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<SEC-DOCUMENT>0001130319-04-000257.txt : 20040413
<SEC-HEADER>0001130319-04-000257.hdr.sgml : 20040413
<ACCEPTANCE-DATETIME>20040413163050
ACCESSION NUMBER:		0001130319-04-000257
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20040413
FILED AS OF DATE:		20040413

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		04730806

	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>6-K
<SEQUENCE>1
<FILENAME>o12584e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>


<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>


<P align="center" style="font-size: 18pt"><B>Form&nbsp;6-K</B>



<P align="center" style="font-size: 10pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>


<P align="center" style="font-size: 10pt">For the month of April, 2004

<P align="center" style="font-size: 24pt"><B>Cameco Corporation</B>

<DIV align="center" style="font-size: 10pt">(Commission file No.&nbsp;1-14228)
</DIV>

<P align="center" style="font-size: 10pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)

<P align="left" style="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">Form 20-F</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
&nbsp;<BR>
<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Form 40-F
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Y<BR>
<HR size="1" noshade></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Indicate 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.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">Yes</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
&nbsp;<BR>
<HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Y<BR>
<HR size="1" noshade></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant
in connection with Rule&nbsp;12g3-2(b):



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- 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></TD><TD colspan="8"><A HREF="#000">Exhibit&nbsp;Index</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="o12584exv1.htm">Notice of Annual Meeting</A></TD></TR>
<TR><TD colspan="9"><A HREF="o12584exv2.htm">Form of Proxy</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>




<!-- link2 "Exhibit&nbsp;Index" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Exhibit&nbsp;Index</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notice of Annual Meeting and
Management Proxy Circular</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Proxy Form for the May&nbsp;5, 2004 Annual
Shareholders Meeting</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURE" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURE</B>


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">Date: April&nbsp;13, 2004</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Cameco Corporation</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>&#147;Gary M.S. Chad&#148;</I>
<HR size="1" noshade width="70%">
Gary M.S. Chad<BR>
Senior Vice-President, Law,<BR>
Regulatory Affairs and Corporate Secretary</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>3
<FILENAME>o12584exv1.htm
<DESCRIPTION>NOTICE OF ANNUAL MEETING
<TEXT>
<HTML>
<HEAD>
<TITLE>Notice of Annual Meeting</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 18pt">2004 Notice of Annual Meeting



<P align="center" style="font-size: 18pt">and Management Proxy Circular



<P align="center" style="font-size: 18pt">&nbsp;



<P align="center" style="font-size: 18pt">&nbsp;



<P align="center" style="font-size: 18pt">Cameco Corporation



<P align="center" style="font-size: 10pt">&nbsp;
</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">




<P align="center" style="font-size: 10pt"><B>Cameco Corporation<BR>
Management Proxy Circular<BR>
Table of Contents</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<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>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Invitation to Shareholders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Notice of Annual Meeting of Shareholders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Management Proxy Circular</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Voting Rights and Solicitations of Proxies</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Solicitation of Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Appointment and Revocation of Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Voting of Proxies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Voting Shares and Principal Holders of Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Restrictions on Share Ownership and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Non-Registered Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Class&nbsp;B Shareholder</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Business of the Meeting</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Financial Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Election of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Committee Members</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Appointment of Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Shareholder Proposals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Report on Executive Compensation</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Composition of the Human Resources and Compensation Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Executive Compensation Philosophy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Committee&#146;s Annual Review Process</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Cameco&#146;s Executive Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">2003 Corporate Performance and Chief Executive Officer Compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Senior Executive Employment Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Summary Compensation Table</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Stock Option Plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Pension Plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Remuneration of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Performance Graph</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Indebtedness of Directors, Executive Officers and Senior Officers
under Securities Purchase Programs</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Corporate Governance</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px"><B><I>Additional Items</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Directors&#146; and Officers&#146; Liability Insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Delivery of Additional Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:40px; text-indent:-10px">Board Approval</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Schedule&nbsp;A </B>Interpretation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px"><B>Schedule&nbsp;B </B>TSX Statement of Corporate Governance Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>27</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><IMG src="o12584cameco.gif" alt="(CAMECO LOGO)">

<P align="left" style="font-size: 10pt">April&nbsp;13, 2004


<P align="left" style="font-size: 10pt">Dear Shareholder,


<P align="left" style="font-size: 10pt">It is my pleasure to invite you to attend the annual meeting of Cameco&#146;s
shareholders to be held at 1:30 p.m. Wednesday, May&nbsp;5, 2004 at Cameco
Corporation, 2121-11th Street West, in Saskatoon, Saskatchewan. It is an
opportunity for the directors and management of Cameco to meet with you, our
shareholders. At the meeting, we will report to you on Cameco&#146;s performance in
2003 and our plans for the future. If you plan to attend, please contact
Cheryl Snell at (306)
956-6319 by April&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">Included in this package are Cameco&#146;s 2003 annual report, notice of meeting,
management proxy circular and a form of proxy. These materials describe the
business to be dealt with at the meeting and provide you with additional
information about Cameco and its directors and executive officers. Please
exercise your rights as a shareholder either by attending the meeting in
person or by completing the enclosed form of proxy and returning it, as soon
as possible, in the envelope provided.


<P align="left" style="font-size: 10pt">I thank you for your interest and confidence in Cameco and I urge you to
exercise your vote.


<P align="left" style="font-size: 10pt">Sincerely,


<P align="left" style="font-size: 10pt"><I>&#147;Victor J. Zaleschuk&#148;</I>


<P align="left" style="font-size: 10pt">Victor J. Zaleschuk<BR>
Chair of the Board



<P align="center" style="font-size: 10pt">RSVP to (306)&nbsp;956-6319 by April&nbsp;30, 2004


<P align="center" style="font-size: 10pt">2121-11<SUP>th</SUP> Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3


<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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<P align="center" style="font-size: 14pt"><B>MANAGEMENT PROXY CIRCULAR</B>



<P align="center" style="font-size: 12pt"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>


<P align="left" style="font-size: 10pt">Dear Shareholder:


<P align="left" style="font-size: 10pt">The annual meeting of the shareholders of Cameco Corporation will be held on
Wednesday, May&nbsp;5, 2004 at 1:30 p.m. CST at Cameco Corporation, 2121-11<SUP>th</SUP>
Street West, Saskatoon, Saskatchewan, Canada<B>, </B>in order to:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>receive the 2003 audited financial statements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>elect directors; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appoint auditors.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The board of directors of Cameco has fixed April&nbsp;1, 2004 as the record date to
determine which shareholders are entitled to receive notice of and to vote at
the annual meeting.


