>KGC&#146;s long-term debt at December&nbsp;31, is as follows:</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
            <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="4"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" align="left"><FONT size="2"><B>Senior debt (US dollar denominated):</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">Commercial banks $77,000,000 (US)&nbsp;repayable in six semi-annual installments
on June 1 and December 1 commencing December&nbsp;1, 2003. Interest is based on
LIBOR plus an applicable percentage based on credit rating ranging from 0.8%
to 1.55%.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">121,629</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">Commercial banks (2001 - $46,500,000) (US)&nbsp;repayable in
three equal semi-annual installments, with interest based on LIBOR plus 0.9%
Political risk insurance was purchased separately by KGC.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">74,056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">Export Development Corporation (EDC)
(2001 - $20,833,333) (US)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">33,179</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">International Finance Corporation (IFC)
(2001 - $12,500,000) (US)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,908</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">European Bank for Reconstruction and Development (EBRD)
(2001 - $12,500,000) (US)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>

<TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,908</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">The EDC, IFC and EBRD interest rate was based on LIBOR plus 3%
which included a premium for political risk insurance. These loans
were repayable in five equal semi-annual installments.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" valign="top" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">Total senior debt</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">121,629</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">147,051</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2"><B>Subordinated debt (US dollar denominated):</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">Shareholder loan from Cameco $61,037,276 (2001 - $75,637,276) (US)&nbsp;with
interest based on LIBOR plus 6%, repayable in 12 equal semi-annual
installments commencing on December&nbsp;2, 1999. In accordance with the terms
of the loan agreement, certain installments have been deferred amounting
to $16,272,000 (2001 - $12,965,000) (US).</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">96,414</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">120,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">EBRD $10,000,000 (2001 - $10,000,000) (US)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">15,796</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&#149;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">IFC $10,000,000 (2001 - $10,000,000) (US)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">15,796</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,926</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">The IFC and EBRD subordinated debt is repayable in four equal
semi-annual installments commencing on December&nbsp;2, 2005, extendable at
the option of EBRD or IFC to commence no later than December&nbsp;2,
2013. The interest rate applicable to the EBRD and IFC subordinated debt is
based on the cash generated by the project subject to a minimum interest
rate. The annualized rate for 2002 was approximately 4.6% (2001 -
5.8%).</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
<TR>
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="left"><FONT size="2"><B>Total KGC debt</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>249,635</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>299,363</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
<TR>
    <TD valign="top" align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top" align="right"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>

    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco&#146;s one-third proportionate share of KGC senior debt is $40,543,000
(2001 &#151; $49,017,000) and of KGC&#146;s third party subordinated debt is
$10,531,000 (2001 &#151; $10,617,000) &#091;note 6&#093;.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>19.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Investment in Bruce Power L.P. (Bruce Power)</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="6%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(a)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On May&nbsp;12, 2001, Bruce Power finalized a long-term lease with Ontario
Power Generation Inc. (OPG)&nbsp;to operate the Bruce nuclear power facility. The
term of the lease is 18&nbsp;years with an option to extend the lease for up to
an additional 25&nbsp;years.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco holds a 15% limited partnership interest in Bruce Power and has
committed to invest up to an aggregate of $100,000,000 in the project.
The equity method is being used to account for this investment.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Under the lease agreement, OPG, as the owner of the Bruce nuclear plants,
is responsible to decommission the Bruce facility and to provide funding
and meet other requirements that the Canadian Nuclear Safety Commission
(CNSC)&nbsp;may require of Bruce Power as licensed operator of the Bruce
facility. OPG is also responsible to manage radioactive waste associated
with decommissioning of the Bruce nuclear plants.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 14
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In addition to investment commitments, Cameco has provided the following
guarantees relating to Bruce Power:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">(i)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Licensing assurances to Canadian Nuclear Safety Commission of
$41,686,000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">(ii)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Guarantees to customers under power sale agreements of up to
$15,790,000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">(iii)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Termination payments to OPG pursuant to the lease agreement of
$26,250,000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(b)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has entered into fuel supply agreements with Bruce Power for the
procurement of fabricated fuel. Under these agreements, Cameco will supply
uranium and conversion services and finance the purchase of fabrication
services.
Contract terms are at market rates and on normal trade terms. During
2002, sales of uranium and conversion services to Bruce Power amounted to
approximately 2% of Cameco&#146;s total revenue. At December&nbsp;31, 2002, amounts
receivable under these agreements totalled $18,349,000 (2001 -
$39,572,000).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(c)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On December&nbsp;23, 2002, Cameco, TransCanada PipeLines Limited
(TransCanada) and BPC Generation Infrastructure Trust (BPC), amongst others,
signed a heads of agreement with British Energy plc (British Energy) to
purchase its share of Bruce Power. The master purchase agreement with
respect to the transaction was completed on January&nbsp;17, 2003. The
transaction closed on February&nbsp;14, 2003.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Upon closing, Cameco increased its ownership interest in Bruce Power from
15% to 31.6%. Each of Cameco,
TransCanada and BPC will hold, directly or indirectly, a 31.6% interest
in Bruce Power with the Power Workers&#146; Union Trust holding a 4% interest
and the Society of Energy Professionals Trust holding a 1.2% interest.
Cameco&#146;s purchase price for the additional interest in Bruce Power was
approximately $209,000,000 subject to final closing adjustments. The
purchase price was financed with cash and debt.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In addition, Cameco, TransCanada and BPC loaned Bruce Power funds to
repay $225,000,000, plus accrued interest, in deferred lease payments to
OPG. Cameco&#146;s share was $75,000,000 plus accrued interest. Cameco,
TransCanada and BPC have assumed the obligations to provide financial
guarantees required by the operator licences, the lease agreement and the
power sales contracts. It is estimated that Cameco&#146;s financial assurances
to Bruce Power, subsequent to closing, will be approximately
$200,000,000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>20.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Stock Option Plan</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has established a stock option plan under which options to purchase
common shares may be granted to directors, officers and other employees of
Cameco. Options granted under the stock option plan have an exercise price
of not less than the closing price quoted on the Toronto Stock Exchange for
the common shares of Cameco on the trading day prior to the date on which
the option is granted. The options under the original plan expire 10&nbsp;years
from the date of the grant of the option.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Prior to 1999, participants were eligible to receive loans from Cameco to
assist in the purchase of common shares pursuant to the exercise of options.
The maximum term of the loans was 10&nbsp;years from the date of the grant of the
related option. The loans bear interest at a rate equivalent to the regular
dividends paid on the common shares to which the loans were provided. Common
shares purchased by way of a company loan are held in escrow in the account
of the option holder and are pledged as security for the respective loan
until the loan has been repaid in full.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The aggregate number of common shares that may be issued, after December&nbsp;5,
1995, pursuant to the Cameco stock option plan shall not exceed 5,243,403,
of which 995,729 shares have been issued.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Outstanding loans are shown as a reduction of share capital.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 1999, Cameco amended the stock option plan and ceased to offer loans
to assist in the purchase of common shares pursuant to the exercise of
options. The options available under the amended stock option plan vest over
three years and expire eight years from the date granted.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 15
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Stock option transactions for the respective years were as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Number of Shares)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,195,783</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,987,883</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,763,933</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options granted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">489,050</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">482,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">404,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options exercised &#091;note 10&#093;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(314,433</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(159,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(17,000</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options cancelled</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(146,650</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(115,950</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(163,850</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>End of year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,223,750</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>2,195,783</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1,987,883</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Exercisable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>1,331,550</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1,362,983</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1,122,133</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Upon exercise of certain existing options, additional options in respect of
272,550 shares would be granted.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Weighted average exercise prices were as follows:
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">37.34</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">38.72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">43.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options granted</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">43.88</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28.98</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18.76</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options exercised</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">28.90</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24.64</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17.51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Options cancelled</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52.33</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43.52</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39.06</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>End of year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>38.98</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>37.34</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>38.72</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Exercisable</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>41.41</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>44.09</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>46.66</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Total options outstanding and exercisable at December&nbsp;31, 2002 were as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD  colspan="2" nowrap align="center"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000">Options Outstanding</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="2" color="#000000">Options Exercisable</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Weighted</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Weighted</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Weighted</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2" nowrap align="center"><FONT size="2" color="#000000"><B>Option Price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Remaining</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Exercisable</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="2" color="#000000"><B>Exercisable</B></FONT></TD>
</TR>
<TR valign="bottom">
     <TD colspan="2" nowrap align="center"><FONT size="2" color="#000000"><B>Per Share</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Number</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Life</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Number</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">$</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">15.00-35.00</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,055,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">26.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">632,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">27.43</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="22" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">35.01-55.00</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">968,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">499,600</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">46.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="22" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">55.01-75.50</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">199,950</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">199,950</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">73.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>21.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Stock-Based Compensation</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Effective January&nbsp;1, 2002, Cameco adopted the new CICA Handbook Section
3870, which requires that a fair value based method of accounting be applied
to direct awards of stock to employees. Under the new standard, Cameco is
allowed to continue its existing policy of recording no compensation cost on
the grant of stock options to employees with the addition of pro forma
information. Cameco has applied the pro forma disclosure provisions of the
new standard to awards granted on or after January&nbsp;1, 2002. The pro forma
effect of awards granted prior to January&nbsp;1, 2002, has not been included.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The standard requires the disclosure of pro forma net earnings and earnings
per share information as if the entity had accounted for employee stock
options under the fair-value method. The fair value of options issued was
determined using the Black-Scholes option pricing model with the following
assumptions: risk-free rate of 5.0%; dividend yield of 1.2%; a volatility
factor of the expected market price of Cameco&#146;s shares of 20.0%; and a
weighted-average expected option life of five years. On February&nbsp;26, 2002,
Cameco granted 489,050 options at a strike price of $43.84. The fair value
of these options was determined to be $10.83 per share. For purposes of pro
forma disclosures, the estimated fair value of the options is being
amortized to earnings over the vesting period. The total charge has been
adjusted for an expected forfeiture rate of 17%. For the year ended December
31, 2002, Cameco&#146;s pro forma net earnings attributable to common shares were
$43,900,000, basic earnings per share were $0.79 and diluted earnings per
share were $0.79.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 16
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>22.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Pension and Other Post-Retirement Benefits</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco maintains both defined benefit and defined contribution plans
providing pension and post-retirement benefits to substantially all of its
employees.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Pension Plans</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The pension expense for Cameco&#146;s defined contribution plans was $4,989,000
(2001 &#151; $4,411,000; 2000 &#151; $4,268,000).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The status of defined benefit pension plans are as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued Benefit Obligation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13,330</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">11,882</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current service cost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">743</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">835</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(313</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(293</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at end of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14,595</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">13,330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Plan Assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fair value at beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10,915</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">10,925</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Actual return on plan assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(528</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(297</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Employer contributions</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">610</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">580</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paid</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(313</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(293</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Fair value at end of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10,684</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">10,915</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Funded status</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(3,911</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(2,415</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unamortized net actuarial loss</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,670</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unamortized transitional obligation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3,058</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,752</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Accrued pension benefit asset</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>1,817</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>3,094</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Significant actuarial assumptions used in calculating the net pension expense
for Cameco&#146;s funded plans were as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Discount rate</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6.0</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term rate of return on assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8.0</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rate of increase in compensation levels</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4.5</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Net pension expense for the defined benefit pension plans has been determined
as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cost of benefits earned by employees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">743</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">743</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost on benefits earned</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">835</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">998</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">890</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected return on pension plan assets, net</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(443</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(885</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(774</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net amortization</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">752</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">648</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net pension expense</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>1,887</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,550</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,507</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 17
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Other Post-Retirement Benefits</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco provides post-retirement benefits to substantially all employees. The
costs are accrued over the expected service lives of employees. No funding is
provided. The status of the plan is as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap colspan="3"><FONT size="2" color="#000000">(Thousands)</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued Benefit Obligation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Balance at beginning of year</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3,809</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">3,465</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current service cost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">147</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">147</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest cost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">230</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">263</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Benefits paids</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(94</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(66</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" nowrap align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Accrued post-retirement benefit liability</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4,092</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>3,809</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>23.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Property and Business Acquisitions</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(a)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>AGR Limited</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On March&nbsp;5, 2002, Cameco acquired a 52% interest in AGR Limited (AGR).
AGR is an Australia-based exploration company whose principal asset is a
95% interest in the Boroo gold deposit located in Mongolia. The Boroo
project is currently in the development stage. The purchase price was
financed with $12,000,000 (US)&nbsp;in cash and the contribution of a
neighbouring property. In exchange, AGR issued 240&nbsp;million shares to
Cameco. The acquisition was accounted for using the purchase method and
the results of operations are included in Cameco&#146;s consolidated financial
statements from the effective date of the purchase.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The values assigned to the net assets acquired are as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="88%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" colspan="2"><FONT size="2">(Millions)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash and other working capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">13.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">27.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(19.0</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net assets acquired</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">21.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Financed by:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">19.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, at carrying value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>21.9</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Subsequent to the acquisition, Cameco provided an additional $3,000,000 (US)
of further exploration in the area in exchange for an incremental 4%
interest in AGR (43&nbsp;million shares), increasing its total interest to 56% at
December&nbsp;31, 2002.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(b)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Smith Ranch</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On July&nbsp;22, 2002, Cameco acquired the assets comprising the Smith Ranch in
situ leach (ISL)&nbsp;operation and various other ISL properties from Rio Algom
Mining LLC. In exchange for these assets, Cameco assumed the decommissioning
liabilities associated with the Smith Ranch operation. At the acquisition
date, the value of the liabilities was estimated to be $9,157,000 (US).
Cameco also secured forward sales commitments for more than 900,000 pounds
of uranium concentrates which will yield prices in excess of current
long-term indicators. The acquisition was accounted for using the purchase
method and the results of operations are included in Cameco&#146;s consolidated
financial statements from the effective date of the purchase.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(c)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>UEX Corporation</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On July&nbsp;18, 2002, Cameco acquired a 35.3% ownership interest in UEX
Corporation (UEX); a company traded on the Toronto Stock Exchange (TSX). The
principal assets of UEX consist of several uranium exploration properties
located in the Athabasca region of Northern Saskatchewan. In acquiring this
interest, Cameco transferred its Hidden Bay exploration properties to UEX in
exchange for approximately 31&nbsp;million shares. In addition, Cameco purchased
another 2&nbsp;million shares at a price of $0.25 per share.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco recorded a gain of $2,670,000 on the transfer of its Hidden Bay
properties to UEX. The equity method is being used to account for this
investment.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 18
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>24.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Commitments and Contingencies</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(a)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">An action against Cameco, Cameco Gold Inc., Kumtor Operating Company and
certain other parties commenced in a Canadian court by certain dependants of
nine persons seeking damages, in the amount of $20,700,000 plus interest and
costs, and punitive damages, in connection with the death of the said nine
persons in a helicopter accident in Kyrgyzstan on October&nbsp;4, 1995, is
continuing. This action is being defended by the insurers of Cameco.
Management is of the opinion, after review of the facts with counsel, that
the outcome of this action will not have a material financial impact on
Cameco&#146;s financial position, results of operations or liquidity.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(b)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">An action against Cameco was filed by Oren Benton on November&nbsp;28, 2000
in the State of Colorado, U.S.A.. The action alleges breach of contract and
tortious interference and sets forth a claim for purported damages in excess
of $200,000,000 (US). Cameco&#146;s motion to dismiss was granted by order filed
November&nbsp;15, 2002 and Mr.&nbsp;Benton&#146;s claim was dismissed. Mr.&nbsp;Benton has
appealed this decision.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Management is of the opinion, after review of the facts with counsel,
that the claim is completely without merit and that the outcome of this
action will not have a material financial impact on Cameco&#146;s financial
position, results of operations or liquidity.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(c)
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Commitments
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco&#146;s purchase commitments, the majority of
which are fixed-price uranium and conversion purchase arrangements, were
as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="LEFT">
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%" >
 <TR valign="bottom">
     <TD width="18%">&nbsp;</TD>
    <TD width="67%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">(Millions (US))</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">118</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2007</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">thereafter</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">561</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
        <TD align="center" nowrap colspan="3"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1,126</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>25.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Financial Instruments</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The majority of revenues are derived from the sale of uranium products.
Cameco&#146;s financial results are closely related to the long- and short-term
market price of uranium sales and conversion services. Prices fluctuate and
can be affected by demand for nuclear power, worldwide production and
uranium inventory levels, and political and economic conditions in uranium
producing and consuming countries. Revenue from gold operations is largely
dependent on the market price of gold, which can be affected by political
and economic factors, industry activity and the policies of central banks
with respect to their levels of gold held as reserves. Financial results are
also impacted by changes in foreign currency exchange rates, interest rates
and other operating risks.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">To hedge risks associated with fluctuations in the market price for uranium,
Cameco seeks to maintain a portfolio of uranium sales contracts with a
variety of delivery dates and pricing mechanisms that provide a degree of
protection from price volatility. Cameco employs a number of financial
instruments to hedge risks associated with gold prices and foreign currency
exchange rates. Put and call options are used to establish a minimum and
maximum price range for gold sales and exchange rates for cash flows
denominated in a foreign currency. Cameco also enters into forward sales
contracts to establish a price for future deliveries of gold and US dollars.
Net realized gains (losses)&nbsp;on contracts designated as hedges are recorded
as deferred revenues (deferred charges) and recognized in earnings when the
related hedged transactions occur.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco also uses instruments such as swaps, puts and calls and forward rate
agreements to manage funding costs and reduce the impact of interest rate
volatility.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Financial assets that are subject to credit risks include cash and
securities, accounts receivable and commodity and currency instruments.
Cameco mitigates credit risk on these financial assets by holding positions
with a variety of large creditworthy institutions. Sales of uranium, with
short payment terms, are made to customers that management believes are
creditworthy.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Except as disclosed below, the fair market value of Cameco&#146;s financial
assets and financial liabilities approximates net book value as a result of
the short-term nature of the instrument or the variable interest rate
associated with the instrument.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 19
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Currency</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco had hedged $498,704,000 (US)&nbsp;at an average spot
exchange rate of $1.56 designated to various dates through 2006 as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="LEFT">
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%" >
 <TR valign="bottom">
     <TD width="12%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" colspan="2"><FONT size="2">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">268,704</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
     <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">110,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>498,704</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">These hedge positions consist entirely of spot-deferred forward contracts. The
average exchange rate reflects contract prices as at December&nbsp;31, 2002, to
their initial maturity date which is earlier than the designation date in many
cases. The realized exchange rate will
depend on the forward premium (discount)&nbsp;that is earned (paid)&nbsp;as hedge
contracts are extended to their final designation date.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco&#146;s net mark-to-market loss on these foreign
currency instruments was $10,124,000 (Cdn).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Interest</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco had in place $40,000,000 (Cdn) of interest rate
swaps whereby Cameco receives fixed interest rates ranging from 4.1% to 6.1%.
These positions are designated over various dates maturing as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="LEFT">
<TABLE cellspacing="0" border="0" cellpadding="0" width="50%" >
 <TR valign="bottom">
     <TD width="12%">&nbsp;</TD>
    <TD width="73%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" colspan="2"><FONT size="2">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">25,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="5" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
     <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="center" nowrap colspan="3"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>40,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="3"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco&#146;s net mark-to-market gain on these interest rate
swaps was $2,066,000 (Cdn).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Commodity</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco&#146;s share of gold hedging positions consisted of:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2"><B>Amount Hedged</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2"><B>Average Price</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2"><B>(000s oz)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2"><B>(US$/oz)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Spot deferred forward contracts</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">371</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Puts</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Calls</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Average prices reflect contract prices as at December&nbsp;31, 2002, to their
initial maturity date which is earlier than the designation date in many cases.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">These positions have been designated against deliveries as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>Forwards</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>Puts</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>Calls</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="2" color="#000000"><B>Average</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Price</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Price</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Ounces</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>(US$/oz)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Ounces</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="2" color="#000000"><B>(US$/oz)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Ounces</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="3"><FONT size="2" color="#000000"><B>(US$/oz)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">105,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">281</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">300</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2004</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">110,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">311</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">285</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2005</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">93,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">305</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT>
 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2006</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">43,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">324</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">2007</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>371,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>85,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>85,000</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">From the initial maturity date to the designation date contract prices are
expected to accrue contango. The rate of contango earned will depend on the
difference between future US interest rates and gold lease rates.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, the net mark-to-market loss on the above instruments was
$14,491,000 (US).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 20
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Gold Commitment</B>
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">As of December&nbsp;31, 2002, Cameco agreed to provide credit support to a
maximum of $70 (US)&nbsp;per ounce to the counter-parties of KGC and AGR. At
December&nbsp;31, 2002, Cameco&#146;s maximum financial exposure under these
arrangements based on outstanding commitments was $61,000,000 (US) (2001 -
$53,000,000 (US)).
</FONT></TD>
</TR>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">At December&nbsp;31, 2002, Cameco&#146;s actual exposure under these arrangements,
including its share of the net mark-to-market losses mentioned above, was
$37,838,000 (US) (2001 &#151; nil).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<BR clear="all">
<TABLE width="85%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>26.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Per Share Amounts</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Per share amounts have been calculated based on the weighted average number
of common shares outstanding during the year net of shares held as security
for employee loans to purchase such shares. The weighted average number of
paid shares outstanding in 2002 was 55,780,978 (2001 - 55,398,552; 2000 -
55,522,935).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2000</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>