<P align="left" style="font-size: 10pt">A proxy, circular and a copy of the 2003 annual report, including the audited
financial statements of the corporation for the year ended December&nbsp;31, 2003
and related management&#146;s discussion and analysis, accompany this notice of
annual meeting. You should refer to the management proxy circular (circular)
for details of the matters to be considered at the annual meeting.


<P align="left" style="font-size: 10pt">If you are unable to attend, please exercise your right to vote by completing
and returning the accompanying form of proxy in the enclosed postage prepaid
envelope as soon as possible. To be effective, properly completed proxies
must be deposited with Cameco&#146;s transfer agent and registrar, CIBC Mellon
Trust Company, 200 Queen&#146;s Quay East, Unit 6, Toronto, Ontario, M5A 4K9, no
later than 4:30 p.m. CST, May&nbsp;4, 2004.


<P align="left" style="font-size: 10pt">BY ORDER OF THE BOARD OF DIRECTORS


<P align="left" style="font-size: 10pt"><I>&#147;Gary M. S. Chad&#148;</I>


<P align="left" style="font-size: 10pt">Gary M.S. Chad<BR>
Senior Vice-President,<BR>
Law, Regulatory Affairs<BR>
and Corporate Secretary


<P align="left" style="font-size: 10pt">Saskatoon, Saskatchewan<BR>
April&nbsp;13, 2004



<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><IMG src="o12584cameco.gif" alt="(CAMECO LOGO)">


<P align="center" style="font-size: 14pt"><B>MANAGEMENT PROXY CIRCULAR</B>



<P align="center" style="font-size: 12pt"><B>VOTING RIGHTS AND SOLICITATION OF PROXIES</B>



<P align="left" style="font-size: 10pt"><B><I>Solicitation of Proxies</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This management proxy circular (circular)&nbsp;is furnished in connection with
the solicitation of proxies by the management of Cameco Corporation (Cameco or
corporation), for use at the annual meeting (meeting)&nbsp;of the shareholders of
the corporation (shareholders). The notice of meeting accompanying this
circular sets out the time, place and purpose of the meeting. </B>The cost of
solicitation will be borne by the corporation. It is expected that the
solicitation will be primarily by mail, but proxies may also be solicited
personally or by telephone. In addition, the corporation will retain Georgeson
Shareholder Communications Canada, 66 Wellington Street West, TD Tower, Suite
5210, Toronto Dominion Centre, P.O. Box 240, Toronto, Ontario, M5K 1J3 to aid
in the solicitation of proxies from individual and institutional holders at a
fee of approximately $24,000. The record date to determine shareholders
entitled to receive notice and vote at the annual meeting is April&nbsp;1, 2004. It
is anticipated that this circular and the accompanying notice of the meeting
and proxy will first be sent or given to shareholders on or about April&nbsp;13,
2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise indicated, the information in this circular is given at
March&nbsp;15, 2004. All dollar references in this circular are to Canadian
dollars, unless otherwise indicated.


<P align="left" style="font-size: 10pt"><B><I>Appointment and Revocation of Proxies</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who are unable to attend the meeting and vote in person may
still vote by appointing a proxy.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The persons named in the accompanying form of proxy are Gerald W. Grandey,
president and chief executive officer, and Gary M.S. Chad, senior
vice-president, law, regulatory affairs and corporate secretary of the
corporation. A shareholder who wishes to appoint another person (who need not
be a shareholder) to represent the shareholder at the meeting may either insert
the person&#146;s name in the blank space provided in the form of proxy or complete
another proper form of proxy. In either case, the completed proxy must be
deposited at the office of the transfer agent and registrar of the corporation,
CIBC Mellon Trust, 200 Queen&#146;s Quay, Unit 6, Toronto, Ontario, M5A 4K9, no
later than 4:30 p.m. CST on May&nbsp;4, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder has the right to revoke a proxy that has been submitted. To
revoke a proxy, the shareholder may deliver a written notice to the registered
office of the corporation, 2121-11th Street West, Saskatoon, Saskatchewan, S7M
1J3, at any time up to and including the last business day before the meeting
or any adjournment of the meeting. The proxy may also be revoked on the day of
the meeting or any adjournment of the meeting by delivering written notice to
the chair of the meeting. In addition, the proxy may be revoked by any other
method permitted by law. The written notice of revocation may be executed by
the shareholder or by an attorney who has the shareholder&#146;s written
authorization. If the shareholder is a corporation, the written notice must be
executed by its duly authorized officer or attorney.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If your shares are held in the name of a nominee, please see the
instructions under the heading of <I>Non-Registered Shareholders.</I>


<P align="left" style="font-size: 10pt"><B><I>Voting of Proxies</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares represented by any properly executed proxy in the accompanying
form will be voted or withheld from voting, in accordance with the instructions
of a shareholder as indicated on the proxy, on any ballot that may be called
for. If the shareholder has specified a choice in the proxy with respect of an
item to be acted upon, the shares will be voted accordingly. In the absence of
a shareholder&#146;s instructions, shares represented by proxies received by
management will be voted:


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FOR </B>the election as directors of the proposed nominees whose names are set forth in the following pages; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>FOR </B>the reappointment of KPMG LLP as auditors,</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">all as more specifically described under the relevant sections of this
circular.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying form of proxy confers discretionary authority on the
persons named in it with respect to amendments to the matters identified in the
notice of the meeting or other matters that may properly come before the
meeting. At the date of this circular, management of Cameco is not aware of any
such amendments or other matters which are to be presented for action at the
meeting. If, however, other matters properly come before the meeting, the
persons named in the accompanying proxy will vote on them in accordance with
their judgment, pursuant to the discretionary authority conferred by the proxy
with respect to such matters.


<P align="left" style="font-size: 10pt"><B><I>Voting Shares and Principal Holders of Shares</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&nbsp;15, 2004, there were 56,880,523 shares outstanding, each share
carrying, subject to the limitations described in <I>Restrictions on Share
Ownership and Voting</I>, the right to one vote per share. The directors have fixed
the close of business on April&nbsp;1, 2004 as the record date for the meeting. Only
shareholders who are on record at the close of business on that date are
entitled to receive notice and to attend and to vote at the meeting.


<P align="left" style="font-size: 10pt"><B><I>Restrictions on Share Ownership and Voting</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Eldorado Nuclear Limited Reorganization and Divestiture Act (Canada)</I>
(ENL Reorganization Act), 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 Cameco shares. Relevant definitions from the ENL
Reorganization Act are set out in schedule A to this circular. The following is
a summary of the constraints currently contained in the articles:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Individual Ownership Restriction</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Individual Non-Resident Ownership Restriction</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Non-Resident Voting Restriction</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 pro-rated 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Enforcement of Restrictions on Share Ownership</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To give effect to such constraints, the 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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


<P align="center" style="font-size: 10pt">4
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board is entitled to determine whether contraventions of the ENL
Reorganization Act or the articles have occurred. The 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Shareholder Residency Declaration</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders who either complete and deliver a proxy or attend at the
meeting in person will be required to sign a declaration of residency to enable
the corporation to comply with the restrictions on share ownership and voting
by residents of Canada and non-residents of Canada described above. Failure to
sign and provide the declaration of residence requested may result in a
shareholder being deemed a non-resident of Canada. Such declaration is
contained in the accompanying form of proxy and will be available at the
meeting.


<P align="left" style="font-size: 10pt"><B><I>Non-Registered Shareholders</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only registered holders of shares of Cameco, or the persons they appoint
as proxies, are permitted to attend and vote at the meeting. If your shares are
not registered in your name, they will be held in the name of a nominee, which
is usually a trust company, securities broker or other financial institution.
Your nominee is required to seek your instructions as to how to vote your
shares. Consequently, you will have received notice of the meeting, this
circular, and the 2003 annual report in a mailing from your nominee, together
with a proxy form or a request for voting instructions. The purpose of this
procedure is to permit non-registered holders to direct the voting of the
shares they beneficially own. Each nominee has its own signing and return
instructions which you should carefully follow to ensure your shares will be
voted. If you are a non-registered shareholder and wish to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>vote in person at the meeting; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change voting instructions given to your nominee; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>revoke voting instructions given to your nominee and vote in person at the meeting;</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">contact your nominee to discuss whether this is possible and what procedure to
follow.



<P align="left" style="font-size: 10pt"><B><I>Class&nbsp;B Shareholder</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Province of Saskatchewan, as the holder of the Class&nbsp;B share (Class&nbsp;B
Share), 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&nbsp;I of Schedule&nbsp;B of the articles, (ii)&nbsp;amalgamate that would effect an
amendment to Part&nbsp;I of Schedule&nbsp;B of the articles, or (iii)&nbsp;amend the articles
so as to alter the rights attached to the Class&nbsp;B Share. Part&nbsp;I of Schedule&nbsp;B
of the 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 (vice-chairman of the board, chief executive
officer, chief operating officer, chief financial officer and president) of
Cameco and substantially all of the senior officers (vice-presidents) of Cameco
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.



<P align="center" style="font-size: 10pt">5
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>BUSINESS OF THE MEETING</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A simple majority of votes cast, by person or proxy, will constitute
approval of matters voted on at the meeting, except as otherwise specified.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A quorum for the meeting shall be a person or persons present and holding
or representing by proxy not less than 5% of the total number of issued and
outstanding shares having voting rights at the meeting. No business shall be
transacted at the meeting unless the requisite quorum shall be present at the
commencement of such meeting, provided that if a quorum is present at the
commencement of the meeting, a quorum shall be deemed to be present during the
remainder of the meeting.


<P align="left" style="font-size: 10pt"><B><I>Financial Statements</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements for the year ended December&nbsp;31, 2003
are included in the 2003 annual report, which has been mailed to shareholders
with this circular.