    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basic earnings per share computation</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (loss)&nbsp;available to common shareholders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">46,120</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(87,217</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average common shares outstanding</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,781</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Basic earnings (loss)&nbsp;per common share</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.83</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(1.57</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Diluted earnings per share computation</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (loss)&nbsp;available to common shareholders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">46,120</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(87,217</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average common shares outstanding</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,781</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55,399</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">55,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dilutive effect of:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stock options</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">35</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="12" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other stock-based arrangements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">24</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Weighted average common shares outstanding,
assuming dilution</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">55,840</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,618</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">55,523</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="4"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Diluted earnings (loss)&nbsp;per common share</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.83</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>1.01</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(1.57</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="4"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Options whose exercise price was greater than the average market price were
excluded from the calculation.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="3"><FONT size="2" color="#000000">2000</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Per Share)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Other per share amounts</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations (basic and diluted)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4.50</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings (loss)&nbsp;from operations (basic and diluted)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1.59</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(0.82</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>27.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Segmented Information</B>
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco has three reportable segments: uranium, conversion and gold. The
uranium segment involves the mining, milling, purchase and sale of uranium
concentrate. The conversion segment involves the refining and conversion of
uranium concentrate and the purchase and sale of conversion services. The
gold segment involves the mining, milling and sale of gold.
</FONT></TD>
</TR>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco&#146;s reportable segments are strategic business units with different
products, processes and marketing strategies.
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>

<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Accounting policies used in each segment are consistent with the policies
outlined in the summary of significant accounting policies.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 21
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(a)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Business Segments</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Uranium</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Conversion</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Gold</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Total</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">523.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">137.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">87.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">748.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Products and services sold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">345.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">82.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">58.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">486.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, depletion and reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">82.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">112.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">21.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from Bruce Power</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(15.8</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(0.2</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1.6</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gain on property interests</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(2.7</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(2.7</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-segmented expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">39.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings before income taxes
and minority interest</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>87.0</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>42.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(2.6</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>103.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">48.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(0.9</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities, net of tax</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings attributable to common shares</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>46.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,427.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>173.6</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>344.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Capital expenditures for the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55.5</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>6.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>27.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>90.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

<p>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR bgcolor="#D9D9C1" valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Uranium</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Conversion</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Gold</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Total</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">471.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">114.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">115.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">700.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Products and services sold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">298.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">72.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">422.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, depletion and reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">85.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">29.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">129.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from Bruce Power</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(12.2</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(0.6</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(0.6</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-segmented expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">34.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings before income taxes
and minority interest</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>78.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>25.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>25.6</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>107.5</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">42.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>65.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities, net of tax</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings attributable to common shares</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,456.7</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>166.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>323.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,947.3</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Capital expenditures for the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>51.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>58.3</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 22
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR  bgcolor="#D9D9C1" valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Uranium</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Conversion</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Gold</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Total</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">464.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">114.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">109.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">688.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Products and services sold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">298.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">66.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">49.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">413.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation, depletion and reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">71.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">31.1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">117.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Exploration</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11.6</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Research and development</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of mineral properties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">127.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">127.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for waste disposal</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1.9</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1.9</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Non-segmented expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">32.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Earnings before income taxes
and minority interest</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(41.7</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>10.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>19.5</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(43.8</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">34.5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(78.3</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities, net of tax</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">8.9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings attributable to common shares</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(87.2</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,317.0</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>162.5</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>321.0</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,800.5</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Capital expenditures for the year</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>75.3</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>3.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>5.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>84.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(b)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Geographic Segments</B>
&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Millions)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Revenue from products and services</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
 </TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada &#151; domestic</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">62.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">50.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">41.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&#151; export</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">381.6</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">413.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">474.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">216.7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">122.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">64.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Central Asia</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">87.2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">115.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">109.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>748.3</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>700.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>688.9</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Canada</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,420.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,472.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">2,365.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">United States</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">189.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">179.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">123.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Central Asia</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">335.4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">294.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">312.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,947.3</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,800.5</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(c)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Major Customers</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Cameco relies on a small number of customers to purchase a significant
portion of its uranium concentrates and uranium conversion services. During
2002, revenues from one customer of Cameco&#146;s uranium and conversion segments
represented approximately $92,000,000 (14%) of Cameco&#146;s total revenues. In
2001, revenues from one customer of Cameco&#146;s uranium and conversion segments
represented approximately $84,000,000 (12%) of Cameco&#146;s total revenues.
During 2000, sales to any one customer did not exceed 10% of revenue. As
customers are relatively few in number, accounts receivable from any
individual customer may periodically exceed 10% of accounts receivable
depending on delivery schedules.
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 23
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>28.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>New Accounting Pronouncements</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(a)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Effective January&nbsp;1, 2004, Cameco will be required to adopt the new
Canadian Accounting Guideline, Hedging Relationships that establishes new
criteria for hedging relationships in effect on or after January&nbsp;1, 2004. To
qualify for hedge accounting, the hedging relationship must be appropriately
documented at the inception of the hedge and there must be reasonable
assurance, both at the inception and throughout the term of the hedge, that
the hedging relationship will be effective.
Effectiveness requires a high degree of correlation of changes in fair
values or cash flows between the hedged item and the hedge. Cameco does
not believe that the adoption of this accounting guideline will have a
material impact on its consolidated financial statements.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">(b)
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In December&nbsp;2002, the CICA issued Handbook section 3063, Impairment of
Long-Lived Assets. Section&nbsp;3063 establishes standards for the recognition,
measurement and disclosure of the impairment of long-lived assets held for
use. Under the new standard, an impairment loss is recognized when the
carrying amount of an asset held for use exceeds the sum of undiscounted
cash flows expected from its use and eventual disposition. An impairment
loss is measured as the amount by which the asset&#146;s carrying amount exceeds
its fair value.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The new accounting recommendations contained in Handbook section 3063 are
required to be applied for fiscal years beginning on or after April&nbsp;1,
2003. Cameco does not believe that adoption of these recommendations will
have a material impact on its consolidated financial statements
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>29.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Comparative Figures</B>
</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Certain prior year balances have been reclassified to conform to the current
financial statement presentation.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>30.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Generally Accepted Accounting Principles in Canada and the United States</B>
</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">The consolidated financial statements of Cameco are expressed in Canadian
dollars in accordance with Canadian generally accepted accounting principles
(Canadian GAAP). The following adjustments and disclosures would be required
in order to present these consolidated financial statements in accordance
with accounting principles generally accepted in the United States (US
GAAP).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(a)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Reconciliation of earnings in accordance with Canadian GAAP to earnings
determined in accordance with US GAAP.</B>
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)&nbsp;under Canadian GAAP</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>55,460</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>65,221</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(78,337</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Add (deduct)&nbsp;adjustments for:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest on preferred securities (i)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(17,238</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(17,268</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(16,445</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capitalized interest (ii)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3,768</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Writedown of mineral properties (iii)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(35,716</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Depreciation and depletion (iii)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,579</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mineral property costs (iv)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6,188</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,806</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(2,548</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pre-operating costs (v)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(2,578</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(6,232</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(5,488</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hedges and derivative instruments (vi)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,928</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,810</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Realization of cumulative translation account (vii)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(1,585</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,273</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(3,725</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from Bruce Power (v)(vi)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(12,481</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Income tax effect of adjustments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">14,116</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14,542</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)&nbsp;under US GAAP</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>37,781</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>50,889</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>(124,944</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Hedges and derivative instruments (vi)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6,203</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(22,253</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Foreign currency translation adjustments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">859</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,509</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,884</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="14" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unrealized gain (loss)&nbsp;on available-for-sale securities (viii)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(334</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(8,300</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Comprehensive income (loss)&nbsp;under US GAAP</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>32,103</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>21,845</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(118,591</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Net earnings (loss)&nbsp;per share under US GAAP</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.68</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>0.92</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>(2.25</B></FONT></TD>
    <TD nowrap><FONT size="2"><B>)</B></FONT></TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" nowrap align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 24
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(b)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Comparison of balance sheet items determined in accordance with Canadian
GAAP to balance sheet items determined in accordance with US GAAP.</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="13%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="12%" nowrap align="right"><FONT size="2"><B>(i)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Balance Sheets</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="82%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="center" colspan="6"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="center" colspan="6"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>Canadian</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>US</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>Canadian</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>US</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="6"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current assets</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">650,043</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">644,105</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">718,962</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">715,402</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Property, plant and equipment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,037,613</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,000,993</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,994,424</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,955,437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term receivables, investments and other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">257,523</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">237,013</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">233,961</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">228,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total assets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945,179</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,882,111</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,947,347</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,899,513</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Current liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">171,377</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">167,258</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">166,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">166,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">218,290</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">412,053</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">327,773</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">523,002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Provision for reclamation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">155,036</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">155,036</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139,583</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other liabilities (vi)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9,523</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">57,999</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9,787</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">48,809</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Deferred income taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">522,979</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">485,447</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">480,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">450,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,077,205</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,277,793</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,124,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,328,397</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Minority interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18,078</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18,078</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholders&#146; equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Preferred securities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">193,763</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">195,229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Share capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">680,934</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">680,934</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">670,031</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">670,031</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contributed surplus</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">472,488</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">472,488</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">472,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">472,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Retained earnings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">483,658</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">418,546</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">465,420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">408,906</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="18" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accumulated other comprehensive income</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- cumulative translation account</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">19,053</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">40,275</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19,779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39,416</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
            <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- available-for-sale securities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,454</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2,528</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">- hedges and derivative instruments (vi)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(28,457</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(22,253</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,849,896</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,586,240</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,822,947</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,571,116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total liabilities and shareholders&#146; equity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,945,179</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>2,882,111</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,947,347</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>2,899,513</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="12%" nowrap align="right"><FONT size="2"><B>(ii)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Components of accounts payable and accrued liabilities are as
follows:</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="82%" >
 <TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="center" colspan="6"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD  bgcolor="#D9D9C1" nowrap align="center" colspan="6"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Canadian</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>US</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>Canadian</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>US</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="2" color="#000000"><B>GAAP</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="6"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounts payable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">84,906</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">84,906</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">66,310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">66,310</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Taxes and royalties payable</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">26,340</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">22,221</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="17" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accrued liabilities</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20,686</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20,686</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">17,126</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total accounts payable and
accrued liabilities</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>131,932</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>127,813</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>108,096</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2"><B>$</B></FONT></TD>
    <TD align="right"><FONT size="2"><B>108,096</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="15" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2"><B>(c)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>The effects of these adjustments would result in the consolidated
statements of cash flows reporting the following under US GAAP:</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="82%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">231,184</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">95,568</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">221,101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash used in investing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(72,006</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(127,306</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(98,362</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by (used in) financing</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(134,819</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">32,344</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(135,077</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
 </TABLE>
</DIV>

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 25
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>(d)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>A description of certain significant differences between Canadian GAAP and
US GAAP follows:</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="7%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(i) Preferred Securities</B><BR>
Preferred securities are classified as equity under Canadian GAAP and
interest payments, on an after-tax basis, are classified as distributions of
equity. Under US GAAP, the preferred securities are classified as debt and
interest payments are included in interest expense.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(ii) Capitalized Interest</B><BR>
Cameco&#146;s policy under both Canadian GAAP and US GAAP is to capitalize
interest on expenditures related to construction of development projects
actively being prepared for their intended use. Under US GAAP, a portion of
the interest on the preferred securities, classified as debt under US GAAP,
would be capitalized to development properties. Also under US GAAP, the
carrying value of development projects against which interest is capitalized
would be lower (see note (v)&nbsp;below).
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(iii) Writedown of Mineral Properties</B><BR>
Under both Canadian and US GAAP, property, plant and equipment must be
assessed for potential impairment. Under Canadian GAAP, the impairment loss
is the difference between the carrying value of the asset and its
recoverable amount calculated as undiscounted estimated future net cash
flows. Under US GAAP, if the undiscounted estimated future net cash flows
are less than the carrying value of the asset, the impairment loss is
calculated as the amount by which the carrying value of the asset exceeds
its fair value. Fair value has been calculated as the present value of
estimated future net cash flows. The resulting difference in the writedown
between US and Canadian GAAP also results in a difference in the amount of
depreciation and depletion charged to earnings.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(iv) Mineral Property Costs</B><BR>
Consistent with Canadian GAAP, Cameco defers costs related to mineral
properties once the decision to proceed to development has been made. Under
US GAAP, these costs are expensed until such time as a final feasibility
study has confirmed the existence of a commercially mineable deposit.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(v) Pre-Operating Costs</B><BR>
Under Canadian GAAP, pre-operating costs incurred during the
commissioning phase of a new project are deferred until commercial
production levels are achieved. After such time, those costs are amortized
over the estimated life of the project. Under US GAAP, such costs are
expensed as incurred as required by AICPA Statement of Position 98-5,
Reporting on the Cost of Start-Up Activities. In 2000, these costs related
to the production of uranium concentrates at the McArthur River mine and
were charged to product inventory. Portions of this product inventory were
sold in 2001 and 2002.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 2002, $8,628,000 of costs related to the restart of two nuclear
reactors at Bruce Power were considered to be startup costs required to be
expensed under US GAAP.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>(vi) Hedges and Derivative Instruments</B><BR>
During 2002, $1,928,000 was excluded from the assessment of hedge
effectiveness. For amounts included in the balance sheet as accumulated
other comprehensive income as at December&nbsp;31, 2002, a gain of $277,000
(after tax) relates to the hedging of interest-rate risk, a loss of
$18,076,000 (after tax) relates to the hedging of gold-price risk, and a
loss of
$10,658,000 (after tax) relates to the hedging of foreign-exchange-rate
risk. Of these amounts, $15,300,000 (after tax) would be recorded in
earnings during 2003 if market conditions remained unchanged. The impact on
other comprehensive income for 2002 is $6,203,000 after consideration of the
reversal of the 2001 amounts described below. During 2002, no net gains or
losses from the hedging of net investments were realized.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 2001, $16,000 was recognized in earnings for the ineffectiveness of
cash flow hedges and $1,794,000 was excluded from the assessment of hedge
effectiveness. For amounts included in other comprehensive income as at
December&nbsp;31, 2001, a gain of $81,000 (after tax) relates to the hedging of
interest-rate risk, a loss of $743,000 (after tax) relates to the hedging of
gold-price risk, and a loss of $21,591,000 (after tax) relates to the
hedging of foreign-exchange-rate risk. Of these amounts, $11,402,000 (after
tax) would be recorded in earnings during 2002 if market conditions remained
unchanged. During 2001, no net gains or losses from the hedging of net
investments were realized.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">During 2002, $3,853,000 of losses related to Bruce Power energy contracts
did not qualify for hedge accounting under US GAAP as the documentation
required for hedge accounting was not contemplated at the time of entering
into the contracts.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 26
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
      <TD width="96%"><FONT size="2"><B>(vii)Realization of Cumulative Translation Account</B><BR>
Under Canadian GAAP, a proportionate amount of the cumulative translation
account is recognized in earnings when a portion of the net investment in a
subsidiary is realized. US GAAP does not allow for any of the cumulative
translation account to be taken to earnings unless a portion of the
investment has been sold or substantially liquidated.
</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
     <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
     <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
     <TD width="96%"><FONT size="2"><B>(viii) Available-for-Sale Securities</B><BR>
Under Canadian GAAP, portfolio investments are accounted for using the cost
method. Under US GAAP, portfolio investments classified as
available-for-sale securities are carried at market values with unrealized
gains or losses reflected as a separate component of shareholders&#146; equity
and included in comprehensive income. Cameco&#146;s investments in Energy
Resources of Australia Ltd., Menzies Gold NL and Tenke Mining Corp. are
classified as available-for-sale. The fair market value of these investments
at December&nbsp;31, 2002 was $20,018,000 (2001 &#151; $20,352,000). The cumulative
unrealized gain at December&nbsp;31, 2002 was $2,454,000.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>(e)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Stock-Based Compensation</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Statement of Financial Accounting Standards No.&nbsp;123, Accounting for
Stock-Based Compensation establishes financial accounting and reporting
standards for stock-based employee compensation plans. This statement
defines a fair value based method of accounting for employee stock options.
However, it also allows an entity to continue to measure compensation cost
for those plans using the intrinsic value based method of accounting
prescribed by APB Opinion No.&nbsp;25, which is similar to the method applied
under Canadian GAAP and followed by Cameco. Companies that continue to
follow the intrinsic value based method must disclose pro-forma earnings and
earnings per share information under the fair-value method.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">If the fair value based method of accounting had been applied, pro-forma net
earnings and earnings per share would have been as follows:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#D9D9C1" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#D9D9C1"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="3"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="5"><FONT size="2" color="#000000">(Thousands)</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings (loss)&nbsp;for the year in accordance
with US GAAP as calculated above</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">37,781</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">50,889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(124,944</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Effect of recording compensation
expense under stock option plans</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(3,991</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(4,168</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1,934</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pro-forma net earnings (loss)&nbsp;after application of SFAS 123</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">33,790</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">46,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(126,878</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pro-forma net earnings (loss)&nbsp;per common share
after application of SFAS 123</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.61</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">(2.28</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In calculating the foregoing pro-forma amounts, the fair value of each option
grant was estimated as of the date of grant using the Black-Scholes
option-pricing model with the following weighted average assumptions:
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<DIV align="center">

<TABLE cellspacing="0" border="0" cellpadding="0" width="92%" >
 <TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2" bgcolor="#DEE0CB"><FONT size="2" color="#000000">2002</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2" bgcolor="#DEE0CB"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2" bgcolor="#DEE0CB"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Dividend</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">$</FONT></TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.50</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected volatility</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20.0</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">39.6</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">44.8</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risk-free interest rate</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">5.0</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.5</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Expected life of option</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" nowrap bgcolor="#DEE0CB" align="center"><FONT size="2">5 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">8 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="3" nowrap align="center"><FONT size="2">8 years</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Expected forfeitures</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">17.0</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20.0</FONT></TD>
    <TD nowrap><FONT size="2">%</FONT></TD>
</TR>
 </TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>(f)</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>New Accounting Pronouncements</B>
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In June&nbsp;2001, the FASB issued Statement 143, Accounting for Asset Retirement
Obligations, which addresses financial accounting and reporting for
obligations associated with the retirement of tangible long-lived assets and
the associated asset retirement costs. The standard applies to legal
obligations associated with the retirement of long-lived assets that result
from the acquisition, construction, development and use of the asset.
Statement 143 requires that the fair value of a liability for an asset
retirement obligation be recognized in the period in which it is incurred if
a reasonable estimate of fair value can be
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 27
</B></FONT><br><br>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">made. The fair value is added to the carrying amount of the associated asset.
The liability is accreted at the end of each period through charges to
operating expenses. Cameco will adopt this standard on a prospective basis
beginning January&nbsp;1, 2003.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In October&nbsp;2001, the FASB issued Statement 144 Accounting for the Impairment or
Disposal of Long-Lived Assets, which retain the fundamental provisions of
Statement 121 for recognizing and measuring impairment losses of long-lived
assets other than goodwill. Statement 144 also broadens the definition of
discontinued operations to include all distinguishable components of an entity
that will be eliminated from ongoing operations. This Statement is effective
for fiscal years commencing January&nbsp;1, 2002, to be applied prospectively.
Adoption of this standard did not result in any differences between Canadian
and US GAAP. In December&nbsp;2002, the CICA approved new standards for the
impairment and disposal of long-lived assets that are substantially equivalent
to the US standards. Cameco will adopt these standards for Canadian GAAP on a
prospective basis beginning January&nbsp;1, 2003.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In November&nbsp;2002, the FASB issued Financial Interpretation 45 (FIN 45) that
will require the recognition of a liability for the fair value of certain
guarantees that require payments contingent on specified types of future
events. The measurement standards of FIN 45 are applicable to guarantees
entered into after January&nbsp;1, 2003. For guarantees that existed at December&nbsp;31,
2002, FIN 45 requires additional disclosures which have been included in these
financial statements to the extent applicable to Cameco.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">In January&nbsp;2003, the FASB issued Financial Interpretation 46 (FIN 46) that will
require the consolidation of certain entities that are controlled through
financial interests that indicate control (referred to as variable interests).
Variable interests are the rights or obligations that convey economic gains or
losses from changes in the values of the entity&#146;s assets and
liabilities. The holder of the majority of an entity&#146;s variable interests will
be required to consolidate the variable interest entity. Cameco believes it
does not have any variable interests that will result in the consolidation of
any additional entities that existed at December&nbsp;31, 2002.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<P><FONT size="4"><FONT color="#8B8E8E">Summary of Significant Accounting Policies</FONT>
</FONT>

<P><FONT size="4"><hr size="1" noshade>
</FONT>

<P><DIV style="float: left; width: 47%">

<P align="left"><FONT size="2">The consolidated financial statements are
prepared by management in accordance with
Canadian generally accepted accounting
principles and, except as described in note
30, conform in all material respects with
accounting principles generally accepted in
the United States. Management makes various
estimates and assumptions in determining the
reported amounts of assets and liabilities,
revenues and expenses for each year
presented, and in the disclosure of
commitments and contingencies. The most
significant estimates are related to the
lives and recoverability of mineral
properties, provisions for decommissioning
and reclamation of assets, future income
taxes, financial instruments and mineral
reserves. Actual results could differ from
these estimates. This summary of significant
accounting policies is a description of the
accounting methods and practices that have
been used in the preparation of these
consolidated financial statements and is
presented to assist the reader in
interpreting the statements contained
herein.
</FONT>
<P align="left"><FONT size="2"><B>Consolidation Principles</B><br>
The consolidated financial statements
include the accounts of Cameco and its
subsidiaries. Interests in joint ventures
are accounted for by the proportionate
consolidation method. Under this method,
Cameco includes in its accounts its
proportionate share of assets, liabilities,
revenues and expenses.
</FONT>
</DIV><DIV style="float: right; width: 47%">