<P align="left" style="font-size: 10pt"><B><I>Election of Directors</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors to be elected at the meeting is 12. The articles
provide that the board shall consist of a minimum of three directors and a
maximum of 15, with the actual number to be determined from time to time by the
board. The board has determined that at the present time there will be 12
directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The table below contains the names of the nominees for election as
directors and, unless authority is withheld, the persons named in the
accompanying form of proxy intend to vote for these nominees. </B>Management does
not contemplate that any of these nominees will be unable to serve as a
director, but should that occur for any reason, the persons named in the
accompanying form of proxy reserve the right to vote for another nominee in
their discretion, unless the shareholder has directed that the shares be
withheld from voting in the election of directors. Each director elected will,
subject to the bylaws of the corporation, hold office until the close of the
next annual meeting of shareholders of the corporation or until his or her
successor is elected or appointed in accordance with the bylaws. The
information indicated in the following table is as of March&nbsp;15, 2004.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584auston.jpg" alt="(J.S. AUSTON)"><BR>
John S. Auston<BR>
Director Since: 1999<BR>
Common Shareholdings: 1,500<BR>
Deferred share units (DSUs): 2,252<BR>
Options: 6,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John S. Auston, 66, a corporate
director, is the former President,
Director and Chief Executive Officer
of Ashton Mining of Canada Inc., a
diamond exploration company. Prior
to that he was the President,
Director and Chief Executive Officer
of Granges Inc. from 1993 to 1995.
He currently serves on the boards of
the following publicly traded
companies: Eldorado Gold Corporation
and GGL Diamond Corp. Mr.&nbsp;Auston
received degrees in geology and
mineral exploration from McGill
University in Montr&#233;al.<BR>&nbsp;<BR>
Mr.&nbsp;Auston
chairs the Strategic
Planning Committee and is a member
of the Strategic Planning Reserves
Subcommittee and the Nominating,
Corporate Governance and Risk
Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584colvin.jpg" alt="(J.F. COLVIN)"><BR>
Joe F. Colvin<BR>
Director Since: 1999<BR>
Common Shareholdings: 1,000<BR>
DSUs: 8,745<BR>
Options: 10,200
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joe F. Colvin, 61, is the President
and Chief Executive Officer of
Nuclear Energy Institute, the US
nuclear energy industry&#146;s
Washington-based policy
organization. Prior to that he was
the Executive Vice-President and
Chief Executive Officer of the
Nuclear Energy Institute Inc. from
1994 to 1996. He currently serves
on the board of the Nuclear Energy
Institute and American Council for
Capital Formation. Mr.&nbsp;Colvin holds
a Bachelor of Science degree in
electrical engineering from the
University of New Mexico, has
completed advanced studies in
nuclear engineering and is a
graduate of Harvard University&#146;s
Advanced Management Program.<BR>&nbsp;<BR>
Mr.&nbsp;Colvin
chairs the Safety, Health
and Environmental Committee and is a
member of the Strategic Planning
Committee and the Nominating,
Corporate Governance and Risk
Committee.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">6
</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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584cook.jpg" alt="(H.D. COOK)"><BR>
Harry D. Cook<BR>
Director Since: 1992<BR>
Common Shareholdings: 2,000<BR>
DSUs: 3,109<BR>
Options: 16,300
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Harry D. Cook, 60, is the Chief of the Lac La Ronge Indian Band. He is also
President of Kitsaki Management Limited Partnership, a member of the Prince
Albert Grand Council Executive Board, Federation of Saskatchewan Indian Nations
Taxation Commission Board and Indian Government Commission.<BR>&nbsp;<BR>
Chief Cook is a member of the Safety, Health and Environmental Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584curtiss.jpg" alt="(J.R. CURTISS)"><BR>
James R. Curtiss<BR>
Director Since: 1994<BR>
Common Shareholdings: 1,650<BR>
DSUs: 9,503<BR>
Options: 15,800
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Curtiss, 50, is a partner with the law firm of Winston &#038; Strawn LLP in
Washington, DC, where he concentrates his practice in energy policy and nuclear
regulatory law. He was also a Commissioner with the US Nuclear Regulatory
Commission from 1988 to 1993. He currently serves on the board of
Constellation Energy Group, a large US publicly traded supplier of electricity
to commercial and industrial customers. Mr.&nbsp;Curtiss received a Bachelor of
Arts and a Juris Doctorate from the University of Nebraska.<BR>&nbsp;<BR>
Mr.&nbsp;Curtiss chairs the Human Resources and Compensation Committee and is a
member of the Safety, Health and Environmental Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584dembrosk.jpg" alt="(G.S. DEMBROSKI)"><BR>
George S. Dembroski<BR>
Director Since: 1996<BR>
Common Shareholdings: 300<BR>
DSUs: 3,136<BR>
Options: 13,600
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">George S. Dembroski, 69, corporate director, is the former Vice-Chairman and
Director of RBC Dominion Securities Limited. He currently serves on the boards
of the following publicly traded companies: Electrohome Limited, Middlefield
Bancorp Ltd., Murphy Oil Corporation, and Extendicare Inc. and also serves on
the board of Durham Furniture Inc. and Murphy Oil Company Ltd. Mr.&nbsp;Dembroski is
a chartered accountant and holds a Bachelor of Arts in Business Administration
from the University of Western Ontario.<BR>&nbsp;<BR>
Mr.&nbsp;Dembroski chairs the Nominating, Corporate Governance and Risk Committee
and is a member of the Strategic Planning Committee and the Human Resources and
Compensation Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584grandey.jpg" alt="(G.W. GRANDEY)"><BR>
Gerald W. Grandey<BR>
Director Since: 2000<BR>
Common Shareholdings:41,000<BR>
DSUs: 0<BR>
Options: 275,500
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey, 57, is the President and Chief Executive Officer of Cameco
Corporation. He currently serves on the boards of Nuclear Energy Institute,
World Nuclear Association and Canadian Nuclear Association. Mr.&nbsp;Grandey has a
degree in geophysical engineering from the Colorado School of Mines and a law
degree from Northwestern University.<BR>&nbsp;<BR>
Mr.&nbsp;Grandey is a member of the Strategic Planning Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584hopkins.jpg" alt="(N.E. HOPKINS)"><BR>
Nancy E. Hopkins<BR>
Director Since: 1992<BR>
Common Shareholdings: 3,200<BR>
DSUs: 398<BR>
Options: 19,300
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nancy E. Hopkins, 49, is a partner with the law firm of McDougall Gauley in
Saskatoon where she concentrates her practice on corporate and commercial law
and taxation. She currently serves on the boards of the Canadian Institute of
Chartered Accountants, Saskatchewan Government Insurance, Saskatoon Airport
Authority, Growthworks (WV)&nbsp;Canadian Fund Inc. and Growthworks (WV)&nbsp;Opportunity
Fund Inc. Ms.&nbsp;Hopkins has a Bachelor of Commerce degree and a Bachelor of Law
degree from the University of Saskatchewan.<BR>&nbsp;<BR>
Ms.&nbsp;Hopkins chairs the Audit Committee and is also a member of the Strategic
Planning Committee.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584hushovd.jpg" alt="(O. HUSHOVD)"><BR>
Oyvind Hushovd<BR>
Director Since: 2003<BR>
Common Shareholdings: 0<BR>
DSUs: 28<BR>
Options: 0
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oyvind Hushovd, 54, is the Chair and Chief Executive Officer of Gabriel Resources Ltd., a
Canadian-based precious metals exploration and development company. Prior to that he was the
President and Chief Executive Officer of Falconbridge Limited from 1996 to 2002. He currently
serves on the boards of the following publicly traded companies: Gabriel Resources Ltd., Western
Oil Sands Inc., Nuinsco Resources Limited, Inmet Mining Corporation and Lionore Mining
International Limited. Mr.&nbsp;Hushovd received a Master of Economics and Business Administration from
the Norwegian School of Business and a Master of Law from the University of Oslo.<BR>&nbsp;<BR>
Mr.&nbsp;Hushovd is a member of the Audit Committee, the Human Resources and Compensation Committee and
the Safety, Health and Environmental Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584ivany.jpg" alt="(J.W.G. IVANY)"><BR>
J. W. George Ivany<BR>
Director Since: 1999<BR>
Common Shareholdings: 0<BR>
DSUs: 2,366<BR>
Options: 8,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. W. George Ivany, 65, corporate director, is the former President and Vice-Chancellor of the
University of Saskatchewan. Dr.&nbsp;Ivany received a Bachelor of Science degree in Chemistry and
Physics and a diploma in education from the Memorial University of Newfoundland. He received a
Master of Arts degree in Physics Education from the Teachers College, Columbia University and a
Ph.D. in Secondary Education from the University of Alberta.<BR>&nbsp;<BR>
Dr.&nbsp;Ivany is a member of the Audit Committee, Human Resources and Compensation Committee and the
Nominating, Corporate Governance and Risk Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584mcmillan.jpg" alt="(A.N. MCMILLAN)"><BR>
A. Neil McMillan<BR>
Director Since: 2002<BR>
Common Shareholdings: 100<BR>
DSUs: 1,238<BR>
Options: 3,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A. Neil McMillan, 52, is the President of Claude Resources Inc., a gold mining and oil and gas
producing company based in Saskatoon, Saskatchewan. He currently serves on the boards of the
following publicly traded companies: Claude Resources Inc. and Shore Gold Inc. and also on the
board of Atomic Energy Canada Ltd. Mr.&nbsp;McMillan received a Bachelor of Arts degree in History and
Sociology from the University of Saskatchewan.<BR>&nbsp;<BR>
Mr.&nbsp;McMillan is a member of the Strategic Planning Committee, the Strategic Planning Reserves
Subcommittee, the Audit Committee and the Safety, Health and Environmental Committee.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584peterson.jpg" alt="(R.W. PETERSON)"><BR>
Robert W. Peterson<BR>
Director Since: 1994<BR>
Common Shareholdings: 1,540<BR>
DSUs: 398<BR>
Options: 14,700
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert W. Peterson, 66, is the President and Chief Operating Officer of Denro Holdings Ltd., a
diversified corporation involved in real estate development, investor fund management and property
management. He currently serves on the board of General Properties Ltd. Mr.&nbsp;Peterson received a
Bachelor of Science degree in Civil Engineering from the University of Saskatchewan.<BR>&nbsp;<BR>
Mr.&nbsp;Peterson is a member of the Audit Committee, the Safety, Health and Environmental Committee and
the Human Resources and Compensation Committee.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="o12584zalesch.jpg" alt="(V.J. ZALESCHUK)"><BR>
Victor J. Zaleschuk<BR>
Director Since: 2001<BR>
Common Shareholdings:&nbsp;1,000<BR>
DSUs: 2,655<BR>
Options: 6,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Victor J. Zaleschuk, 60, corporate director,
is the former President and Chief Executive
Officer of Nexen Inc., a publicly traded
independent global energy and chemicals
company. Prior to that he was the Senior
Vice-President Finance and Chief Financial
Officer from 1986 to 1997. He currently
serves on the board of the following publicly
traded companies: Nexen Inc. and Agrium Inc.
Mr.&nbsp;Zaleschuk is a chartered accountant and
holds a Bachelor of Commerce degree from the
University of Saskatchewan.<BR>&nbsp;<BR>
Mr.&nbsp;Zaleschuk is chair of the board of Cameco
Corporation and is a member of the Strategic
Planning Committee, the Audit Committee, the
Safety, Health and Environmental Committee,
the Human Resources and Compensation Committee
and the Nominating, Corporate Governance and
Risk Committee. Mr.&nbsp;Zaleschuk was also
appointed as the audit committee financial
expert.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><B><I>Committee Members</I></B>