<P align="left"><FONT size="2"><B>Cash</B><br>
Cash consists of balances with financial
institutions and investments in money
market instruments which have a term to
maturity of three months or less.
</FONT>
<P align="left"><FONT size="2"><B>Inventories</B><br>
Inventories of broken ore, uranium
concentrates and refined and converted
products are valued at the lower of average
cost and net realizable value.
</FONT>
<P align="left"><FONT size="2"><B>Supplies</B><br>
Consumable supplies and spares are
valued at the lower of weighted average
cost or replacement value.
</FONT>
<P align="left"><FONT size="2"><B>Investments</B><br>
Investments in associated companies over
which Cameco has the ability to exercise
significant influence are accounted for by
the equity method. Under this method,
Cameco includes in earnings its share of
earnings or losses of the associated
company. Portfolio investments are carried
at cost or at cost less amounts written
off to reflect a decline in value that is
other than temporary.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 28
</B></FONT><br><br>
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<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 47%">

<P align="left"><FONT size="2"><B>Property, Plant and Equipment</B><br>
Assets are carried at cost. Costs of
additions and improvements are capitalized.
When assets are retired or sold, the
resulting gains or losses are reflected in
current earnings. Maintenance and repair
expenditures are charged to cost of
production. The carrying values of property,
plant and equipment are periodically
assessed by management and if management
determines that the carrying values cannot
be recovered, the unrecoverable amounts are
written off against current earnings.
</FONT>
<P align="left"><FONT size="2"><B>Non-Producing Properties</B><br>
The decision to develop a mine property
within a project area is based on an
assessment of the commercial viability of
the property, the availability of financing
and the existence of markets for the
product. Once the decision to proceed to
development is made, development and other
expenditures relating to the project area
are deferred and carried at cost with the
intention that these will be depleted by
charges against earnings from future mining
operations. No depreciation or depletion is
charged against the property until
commercial production commences. After a
mine property has been brought into
commercial production, costs of any
additional work on that property are
expensed as incurred, except for large
development programs, which will be deferred
and depleted over the remaining life of the
related assets.
</FONT>
<P align="left"><FONT size="2">The carrying values of non-producing
properties are periodically assessed by
management and if management determines that
the carrying values cannot be recovered, the
unrecoverable amounts are written off
against current earnings.
</FONT>
<P align="left"><FONT size="2"><B>Property Evaluations</B><br>
Cameco reviews the carrying values of its
properties when changes in circumstances
indicate that those carrying values may not
be recoverable. Estimated future net cash
flows are calculated using estimated
recoverable reserves, estimated future
commodity
prices and the expected future operating,
capital and reclamation costs. The carrying
value of a property is written down to the
extent that the estimated future net cash
flows, on an undiscounted basis, are less
than the carrying value of the property.
</FONT>
<P align="left"><FONT size="2"><B>Future Income Taxes</B><br>
Future income taxes are recognized for the
future income tax consequences attributable
to differences between the carrying values
of assets and liabilities and their
respective income tax bases. Future income
tax assets and liabilities are measured
using enacted income tax rates expected to
apply to taxable income in the years in
which temporary differences are expected to
be recovered or settled. The effect on
future income tax assets and liabilities of
a change in rates is included in earnings in
the period which includes the enactment
date.
</FONT>
</DIV><DIV style="float: right; width: 47%">

<P align="left"><FONT size="2">Future income tax assets are recorded in
the financial statements if realization
is considered more likely than not.
</FONT>
<P align="left"><FONT size="2"><B>Capitalization of Interest</B><br>
Interest is capitalized on expenditures
related to construction or development
projects actively being prepared for their
intended use. Capitalization is
discontinued when the asset enters
commercial operation or development
ceases.
</FONT>
<P align="left"><FONT size="2"><B>Depreciation and Depletion</B><br>
Conversion services assets, mine buildings,
equipment and mineral properties are
depreciated or depleted according to the
unit-of-production method. This method
allocates the costs of these assets to each
accounting period. For conversion services,
the amount of depreciation is measured by
the portion of the facilities&#146; total
estimated lifetime production that is
produced in that period. For mining, the
amount of depreciation or depletion is
measured by the portion of the mines&#146;
economically recoverable proven and probable
ore reserves which are recovered during the
period.
</FONT>
<P align="left"><FONT size="2">Other assets are depreciated according to
the straight-line method based on estimated
useful lives, which generally range from
three to 10&nbsp;years.
</FONT>
<P align="left"><FONT size="2"><B>Research and Development and Exploration Costs</B><br>
Expenditures for applied research and
technology related to the products and
processes of Cameco and expenditures for
geological exploration programs are
charged against earnings as incurred.
</FONT>
<P align="left"><FONT size="2"><B>Environmental Protection and Reclamation Costs</B><br>
The estimated costs for decommissioning and
reclaiming producing resource properties are
accrued and charged to operations according
to the unit-of-production method. Actual
costs of decommissioning and reclamation are
deducted against this accrual. Cameco&#146;s
estimates of reclamation costs could change
as a result of changes in regulatory
requirements and cost estimates.
Expenditures relating to ongoing
environmental programs are charged against
earnings as incurred or capitalized and
depreciated depending on their relationship
to future earnings.
</FONT>
<P align="left"><FONT size="2"><B>Employee Future Benefits</B><br>
Cameco accrues its obligations under
employee benefit plans. The cost of pensions
and other retirement benefits earned by
employees is actuarially determined using
the projected benefit method prorated on
service and management&#146;s best estimate of
expected plan investment performance, salary
escalation, retirement ages of employees and
expected health-care costs. For the purpose
of calculating the expected return on plan
assets, those assets are measured at fair
value. Past service costs
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

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<P align="center"><FONT size="2"><B>
 29
</B></FONT><br><br>
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<DIV style="float: left; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 47%">

<P align="left"><FONT size="2">arising from plan amendments and net
actuarial gains and losses are amortized
on a straight-line basis over the expected
average remaining service life of the plan
participants.
</FONT>
<P align="left"><FONT size="2"><B>Stock-Based Compensation</B><br>
Cameco has a stock option plan that is
described in note 20. No compensation
expense is recognized for this plan when
qualifying stock options are granted to
employees. Any consideration paid by
employees on exercise of stock options is
credited to share capital. Cameco accounts
for other stock-based compensation
arrangements in accordance with the fair
value based method of accounting.
</FONT>
<P align="left"><FONT size="2"><B>Revenue Recognition</B><br>
Cameco supplies uranium concentrates and
uranium conversion services to utility
customers. Third-party fabricators process
Cameco&#146;s products into fuel for use in
nuclear reactors.
</FONT>
<P align="left"><FONT size="2">Cameco records revenue on the sale of its
nuclear products to utility customers when
title to the product transfers and delivery
is effected through book transfer. Since
nuclear products must be stored at licensed
storage facilities, Cameco may hold customer
owned product at its premises prior to
shipment of the product to third parties for
further processing.
</FONT>
<P align="left"><FONT size="2">Cameco records revenue on the sale of gold
when title passes and delivery is
effected.
</FONT>
<P align="left"><FONT size="2"><B>Amortization of Financing Costs</B><br>
Debt discounts and issue expenses
associated with long-term financing are
deferred and amortized over the term of
the issues to which they relate.
</FONT>
<P align="left"><FONT size="2"><B>Foreign Currency Translation</B><br>
Monetary assets and liabilities denominated
in foreign currencies are translated into
Canadian dollars at year-end rates of
exchange. Revenue and expense transactions
denominated in foreign currencies are
translated into Canadian dollars at rates in
effect at the time of the transactions. The
applicable exchange gains and losses arising
on these transactions are reflected in
earnings.
</FONT>
<P align="left"><FONT size="2">Foreign currency gains or losses arising on
translation of long-term monetary items
with a fixed or ascertainable life beyond
the end of the following fiscal year are
deferred and amortized to earnings over the
remaining life of the item.
</FONT>
<P align="left"><FONT size="2">The United States dollar is considered the
functional currency of most of Cameco&#146;s
uranium and gold operations outside of
Canada. The financial statements of these
operations are translated into Canadian
dollars using the current-rate method
whereby all assets and liabilities are
translated at the year-end rate of exchange
and all revenue and expense items are
</FONT>
</DIV><DIV style="float: right; width: 47%">

<P align="left"><FONT size="2">translated at the average rate of exchange
prevailing during the year. Exchange gains
and losses arising from this translation,
representing the net unrealized foreign
currency translation gain (loss)&nbsp;on Cameco&#146;s
net investment in these foreign operations,
are recorded in the cumulative translation
account component of shareholders&#146; equity.
Exchange gains or losses arising from the
translation of foreign debt and preferred
securities designated as hedges of a net
investment in foreign operations are also
recorded in the cumulative translation
account component of shareholders&#146; equity.
These adjustments are not included in
earnings until realized through a reduction
in Cameco&#146;s net investment in such
operations.
</FONT>
<P align="left"><FONT size="2"><B>Derivative Financial Instruments and
Hedging Transactions</B><br>
Cameco uses derivative financial and
commodity instruments to reduce exposure to
fluctuations in foreign currency exchange
rates, interest rates and
commodity prices. Cameco formally documents
all relationships between hedging
instruments and hedged items, as well as its
risk management objective and strategy for
undertaking various hedge transactions. This
process includes linking all derivatives to
specific assets and liabilities on the
balance sheet or to specific firm
commitments or forecasted transactions.
Cameco also formally assesses, both at the
hedge&#146;s inception and on an ongoing basis,
whether the derivatives that are used in
hedging transactions are highly effective in
offsetting changes in fair values or cash
flows of hedged items. Gains and losses
related to hedging items are deferred and
recognized in the same period as the
corresponding hedged items. If derivative
financial instruments are closed before
planned delivery, gains or losses are
recorded as deferred revenue or deferred
charges and recognized on the planned
delivery date. In the event a hedged item is
sold, extinguished or matures prior to the
termination of the related hedging
instrument, any realized or unrealized gain
or loss on such derivative instrument is
recognized in earnings.
</FONT>
<P align="left"><FONT size="2"><B>Per Share Amounts</B><br>
Per share amounts are calculated using the
weighted average number of paid common
shares outstanding.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<hr size="1"><br>

<P align="center"><FONT size="2"><B>30</B></FONT>

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<DIV style="float: left; width: 33%">

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</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 34%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B>FINANCIAL INFORMATION</B></FONT><P align="left">
</DIV><DIV style="float: right; width: 33%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2"><B>31.</B>
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2"><B>Subsequent Event</B>
</FONT></TD>
</TR>
<tr><td>&nbsp;</td></tr>
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">On April 6, 2003, production at McArthur River was suspended due to an increase in water inflow
caused by the collapse of a section of rock in a development area of the mine. All personnel were temporarily
evacuated and no one was injured. Shortly thereafter, mine personnel reentered the mine to assess the situation and
begin remedial measures. As of April&nbsp;16, 2003, it was estimated that production would be suspended for four to
six months. However, events were still unfolding leaving some uncertainty as to the duration of the shutdown. It is
not expected that a material writedown of assets will be required.
</FONT></TD>
</TR>
</TABLE>


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<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<hr size="1"><br>
<P align="center"><FONT size="2"><B>
 31
</B></FONT><br><br>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3
<SEQUENCE>5
<FILENAME>o09454exv3.htm
<DESCRIPTION>2002 MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
<HTML>
<HEAD>
<TITLE>2002 Management's Discussion and Analysis</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<P align="right"><FONT size="2"><B>EXHIBIT 3</B></FONT>

<P align="center"><FONT size="2">Cameco Corporation
</FONT>

<P align="center"><FONT size="2">2002 Management&#146;s Discussion and Analysis
</FONT>


<P align="center"><FONT size="2"></FONT>




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<IMG src="o09454o0945425.gif" alt="(CONFIDENT LOGO)"><BR>
<HR size="1" width="100%" noshade>


<P><DIV style="float: left; width: 49%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Contents</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Overview</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco&#146;s vision and mission statements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco&#146;s business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Corporate Strategy</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Management&#146;s strategy</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>The Year in Review</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating highlights</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Consolidated financial highlights</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Segments and Corporate Expenses</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Conversion business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold business</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Corporate expenses</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Cash and Liquidity</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash resources</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Liquidity and capital resources</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Markets</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium market review</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Trends in the nuclear power industry</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ontario electricity market review</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Update on uranium supplies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold market review</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Business Risks</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Risks and uncertainties</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>The Future</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Outlook for 2003</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Supplementary Information</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Critical accounting policies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Caution Regarding Forward-Looking Information</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Subsequent Event</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 49%">

<P align="left"><FONT size="2"><B><I>Overview</I></B><BR>
This section includes the company&#146;s vision
and mission statements. The nature of
Cameco&#146;s business lines are described
including the types and locations of
operations and the key financial drivers.
</FONT>
<P align="left"><FONT size="2"><B><I>Corporate Strategy</I></B><BR>
This section discusses how management
plans to generate value by leveraging the
company&#146;s
strengths and competencies in its
business environment.
</FONT>
<P align="left"><FONT size="2"><B><I>The Year in Review</I></B><BR>
The important corporate developments for the
year are discussed. A review of the
consolidated financial highlights completes
the section.
</FONT>
<P align="left"><FONT size="2"><B><I>Business Segments and Corporate Expenses</I></B><BR>
This section provides a detailed
explanation of the financial results
achieved by Cameco during the year in its
four business segments. Corporate expenses
(administration expenses, interest costs
and income taxes) incurred to support the
company&#146;s operations are also reviewed.
</FONT>
<P align="left"><FONT size="2"><B><I>Cash and Liquidity</I></B><BR>
This discussion provides insight into the
company&#146;s ability to generate cash flow and
the areas to which cash is directed to
achieve business objectives.
</FONT>
<P align="left"><FONT size="2"><B><I>Markets</I></B><BR>
To facilitate understanding of Cameco&#146;s
business environment, this section provides
a review of conditions and trends in the
uranium and gold markets into which the
company sells its products and services.
Also a review of the Ontario electricity
market discusses trends and their potential
impact on Bruce Power.
</FONT>
<P align="left"><FONT size="2"><B><I>Business Risks</I></B><BR>
This section outlines certain risks in
the company&#146;s business environment and
how Cameco manages those risks.
</FONT>
<P align="left"><FONT size="2"><B><I>The Future</I></B><BR>
This section outlines current key business
conditions, trends and risks that are
expected to affect the operating results
and the financial health of the company.
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 1
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P><FONT size="3"><B>Introduction</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P align="left"><FONT size="2">This MD&#038;A complements the
company&#146;s consolidated
financial statements which
have been prepared in
accordance with Canadian
GAAP and stated in Canadian
dollars, unless otherwise
noted.
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>World Electricity Generation</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">Nuclear energy accounts for 16% of the world&#146;s electricity generation avoiding the emission of up to 2.3&nbsp;billion tonnes of carbon dioxide annually.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945403.gif" alt="(GENERATION PIE CHART)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P><FONT size="3"><B>Overview</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Cameco&#146;s Vision</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco seeks to be a
dominant nuclear energy
company producing uranium
fuel and generating clean
electricity.
</FONT>
<P><FONT size="3"><B><I>Cameco&#146;s Mission</I></B>
</FONT>

<P align="left"><FONT size="2">Our core business is
uranium fuel supply.
Through our nuclear
investments we participate
in the generation of clean
energy, and we achieve
diversity through gold.
</FONT>
<P align="left"><FONT size="2">Sustainable growth is
realized by building upon
our core business strengths
through socially,
environmentally and
economically responsible
conduct. In doing so, we
will enhance our status as
an investment, supplier and
employer of choice, and
continue to earn the support
of the communities where we
interact.
</FONT>
<P align="left"><FONT size="2">The key measures of our
success will be a healthy
workplace, a clean
environment and supportive
communities wherever we
operate, together with
solid financial
performance, all reflected
in a growing return to
shareholders.
</FONT>
<P><FONT size="3"><B><I>Cameco&#146;s Business</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s core business is
uranium fuel supply. The
company is a leading
supplier of uranium
concentrates and uranium
conversion services and is
a limited partner in North
America&#146;s largest nuclear
electricity generating
facility, Bruce Power.
Cameco also operates a
large gold mine in Central
Asia and is developing
another gold mine in
Mongolia.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">Cameco is the world&#146;s
largest uranium
concentrates supplier.
The company&#146;s competitive
position is based upon its
large high-grade reserves
and low-cost operations.
Cameco mines uranium in
Canada and the United
States, has a test mine in
Kazakhstan, and sells
uranium concentrates (U<sub>3</sub>O<sub>8</sub>)
from these and other
sources. Cameco&#146;s uranium
concentrates are
undifferentiated from those
sold by its competitors.
Cameco&#146;s U<sub>3</sub>O<sub>8</sub> is sold
primarily through long-term
contracts negotiated
between the company and its
electric utility customers.
Uranium is not traded on
any commodities exchange.
</FONT>
<P align="left"><FONT size="2">The company operates two
uranium conversion plants
in Canada. Conversion is a
process whereby U<sub>3</sub>O<sub>8</sub> is
purified and converted into
uranium hexafluoride
(UF<sub>6</sub>), an intermediate compound in
the production of fuel for
light water reactors, or
into natural uranium
dioxide (UO<sub>2</sub>), which is
used as fuel for heavy
water reactors.
</FONT>
<P align="left"><FONT size="2">The company is also a producer of gold.
</FONT>
<P align="left"><FONT size="2">The most significant
factors affecting the
financial performance of
Cameco are:
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the market
prices for U<sub>3</sub>O<sub>8</sub>, conversion
services, gold and
electricity,
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">sales
volumes for uranium and
conversion services, gold
and electricity,
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">foreign
exchange rates between the
Canadian and US dollars,
and
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the unit costs of
production.
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">Uranium is the fuel used by
nuclear reactors to
generate electricity. More
than 430 reactors operate
in 31 countries and account
for about 16% of the
world&#146;s electricity. The
US, which generates about
20% of its electricity
using nuclear reactors, is
the world&#146;s largest market
for
nuclear products and
services and accounts for
about 35% of the western
world&#146;s uranium
consumption.
</FONT>
<P align="left"><FONT size="2">The International Energy
Agency in its &#147;World Energy
Outlook 2002&#148; forecasts
global demand for
electricity to grow at an
annual rate of 2.4%, faster
than the total demand for
energy. Annual growth in
uranium demand is expected
to remain at about 1% over
the next 10&nbsp;years as
capacity uprates,
improvements in existing
reactors and new reactor
startups are offset by
closures of older generating
units.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Western World Market<BR>
(million lbs U<sub>3</sub>O<sub>8</sub>)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">In each of the last three years, world mine production supplied only about 60% of the uranium required by western world reactors.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945404.gif" alt="(MARKET BAR GRAPH)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 2
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">Supplies of uranium are
provided by primary
production centres such as
Cameco&#146;s mines, and
secondary sources such as
excess utility and
government inventories
including material derived
from the dismantling of
Russian nuclear weapons.
The western world consumes
about 154&nbsp;million pounds of
U<sub>3</sub>O<sub>8</sub> annually and, in 2002,
approximately 60% of this
consumption came from world
primary mine production,
continuing the trend of
underproduction and
inventory drawdown that has
persisted for more than a
decade.
</FONT>
<P><FONT size="3"><B>Corporate Strategy</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Management&#146;s Strategy</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Strengths and core competencies</B><BR>
Cameco&#146;s strategies are
built upon strengths and
core competencies that it
believes
are significant and
sustainable.
</FONT>
<P align="left"><FONT size="2">These include:
</FONT>
<P align="left"><FONT size="2"><B>Large, low-cost diversified
reserves, and prime
exploration properties and
expertise</B><BR>
The Saskatchewan uranium
deposits at McArthur River
and Cigar Lake are unique
with their large reserves
and high grades. Combined,
these reserves contain
more energy than all of
Canada&#146;s established
conventional oil reserves.
</FONT>
<P align="left"><FONT size="2">New uranium deposits will
be required to satisfy
forecast demand. Cameco
has a significant land
position in both
Saskatchewan&#146;s Athabasca
Basin and Australia&#146;s
Arnhem Land, two very
prospective areas for
uranium. Coupled with this
land position, the company
has years of exploration
expertise and is well
placed to discover
significant new resources.
</FONT>
<P align="left"><FONT size="2"><B>An ability to offer
integrated fuel supply</B><BR>
Utilities often contract
for their uranium
requirements at each stage
of the fuel supply chain.
Unlike most of its
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">competitors, Cameco has
the ability to deliver a
combination of uranium
concentrates and uranium
conversion services.
Strategic alliances also
allow us to participate in
offers of enriched uranium
and, in the case of Bruce
Power, to provide fuel
procurement services. This
vertical integration and
diversity of sources makes
Cameco a preferred
supplier with an advantage
over non-integrated
competitors.
</FONT>
<P align="left"><FONT size="2"><B>A significant market position</B><BR>
Cameco supplies about 20%
of
the western world&#146;s uranium
and conversion
requirements. This allows
Cameco to assess evolving
market conditions in most
regions of the world; serve
our customers&#146; changing
requirements through
inventories and flexible
production sources; and
influence the market
through intervention
strategies, which involve
the use of our market
position to purchase
significant quantities of
uranium from others at
favourable prices.
</FONT>
<P align="left"><FONT size="2"><B>A low-cost producer of
nuclear electricity</B><BR>
Cameco&#146;s 31.6% interest in
Bruce Power Limited
Partnership (Bruce Power)
allows the company to
expand its uranium and
conversion market share and
add value through the use
of the energy content of
this fuel to produce
low-cost electricity for
about 15% of the Ontario
market.
</FONT>
<P align="left"><FONT size="2"><B>Superior financial position</B><BR>
Cameco enjoys
consistently strong cash
flows, a conservative
financial structure and
an investment-grade
credit rating.
</FONT>
<P><FONT size="3"><B><I>Key Strategies</I></B>
</FONT>

<P align="left"><FONT size="2">With these core
competencies, Cameco sees
a number of opportunities
to create value with
acceptable levels of risk.
</FONT>
<P align="left"><FONT size="3"><B><I>Uranium and Conversion
Growth Strategies</I></B>
</FONT>
<P align="left"><FONT size="2"><B>Cameco intends to continue
optimizing its production
at the lowest cost. </B>Cameco
is one of the lowest
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">cost uranium producers in
the world. The company and
its employees continually
seek ways
to reduce costs to maintain
Cameco&#146;s competitive
advantage over the long
term.
</FONT>
<P align="left"><FONT size="2"><B>Cameco intends to increase
its supply flexibility, </B>to
support its market
leadership role. Diversity
of supply is an important
consideration for many
customers. In 2002, Cameco
acquired the Smith Ranch in
situ leach (ISL)&nbsp;operation
in Wyoming and merged it
with its nearby Highland
operation. During 2003,
test mining will continue
at the Inkai ISL
development project in
Kazakhstan. Cameco and its
partners have been pursuing
a construction licence for
the Cigar Lake mine located
in Saskatchewan. Further
diversity of supply is
available through Cameco&#146;s
access to highly enriched
uranium (HEU)&nbsp;material
under the US/Russia HEU
weapons dismantling
agreement and through
purchases and co-operative
marketing arrangements with
others.
</FONT>
<P align="left"><FONT size="2"><B>Cameco plans to increase its reserves.</B>
This strategy is being
pursued through exploration
programs, currently focused
in Canada and Australia,
and through the acquisition
of attractive properties.
Since reserves take up to
20&nbsp;years to bring into
production, it is essential
to plan for the long term.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Customer Countries</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">Cameco sells uranium and conversion services to companies located in 17 countries around the globe.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945405.gif" alt="(CUSTOMER COUNTRIES)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 3
</B></FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center"><FONT size="2">&nbsp;
</FONT>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Cameco intends to continue
to strategically manage its
product supply to the
market. </B>This is achieved
through production
management, tactical market
purchases and the exercise
of options to purchase
uranium from HEU.
</FONT>
<P align="left"><FONT size="2"><B>Cameco plans to maximize UF<sub>6</sub>
production capability. </B>In
2001, a British competitor
ceased marketing conversion
services and announced its
intention to stop production
and deliveries in 2006. As
the number of conversion
suppliers decreases, Cameco
plans to improve its
refining and conversion
capacity utilization and
looks to increase plant
capacity and market share.
</FONT>
<P align="left"><FONT size="2"><B>Cameco intends to actively
serve the UO<sub>2</sub> market.</B>
Cameco plans to maintain
and enhance its role as a
reliable supplier of UO<sub>2</sub> to
Candu reactors in Canada,
Korea and elsewhere.
</FONT>
<P align="left"><FONT size="2">To summarize, in the area
of uranium mining and
conversion, Cameco intends
to expand market share
where profitable and lower
costs to increase value
from its market-leading
assets.
</FONT>
<P><FONT size="3"><B><I>Vertical Integration Strategies</I></B>
</FONT>

<P align="left"><FONT size="2">With the cash flows
generated from its assets
supplemented by accessing
capital markets, as
appropriate, Cameco will
focus on achieving
profitable vertical
integration in areas related
to its core business.
</FONT>
<P align="left"><FONT size="2"><B>Cameco intends to build
upon its partnership in
Bruce Power. </B>In February
2003, Cameco closed an
agreement, along with
its partners, to
purchase 79.8% of Bruce
Power from British
Energy plc. This
expanded Cameco&#146;s
ownership in Bruce Power
to 31.6% from 15%.
</FONT>
<P align="left"><FONT size="2">Cameco believes its
experience with Bruce Power
can be applied to other
situations where partnering
with customers presents
attractive opportunities.
Quality projects and
partners will be essential
to any potential Cameco
participation.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2"><B>Cameco plans to examine
other fuel-cycle
opportunities. </B>The company
plans to pursue
opportunities along the
nuclear fuel supply chain
that may arise downstream
in enrichment or fuel
fabrication.
</FONT>
<P><FONT size="3"><B><I>Gold Strategies</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Cameco intends to obtain
full value from its gold
assets. </B>Cameco believes
these assets are
under-valued in a nuclear
energy company. Cameco&#146;s
goal is to obtain
recognition for the
considerable value
generated by its
investments in gold and
their future prospects. To
this end, the company
acquired a majority
interest in AGR Limited
(AGR)&nbsp;in 2002. The company
is seeking to consolidate
its gold assets. Following
the recent rise in gold
prices, the evaluation of
available options for asset
consolidation has taken
longer than previously
anticipated.
</FONT>
<P align="left"><FONT size="2">In February&nbsp;2003, Cameco
announced that the company
and the Kyrgyz government
had agreed in principle to
restructure the Kumtor mine
ownership. The proposed
restructuring envisions an
exchange of assets between
the parties wherein Cameco
would ultimately hold all
common shares of Kumtor Gold
Company (KGC), the owner of
the Kumtor mine. The
government would realize a
more predictable revenue
stream, obtain additional
tax proceeds, and benefit
from higher gold prices
through royalties. This
proposal also contemplates
that the Kumtor mine would
eventually be part of a
publicly traded gold company
established by Cameco.
</FONT>
<P align="left"><FONT size="3"><B><I>Conclusion to Management
Strategies</I></B>
</FONT>
<P align="left"><FONT size="2">Cameco will use its strong
cash flows to pursue
growth of shareholder
value in areas related to
its core business. If
Cameco cannot deploy these
funds in businesses with
attractive risk/reward
profiles, it will return
cash to its shareholders
by means that may include
share buybacks and/or
increased
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">dividends. In
2002, Cameco announced a
20% increase in its annual
dividend beginning in
2003.
</FONT>
<P><FONT size="3"><B>The Year in Review</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Operating Highlights</I></B>
</FONT>

<P align="left"><FONT size="2">A number of operational
events and developments
in 2002 were significant
in the ongoing
implementation of
Cameco&#146;s strategic plan.
</FONT>
<P align="left"><FONT size="2"><B>Uranium</B><BR>
A strategic goal of Cameco
is to reduce its uranium
production costs and to
diversify its sources of
supply. The acquisition of
the Smith Ranch ISL uranium
mine and various other ISL
properties in Wyoming from
Rio Algom Mining LLC in
July&nbsp;2002 was
beneficial in both
respects. Cameco merged the
Smith Ranch mine with its
adjacent Highland mining
operation, achieving cost
savings and increasing its
production presence in the
company&#146;s largest market,
the US.
</FONT>
<P align="left"><FONT size="2">In Kazakhstan, test mining
on the company&#146;s large
Inkai deposit continued
successfully. The
company&#146;s experience with
its US-based ISL mines is
being utilized at Inkai.
</FONT>
<P align="left"><FONT size="2">The restart of mining at
Cameco&#146;s Rabbit Lake
uranium operation in
northern Saskatchewan did
not go as smoothly as
planned due to equipment
problems and poor ground
conditions. By year-end,
most major difficulties
had been overcome.
</FONT>
<P align="left"><FONT size="2">The majority of Cameco&#146;s
uranium was mined and
milled at McArthur River
and Key Lake. At these
important sites,
continued productivity
improvements, cost
reductions and ISO 14001
certification, one of the
most internationally
recognized standards for
environmental management
systems, were attained.
Maximum production
permitted by licence was
achieved.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 4
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Conversion</B><BR>
Cameco&#146;s uranium
conversion business showed
significant productivity
and cost improvements,
primarily due to volume
increases. In March&nbsp;2002,
the company&#146;s Blind River
uranium refinery received
certification under ISO
14001.
</FONT>
<P align="left"><FONT size="2"><B>Electricity</B><BR>
In February&nbsp;2003, Cameco,
along with others,
purchased 79.8% of Bruce
Power from
British Energy plc, which
held an 82.4% interest.
The Power Workers&#146; Union
and The Society of Energy
Professionals obtained
the remaining 2.6%.
</FONT>
<P align="left"><FONT size="2">As part of the agreement,
Cameco invested
approximately $209&nbsp;million,
to purchase an additional
16.6% interest in Bruce
Power, bringing its total
interest to 31.6%. Also at
the closing, Cameco paid $75
million representing its
one-third share of $225
million in deferred Bruce
Power rental payments to
Ontario Power Generation
Inc. (OPG). Following the
closing, Cameco&#146;s total
commitment in financial
assurances is estimated to
be approximately $200
million, related to the
operating licence from the
Canadian Nuclear Safety
Commission (CNSC), the lease
with OPG, and the power
purchase agreements with
large industrial customers.
Discussion of the operations
and prospects of Bruce Power
are included elsewhere in
this MD&#038;A.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">the discovery of
high-grade gold
mineralization at its REN
project in northern Nevada.
These developments add to
the scale and potential
value of Cameco&#146;s gold
holdings.
</FONT>
<P align="left"><FONT size="2">The failure of a pit wall
in July&nbsp;2002 at the Kumtor
mine in Kyrgyzstan severely
curtailed production, but
this reduction is temporary
and no reserves were
believed lost as a result
of the accident.
</FONT>
<P align="left"><FONT size="2">Net earnings for 2002 were
reduced by $27&nbsp;million as
a result of the incident
at Kumtor.
</FONT>
<P align="left"><FONT size="2"><B>Management Transition</B><BR>
Cameco management underwent
an important transition at
year-end, with the
appointment of Gerald
Grandey as CEO succeeding
Bernard Michel. Mr.&nbsp;Michel
has guided Cameco for
nearly 14&nbsp;years and will
remain as chair of Cameco
until March&nbsp;31, 2003. Mr.
Grandey has been a senior
officer of Cameco since
1993. In addition, Terry
Rogers was appointed senior
vice-president and chief
operating officer, and
George Assie was named
senior vice-president,
marketing and business
development. Mr.&nbsp;Assie has
been with Cameco since 1981
and Mr.&nbsp;Rogers has been
with Cameco&#146;s subsidiary,
Kumtor Operating Company,
since 1999.
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2"><B>Dividends</B><BR>
In December, the company
announced its first
dividend increase, to $0.60
per share annually from
$0.50. Cameco has never
missed a dividend payment
since it went public in
1991.
</FONT>
<P align="left"><FONT size="2"><B>Safety</B><BR>
Cameco, along with its
subsidiaries and long-term
contractors, achieved a
combined accident frequency
of 0.27 lost-time accidents
per 200,000 person hours
worked, which was slightly
higher than last year&#146;s
company record of 0.22.
This accident frequency
compares favourably to the
1.3 and 1.6 frequencies
recorded by the Ontario and
Saskatchewan mining
industries respectively.
Unfortunately, the life of
a mineworker was lost in
the July Kumtor pit wall
failure in Kyrgyzstan.
</FONT>
<P><FONT size="3"><B><I>Consolidated Financial Highlights</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Consolidated Earnings</B><BR>
In 2002, net earnings
attributable to common
shares were $46&nbsp;million
($0.83 per share), a
decrease of $10&nbsp;million
compared to $56&nbsp;million
($1.01 per share) in 2001.
The decline was
attributable to the gold
business where after-tax
earnings declined by $27
million due to the failure
of the pit wall at Kumtor
in July&nbsp;2002. Earnings
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">The four Bruce B reactors were all in
service entering 2003. Together with the
scheduled restart of two Bruce A reactors
before mid-2003, Cameco expects a
significant financial contribution this year
from the generation of nuclear electricity.
The additional investment in Bruce Power
has allowed Cameco to expand its
presence in the nuclear generation market
more quickly than it had expected.
</FONT>

<P align="left"><FONT size="2"><B>Gold</B><BR>
In the gold business, Cameco acquired a
majority interest in March&nbsp;2002 in AGR
which owns 95% of the Boroo gold deposit located
in Mongolia. The Boroo
property is currently being
developed by Cameco. In
November, the company announced
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Consolidated Financial Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">($ millions except where otherwise noted)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>748</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings from operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>89</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>46</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(18</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>251</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">116</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Production</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium concentrates (million lbs U<sub>3</sub>O<sub>8</sub>)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>15.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(15</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium conversion (million kgU)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>12.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Electricity generation (terawatt hours)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>3.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.3</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>2</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">34</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold (thousand oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>176</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(30</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Attributable to common shares.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">For period May&nbsp;12, 2001 to December&nbsp;31, 2001.
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 5
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center"><FONT size="2">&nbsp;
</FONT>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">were also impacted by higher
costs for administration,
exploration and income
taxes. These unfavourable
factors were partially
offset by improved results
in the uranium and
conversion businesses where
gross profits rose due
primarily to increased
volumes. In 2002,
Cameco achieved record
delivery levels for its
uranium products and
conversion services.
Cameco&#146;s share of earnings
from Bruce Power also
improved, rising to $16
million from $12&nbsp;million in
2001. For 2002, the
effective tax rate increased
to 47% from 39% in 2001 as a
higher proportion of pre-tax
income was earned in the
uranium and conversion
businesses and there was
minimal tax relief from the
pre-tax loss in the gold
segment.
</FONT>
<P align="left"><FONT size="2">Earnings from operations
were $89&nbsp;million for 2002
compared to $95&nbsp;million in
2001. The aggregate gross
profit margin declined to
20% from 21% in 2001.
</FONT>
<P><FONT size="3"><B><I>Cash Flow</I></B>
</FONT>

<P align="left"><FONT size="2">In 2002, cash provided by
operating activities was a
record $251&nbsp;million,
representing an increase of
$135&nbsp;million compared to
$116&nbsp;million in 2001. This
increase largely reflects
reduction of accounts
receivable, higher sales
volumes, and a reduction in
uranium inventories.
</FONT>
<P><FONT size="3"><B><I>Inventories</I></B>
</FONT>

<P align="left"><FONT size="2">At the end of 2002, total
product inventories
amounted to $340&nbsp;million,
$14&nbsp;million or 4% lower
than the previous year-end.
There was a reduction in
the quantity of uranium
inventory during the year
as record deliveries
exceeded production and
purchases.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">acquisition of
an additional interest in
Bruce Power this ratio rose
to 19%.
</FONT>
<P><FONT size="3"><B>Business Segments and Corporate Expenses</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Uranium Business</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s uranium business
consists of the McArthur
River, Key Lake and Rabbit
Lake mine/mill operations in
Saskatchewan, two ISL mines
in the US, the Inkai ISL
test mine in Kazakhstan, the
Cigar Lake development
project in Saskatchewan
(currently in the licensing
phase) and uranium
exploration, primarily in
Canada and Australia.
</FONT>
<P align="left"><FONT size="2"><B>Revenue</B><BR>
In 2002, revenue from the
uranium business rose by
11% to $524&nbsp;million from
$471&nbsp;million in 2001 due to
an 11% increase in sales
volume. During the year,
Cameco delivered a record
quantity of uranium
concentrates. Compared to
2001, the average realized
selling price for uranium
concentrates increased only
marginally even though the
spot price averaged $9.86
(US)&nbsp;compared to $8.77 (US)
in 2001. The positive
influence of the spot
market increase was offset
by a lower average realized
price on fixed-price
contracts.
</FONT>
<P align="left"><FONT size="2"><B>Cost of products and services
sold</B><BR>
In 2002, the cost of
products and services sold
was $345&nbsp;million compared
to $298&nbsp;million in 2001, an
increase of
</FONT>
</DIV><DIV style="float: right; width: 32%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Nuclear Revenue<BR>
(by market region)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">The US, Cameco&#146;s largest customer region, accounts for 52% of the company&#146;s total nuclear revenue.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945407.gif" alt="(REVENUE PIE GRAPH)">
</FONT>

<P align="left"><FONT size="2">16% due to the higher sales
volume and a 5% increase in
the average unit cost of
product sold. The unit cost
rose due to a higher
proportion of sales of
purchased material and
higher care and maintenance
expenses at Rabbit Lake,
which were $8&nbsp;million
compared to $6&nbsp;million in
2001. Partially offsetting
these
increases was a reduced
unit cost for McArthur
River production which
benefited from increased
mine and mill operating
efficiencies.
</FONT>
<P align="left"><FONT size="2"><B>Depreciation, depletion and reclamation</B><BR>
In 2002, depreciation,
depletion and reclamation
(DD&#038;R) charges were $83
million, a decrease of $3
million compared to $86
million in 2001. In spite of
higher sales volume, total
DD&#038;R declined due to the
higher proportion of sales
of
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P><FONT size="3"><B><I>Debt</I></B>
</FONT>

<P align="left"><FONT size="2">At the end of 2002, total
outstanding debt amounted to
$225&nbsp;million, a decrease of
$129&nbsp;million compared to
$354&nbsp;million at the end of
2001. The net debt to
capitalization ratio
declined to 8% from 15% in
2001. In February&nbsp;2003, with
the
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Uranium Business Financial Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Production
(million lbs U<SUB>3</SUB>O<SUB>8</SUB>)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>15.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">18.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(15</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>524</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>96</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">9</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>18</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(5</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before taxes ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>87</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 6
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Uranium Operating Highlights</B>
</FONT></DIV>

<P><FONT size="2">
 (100% basis except where noted otherwise)
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>McArthur River/Key Lake</B>*</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>Rabbit Lake</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="6"><FONT size="2" color="#000000"><B>Smith Ranch/Highland</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="6"><FONT size="2" color="#000000"><B>Crow Butte</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tonnes milled</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>211,263</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">197,717</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>98,227</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139,288</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">n/a</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">n/a</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Production (million lbs U<SUB>3</SUB>O<SUB>8</SUB>)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>18.7</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">18.0</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1.1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>0.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco&#146;s share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>13.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12.6</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>1.1</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.8</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>0.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Recovery (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>98.9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">98.3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>96.8</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">n/a</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">n/a</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="33" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average mill head grade (% U<SUB>3</SUB>O<SUB>8</SUB>)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4.06</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4.31</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>0.76</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">n/a</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>n/a</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">n/a</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">McArthur River ore is milled at Key Lake. Due to licence conditions, stockpiled low-grade ore at Key Lake is used to dilute the grade of McArthur River ore.
</FONT></TD>
</TR>
</TABLE>


<P align="center"><HR size="1" width="100%" noshade>
<DIV><!--  nbsp -->&nbsp;<BR clear="all"></DIV>

<DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">purchased material. In
addition, the unit cost
for McArthur River
production declined in
comparison to 2001 as the
result of higher reported
reserves.
</FONT>
<P align="left"><FONT size="2"><B>Gross profit</B><BR>
In 2002, gross profit
from the uranium business
amounted to $96&nbsp;million
compared to $88&nbsp;million
in 2001, an increase of
$8&nbsp;million or 9%. This
improvement was mainly
attributable to the 11%
increase in deliveries of
uranium concentrates. The
gross profit margin for
the uranium business fell
marginally to 18% from
19% due to a higher
average unit cost.
</FONT>
<P align="left"><FONT size="2"><B>Uranium exploration</B><BR>
In 2002, uranium
exploration expenditures
were $12&nbsp;million, up $2
million compared to 2001.
Exploration efforts
continue to be focused on
prospects in Canada and
Australia which are
considered to have the
best potential for
economically attractive
discoveries.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">
15.9&nbsp;million pounds U<sub>3</sub>O<sub>8</sub>,
Cameco&#146;s share of
production declined almost
3&nbsp;million pounds or 15% in
2002 due to lower than
planned production at
Rabbit Lake.
</FONT>
<P><FONT size="3"><B><I>Conversion Business</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s conversion
business consists of the
uranium refining and
conversion facilities
located in Ontario.
</FONT>
<P align="left"><FONT size="2"><B>Revenue</B><BR>
In 2002, revenue from the
conversion business rose by
20% to $137&nbsp;million from
$114&nbsp;million in 2001 due to
a 17% increase in sales
volume and a 3% improvement
in the realized price. In
2002, Cameco sold a record
quantity of conversion
services.
</FONT>
<P align="left"><FONT size="2"><B>Cost of products and services
sold</B><BR>
In 2002, the cost of
products and services sold
was $83&nbsp;million compared to
$72&nbsp;million in 2001, an
increase of 15%. This
increase was attributable
to the higher
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">sales volume
and was partially offset by
a 2% decrease in the unit
cost of product sold. Lower
conversion costs in 2002
were the result of a 13%
increase in production and
more favourable costs for
purchased conversion
services.
</FONT>
<P align="left"><FONT size="2"><B>Depreciation, depletion and reclamation</B><BR>
In 2002, depreciation,
depletion and reclamation
(DD&#038;R) charges were $10
million, a decrease of $4
million compared to $14
million in 2001. In spite of
the higher deliveries, total
DD&#038;R declined due to selling
a higher proportion of
purchased conversion and an
increase in the estimated
life of the conversion
facilities. Late in 2001,
the company conducted an
assessment of the estimated
useful lives of its
conversion facilities and
concluded that it was
appropriate to extend
previous estimates by 10
years.
</FONT>
<P align="left"><FONT size="2"><B>Gross profit</B><BR>
In 2002, gross profit from
the conversion business was
$45&nbsp;million compared to
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Gain on property interests</B><BR>
In July of 2002, Cameco
acquired a 35.3% interest
in UEX Corporation (UEX)
in exchange for the
transfer to UEX of certain
Saskatchewan-based
exploration properties. In
so doing, Cameco
recognized a gain of $3
million.
</FONT>
<P align="left"><FONT size="2"><B>Uranium production</B><BR>
The schedule (see top of
page) summarizes the 2002
milling statistics for
Cameco&#146;s uranium
production centres. At
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Conversion Business Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Production (million kgU)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>12.4</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11.0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>137</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">114</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>45</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">61</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>32</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">28</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before taxes ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>42</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">61</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 7
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">$28&nbsp;million in 2001, an
increase of $17
million.
</FONT>
<P><FONT size="3"><B><I>Electricity Business</I></B>
</FONT>