<P align="left" style="font-size: 10pt">The Strategic Planning Committee consists of:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John S. Auston (chair)<BR>
Joe F. Colvin<BR>
George S. Dembroski<BR>
Gerald W. Grandey<BR>
Nancy E. Hopkins<BR>
A. Neil McMillan<BR>
Victor J. Zaleschuk</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The Strategic Planning Reserves Subcommittee consists of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>John S. Auston<BR>
A. Neil McMillan</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The Audit Committee consists of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nancy E. Hopkins (chair)<BR>
Oyvind Hushovd<BR>
J. W. George Ivany<BR>
A. Neil McMillan<BR>
Robert W. Peterson<BR>
Victor J. Zaleschuk</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The Safety, Health and Environmental Committee consists of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joe F. Colvin (chair)<BR>
Harry D. Cook<BR>
James R. Curtiss<BR>
Oyvind Hushovd<BR>
A. Neil McMillan<BR>
Robert W. Peterson<BR>
Victor J. Zaleschuk<BR>
John Jarrell</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The Human Resources and Compensation Committee consists of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>James R. Curtiss (chair)<BR>
George S. Dembroski<BR>
Oyvind Hushovd<BR>
J. W. George Ivany<BR>
Robert W. Peterson<BR>
Victor J. Zaleschuk</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">9
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">The Nominating, Corporate Governance and Risk Committee consists of:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>George S. Dembroski (chair)<BR>
John S. Auston<BR>
Joe F. Colvin<BR>
J. W. George Ivany<BR>
Victor J. Zaleschuk</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Committees are comprised solely of non-management members, except for the
strategic planning committee, where Gerald W. Grandey, president and chief
executive officer, is a member and the safety, health and environmental
committee, where John Jarrell, vice-president, safety, health and environment,
is a member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Board and Committee Meetings</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of board and committee meetings held during 2003 were as
follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<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 style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Meetings</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Board of Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Planning Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Planning Reserves Subcommittee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

    <TD><DIV style="margin-left:10px; text-indent:-10px">Safety, Health and Environmental Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Human Resources and Compensation Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Nominating, Corporate Governance and Risk
Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During 2003, each member of the board attended 80% or more of the board
meetings, and each member of the board who served on one of the above-listed
committees attended at least 85% of the committee meetings, with the exception
of one director who due to illness attended only 63% of the board meetings but
92% of the meetings of the committees the director served on. The overall
attendance was 97 % at board meetings and 96% at committee meetings for the
year.