<P align="left"><FONT size="2">The operating year included
a series of major planned
outages to prepare the four
Bruce B reactors for better
long-term service. As a
result, power generation by
the B reactors was limited
to 20.8 terawatt hours,
reflecting a capacity factor
of 75%. The average realized
price was approximately
$44/MWh compared to about
$38/MWh in 2001. Interest
cost of $63&nbsp;million included
interest on the long-term
lease and the deferred lease
payments due to OPG.
</FONT>

<P align="left"><FONT size="2">In 2002, Cameco recorded
earnings before taxes of $16
million from its 15% limited
partnership interest in
Bruce Power.
</FONT>

<P>
<FONT size="3"><B><I>Gold Business</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco&#146;s gold business
consists of one operating
mine, one mine
in development and several
exploration properties.
Through wholly owned
subsidiaries, Cameco owns a
one-third interest in and
operates the Kumtor gold
mine located in Kyrgyzstan,
Central Asia. The Republic
of Kyrgyzstan, through
Kyrgyzaltyn, owns the
remaining two-thirds.
</FONT>
</DIV>

<DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Electricity Business Financial Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">Bruce Power Limited Partnership (100% basis)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"  nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001<SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"  nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB" ><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Output (terawatt hours)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>20.8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">34</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capacity factor (%)<SUP>2</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>75</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(14</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">


<TD><FONT size="2"><B>($&nbsp;millions)</B><BR>Revenue</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>919</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">599</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">53</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Operating costs</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>750</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">59</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before interest &#038; taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>169</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">32</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>63</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">41</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">54</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>106</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">22</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco&#146;s 15% interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>16</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">23</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Adjustments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>&#151;</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">(1</FONT></TD>
    <TD nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco&#146;s share of earnings before taxes</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>16</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">33</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="11" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">The comparative data in 2001 is for a 7.5-month period from May&nbsp;12 to December&nbsp;31.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Capacity factor for a given period represents the amount of electricity actually produced for sale as a percentage of the amount of
electricity the plants are capable of producing for sale.
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">


<DIV align="left"><FONT size="2">Cameco acquired in 2002
majority ownership of AGR,
which holds a controlling
interest in the Boroo
development project located
in Mongolia. Commercial
production at Boroo is not
expected until early 2004.
Cameco&#146;s exploration
interests are located in
North America and Central
Asia.
</FONT>
</DIV>

<P align="left"><FONT size="2"><B>Significant Event</B><BR>
In July&nbsp;2002, there was a failure of the
pit wall at the Kumtor mine site. This
event brought about a significant revision
to the mining plan for 2002. Since July,
Kumtor has been milling lower grades
and experiencing lower recovery rates,
with production reduced by about
172,000 ounces (100% basis) from the
2002 plan. The production decline also
caused a significant increase in the unit
cash cost which is expected to continue until mid-2003 when higher
grade ore, buried by the
pit wall failure, is
expected to become
accessible.
</FONT>

</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2"><B>Revenue</B><BR>
In 2002, revenue from the
gold business declined 24%
to $87&nbsp;million from $115
million in 2001, reflecting
a 28% decrease in sales
volume which more than
offset an increase in the
average realized selling
price. Cameco&#146;s realized
price for gold was $300
(US)&nbsp;per ounce in 2002
compared to $292 (US)&nbsp;in
2001.
</FONT>

<P align="left"><FONT size="2">The average spot market
price for gold during 2002
was $310 (US)&nbsp;per ounce,
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">up 14% from the average
price of $271 (US)&nbsp;for
2001. KGC&#146;s hedge position
at December&nbsp;31, 2002 was
769,400 ounces. It is
expected that these hedges
will yield average prices
in the range of $310 (US)
to $317 (US)&nbsp;per ounce.
The mark-to-market loss on
these hedge positions is
fully guaranteed by Cameco
and amounted to $38
million (US)&nbsp;at December
31, 2002, based on a spot
gold price of $347 (US).
</FONT>

<P align="left"><FONT size="2"><B>Cost of products and services sold</B><BR>
In 2002, the cost of
products and services sold
was $58&nbsp;million compared to
$52
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV>&nbsp;</DIV>
<DIV style="float: right; width: 66%">

<P>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Gold Business Financial Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>87</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">115</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(24</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>9</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(74</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gross profit (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>10</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(66</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Earnings before taxes ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>(3</B></FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2"><B>)</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(112</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Sales volume (Cameco&#146;s share in 000 oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>174</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">243</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(28</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Selling price ($US/oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>300</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">292</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash cost* ($US/oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>216</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">As defined by the Gold Institute.
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">


<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 8
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center"><FONT size="2">&nbsp;
</FONT>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Gold Operating Highlights</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">% change</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Reserves &#151; proven and probable (000 tonnes)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>34,514</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">31,222</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Average grade (g/t)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4.13</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contained gold (000 oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4,588</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">3,864</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">19</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tonnes milled (000 tonnes)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>5,611</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5,470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Grade (g/t)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>3.71</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(28</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Mill recovery (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>78.1</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">83.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(6</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Production (000 oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>528.6</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">752.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(30</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Production (Cameco&#146;s share in 000 oz)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>176.2</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">250.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(30</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash cost ($US/oz)*</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>216</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">52</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">As defined by the Gold Institute.
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">an increase of $7&nbsp;million.
Compared to 2001, the
effective tax rate increased
to 47% from 39% due to a
higher proportion of pre-tax
income being earned in the
uranium and conversion
businesses and minimal tax
relief from the pre-tax loss
in the gold business.
Earnings from the gold
business generally occur in
lower tax jurisdictions than
earnings from the uranium
and conversion
businesses.
</FONT>
<P align="left"><FONT size="2">The effective tax rate
includes the large
corporation tax which
amounted to $5&nbsp;million in
each of 2002 and 2001.
See note 15 to the
consolidated financial
statements.
</FONT>

<P><FONT size="3"><B>Cash and Liquidity</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Cash Resources</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Operating Activities</B><BR>
In 2002, Cameco generated
cash from operations of
$251&nbsp;million ($4.50 per
share) compared to $116
million ($2.10 per share)
in 2001.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">million in 2001, an increase
of $6&nbsp;million. The higher
costs were largely
attributable to addressing
the pit wall failure and
partial reconfiguration of
the pit. Mill production at
Kumtor was 30% lower than in
2001 due mainly to lower
grade ore which averaged 3.7
grams per tonne (g/t) in
2002 compared to 5.1 g/t the
year before. Production was
also influenced by a reduced
recovery rate which
decreased to 78% from 83% in
the prior year.
</FONT>
<P align="left"><FONT size="2">The cash cost* per ounce
increased to $216 (US)&nbsp;from
$142 (US)&nbsp;in 2001 as the
result of the lower
production. The reported
cash cost per ounce was
also impacted by the
conclusion of a five-year
tax indemnification period
in May of 2002. Income
taxes paid by Kumtor are
included in the cash cost
as defined by the Gold
Institute. Since May&nbsp;2002,
under an agreement with the
government of Kyrgyzstan,
Cameco has been reimbursed
for its share of these
taxes. In 2002, the
indemnified tax amounted to
$13 (US)&nbsp;per ounce.
</FONT>
<P align="left"><FONT size="2"><B>Depreciation,
depletion and
reclamation</B><BR>
In 2002, depreciation,
depletion and reclamation
(DD&#038;R) charges were $20
million, a decline of $9
million compared to $29
million in 2001 due mainly
to the lower production. On
a unit basis, the
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">DD&#038;R rate fell to $73
(US)&nbsp;per ounce from $77
(US)&nbsp;in 2001 as the
result of higher
reserves.
</FONT>
<P align="left"><FONT size="2"><B>Gross profit</B><BR>
In 2002, gross profit from
the gold business amounted
to $9&nbsp;million compared to
$34&nbsp;million in 2001, a
decrease of $25&nbsp;million or
74%. The gross profit
margin for gold was 10%
compared to 29% in 2001. On
a unit basis, the higher
cash costs* more than
offset higher prices and
the reduced DD&#038;R rate.
</FONT>
<P align="left"><FONT size="2"><B>Gold exploration</B><BR>
In 2002, gold exploration
expenditures increased to
$10&nbsp;million from $8&nbsp;million
in the prior year with
about 65% of the total
exploration expenditures
incurred in North America.
</FONT>
<P><FONT size="3"><B><I>Corporate Expenses</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Administration</B><BR>
In 2002, administration
costs of $42&nbsp;million
increased by $5&nbsp;million
compared to 2001 due
primarily to the addition
of the administration costs
of AGR, control of which
was acquired in March of
2002.
</FONT>
<P align="left"><FONT size="2"><B>Income Taxes</B><BR>
In 2002, income tax expense
was $49&nbsp;million compared to
$42&nbsp;million in 2001,
</FONT>
</DIV><DIV style="float: right; width: 32%">

<DIV align="left"><FONT size="2">This increase of
$135&nbsp;million largely
reflects a reduction of
accounts receivable, higher
sales volumes and the
reduction in uranium
inventories. Due to the
high volume of uranium
deliveries late in 2001,
accounts receivable were
higher than usual at the
end of
that year. These were
collected early in 2002.</FONT></DIV>

<P align="left"><FONT size="2"><B>Investing Activities</B><BR>
In 2002, cash used in
investing activities was $74
million compared to $131
million in the prior year.
Significant investments
included the Boroo project
($24&nbsp;million) and an
additional $33&nbsp;million to
Bruce Power for the A
restart program bringing
Cameco&#146;s total cash
investment in Bruce Power to
$93&nbsp;million.
</FONT>
<P align="left"><FONT size="2">In 2001, the investment in
Bruce Power ($88&nbsp;million),
including fabricated fuel
inventory, was made.
</FONT>
<P align="left"><FONT size="2">During 2002, Cameco
received $15&nbsp;million (US)
in repayment of principal
on
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><HR size="1" width="100%" noshade>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">As defined by the Gold Institute.
</FONT></TD>
</TR>
</TABLE>
<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 9
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Cash From Operations<BR>
($&nbsp;millions)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">In 2002, Cameco used record cash flow to pay down $130&nbsp;million in debt as well as fund capital expenditures, dividends and preferred security charges.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945414.gif" alt="(CASH FROM OPERATIONS BAR CHART)">
</FONT>

<P align="left"><FONT size="2">the subordinated loan to
KGC compared to $21&nbsp;million
(US)&nbsp;in 2001. The failure
of the pit wall at Kumtor
limited the amount of cash
available for repayment. In
accordance with the terms
of the loan agreement, a
shortfall of $6&nbsp;million
(US)&nbsp;in principal repayment
has been deferred. At
December&nbsp;31, 2002, the
outstanding balance on this
loan was $61&nbsp;million (US).
The cash
shortfall also necessitated
the rescheduling of senior
debt for which the December
2002 and June&nbsp;2003
principal repayments have
been deferred.
</FONT>
<P align="left"><FONT size="2"><B>Financing Activities</B><BR>
During the year, cash
provided by operating
activities exceeded the
cash used in investing
activities by $176&nbsp;million.
After meeting its
obligations for dividends
and preferred securities
charges, Cameco was able to
reduce its debt by $129
million.
</FONT>
<P align="left"><FONT size="2">In February&nbsp;2003, Cameco
increased its debt to
about $400&nbsp;million upon
closing of the Bruce Power
transaction.
</FONT>
<P align="left"><FONT size="2"><B>Quarterly Financial Results</B><BR>
Cameco&#146;s uranium
deliveries vary
significantly from quarter
to quarter with the fourth
quarter typically having
the heaviest volume during
the year. Accordingly, the
company&#146;s quarterly
earnings and cash flow
fluctuate as well.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">In 2002, the company
achieved records in
revenues at $748&nbsp;million
and cash provided by
operations at $251
million.
</FONT>
<P align="left"><FONT size="3"><B><I>Liquidity and
Capital Resources</I></B>
</FONT>
<P align="left"><FONT size="2"><B>Overview</B><BR>
Financial liquidity
represents the company&#146;s
ability to fund future
operating activities and
investments. Some important
measures of liquidity are
summarized in the table on
the next page.
</FONT>
<P align="left"><FONT size="2">Access to capital in the
future will be dependent
upon the prevailing
conditions in the markets
and upon the extent to
which investors support the
company&#146;s business plan.
Cameco last issued common
equity in the capital
markets in 1997 and last
issued debt in the capital
markets in 2001. The
company renewed its
revolving credit facility
in December&nbsp;2002.
</FONT>
<P align="left"><FONT size="2"><B>Indicators Defined</B><BR>
Cash provided by
operations reflects the
net cash flow generated by
operating activities after
consideration for changes
in other operating items
including working capital.
</FONT>
<P align="left"><FONT size="2">Cash provided by
operations to net debt
indicates the company&#146;s
ability to meet debt
obligations from
internally generated
funds.
</FONT>
<P align="left"><FONT size="2">Net debt to total
capitalization measures the
company&#146;s use of financial
leverage. A lower
percentage means less
reliance upon debt as a
source of financing.
Although debt is a lower
cost method of financing
compared to equity, a lower
percentage of debt also
represents less exposure to
fixed payment obligations.
</FONT>
<P align="left"><FONT size="2"><B>Credit Ratings</B><BR>
As of February&nbsp;2003, the
company has the following
ratings from third-party
rating agencies:
</FONT>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Standard &#038; Poor&#146;s<BR>
&#147;A-&#148; with a stable outlook.
</FONT></TD>
</TR>
</TABLE>
</DIV><DIV style="float: right; width: 32%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Moody&#146;s<BR>
&#147;Baa1&#148; following Cameco&#146;s
announcement to increase its
interest in Bruce Power from
15% to 31.6%.
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">DBRS<BR>
&#147;A (low)&#148; with a stable outlook.
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><B>Debt</B><BR>
After cash flow from
operations, debt is used to
provide liquidity. Cameco
has access to about $719
million in unsecured lines
of credit.
</FONT>
<P align="left"><FONT size="2">Commercial lenders have
provided a $425-million
unsecured revolving credit
facility that was negotiated
in December&nbsp;2002 and is
available in two tranches.
The first tranche is a
three-year, $200-million
revolving facility. The
second tranche is a
$225-million revolving
facility available for 364
days with a two-year
term-out option. (This
means, as long as the
company is not in default,
Cameco has the option to
extend the repayment date on
the balance outstanding at
maturity of the tranche for
an additional two years.) Up
to $100&nbsp;million of this
facility can be used to
support letters of credit.
The facility ranks pari
passu (or equal ranking)
with all other senior debt
of the company. The company
may borrow directly from
investors by issuing
commercial paper up to $400
million. To the extent
necessary, Cameco uses the
revolving credit facility to
provide liquidity support
for its commercial paper
program.
</FONT>
<P align="left"><FONT size="2">Cameco also has agreements
with various financial
institutions to provide up
to $294&nbsp;million in
short-term borrowing and
letter of credit facilities.
These arrangements are
predominantly used to
fulfill regulatory
requirements to provide
financial assurance for
future reclamation of the
company&#146;s operating sites.
See note 6 to the
consolidated financial
statements.
</FONT>
<P align="left"><FONT size="2">Cameco operates within the
investment-grade segment
(high-credit quality) of the
market when obtaining
credit. The cost, terms and
conditions under which
financing is available vary
over time. While
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 10
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Quarterly Financial Results</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="18"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="18"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">($ millions except per share amounts)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q1</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q3</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>Year</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Q4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Year</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revenue</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">124</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">195</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">158</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">271</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>748</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">139</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">701</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="42" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net earnings*</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">22</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>46</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="42" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">-per share*</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.09</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.22</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.12</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.40</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.83</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="42" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">134</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">80</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">22</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">15</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>251</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">63</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="42" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">-per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2.41</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1.44</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.40</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.25</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>4.50</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">2.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="42" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash dividends</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.125</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.125</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.125</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">0.125</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>0.50</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">0.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Attributable to common shares.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Liquidity Indicators</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="43%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000"><B>2002</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2000</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">1999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">1998</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">1997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations ($&nbsp;millions)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>251</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">116</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">224</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">237</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">162</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cash provided by operations/net debt<SUP>2</SUP> (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>151</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">36</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>1</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">86</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">80</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">42</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="25" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Net debt<SUP>2</SUP>/total capitalization (%)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>8</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">23</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Unusually low due to large amounts of deliveries late in the fourth quarter for which payment was received in early 2002.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Total debt less cash and cash equivalents.
</FONT></TD>
</TR>
</TABLE>

<P><HR size="1" width="100%" noshade>

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">future access to credit
cannot be assured, it was
readily available during
2002.
</FONT>
<P align="left"><FONT size="2"><B>Preferred Securities</B><BR>
Cameco&#146;s issue of preferred
securities ($125&nbsp;million
(US)) is redeemable at par
on or after October&nbsp;14,
2003. Currently, the
company has not determined
whether the issue will be
redeemed in 2003.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">principal at
the end of 2002 was $61
million (US)&nbsp;compared to $76
million (US)&nbsp;at year-end
2001. Scheduled interest
payments were made when due
during 2002. At the end of
each year, accrued interest
was not a material amount.
Cameco also invested $45
million (US)&nbsp;as an equity
contribution in 1996.
</FONT>
<P align="left"><FONT size="2">Effective April&nbsp;29, 2002,
KGC entered into a new
credit agreement to
refinance
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">its senior debt.
The term was extended to
June&nbsp;1, 2006 and a group
of noncommercial lenders
was replaced with a
consortium of commercial
banks. In November&nbsp;2002,
the credit
agreement was amended to
defer the December&nbsp;2002
and June&nbsp;2003 semi-annual
principal payments until
the period December&nbsp;2004
to June&nbsp;2006. The senior
debt is the direct
obligation of KGC,
although Cameco has
guaranteed the payment of
principal and interest
owing. See note 18 to the
consolidated financial
statements. Under
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Kumtor Gold Company</B><BR>
To finance the Kumtor gold
project, a consortium of
financial institutions
advanced $285&nbsp;million (US)
in senior and subordinated
loans to the project in
1996. During 2002, KGC
repaid $15&nbsp;million (US)&nbsp;of
these third-party loans.
After these repayments, the
outstanding balances were
$77&nbsp;million (US)&nbsp;in senior
debt and $20&nbsp;million (US)&nbsp;in
subordinated debt. Since
Cameco proportionately
consolidates its interest in
KGC, $32&nbsp;million (US) ($51
million (Cdn)) of the
remaining loans were
included in Cameco&#146;s
long-term debt. See note 6
to the consolidated
financial statements.

</FONT>
<P align="left"><FONT size="2">In addition, Cameco provided
a subordinated loan of $107
million (US)&nbsp;to the project.
The outstanding
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Kumtor Gold Company Capital Structure</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="3"><FONT size="2" color="#000000">($US millions)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Initial Funding</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Balance at Dec. 31, 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Third party</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Senior *</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">265</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Subordinated</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total third party</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">285</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">97</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Cameco subordinated loan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">107</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">392</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="11" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">45</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="3"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total Capital</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">437</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">203</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Cameco has guaranteed the payment of all principal and interest that becomes due on the senior debt.
</FONT></TD>
</TR>
</TABLE>

</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 11
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">current production plans,
the guarantee is not
expected to be called upon
so long as the remaining
unhedged production is sold
at prices of at least $190
(US)&nbsp;per ounce.
</FONT>
<P align="left"><FONT size="2">As part of the Kumtor
financing
arrangements, KGC must
maintain a debt reserve
bank account as described
in note 5 to the
consolidated financial
statements.
</FONT>
<P align="left"><FONT size="2"><B>Debt Covenants</B><BR>
Cameco is bound by certain
covenants in its general
credit facilities and in
those of Kumtor. The
financially related
covenants place
restrictions on total debt,
including guarantees, and
set minimum levels for net
worth. As of December&nbsp;31,
2002, Cameco met these
financial covenants and
does not expect its
operating and investment
activities in 2003 to be
constrained by them.
</FONT>
<P><FONT size="3"><B>Markets</B><BR>
<HR size="1" noshade>
</FONT>

<P><FONT size="3"><B><I>Uranium Market Review</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Spot Uranium Market</B><BR>
</FONT>
<P align="left"><FONT size="2">Cameco observed that spot
market demand in 2002 was
steady through the year,
however some aggressive
sellers of
uranium inventory in the form of UF<sub>6</sub>
(that is, combined U<sub>3</sub>O<sub>8</sub> and
conversion services) caused
the U<sub>3</sub>O<sub>8</sub> price to remain
relatively flat. Over the
year the spot price
experienced a modest 7%
increase, closing the year
at $10.20 (US)&nbsp;per pound
U<sub>3</sub>O<sub>8</sub>. As
in recent years, the spot
market represented only
about 12% of the western
world&#146;s uranium
consumption.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">with estimated spot market
sales of about 19&nbsp;million
pounds, represented only
about 60% of western
consumption during the year.
</FONT>
<P align="left"><FONT size="2"><B>Spot Conversion Market</B><BR>
Spot prices for UF<sub>6</sub> conversion services
in the US market declined
by 4% during 2002 to $5.03
(US)&nbsp;per kgU. Management
believes this decline
resulted from
aggressively priced UF<sub>6</sub> inventory sales
as previously mentioned, in addition to
the presence of ample supplies of UF<sub>6</sub>
conversion services. In
contrast, supplies in the
European market are tight
and the spot price rose by
10%, closing the year at
$6.13 (US).
</FONT>
<P align="left"><FONT size="2"><B>Market Significance to Cameco</B><BR>
Cameco does not generally
sell uranium and conversion
services in the spot
markets. However, it has
been an active buyer in
both spot markets. About
60% of Cameco&#146;s uranium
under long-term contract is
sold at prices which
reference the spot market
price near the time of
delivery, and a
significantly lower
percentage of the company&#146;s
conversion contracts
reference
the spot market price near
the time the service is
provided.
</FONT>
</DIV><DIV style="float: right; width: 32%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Western World Contract Volumes<BR>
(million lbs U<sub>3</sub>O<sub>8</sub>)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">During the past three years about 80% of the western world&#146;s contracting took place in the long-term market.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945417.gif" alt="(CONTRACT VOLUMES BAR GRAPH)">
</FONT>



<P align="left"><FONT size="2">The company has more than
100&nbsp;million pounds U<sub>3</sub>O<sub>8</sub> and
over 60,000 tonnes of
uranium conversion services
under contract for delivery
during the next 10&nbsp;years.
Cameco also has purchase
commitments, the majority
of which are under
long-term, fixed-price
arrangements, for uranium
products and services from
various sources totalling
$1.1&nbsp;billion (US)&nbsp;at
December&nbsp;31, 2002. See note
24 to the consolidated
financial statements.
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Long-Term Uranium Market</B><BR>
The published long-term
contract price indicator
closed the year at $10.75
(US), only a 2% increase
during 2002, reflecting
continued inventory
draw-down and the adequacy
of competitive supplies.
</FONT>
<P align="left"><FONT size="2">Analysts believe that
long-term contracting in
2002 by western world
utilities was about 70
million pounds. This,
combined
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Uranium Market Review</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2"><B>Year-End Prices</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">$ US/lb U<sub>3</sub>O<sub>8</sub></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">Market</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><B>2002</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Spot uranium*</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>10.20</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">9.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term uranium</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>10.75</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Spot prices are industry averages.
</FONT></TD>
</TR>
</TABLE>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Spot Conversion Market Review</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2"><B>Year-End Prices</B>*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="10"><FONT size="2">$ US/kgU as UF<sub>6</sub></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2">Spot UF<sub>6</sub> conversion market</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2"><B>2002</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2">% change</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><HR size="1" color="#000000" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">North America</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>5.03</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD nowrap align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">(4</FONT></TD>
    <TD nowrap bgcolor="#DEE0CB"><FONT size="2">)</FONT></TD>
</TR>
<TR>
    <TD colspan="13" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Europe</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>6.13</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">5.55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">10</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">All prices are industry averages.
</FONT></TD>
</TR>
</TABLE>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 12
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="3"><B><I>Trends in the Nuclear Power
Industry</I></B>
</FONT>
<P align="left"><FONT size="2">A number of important trends
continue to evolve which
have the potential to affect
Cameco&#146;s business
environment.
</FONT>
<P align="left"><FONT size="2"><B>Nuclear Utilities Consolidate</B><BR>
Electric utilities in the
US and Europe continued to
restructure in 2002,
albeit at a slower pace
than in the previous five
years. Consolidation can
be expected to continue in
response to market
deregulation resulting in
more concentrated customer
buying power.
</FONT>
<P align="left"><FONT size="2"><B>Nuclear Plants Operate Better</B><BR>
Utilities continue to
upgrade the performance of
their nuclear reactors,
generating more electricity
at lower costs. In the US,
capacity factors, which are
expected to continue their
steady improvement,
averaged nearly 92% in
2002, about 1% higher than
in 2001. (Capacity factor
measures how efficiently
reactors operate.) Non-US
generators also increased
2002 capacity factors,
including Switzerland and
Mexico where capacity
factors increased by 1% and
5% respectively.
</FONT>
<P align="left"><FONT size="2">European countries
maintained their high
levels of nuclear
generation performance. In
Sweden, nuclear&#146;s share of
overall domestic
electricity production
increased 2% to 46%, and in
France, the nuclear
generated share of
electricity also rose 2%,
accounting for 78% of total
electricity generated in
2002.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">demand for uranium
concentrates and conversion
services.
</FONT>
<P align="left"><FONT size="2">In 2002, US regulators
authorized uprates at 18 of
the nation&#146;s 104 reactors,
resulting in an increase in
capacity of about 700
megawatts (equivalent to
the capacity of one average
size nuclear reactor).
Nuclear reactors in other
countries have also
increased capacity in the
past through uprates, a
trend that Cameco expects
to continue.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>US Capacity Factor<BR>
(%)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">US nuclear utilities have increased output from existing reactors enough to add the equivalent of 13 new 1,000-megawatt power plants in the last five years.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945420.gif" alt="(CAPACITY FACTOR BAR GRAPH)">
</FONT>

<P align="left"><FONT size="2"><B>Nuclear Plant Licence Extensions</B><br>
In 2002, four US nuclear
units received 20-year
licence extensions, joining
the six that received
extensions in 2001 and
2000. Operators of an
additional 40 units have
applied or are expected to
apply for
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">extensions in the
next few years. In total,
this represents about 50%
of the US nuclear
generating capacity.
</FONT>
<P align="left"><FONT size="2">The Russian government has
implemented a program of
safety and equipment
upgrades to extend the
lives of most of its
nuclear reactors.
</FONT>
<P align="left"><FONT size="2"><B>New Nuclear Construction</B><BR>
Six new reactors began
commercial operation around
the world in 2002, three in
China, two in South Korea,
and one in Japan. In
addition, construction began
on a further six units in
India and four in South
Korea.
</FONT>
<P align="left"><FONT size="2">In Finland, the government
approved the construction
of a fifth reactor,
expected to commence
operations later in the
decade. In the US,
Tennessee Valley Authority
announced that it would
spend some $1.8&nbsp;billion
(US)&nbsp;to return the Brown&#146;s
Ferry 1 unit to operation
by 2007. Russia has
announced that it would
complete the construction
of four partially built
units by 2006. Financing
has been secured to
complete two units in
Ukraine and one in Romania.
</FONT>
<P align="left"><FONT size="2">In Canada, six units
mothballed in the latter
part of the 1990s are
expected to return to
service in the course of
the next few years.
</FONT>
<P align="left"><FONT size="2">In 2003, Brazil and
Bulgaria are expected to
approve and begin
construction of two units
that were halted in the
1990s. In the
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2"><B>Existing Nuclear Plants</B><BR><B>
Increase Capacity</B><BR>
Nuclear plants continue
to increase generating
capacity through uprates,
that is, increasing the
nominal level of output
through installation of
more efficient equipment
and/or improved
instrumentation. These
uprates can increase a
power plant&#146;s capacity by
2% to 20%. In most cases,
an increase in capacity
translates into increased
</FONT>
</DIV><DIV style="float: right; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>CO<sub>2</sub> Emission by Fuel Type<BR>
(g CO<sub>2</sub>/kWh)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">Nuclear power provides countries around the world with the opportunity to reduce carbon dioxide emissions in order to achieve Kyoto targets.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945421.gif" alt="(EMISSION BY FUEL TYPE BAR GRAPH)">
</FONT>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 13
</B></FONT>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">US, three utilities are
expected to submit
applications to the
Nuclear Regulatory
Commission (NRC)&nbsp;for
approval of sites where
new reactors could be
built.
</FONT>
<P align="left"><FONT size="2"><B>Nuclear Power and Politics</B><BR>
In Europe, reactors in some
countries are scheduled to
close in the short term as
a result of political
decisions. However, the
policies of these countries
may change to address
economic and environmental
realities as well as the
need to expand electricity
supply to meet demand
growth.
</FONT>
<P align="left"><FONT size="2">In Sweden, the government
is expected to decide
whether or not to close one
reactor at the end of 2003.
At least two reports to the
government have recommended
against closure, citing the
lack of emission-free
replacement power and the
potential for power
shortages. A recent Swedish
opinion poll shows that 83%
favour keeping the reactor
operating along with
Sweden&#146;s other reactors,
conditional only upon
continued safe operation.
</FONT>
<P align="left"><FONT size="2">The Belgian government has
voted to limit the
operation of the country&#146;s
nuclear reactors to 40
years, effectively calling
for a
phase-out of nuclear by
2025. However, the
government stated that the
phase-out will be delayed
if clean replacement power
is not available. Nuclear
generated electricity
accounts for about 60% of
Belgium&#146;s electricity
supply.
</FONT>
<P align="left"><FONT size="2">As a condition of joining
the European Union (EU),
Lithuania, Slovakia and
Bulgaria have agreed to
close eight old Soviet-era
reactors which the EU
believes fail to meet
western safety standards.
</FONT>
<P align="left"><FONT size="2">In the US, a public
opinion survey conducted
in late 2002 for the
Nuclear Energy Institute,
indicated that 65% of
Americans supported the
construction of new
nuclear power plants.
</FONT>
<P align="left"><FONT size="2">One of the characteristics
of the nuclear industry is
stringent regulation. In
2002, the Japanese
regulator severely
penalized its largest
nuclear operator, Tokyo
Electric Power Company,
for falsifying
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">certain
documentation. All 17 of
its reactors will shut
down in 2003 on a
temporary basis for
inspection while one unit
will be removed from
service for one year as a
penalty.
</FONT>
<P align="left"><FONT size="2"><B>Cost of Energy Supply</B><BR>
In 2001, the latest year
for which data is
available, the direct costs
of US nuclear electricity
production continued, for
the third consecutive year,
to be lower than the cost
of electricity from coal
plants. Other than hydro,
nuclear energy is the
cheapest source of
electricity. This is
largely attributable to
improved performance of US
nuclear power plants.
</FONT>
<P align="left"><FONT size="2"><B>Impact on the Global
Nuclear Industry</B><BR>
The foregoing trends are
generally positive for
nuclear energy. However, it
is difficult to know
whether these trends and
the national debates on the
long-term future of nuclear
power will eventually
result in more or less
favourable conditions for
the nuclear industry. Of
note, however, is that the
two most populous
countries, China and India,
representing over one-half
of the world&#146;s population,
are committed to increasing
their share of nuclear
generated electricity.
</FONT>
<P align="left"><FONT size="2">New construction, improved
reactor operations, uprates
and the extension of reactor
lives make it highly likely
that, at least, the current
demand for uranium and
conversion services will
continue for many years. In
the shorter term,
perceptions that there are
ample uranium supplies are
likely to change as excess
inventories continue to
decline. This change should
favourably impact future
uranium prices. The cost of
secondary supplies continues
to exert a negative
influence on market prices.
In the future, as
inventories dwindle, it is
expected that uranium prices
will more closely reflect
the cost of primary mine
production.
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">The increased attention to
the risks associated with
international terrorist
organizations does not
appear to have had an
adverse impact on public
acceptance of nuclear power.
Also, recent independent
studies indicate that
nuclear plants remain the
most robust of industrial
facilities, adequately
protected against natural
disasters and terrorist
attacks, including direct
land assaults and airplane
crashes.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Ontario Electricity Spot Price<BR>
(Monthly Weighted Average $/MWh)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">Following market deregulation in May&nbsp;2002, the average spot price was $56 per MWh for the year.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945422.gif" alt="(SPOT PRICE LINE GRAPH)">
</FONT>

<P><FONT size="3"><B><I>Ontario Electricity Market Review</I></B>
</FONT>

<P align="left"><FONT size="2">In Ontario, the retail and
wholesale power markets
were deregulated on May&nbsp;1,
2002. Due to a number of
factors, including an
unusually hot, dry summer,
spot power prices climbed
to unexpectedly high
levels. Prices in September
averaged $83/megawatt hour
(MWh) compared to an
average price before
deregulation of about
$38/MWh. In response, the
Ontario government froze
retail market prices at
$43/MWh until 2006 for
smaller consumers.
</FONT>
<P align="left"><FONT size="2"><B>Impact on Bruce Power</B><BR>
This has had no direct
impact on spot prices in
the wholesale electricity
market into which Bruce
Power sells its production.
However, the level of
activity in the forward
wholesale market
</FONT>
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<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 14
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">dramatically diminished for
the duration of 2002 and
early 2003. The government&#146;s
reversal of policy has
increased market uncertainty
for Ontario generators like
Bruce Power.
</FONT>
<P><FONT size="3"><B><I>Update on Uranium Supplies</I></B>
</FONT>

<P align="left"><FONT size="2"><B>Inventory Drawdown Continues</B><BR>
Prior to 1985, uranium mine
production exceeded reactor
requirements due, in large
part, to government
incentive programs that
anticipated rapid growth of
nuclear generated
electricity. The result was
a build up of large
inventories, both in the
commercial and government
sectors. Over the past 17
years, production has fallen
short of annual requirements
and a large portion of these
inventories has been
consumed.
</FONT>
<P align="left"><FONT size="2">The drawdown in 2002 of
excess inventory held by
western world utilities,
producers, governments and
others was estimated by
Cameco to be in the order of
35&nbsp;million pounds U<SUB>3</SUB>O<SUB>8</SUB>.
Inventory drawdown in 2003
is expected to be somewhat
lower than in 2002,
reflecting increases in the
US quota for HEU and world
production, as noted below.
</FONT>
<P align="left"><FONT size="2"><B>World Uranium Production Update</B><BR>
World production in 2002
was estimated at about 92
million pounds U<SUB>3</SUB>O<SUB>8</SUB>, down
slightly from 2001. Western
world production decreased
7% to about 69
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">million
pounds, but is expected to
increase to about 74
million pounds in 2003.
</FONT>
<P align="left"><FONT size="2"><B>Russian Uranium from
Highly Enriched Uranium
(HEU)</B><BR>
As a result of a 1994
agreement between the US and
Russia to reduce the number
of nuclear weapons,
additional supplies of
uranium have been available
to the market. Under the
20-year agreement,
weapons-grade HEU is blended
down in Russia to low
enriched uranium (LEU)
capable of being used in
western world nuclear power
plants. Cameco, together
with three other companies,
annually purchases an
increasing quota of the
uranium feed component of
the Russian LEU and sells it
to customers. Uranium not
purchased is returned to
Russia and held in a special
stockpile for use in
blending additional HEU or,
to the extent the stockpile
exceeds 58&nbsp;million pounds
U<SUB>3</SUB>O<SUB>8</SUB>, is sold. Cameco and
its partners also have
options to purchase uranium
from this stockpile.
</FONT>
<P align="left"><FONT size="2">In 2002, all scheduled LEU
deliveries (24&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> equivalent) were
received in the US from
Russia. For the year, the
aggregate US sales quota of
uranium derived from Russian
HEU was 10&nbsp;million pounds
and Cameco purchased its
prescribed share. Russian
HEU is a significant supply
source expanding over the
next six years to 12% of the
western world market. Due to
the decline in mine
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">production, the
weapons-derived uranium has
become a necessary source of
supply.
</FONT>
<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Daily Gold Prices &#151; 2002<BR>
($US/oz)</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">In response to higher gold prices, Kumtor Gold Company actively decreased its hedge positions in the latter part of 2002 to take advantage of higher spot market prices.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945423.gif" alt="(GOLD PRICES LINE GRAPH)">
</FONT>

<P><FONT size="3"><B><I>Gold Market Review</I></B>
</FONT>

<P align="left"><FONT size="2">Gold prices began the year
at $277 (US)&nbsp;per ounce and
ended 2002 significantly
higher at $347 (US), a price
not seen since April
1997. The average spot price
for the year was $310 (US)
per ounce.
</FONT>
</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>World Uranium Production</B>
</FONT></DIV>

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2">In 2002, Cameco&#146;s 16&nbsp;million pounds of production represented 17% of the world&#146;s output. The company plans to produce more than 20&nbsp;million pounds in 2003.
</FONT></DIV>

<P align="center"><FONT size="2"><IMG src="o09454o0945424.gif" alt="(PRODUCTION PIE GRAPH)">
</FONT>

</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">Since the events of
September&nbsp;11, 2001, the gold
price has trended upward
with the spot price of gold
above $300 (US)&nbsp;per ounce
for most of 2002. A number
of factors appear to be
supporting the strengthening
gold price, including
ongoing global economic and
geopolitical uncertainty,
recent US dollar weakness,
bearish financial markets,
and reductions in producer
hedging. These same factors
have carried over to early
2003 and continue to
influence gold market
activity.
</FONT>
<P align="left"><FONT size="2"><B>Significance to Cameco</B><BR>
Cameco&#146;s gold operating
companies, KGC and AGR,
hedge price risk for future
gold sales. In the latter
part of 2002, KGC actively
decreased its gold hedge
positions to take advantage
of the higher spot market
gold prices. For 2003, about
46% of Cameco&#146;s gold
production is hedged at a
price range of $302 (US)&nbsp;to
$307 (US). If the price of
gold maintains its current
</FONT>
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<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 15
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">level, Cameco will be able
to participate in upward
price movements to the
extent it is unhedged.
Rising gold prices also
increase the credit support
required under KGC&#146;s hedge
obligations. Cameco has
agreed to provide credit
support to the
counterparties of KGC and
AGR to mitigate the
potential of default. At
December&nbsp;31, 2002, Cameco&#146;s
maximum financial exposure
under these support
arrangements was $61&nbsp;million
(US). See note 25 to the
consolidated financial
statements. On the other
hand, should the price of
gold decline, Cameco could
incur
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">a lost
opportunity due to less
protection from hedge
positions.
</FONT>
<P><FONT size="3"><B>Business Risks</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Risks and Uncertainties</I></B>
</FONT>

<P align="left"><FONT size="2">The following discussion
reviews a number of
important risks which
management believes could
impact Cameco&#146;s business.
There are other risks, not
identified below, which
currently, or may in the
future, exist in the
company&#146;s
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">operating
environment. For a
discussion of these other
risks, see the company&#146;s
most recent annual
information form filed on
www.sedar.com and posted
on www.cameco.com
</FONT>
<P align="left"><FONT size="2"><B>Financial Risk</B><BR>
Cameco&#146;s financial
condition is influenced by
operational performance and
by a number of market
risks. The most significant
of these are fluctuations
in market prices and sales
volumes of uranium,
conversion, gold and
electricity prices, foreign
exchange rates and unit
costs of production. Risk
management strategies are
employed to assist in
identifying and mitigating
these risks.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Contingent Commitments and Guarantees<BR>
As at December&nbsp;31, 2002</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Total amounts</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left" colspan="2"><FONT size="2" color="#000000">($ Cdn millions)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">committed</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Contingent Commitments:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Standby letters of credit<SUP>1</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">209</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Guarantees:</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">KGC senior debt<SUP>2, 4</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">81</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold hedge program<SUP>3, 4, 7</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">96</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bruce Power investment<SUP>5, 8</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">7</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="6" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Bruce Power guarantees<SUP>6, 8</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">84</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="2" bgcolor="#DEE0CB"><HR size="1" color="#000000" noshade></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total commercial commitments</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">268</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
        <TD align="center" nowrap colspan="2" bgcolor="#DEE0CB"><HR size="4" color="#000000" noshade></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>1
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">The standby letters of credit maturing in 2003 were issued with a one-year term and will be automatically renewed on a year-by-year
basis until the underlying obligations are resolved. These obligations are primarily the decommissioning and reclamation of
Cameco&#146;s mining and conversion facilities. As such, the letters of credit are expected to remain outstanding well into the future.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>2
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">See note 18 to the consolidated financial statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>3</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">See note 24 to the consolidated financial statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>4</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Denominated in US dollars. Converted to Canadian dollars at the year-end rate of 1.5796.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>5</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Under its 15% partnership interest, Cameco agreed to invest up to $100&nbsp;million in Bruce Power. To the end of 2002, Cameco had
invested $93&nbsp;million in the partnership.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>6</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Under its 15% partnership interest, Cameco agreed to guarantee up to $102&nbsp;million in respect of contingent obligations of Bruce
Power and at the end of 2002, $84&nbsp;million of such guarantees had been provided by Cameco. See note 19 to the consolidated
financial statements.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>7</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">See discussion below under gold prices in the section titled Business Risks &#151; Risks and Uncertainties.
</FONT></TD>
</TR>
<TR><TD><FONT size="1">&nbsp;</FONT></TD></TR>
<TR valign="top">
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>8</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">As noted elsewhere in this MD&#038;A, Cameco acquired an increased interest in Bruce Power in February&nbsp;2003 which increased its
investment and contingent obligations.<BR><BR>
</FONT></TD>
</TR>
</TABLE>