<P align="left" style="font-size: 10pt"><B><I>Appointment of Auditors</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Action is to be taken at the meeting to appoint an auditor for the
corporation. <B>Unless such authority is withheld by a shareholder, the persons
named in the accompanying proxy intend to vote for the reappointment of the
firm of KPMG LLP, the present auditors of the corporation to hold office until
the next annual meeting of shareholders. </B>A representative of KPMG LLP is
expected to attend the meeting. At that time the representative will have the
opportunity to make a statement if desired and will be available to respond to
appropriate questions.



<P align="center" style="font-size: 10pt">10
</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">


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal years ended December&nbsp;31, 2003 and December&nbsp;31, 2002, KPMG LLP
and its affiliates were paid by Cameco and its subsidiaries the following fees:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Audit fees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">524,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">623,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Audit &#150; related fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Proposed AIM Listing for AGR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">11,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Prospectus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Translation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounting disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">125,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Tax:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">96,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">97,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">177,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">274,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>All other fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Special investigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">897,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">984,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s audit committee is required to pre-approve the audit and
non-audit services performed by the external auditors, including the tax and
all other fees noted above, in order to ensure the independence of the external
auditors. Unless a type of service to be provided by the external auditor
receives general pre-approval, it requires specific pre-approval by Cameco&#146;s
audit committee or audit committee chair or, in the absence of the committee
chair, a member of the audit committee as designated by the audit committee or
board.


<P align="left" style="font-size: 10pt"><B><I>Shareholder Proposals</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The <I>Canada Business Corporations Act </I>permits certain eligible shareholders
of the corporation to submit shareholder proposals to the corporation, which
proposal may be included in a management proxy circular relating to an annual
meeting of shareholders. The final date by which the corporation must receive
shareholder proposals for the annual meeting of shareholders of the corporation
to be held in 2005 is January&nbsp;12, 2005.


<P align="left" style="font-size: 10pt"><B>REPORT ON EXECUTIVE COMPENSATION</B>



<P align="left" style="font-size: 10pt"><B><I>Composition of the Human Resources and Compensation Committee</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following unrelated and independent directors served as members of the
human resources and compensation committee (committee)&nbsp;of Cameco during the
fiscal year ended December&nbsp;31, 2003. All served for the entire year, except
Oyvind Hushovd who was appointed to the committee on December&nbsp;5, 2003.


<P align="left" style="font-size: 10pt; margin-left: 10%">James R. Curtiss (chair)<BR>
George Dembroski<BR>
Oyvind Hushovd<BR>
J.W. George Ivany<BR>
Robert W. Peterson<BR>
Victor J. Zaleschuk


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the committee members were or are employees or officers of the
corporation or any of its subsidiaries, except Victor J. Zaleschuk who was and
is the non-executive chair of the board. All of the committee members are
participants in Cameco&#146;s deferred share unit plan for directors. In 2003 the
members of the board, including the members of the committee, were granted
options for 2002 performance. Later in 2003 the board, as part of a board
compensation review, decided as a matter of policy to no longer grant stock
options to directors.


<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Executive Compensation Philosophy</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s executive compensation program is comprised of three components:
base salary, annual incentives (cash bonus program), and long-term incentives
(stock option plan and pension). Together, these three components are designed
to:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Attract, retain and motivate senior executives operating in a highly
demanding and competitive business environment.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Link executive compensation to corporate performance and the creation of shareholder value.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Reward successful achievement of corporate and individual performance objectives.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It has been the practice at Cameco throughout its 15&nbsp;year history to position
its executive compensation better than the median of its relevant comparator
group, which traditionally has been largely drawn from the Canadian mining
sector. External consultants have assisted in this work and both specialized
and general compensation surveys have been accessed to ensure relative external
and internal equity of executive compensation.


<P align="left" style="font-size: 10pt"><B><I>Committee&#146;s Annual Review Process</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s compensation and human resources committee annually reviews the
recommendations of the chief executive officer respecting the salary and
executive cash bonus awards for Cameco&#146;s executive officers, and respecting all
stock option awards, and makes recommendations to the board for approval. The
committee separately reviews the compensation for the chief executive officer
and similarly makes a recommendation to the board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of recent changes in the business environment of the corporation,
including the corporation&#146;s substantial partnership share in nuclear power
generation as well as its growing international nature, the committee is
undertaking a full review of Cameco&#146;s executive compensation to be completed in
2004. The core issues for review include: the development of appropriate
comparator groups, the level (competitiveness)&nbsp;and mix of compensation, and the
appropriate compensation delivery mechanisms. The committee is being assisted
in this review by an external consultant with extensive experience in executive
compensation.


<P align="left" style="font-size: 10pt"><B><I>Cameco&#146;s Executive Compensation</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The percentage mix of the three elements of executive compensation varies
and is based on the executive&#146;s level of responsibility. These elements are
reviewed annually to ensure market competitiveness by reference to broad base
national compensation survey data. When necessary, the corporation also
sponsors specialized compensation surveys to ensure the program remains
competitive across all segments of its business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Base Salary</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base salaries of the named executives are reviewed annually by the
committee which makes recommendations to the board. To the extent possible,
comparisons are made with salaries for similar positions in the Canadian mining
industry as reported by independent national compensation surveys.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Executive Cash Bonus Program</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee administers the formal executive cash bonus program which
offers short-term performance incentives to the executives of the corporation,
including the named executives, as part of Cameco&#146;s overall executive
compensation package.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the executive cash bonus program, annual awards are calculated based
on corporate and individual performance. The corporate performance rating is
determined by reference to defined annual objectives, including operational
achievements, strategic initiatives, financial results, health, safety and
environmental performance, shareholder return and other results. Individual
performance assessments are determined through objective performance ratings
with respect to specific annual goals set at the beginning of the year and by
subjective evaluations of performance. Under the program a profitability
modifier, being the annual return on average capital, is applied to ensure
bonuses are sensitive to the achievement by the corporation of a target level
of profitability. In the calculation of bonus awards corporate performance
accounts for 60% of the calculation, while individual performance accounts for
the remaining 40%.


<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Stock Option Plan</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003, 374 persons, including the named executives, participated in the
stock option plan. The committee recommends annually to the board which
employees will be granted options and the number of options to be granted. The
number of options to be allocated annually among officers, executives and other
employees is based on guideline amounts. Stock options granted to employees
below the executive levels are within established ranges depending upon the
employee&#146;s level in the organization and the employee&#146;s performance. The
committee believes that the granting of stock options is an effective way to
ensuring executive and employee commitment to the longer term interest of the
corporation and its shareholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Pension Plan</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco believes pension is an integral part of total compensation and a
critical tool for the cost effective attraction and retention of talented
employees, including executive employees. The executives participate in a
registered base plan and a top-up plan. The registered base plan is either a
defined contribution plan or a defined benefit plan. The top-up plan, the
Supplemental Executive Pension Plan, is a non-contributing supplemental defined
benefit plan. This supplemental plan was implemented to offset the strict
limits under the <I>Income Tax Act </I>(Canada) (ITA)&nbsp;pertaining to registered pension
plans in order to provide a retirement income for executives commensurate with
their salary.


<P align="left" style="font-size: 10pt"><B><I>2003 Corporate Performance and Chief Executive Officer Compensation</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The committee annually reviews the performance and the salary of the chief
executive officer and makes its recommendations to the board. The review
includes a comparison with salaries for similar positions in various industries
and in the Canadian mining industry as reported from time to time by
independent national salary surveys. The corporation&#146;s financial and
operational performance, strategies employed to secure future gains for the
corporation&#146;s shareholders, and overall leadership are other performance
measures used by the committee. This review is the basis upon which the chief
executive officer&#146;s compensation is determined.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In terms of corporate performance, Cameco under the leadership of its
chief executive officer achieved outstanding financial performance during 2003
and made significant progress toward its vision of becoming a dominant nuclear
energy company. Records were set for earnings, uranium revenue and sales,
conversion revenue and sales, shareholder return was outstanding, and strategic
objectives were met in most areas of the company&#146;s business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings for 2003 were a record $205&nbsp;million, more than double the
budget forecast of $81&nbsp;million. The record earnings included a one time only
non-cash adjustment of $86&nbsp;million due to a change in federal tax regulations.
Cash flow from operations was $246&nbsp;million and revenue reached an all-time high
of $827&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s share price peaked at $77.00 during 2003 and finished the year at
$74.75, up 99% from December&nbsp;31, 2002. The company&#146;s share performance exceeded
the Toronto Stock Exchange (&#147;TSX&#148;) Composite index, the TSX 60 and the TSX
mining and metals index during the year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco also made significant progress toward its strategic objectives
during 2003. The company continued to expand its participation in the nuclear
generation business by completing the acquisition of an additional 16.6% of
Bruce Power and began negotiations in 2003 toward an agreement to purchase
25.2% of the South Texas Project, a 2,500-megawatt nuclear generating station
located 145 kilometres southwest of Houston, Texas. This agreement was
announced on March&nbsp;1, 2004 and is expected to close in the second half of 2004
subject to rights of first refusal in favour of the other owners, regulatory
approval and a number of closing conditions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco advanced its strategy to maximize the value of its gold assets by
negotiating an agreement with the Kyrgyz government to allow the creation of
Centerra Gold Inc., a Canadian corporation in which Cameco will be the majority
shareholder. It is expected that the new company will be listed on the TSX
during 2004. Substantially all of Cameco&#146;s gold assets will be transferred to
Centerra.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operationally, Cameco successfully managed water inflow that caused a
three-month interruption of production at McArthur River and safely restored
production ahead of schedule without losing any reserves as a result of the
water inflow. Production at Cameco&#146;s in situ leach uranium mining operations in
the US exceeded budget and the feasibility study and environmental assessment
of the Inkai Project in Kazakhstan were completed and will be submitted for
joint venture approval in 2004.


<P align="center" style="font-size: 10pt">13
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record UF<SUB>6</SUB> production was achieved at the Port Hope conversion facility
and progress was made on plans to begin producing slightly enriched uranium
fuel at the site that will increase the capacity of the Bruce B reactors by 8%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In gold, construction was completed at the Boroo mine in Mongolia and the
first gold was poured in December&nbsp;2003 at the site. Production at the Kumtor
mine in Kyrgyzstan exceeded budget.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco enhanced the value of its investment in Bruce Power in 2003. The
restart of the Bruce A reactors increased generation capacity by 50% bringing
the total to 4,660 megawatts, sufficient to meet 20% of Ontario&#146;s electricity
needs. Bruce Power is now studying the possibility of restarting the remaining
two Bruce A units and extending the life of the Bruce B units. Overall, six out
of nine Cameco operations realized unit production costs lower than budget
during 2003. While controlling costs, all operations maintained strong employee
health and safety programs and the company continues to work hard to reduce its
environmental footprint.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The company remains a leader in the area of aboriginal employment in
Canada. Fifty-seven percent (660 people) of our permanent minesite workforce
were residents of northern Saskatchewan at the end of 2003, thus exceeding last
year&#146;s target of 55%. Our operations in Kyrgyzstan and Mongolia have adopted
the training and recruitment practices of the parent company with the result
that in 2003 more than 90% of their employees were nationals.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of Cameco&#146;s exceptional share price performance, progress toward
strategic objectives and operational strength in challenging circumstances,
bonuses were awarded to the chief executive officer and other senior officers
of the company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon its review, under the executive cash bonus program, the board
on the recommendation of the committee awarded Mr.&nbsp;Grandey a bonus for his 2003
performance of $430,000. The executive cash bonuses awarded to the other named
executive officers for 2003 are included in the summary compensation table
included on page 15 of this circular.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon Gerald W. Grandey&#146;s appointment as chief executive officer of Cameco
on January&nbsp;1, 2003, the board on the recommendation of the human resources and
compensation committee awarded Mr.&nbsp;Grandey a base salary of $720,000 based on a
comparative review undertaken by an independent international compensation and
benefits consultant, of market practices for similar positions in North
America. The committee believes that this base salary positions Mr.&nbsp;Grandey at
or slightly below the median for the relevant comparator group. In addition,
in order to retain Mr.&nbsp;Grandey&#146;s services for the corporation and in light of
his history of excellent performance as president of Cameco and other senior
executive roles, the committee recommended and the board authorized the
employment contract described below.