</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2"><B>Uranium Prices</B><BR>
The company reduces its
exposure to volatility in
uranium prices by
maintaining a long-term
contract portfolio which is
diversified by price
mechanism, delivery date and
customer. About 60% of
Cameco&#146;s contract portfolio
has been priced in relation
to the spot market price in
effect at or near the time
of delivery. The remaining
40% has been sold at a fixed
price (usually adjusted for
inflation) over the term of
the contract. The company&#146;s
sensitivity to changes in
the uranium spot price is
noted in the outlook for
2003 section below.
</FONT>
<P align="left"><FONT size="2"><B>Limited Number of Customers</B><BR>
Cameco relies on a small
number of customers that
purchase a significant
portion of the company&#146;s
uranium concentrates and
conversion services. For
example, Cameco&#146;s five
largest customers are
expected to account for 39%
of the
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Contractual Cash Obligations<BR>
As at December&nbsp;31, 2002</B>
</FONT></DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="left"><FONT size="2" color="#000000">($ Cdn millions)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000">Total</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">Less than 1 year</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000">1-3 years</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="2"><FONT size="2" color="#000000">4-5 years</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="center" colspan="2"><FONT size="2" color="#000000">After 5 years</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Long-term debt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">225</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">53</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">166</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">&#151;</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="21" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Unconditional product purchase
obligations*</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,778</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">341</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">365</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">886</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="19" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total contractual cash obligations</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">2,003</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">192</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">394</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">886</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="19" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Denominated in US dollars. Converted to Canadian dollars at the year-end rate of 1.5796.
</FONT></TD>
</TR>
</TABLE>
<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 16
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">company&#146;s contracted supply
of U<SUB>3</SUB>O<SUB>8</SUB> for 2003 through
2005. This compares to 37%
of the contracted supply of
U<SUB>3</SUB>O<SUB>8</SUB> for
2002 through 2004. The loss
of any of these large
customers, or any
significant curtailment of
purchases or lack of timely
payments could have a
material adverse effect on
Cameco&#146;s financial
performance.
</FONT>
<P align="left"><FONT size="2"><B>Use of Derivatives</B><BR>
Cameco uses financial
derivatives to mitigate
market risks in connection
with gold price and foreign
exchange. A derivative is
entered into as a hedge
against specific economic
and transactional exposures.
However, derivatives bring
with them an exposure to
counterparty default*. As of
December&nbsp;31, 2002, Cameco&#146;s
exposure is predominantly
with counterparties that had
credit ratings of A&#043; or
higher. Accordingly, Cameco
believes the risks of
default are low and the
benefits derived from using
derivatives outweigh the
risks.
</FONT>
<P align="left"><FONT size="2"><B>Gold Prices</B><BR>
KGC and AGR hedge the price
risk for future gold sales.
At December&nbsp;31, 2002, KGC
had in place forward sales
and option agreements on
769,400 ounces and AGR had
in place forward sales on
200,000 ounces. Combined,
these hedge positions
represented about 22% of
proven and probable
reserves. Cameco&#146;s share of
these hedging agreements was
456,500 ounces, consisting
of 371,500 ounces in forward
contracts, and a net
position of 85,000 ounces in
collars (matched puts and
calls). These hedges are
expected to yield average
prices in the range of $310
(US)&nbsp;to $317 (US)&nbsp;per ounce.
</FONT>
<P align="left"><FONT size="2">As of December&nbsp;31, 2002,
Cameco agreed to provide
credit support to a maximum
of $70 (US)&nbsp;per ounce to the
counterparties of
KGC and AGR.
Cameco&#146;s maximum financial exposure
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">under these arrangements based on
outstanding commitments was $61&nbsp;million (US).
</FONT>
<P align="left"><FONT size="2">Timing differences between
the usage and designation of
hedge contracts may result
in deferred revenue or
deferred charges. At the end
of 2002, Cameco&#146;s share of
deferred charges to be
recognized in future years
totalled $4&nbsp;million (US).
See note 25 to the
consolidated financial
statements.
</FONT>
<P align="left"><FONT size="2"><B>Foreign Exchange Risk</B><BR>
The US/Canadian foreign
exchange rate started the
year at $1.5926 and
averaged $1.5703 during the
year. Most of the company&#146;s
revenues are in US dollars
with a majority of its
costs in Canadian dollars.
To reduce its currency
risk, at December&nbsp;31, 2002,
Cameco had sold forward
$499&nbsp;million (US). These
hedges are expected to
yield an average exchange
rate of $1.5870. The
mark-to-market loss on
these positions was $10
million (Cdn) at December
31, 2002, based on a
year-end exchange rate of
$1.5796.
</FONT>
<P align="left"><FONT size="2">Timing differences between
the usage and designation
of hedge contracts may
result in deferred revenue
or deferred charges. At the
end of 2002, deferred
charges to be recognized in
future years totalled $12
million (Cdn).
</FONT>
<P align="left"><FONT size="2"><B>Political Risk</B><BR>
The company has diversified
its political risk
internationally. The Kumtor
gold mine is located in the
Kyrgyz Republic, a country
that was part of the former
Soviet Union. The mine is
the largest foreign
investment in the country
and represented about 9% of
the country&#146;s gross domestic
product, 47% of export
earnings and 35% of total
industrial production in
2001, the latest date for
which
information is available.
The importance of Kumtor in
relation to the rest of the
Kyrgyz economy has meant
that Kumtor has maintained a
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">very high profile within the
country. This level of
attention is not without
risk; however, it has also
been of benefit in ensuring
continued efficient
operations.
</FONT>
<P align="left"><FONT size="2">Cameco also owns a 60%
interest in Joint Venture
Inkai (JVI)&nbsp;which is
developing a uranium mine in
the Republic of Kazakhstan.
Through KazAtomProm, the
Republic of Kazakhstan owns
the remaining 40% of JVI.
Cameco has agreed to provide
funding of up to $40&nbsp;million
(US)&nbsp;to JVI for project
development of which $16
million (US)&nbsp;has been funded
to the end of 2002. Test
mining was started in 2002
and will continue for most
of 2003. To date, the
Kazakhstan government has
supported the project, but
there is no assurance that
such support will continue
for the project&#146;s duration.
</FONT>
<P align="left"><FONT size="2">Cameco also owns a 56%
interest in AGR, which owns
95% of the Boroo gold
project in Mongolia. The
mine is currently under
construction. AGR&#146;s
investment in Boroo may be
exposed to adverse
political developments that
could affect the economics
of the project. The
Mongolian government has
supported the project to
date, but there is no
assurance that this support
will continue for the
project&#146;s duration.
Cameco&#146;s investment in
these operations may be
exposed to adverse
political developments that
could affect the economics
of each operation. The
company has made an
assessment of the political
risk associated with each
of its foreign investments
and has purchased political
risk insurance to mitigate
losses as
deemed appropriate.
</FONT>
<P align="left"><FONT size="2"><B>Operations Risk</B><BR>
The mining of uranium and
gold and the conversion of
uranium are subject to a
number of risks including
environmental spills,
industrial accidents, and
unexpected or uncontrolled
events from geological
conditions. At each
operating site,
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P align="center"><HR size="1" width="100%" noshade>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD valign="top" width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">Counterparty default means that the other party in a derivative contract
is unable to perform its obligations at the time of contract maturity,
resulting in the intended hedge being of no value. This concern is
addressed by dealing with a variety of counterparties, ensuring they have
high credit quality, and limiting the amount and duration of the exposure.
A measure of default risk is the mark-to-market value of a hedge position.
This value is the difference between the price at which a derivative
contract was entered into and its current market value. A positive number
indicates that the company has that amount of value at risk should its
counterparties default. A negative number, such as the mark-to-market loss
mentioned for gold and foreign exchange hedges, represents the amount of
value Cameco would have to pay should the hedge position need to be
settled immediately.
</FONT></TD>
</TR>
</TABLE>
<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 17
</B></FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>&nbsp;
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">&nbsp;
</FONT></TD>
</TR>
</TABLE>

<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">comprehensive programs in
plant and equipment
maintenance, quality
assurance, environmental
protection and worker
safety have been
implemented and oriented to
manage operations risk.
Emergency response plans
are in place at each site.
</FONT>
<P align="left"><FONT size="2">At McArthur River, the
mine&#146;s regulatory-approved
capacity of 18.7&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> per year (100%
basis) was achieved in
2002. Based on experience,
there is confidence that
the mining method works
effectively and that the
operating risks are
acceptable. However, the
high ore grade, the
critical need to control
ground water and radiation
exposure, as well as the
innovative applications of
technology employed, means
that some measure of
operating risk will
continue throughout the
life of the mine.
</FONT>
<P align="left"><FONT size="2">At Cigar Lake, technical
challenges exist regarding
ground water control, rock
stability and radiation
protection. In addition,
the application of the
unique jet boring mining
method and the extended
time to obtain construction
and operating licences, are
expected to delay
commercial production into
2006. This combination of
factors could
have an adverse effect on
Cameco&#146;s future results.
</FONT>
<P align="left"><FONT size="2"><B>Environmental and Safety Risk</B><BR>
Cameco is subject not only
to the normal worker health,
safety and environmental
risks associated with all
mining and chemical
processing, but also to
additional risks uniquely
associated with uranium
mining, milling and
conversion operations.
</FONT>
<P align="left"><FONT size="2">In 2001, to better manage
these risks and to enhance
its quality culture, Cameco
embarked upon the design and
implementation of an
integrated quality
management system (QMS).
Program development
continued in 2002. The QMS
is to be fully implemented
at Cameco&#146;s Canadian uranium
sites by the end of 2004 and
is based upon ISO 9001-2000
principles. The related
program, to
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">implement an environmental management
system, also continued. In 2002, the
company received ISO 14001 certification
at its Blind River refining facility, the
McArthur River mine and the Key Lake
milling operation. The Port Hope
conversion facility received this
certification in 2000.
</FONT>
<P align="left"><FONT size="2">Also in conjunction with the QMS
program, Cameco is introducing a new
health and safety management system,
based upon principles similar to those in
the ISO series of quality assurance
programs. For the year, on a combined
basis, Cameco, its subsidiaries and long-term contractors achieved an accident
frequency of 0.27 lost-time accidents per
200,000 person hours worked, which was
up slightly from last year&#146;s best overall
record of 0.22.
</FONT>
<P align="left"><FONT size="2">Regulators must approve the startup,
continued operation and decommissioning of many of Cameco&#146;s facilities.
These facilities are subject to numerous
laws and regulations regarding safety
and environmental matters and the
management of hazardous wastes and
materials. Significant economic value
is dependent on the company&#146;s ability
to obtain and renew licences necessary
to operate. In 2002, the CNSC renewed
the Port Hope and Blind River licences
for five-year terms. The current two-year
licences for the Canadian uranium mines
will require renewal in 2003.
</FONT>
<P align="left"><FONT size="2">Cameco continues to face challenges
from the burden of increasing regulatory
demands and costs from the CNSC,
Canadian Environmental Assessment
Agency, and other federal and provincial
regulators. In particular, the lead regulator,
CNSC, intends to increase its fees charged
to the nuclear industry, and is increasing
the regulatory burden as a result of the
implementation of the new Canadian
Nuclear Safety Control Act. In addition
the CNSC and Environment Canada
are calling for more stringent environmental monitoring of uranium mining
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">and milling. Operational
changes are increasingly
subject to regulatory
approval which may include
delays due to longer
regulatory approval
processes. These increasing
requirements are expected
to continue to result in
creeping administration
costs and some capital
expenditures for
compliance. As well, the
complex regulatory approval
process reduces the
flexibility of the company
to make operational changes
in a timely fashion.
</FONT>
<P align="left"><FONT size="2"><B>Insurance</B><BR>
Cameco purchases insurance
to mitigate losses that may
arise from certain
liability and property
risks. The cost of this
insurance and the specific
protection provided by the
policies varies from year
to year depending on
conditions in the insurance
market. In 2002, market
conditions were difficult
across all lines of
insurance. This resulted in
significantly increased
premiums along with more
restrictive policy terms
and
conditions.
</FONT>
<P align="left"><FONT size="2">Cameco believes that the
insurance program it has
in place continues to
prudently address its
major liability and
property risk exposures.
</FONT>
<P align="left"><FONT size="2">The pit wall failure that
occurred at the Kumtor
mine site in July&nbsp;2002
resulted in significant
losses. The extent to
which insurance coverage
will apply to the damages
suffered has yet to be
fully determined with the
insurers and is expected
to take some time to
resolve.
</FONT>
<P align="left"><FONT size="2">Uncertainty in the
insurance market is
expected to continue. As
a result, the
availability of certain
types of coverage that
Cameco has purchased in
the past may be
significantly reduced
and/or the cost to
acquire insurance may
significantly increase.
</FONT>
<P align="left"><FONT size="2"><B>Reclamation and Decommissioning</B><BR>
The company plans for the
closure, reclamation and
decommissioning of its
operating sites.
Decommissioning and
reclamation costs may
increase over time
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 18
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">due to increasingly
stringent regulatory
requirements. At least
bi-annually, Cameco
estimates its total future
decommissioning and
reclamation costs for its
operating assets. At the
end of 2002, the estimate
was $253&nbsp;million. The
majority of such
expenditures are typically
incurred at the end of the
useful lives of the
operations to which they
relate and, therefore, only
a very small percentage of
the total estimated costs
is expected to be incurred
over the next five years.
See note seven to the
consolidated financial
statements.
</FONT>
<P align="left"><FONT size="2">At the end of 2002, Cameco&#146;s
accounting provision for
future reclamation costs
totalled $155&nbsp;million. To
provide financial assurances
for these costs, Cameco has
provided letters of credit
(LOCs), where required.
Cameco&#146;s LOCs totalled $209
million at the end of 2002,
of which $205&nbsp;million was
related to reclamation and
decommissioning activities.
</FONT>
<P align="left"><FONT size="2">In 2002, LOCs totalling $48
million were issued for the
first time for the Port
Hope and Blind River
facilities, in conjunction
with their CNSC
re-licensing. Therefore,
all North American
operations now have in
place letters of credit
providing financial
assurance that future
reclamation activities will
be performed. Beginning in
mid-2001, the company has
conducted
regulatory-required reviews
of its decommissioning
plans for all Canadian
sites. These periodic
reviews are generally
related to the licence
renewal process previously
described. Reclamation and
decommissioning obligations
represent unfunded
liabilities of the company.
</FONT>
<P align="left"><FONT size="2"><B>Electricity Business Risks</B><BR>
Through its interest in
Bruce Power, Cameco is
exposed to various business
risks associated with the
generation and marketing of
electricity. The following
discusses some, but not all,
risks associated with this
business.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">In Ontario, political risk
results from uncertainty
over the future direction of
government energy policies.
This risk was amplified in
late 2002 when the Ontario
government abandoned the
deregulation of the retail
electricity market. Thus
far, the wholesale market
remains unregulated, but
there can be no assurance
that this will continue.
Political risk is beyond the
control of Bruce Power.
</FONT>
<P align="left"><FONT size="2">Of the remaining risks, the
most significant is
directly related to the
operating performance of
Bruce Power&#146;s generating
assets. Bruce Power manages
this risk through
preventive maintenance to
improve overall equipment
reliability, by adopting
simple operational
processes and by improving
employee performance at all
levels.
</FONT>
<P align="left"><FONT size="2">Another category of risk is
electricity price. Bruce
Power has mitigated this
risk by entering into
long-term, fixed-price
supply contracts with
reliable customers for the
delivery of a significant
portion of its annual
generation. Electricity
generated, but not covered
by such contracts, is sold
on the wholesale spot market
and is subject to prices in
effect at the time of
delivery.
</FONT>
<P align="left"><FONT size="2">Most long-term supply
agreements obligate Bruce
Power to deliver electricity
at a predetermined
contractual price. Credit
risk arises from these
contracts. On the one hand,
the counterparty must have
the financial resources to
take delivery and pay for
contracted electricity. On
the other hand, if quoted
forward market prices exceed
contracted prices, then the
counterparty has the right,
in most cases, to request
financial assurance to
mitigate the possibility
that Bruce Power does not
deliver the electricity as
contracted. In such
circumstances, Cameco&#146;s
contingent obligations may
increase if it is called
upon to guarantee its share
of Bruce
Power&#146;s obligation. To
maintain the economic
benefit of the electricity
supply contracts,
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">Cameco and its partners
must have the financial
ability to address this
credit risk.
</FONT>
<P align="left"><FONT size="2">A final risk category
relates to the transmission
grid. The ability of Bruce
Power to deliver electricity
to its customers is
dependent on the provincial
transmission grid, owned and
maintained by Hydro One, an
Ontario provincial Crown
corporation. Any adverse
conditions such as severe
weather or inadequate
maintenance that results in
unreliable performance by
the grid could cause
significant financial loss
to Bruce Power. Transmission
grid risks are beyond Bruce
Power&#146;s control.
</FONT>
<P><FONT size="3"><B>The Future</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Outlook for 2003</I></B>
</FONT>

<P align="left"><FONT size="2">Total mine production is
expected to rise to 20.9
million pounds U<SUB>3</SUB>O<SUB>8</SUB>, up
5.0&nbsp;million pounds over
2002 levels, due largely
to a full year&#146;s
operation at Rabbit Lake.
</FONT>
<P align="left"><FONT size="2">At McArthur River/Key Lake,
production of 13.0&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB> is planned for
2003. McArthur River
high-grade ore will
continue to be blended with
special waste rock at Key
Lake to achieve an average
mill feed of approximately
4% U<SUB>3</SUB>O<SUB>8</SUB>.
</FONT>
<P align="left"><FONT size="2">At Rabbit Lake, the Eagle
Point underground mine is
expected to produce 6.0
million pounds in 2003,
from its remaining reserves
of about 17.6&nbsp;million
pounds U<SUB>3</SUB>O<SUB>8</SUB>. Prospects for
additional reserves are
being explored both from
the surface as well as
underground, where
extensions to known ore
have
been identified.
</FONT>
<P align="left"><FONT size="2">In the US ISL operations,
the Smith Ranch and Highland
mines, which merged
operations during 2002, have
planned production of 1.1
million pounds while Crow
Butte is expected to package
0.8&nbsp;million pounds in 2003.
At the Inkai
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 19
</B></FONT>
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<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Uranium Production Outlook</B>
</FONT></DIV>

<P><FONT size="2">(Cameco&#146;s share 000 lbs U<SUB>3</SUB>O<SUB>8</SUB>)
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">2003 Plan</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">2002 Actual</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">McArthur River/Key Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13,000</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">13,095</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Rabbit Lake</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">6,000</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">1,143</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Smith Ranch/Highland</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">1,100</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">887</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="9" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Crow Butte</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">800</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">768</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Total</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">20,900</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">15,893</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>

</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2"><B><I>Operations</I></B><BR>
For the year, an average
Bruce Power
site-capacity factor of
about 88% is planned,
slightly below the
long-term target of over
90%.
</FONT>
<P align="left"><FONT size="2"><B><I>Capital Expenditures</I></B><BR>
In 2003, Bruce Power&#146;s
capital expenditure program,
excluding the Bruce A
restart, is expected to
total about $165&nbsp;million. In
addition to sustaining
capital expenditures of
about $15&nbsp;million annually
per reactor, the main
projects, which were in
Bruce Power&#146;s original
business plan, include:
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">development
project in Kazakhstan,
nominal production is
expected as test mining
continues through 2003.
</FONT>
<P align="left"><FONT size="2"><B>Uranium Market</B><BR>
In 2002, long-term
contracting in the western
world market is reported
to have been approximately
70&nbsp;million pounds. In
2003, long-term market
demand is expected to be
similar to 2002.
</FONT>
<P align="left"><FONT size="2"><B>Uranium Revenue and Margins</B><BR>
In 2003, Cameco&#146;s uranium
revenue is expected to rise
nominally over the 2002
level as the result of a
modest improvement in price.
Although market prices have
risen over the past two
years, Cameco expects its
average realized price will
increase by only 2% in 2003.
For scheduled deliveries in
2003, about 60% of Cameco&#146;s
long-term contracts contain
pricing terms that reference
the spot price at or
near the time of delivery.
The remaining 40% of the
contracts include fixed
pricing (usually adjusted
for inflation). In 2003, the
average price realized from
these fixed-price contracts
is expected to be lower than
in 2002 due to the
expiration of more
favourably priced contracts.
At approximately 20% of
western world requirements,
Cameco&#146;s sales volumes are
projected to be similar to
those for 2002. As well,
uranium margins are expected
to be similar to 2002.
</FONT>
<P align="left"><FONT size="2">For 2003 deliveries, a
$1.00 (US)&nbsp;change in the
U<SUB>3</SUB>O<SUB>8</SUB> spot price from
current levels would change
revenue by about $27
million (Cdn), net earnings
by about $15&nbsp;million (Cdn)
and cash flow by about $21
million (Cdn).
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2"><B>Conversion Business</B><BR>
At Port Hope, conversion
production is expected to
be about 12,200 tonnes,
similar to 2002.
</FONT>
<P align="left"><FONT size="2">Revenue from the conversion
business is likely to be
slightly lower than in 2002
as a change in the mix of
contracts is expected to
result in a decline in
realized price and lower
profit margins.
</FONT>
<P><FONT size="2"><B>Electricity Business (Bruce Power)</B>
</FONT>

<P align="left"><FONT size="2"><B><I>Acquisition of Additional Interest</I></B><BR>
As previously discussed,
Cameco and its new partners
completed the acquisition
of British Energy&#146;s
interest in Bruce Power on
February&nbsp;14, 2003.
</FONT>
<P align="left"><FONT size="2"><B><I>Bruce A Restart</I></B><BR>
An important milestone in
the Bruce A restart program
was achieved in early
January&nbsp;2003 when Bruce
Power&#146;s environmental
assessment report was
accepted by the CNSC. The
final hearing on the Bruce A
restart program was held
February&nbsp;26. Bruce Power
expected to receive
regulatory approval to
operate units 3 and 4
possibly by the end of
March.
</FONT>
<P align="left"><FONT size="2">On January&nbsp;14, 2003, Bruce
Power received permission
from the CNSC to begin
refuelling unit 4. The
refuelling of unit 4 is now
complete and fuelling of
unit 3 is expected to begin
in early April. The overall
project remains on schedule
for the restart of unit 4 in
April and unit 3 in June
2003.
</FONT>
</DIV><DIV style="float: right; width: 32%">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">a project to uprate the
capacity of the B
reactors (approximate
annual expenditures in
millions for 2003 to
2005: $15, $185, and
$100), and
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&nbsp;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">&nbsp;
</FONT></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="1%" nowrap align="right"><FONT size="2">&#149;
</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">the completion of the
Bruce B environmental
qualification program (to
be completed in 2003 at an
estimated expenditure of
$30&nbsp;million).
</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">Over the next three years,
annual capital
expenditures, excluding
the Bruce A restart
program, are expected to
average about $245
million.
</FONT>
<P align="left"><FONT size="2">Bruce Power&#146;s internal cash
flow is expected to be
sufficient to fund its 2003
capital programs including
the restart of two Bruce A
reactors.
</FONT>
<P><FONT size="2"><B>Gold Business</B>
</FONT>

<P align="left"><FONT size="2"><B><I>Acquisition of Additional Interest</I></B><BR>
As discussed above,
Cameco
and the Kyrgyz
government are involved
in discussions to
restructure the various
interests in KGC.
</FONT>
<P align="left"><FONT size="2">For 2003, production at
Kumtor is expected to be
670,000 ounces (Cameco&#146;s
share is one-third), with
35% of the production
anticipated to occur in the
first half of the year. This
represents a 25% increase
over 2002 due to an increase
in average ore grade to 5.4
grams per tonne. The
improvement in the grade
assumes access to the
high-grade ore buried when
the pit wall failed in July
2002. The unit
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 20
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 66%">

<DIV style="background-color: #6a6F73; padding: 5px 10px 5px 10px"><FONT color="#FFFFFF" size="2"><B>Capital and Development Expenditures*</B>
</FONT></DIV>

<P><FONT size="2">
 (Cameco&#146;s share in $&nbsp;millions)
</FONT>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" >
 <TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD bgcolor="#DEE0CB" nowrap align="right" colspan="2"><FONT size="2" color="#000000">Planned 2003</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" colspan="2"><FONT size="2" color="#000000">Actual 2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Sustaining Capital</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium and conversion</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">47</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">5</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">13</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Sustaining</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>65</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>40</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Development</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Uranium</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">12</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Gold</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">70</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Other</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">4</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Capitalized Interest</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2">11</FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="10" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total Development</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>97</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>50</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="1" color="#000000" noshade></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2"><B>Total</B></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left" bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right" bgcolor="#DEE0CB"><FONT size="2"><B>162</B></FONT></TD>
    <TD bgcolor="#DEE0CB"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="left"><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD align="right"><FONT size="2"><B>90</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
</TR>
<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT>

 </TD>
    <TD colspan="7" align="left"><HR size="4" color="#000000" noshade></TD>
</TR>
 </TABLE>
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
      <TD width="3%" nowrap align="left"><FONT size="1"><sup>*
</sup></FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="1">On its 31.6% interest, Cameco&#146;s share of Bruce Power&#146;s 2003 capital expenditures program is $52&nbsp;million.
</FONT></TD>
</TR>
</TABLE>

<P><HR size="1" width="100%" noshade>

</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">to continue through most of
the year. A feasibility
study has begun and is
expected to be completed by
the end of 2003.
</FONT>
<P align="left"><FONT size="2"><B>First Quarter of 2003</B><BR>
Earnings from the uranium
and conversion segments are
projected to show an
improvement over the first
quarter of 2002 due to
higher realized prices. As
well, earnings from Bruce
Power are expected to be
higher than in the first
quarter of 2002 due to
increased output and
improved prices along with
an increased ownership
interest. On the other hand,
earnings from the gold
business are projected to
decline, compared to the
same quarter in 2002, due to
lower production.
Consolidated earnings for
the first quarter of 2003
are expected to be higher
than those recorded in the
same period last year.
</FONT>
<P align="left"><FONT size="2"><B>Liquidity</B><BR>
During 2003, the company&#146;s operating
and capital expenditure programs, the
additional investment in Bruce Power
and the company&#146;s growth strategy are
expected to be funded by internal cash
flow and the company&#146;s existing debt
capacity. There are no requirements
foreseen at this time that cannot be
met by these sources.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">cash cost is expected to
decline from the 2002
average by about 15% to $180
(US)&nbsp;per ounce due to the
higher production volume. A
change of $10 (US)&nbsp;per ounce
in the spot market price for
gold from the year-end price
of $347 (US)&nbsp;would change
Cameco&#146;s one-third share of
revenue by about $2&nbsp;million
(Cdn).
</FONT>
<P align="left"><FONT size="2">At Boroo, mine construction
is proceeding at a slower
than expected pace with some
construction and procurement
activities behind schedule.
Development cost to
commercial production is
estimated to be $63&nbsp;million
(US), an increase from the
original estimate of $40
million (US). About half of
the increase relates to a
change in the operating plan
from a contractor-supplied
mine equipment fleet to one
where AGR purchases the
fleet. Therefore mine
operating costs are expected
to be lower. The remainder
of the capital cost increase
is due to improvements in
the processing facilities.
To the end of January&nbsp;2003
about 40% of the budget was
spent which was funded by
Cameco. The remaining
development costs will be
funded internally or
possibly with funds raised
through an equity offering
if Cameco&#146;s gold business
becomes publicly traded.
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">The project schedule is
under review and commercial
production is expected in
early 2004.
</FONT>
<P align="left"><FONT size="2"><B><I>Tax Rate</I></B><BR>
Cameco&#146;s effective tax
rate is expected to be in
the 30% to
35% range in 2003.
</FONT>
<P align="left"><FONT size="2"><B><I>Capital Expenditures</I></B><BR>
In 2003, total capital
expenditures, excluding the
additional investment in
Bruce Power, are expected
to amount to $162&nbsp;million,
an increase of $72&nbsp;million
over 2002. In 2003, most
site-sustaining capital
expenditures are expected
to be higher than normal
due to mill modifications
at Key Lake, the
acquisition of Smith Ranch,
and the volume of projects
at Fuel Services.
</FONT>
<P align="left"><FONT size="2">For development projects,
Cameco&#146;s share of
expenditures at Cigar Lake
is estimated at $9&nbsp;million.
CNSC approval of the
construction licence is not
expected before October
2003. After receipt of the
licence, the partners are
expected to make a decision
on when to proceed with mine
development.
</FONT>
<P align="left"><FONT size="2">At Inkai, reserve data
collection and analysis
and test mining are
expected
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P><FONT size="3"><B>Supplementary<BR>
Information</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P><FONT size="3"><B><I>Critical Accounting Policies</I></B>
</FONT>

<P align="left"><FONT size="2">Cameco prepares its consolidated financial
statements in accordance with Canadian
GAAP. In doing so, management is
required to make various estimates and
judgments in determining the reported
amounts of assets and liabilities, revenues
and expenses for each year presented, and
in the disclosure of commitments and
contingencies. Management bases its
estimates and judgments on its own
experience, guidelines established by the
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>
 21
</B></FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left"><FONT size="2">&nbsp;
</FONT>
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">

<P><DIV style="float: left; width: 32%">

<P align="left"><FONT size="2">Canadian Institute of
Mining, Metallurgy and
Petroleum and various other
factors believed to be
reasonable under the
circumstances. Management
believes the following
critical accounting
policies reflect its more
significant estimates and
judgments used in the
preparation of the
consolidated financial
statements.
</FONT>
<P align="left"><FONT size="2">Depreciation and depletion
on property, plant and
equipment is primarily
calculated using the unit of
production method. This
method allocates the cost of
an asset to each period
based on current period
production as a portion of
total lifetime production or
a portion of estimated
recoverable ore reserves.
Estimates of lifetime
production and amounts of
recoverable reserves are
subject to judgment and
significant change over
time. If actual reserves
prove to be significantly
different than the
estimates, there could be a
material impact on the
amounts of depreciation and
depletion charged to
earnings.
</FONT>
<P align="left"><FONT size="2">Significant decommissioning
activities are often not
undertaken until substantial
completion of the useful
lives of productive assets.
Future decommissioning and
reclamation costs are
estimated and accrued using
the unit of production
method so that the estimated
future liability will be
fully provided when
decommissioning and
reclamation activities are
undertaken. Regulatory
requirements and
alternatives with respect to
decommissioning and
reclamation activities are
subject to change over time.
The amount of reclamation
charged to earnings is also
dependent upon estimated
recoverable reserves. A
significant change to either
the estimated costs or
recoverable reserves may
result in a material change
in the amount of reclamation
charged to earnings.
</FONT>
<P align="left"><FONT size="2">If it is determined that
carrying values of assets
cannot be recovered, the
unrecoverable amounts are
written off against current
earnings. Recoverability is
dependent upon assumptions
and
</FONT>
</DIV>
<DIV style="float: left; padding: 0px 5% 0px 5%; width: 32%">

<P align="left"><FONT size="2">judgments regarding
future prices, costs of
production, sustaining
capital requirements and
economically recoverable
ore reserves. A material
change in assumptions may
significantly impact the
potential impairment of
these assets.
</FONT>
<P align="left"><FONT size="2">Cameco uses derivative
financial and commodity
instruments to reduce
exposure to fluctuations
in foreign currency
exchange rates, interest
rates and commodity
prices. As long as these
instruments are effective,
they have the effect of
offsetting future changes
in these underlying rates
and prices. Future
earnings may be adversely
impacted should these
instruments become
ineffective over time.
</FONT>
<P><FONT size="3"><B>Caution Regarding Forward-Looking Information</B><BR>
<HR size="1" width="100%" noshade>
</FONT>

<P align="left"><FONT size="2">Statements contained in this
document which are not
historical
facts are forward-looking
statements that involve
risks, uncertainties and
other factors that could
cause actual results to
differ materially from those
expressed or implied by such
forward-looking statements.
Factors that could cause
such differences, without
limiting the generality of
the following, include:
volatility and sensitivity
to market prices for
uranium, electricity in
Ontario and gold; the impact
of the sales volume of
uranium, conversion
services, electricity
generated and gold;
competition; the impact of
change in foreign currency
exchange rates and interest
rates; imprecision in
reserve estimates;
environmental and safety
risks including increased
regulatory burdens;
unexpected geological or
hydrological conditions;
political risks arising from
operating in certain
developing countries; a
possible deterioration in
political support for
nuclear energy; changes in
government regulations and
policies, including trade
laws and policies; demand
for nuclear
</FONT>
</DIV><DIV style="float: right; width: 32%">

<P align="left"><FONT size="2">power;
replacement of production
and failure to obtain
necessary permits and
approvals from government
authorities; legislative and
regulatory initiatives
regarding deregulation,
regulation or restructuring
of the electric utility
industry in Ontario; Ontario
electricity rate
regulations; weather and
other natural phenomena;
ability to maintain and
further improve positive
labour relations; operating
performance of the
facilities; success of
planned development
projects; and other
development and operating
risks. Although Cameco
believes that the
assumptions inherent in the
forward-looking statements
are reasonable, undue
reliance
should not be placed on
these statements, which only
apply as of the date of this
document. Cameco disclaims
any intention or obligation
to update or revise any
forward-looking statement,
whether as a result of new
information, future events
or otherwise.
</FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">



<P align="center"><FONT size="2"><B>
 22
</B></FONT>


</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV style="float: left; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade>
</FONT>
</DIV>
</DIV>
<DIV style="float: left; background-color: #6a6F73; width: 42%">

<P align="left"><P align="center"><BR><FONT size="2" color="#FFFFFF"><B><B>SUBSEQUENT EVENT</B></B></FONT><P align="left">
</DIV><DIV style="float: right; width: 29%">

<P align="left"><FONT size="2"><BR><HR size="1" noshade></FONT>
</DIV><!--  nbsp --><P>&nbsp;<BR clear="all">
<P>&nbsp;
<P><FONT size="4"><B>ADDENDUM (dated April&nbsp;16, 2003) TO 2002 MANAGEMENT&#146;S DISCUSSION<BR>
AND ANALYSIS OF CAMECO CORPORATION</B>
</FONT>
<P>&nbsp;
<P><FONT size="7">Subsequent Event
</FONT>
<HR size="1" width="100%" noshade>

<P><DIV style="float: left; width:48%">


<P align="left"><FONT size="2">The preceding statements in the MD&#038;A are modified in their entirety to the extent that they are inconsistent or conflict with the following information which is current as of April 16, 2003:
</FONT>
<P align="left"><FONT size="2">On April 6, 2003, production at McArthur River was suspended due to increased water inflow into the mine. As of April 16, 2003, it was estimated that production at the McArthur River mine would be suspended for four to six months. However, events were still unfolding leaving some uncertainty as to the duration of the shutdown. Management is assessing the operational implications of the event.
A description of financial implications of the event on the outlook for 2003 is provided
below. For additional
information, see the company's 2002 annual information form filed at www.sedar.com and posted on www.cameco.com.</FONT>



<P><FONT size="2"><B>Uranium Production</B>
</FONT>

<DIV align="left"><FONT size="2">As a result of this event, the total uranium production for 2003 will be lower
than the previous estimate of 20.9&nbsp;million pounds U3O8. Compared to the
previous estimate, Cameco&#146;s share of production is expected to decline by
approximately 1.1&nbsp;million pounds for each month that McArthur River does not
produce.
</FONT></DIV>

<P><FONT size="2"><B>Uranium Revenue and Margins</B>
</FONT>

<DIV align="left"><FONT size="2">The water inflow problem will also have an adverse effect on uranium margins
which are expected to be lower than in 2002 due to the reduced production.
Deliveries of uranium are not expected to be impacted but the cost of product
sold will be higher than previously expected. Costs associated with the efforts
to bring the mine back into production will be expensed as incurred and
McArthur River production will be replaced by drawing down higher-cost
inventory.
</FONT></DIV>

</DIV>


<DIV style="float: right; width:48%">

<P><FONT size="2"><B>Consolidated Earnings</B>
</FONT>

<DIV align="left"><FONT size="2">Preliminary estimates of the impact of this event indicate that 2003 net
earnings will decline by about $4 to $5&nbsp;million for each month that McArthur
River does not produce at design capacity. This net earnings projection does
not include any provision for potential writedown of assets. At this time, it
is not expected that a writedown of a material amount would be necessary.
However, the company will continue to assess the carrying values of its assets
as new information becomes available.
</FONT></DIV>
<P><FONT size="2"><B>Credit Ratings</B>
</FONT>


<DIV align="left"><FONT size="2">As a result of the water inflow problem at McArthur River, Standard &#038; Poor&#146;s,
Moody&#146;s and DBRS have placed the company&#146;s debt on credit watch with negative
implications pending resolution to the situation.
</FONT></DIV>

</DIV><!-- nbsp --><P>&nbsp;<BR clear="all">


<P align="center"><FONT size="2"></FONT>

<br><br><hr size="1" noshade><br>
<P align="center"><FONT size="2"><B>23</B></FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4
<SEQUENCE>6
<FILENAME>o09454exv4.htm
<DESCRIPTION>CONTROLS AND PROCEDURES
<TEXT>
<HTML>
<HEAD>
<TITLE>Controls and Procedures</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center"><FONT size="2"><B>EXHIBIT 4</B>
</FONT>

<P align="center"><FONT size="2"><B>CONTROLS AND PROCEDURES</B>
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B><I>Evaluation of disclosure controls and procedures</I></B>. As of a date within
the 90-day period prior to the filing of this report, an evaluation of the
effectiveness of Cameco Corporation&#146;s &#147;disclosure controls and procedures&#148;
(as such term is defined in Rules&nbsp;13a-14(c) and 15d-14(c) of the United
States Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)) was carried
out by Cameco Corporation&#146;s Chief Executive Officer (&#147;CEO&#148;) and Chief
Financial Officer (&#147;CFO&#148;). Based on that evaluation, the CEO and CFO have
concluded that as of such date Cameco Corporation&#146;s disclosure controls
and procedures are effective to ensure that information required to be
disclosed by Cameco Corporation in reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within
the time periods specified in United States Securities and Exchange
Commission rules and forms.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2"><B><I>Changes in Internal Controls</I></B>. Subsequent to the completion of their
evaluation, there have been no significant changes in Cameco Corporation&#146;s
internal controls or in other factors that could significantly affect the
internal controls, including any corrective actions with regard to
significant deficiencies and material weaknesses.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2"></FONT>




</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>7
<FILENAME>o09454exv5.htm
<DESCRIPTION>CONSENT OF INDEPENDENT CHARTER ACCOUNTANTS
<TEXT>
<HTML>
<HEAD>
<TITLE>Consent of Independent Charter Accountants</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P align="right"><FONT size="2"><B>EXHIBIT 5</B></FONT>
<P>&nbsp;
<P align="center"><FONT size="2"><B>CONSENT OF INDEPENDENT
CHARTERED<BR>ACCOUNTANTS</B></FONT>

<P><FONT size="2">We consent to the inclusion in the Annual Report on
Form&nbsp;40-F of our report dated February&nbsp;11, 2003, except as to Note&nbsp;19(c) which
is as of February&nbsp;14, 2003 and Note&nbsp;31 which is as of April&nbsp;16, 2003, with
respect to the consolidated balance sheets of Cameco Corporation as
at December&nbsp;31, 2002 and 2001 and the related consolidated
statements of earnings (loss), retained earnings and cash flows for
each of the years in the three-year period ended December&nbsp;31,
2002, which report appears in the Annual Report on Form&nbsp;40-F of
Cameco Corporation for the year ended December&nbsp;31, 2002.</FONT>

<TABLE align="center" cellspacing="0" cellpadding="0" border="0" width="100%">
 <TR>
  <TD width="20%">&nbsp;</TD>
  <TD width="60%">&nbsp;</TD>
  <TD width="20%">/s/ KPMG LLP</TD>
 </TR>
 <TR>
  <TD><FONT SIZE="2">Saskatoon, Saskatchewan</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT SIZE="2">&nbsp;</FONT></TD>
</TR>
<TR>
  <TD><FONT SIZE="2">16 April, 2003</FONT></TD>
  <TD>&nbsp;</TD>
  <TD><FONT SIZE="2">Chartered Accountants</FONT></TD>
</TR>
</TABLE>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>o09454exv99w1.htm
<DESCRIPTION>CERTIFICATION OF CHIEF EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Certification of Chief Executive Officer</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 99.1</B></FONT>

<P align="center"><FONT size="2">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;)
on Form&nbsp;40-F for the year ended December&nbsp;31, 2002, as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Gerald W.
Grandey, President &#038; Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The Report fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Gerald W. Grandey</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade width="30%"></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Gerald W. Grandey</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President &#038; Chief Executive Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">April&nbsp;16, 2003
</FONT>


<P align="center"><FONT size="2"></FONT>




</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>9
<FILENAME>o09454exv99w2.htm
<DESCRIPTION>CERTIFICATION OF CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
<TITLE>Certification of Chief Financial Officer</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="right"><FONT size="2"><B>EXHIBIT 99.2</B></FONT>

<P align="center"><FONT size="2">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;)
on Form&nbsp;40-F for the year ended December&nbsp;31, 2002, as filed with the Securities
and Exchange Commission on the date hereof (the &#147;Report&#148;), I, David M. Petroff,
Senior Vice-President, Finance &#038; Administration &#038; Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant
to Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, that to the best of my
knowledge:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">1.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The Report fully complies with the requirements of section 13(a) or 15(d)
of the Securities Exchange Act of 1934; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">2.</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the
Company.</FONT></TD>
</TR>
</TABLE>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
        <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ David M. Petroff</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><hr align="LEFT" size="1" width="35%" noshade></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">David M. Petroff</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Senior Vice-President, Finance &#038; Administration</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&#038; Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">April&nbsp;16, 2003
</FONT>


<P align="center"><FONT size="2"></FONT>




</BODY>
</HTML>

</TEXT>
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end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