<P align="left" style="font-size: 10pt"><B><I>Senior Executive Employment Contracts</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation has a five-year employment agreement with Mr.&nbsp;Grandey as
chief executive officer from January&nbsp;1, 2003 to December&nbsp;31, 2007. Under the
agreement Mr.&nbsp;Grandey receives a base salary of $720,000, which may be adjusted
annually, and is eligible for consideration of an annual performance bonus
(under Cameco&#146;s executive cash bonus program) with a target of 60% of his base
salary based on corporate and individual performance. Upon assuming his role
as chief executive officer on January&nbsp;1, 2003, Mr.&nbsp;Grandey was paid a bonus of
$500,000 and was granted a stock option to purchase 100,000 common shares of
Cameco exercisable at $37.48, the closing price of Cameco&#146;s shares on the TSX
on December&nbsp;31, 2002. These options expire 8&nbsp;years after the grant. Twenty
percent are exercisable by Mr.&nbsp;Grandey after January&nbsp;1, 2004, 40% are
exercisable after January&nbsp;1, 2005, 60% are exercisable after January&nbsp;1, 2006,
80% are exercisable after January&nbsp;1, 2007 and 100% are exercisable after
January&nbsp;1, 2008, provided Mr.&nbsp;Grandey has not resigned or been terminated for
cause. Mr.&nbsp;Grandey is also entitled to US currency protection for benefits
payable to him under the Cameco Corporation supplemental executive pension
program to compensate him for any pension benefits received by him when the
Canadian dollar to the United States dollar exchange rate is less than .725.
Mr.&nbsp;Grandey is entitled to receive, if terminated without cause, a sum equal to
three times his base salary at that time, plus benefits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As part of the reorganization following the retirement of former CEO,
Bernard Michel, Cameco created two new senior vice-president positions. On
January&nbsp;1, 2003 George Assie joined the senior executive group at Cameco in the
newly created position of Senior Vice-President, Marketing and Business
Development. The compensation and human resource committee recommended to the
board and the board awarded Mr.&nbsp;Assie a base salary of $450,000 and a joining
bonus of US$100,000. On February&nbsp;1, 2003, Terry Rogers joined Cameco as the
Senior Vice-President and Chief Operating Officer. The committee recommended
to the board and the board awarded Mr.&nbsp;Rogers a base salary of $450,000 and a
bonus of US$100,000. Both Mr.&nbsp;Assie and Mr.&nbsp;Rogers are eligible for an
executive cash bonus based on a combination of corporate and individual
performance at a target level of 45% of base salary. The determination of the
compensation packages for both Mr.&nbsp;Assie and Mr.&nbsp;Rogers was based on a
comparative review undertaken by an independent international compensation and
benefits consultant, of market practices for similar positions in North
America.


<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to their employment contracts, Mr.&nbsp;Assie, Mr.&nbsp;Rogers, and Mr.
Chad are entitled to receive, if terminated without cause, a sum equal to three
times base salary at the time, plus benefits, Mr.&nbsp;Petroff is entitled to
receive, if terminated without cause, a sum equal to two times his base salary
at the time, plus benefits.


<P align="left" style="font-size: 10pt"><B><I>Summary Compensation Table</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The summary compensation table sets forth the annual compensation, the
long-term compensation and all other compensation awarded to the chief
executive officer and the four other most highly compensated executive officers
performing a policy-making function in respect of the corporation (named
executives) during the fiscal years 2003, 2002 and 2001.


<P align="center" style="font-size: 10pt"><B>SUMMARY COMPENSATION TABLE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&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="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Long-term</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Annual Compensation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>Compensation Awards</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities Under</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>All Other</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Compensation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)<SUP>1</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)<SUP>2</SUP></B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">720,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">430,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">611,143</TD>
    <TD>&nbsp;<SUP>3</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">President and CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">175,448</TD>
    <TD>&nbsp;<SUP>4</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,086</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">227,778</TD>
    <TD>&nbsp;<SUP>5</SUP></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457,510</TD>
    <TD>&nbsp;<SUP>6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">419,649</TD>
    <TD>&nbsp;<SUP>7</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Vice-President and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">549,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411,382</TD>
    <TD>&nbsp;<SUP>8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,551</TD>
    <TD>&nbsp;<SUP>9</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Chief Operating Officer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">503,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,365</TD>
    <TD>&nbsp;<SUP>10</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,679</TD>
    <TD>&nbsp;<SUP>11</SUP></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,738</TD>
    <TD>&nbsp;<SUP>12</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Vice-President,
Marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,216</TD>
    <TD>&nbsp;<SUP>13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,900</TD>
    <TD>&nbsp;<SUP>14</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">and Business Development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,547</TD>
    <TD>&nbsp;<SUP>15</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,524</TD>
    <TD>&nbsp;<SUP>16</SUP></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,825</TD>
    <TD>&nbsp;<SUP>17</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Vice-President,
Finance and</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,874</TD>
    <TD>&nbsp;<SUP>18</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Administration and CFO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,549</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,782</TD>
    <TD>&nbsp;<SUP>19</SUP></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="25" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,704</TD>
    <TD>&nbsp;<SUP>20</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Vice-President,
Law,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2002</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496</TD>
    <TD>&nbsp;<SUP>21</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Regulatory Affairs &#038;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2001</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,416</TD>
    <TD>&nbsp;<SUP>22</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Corporate Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>1</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Amounts shown were earned in relation to the financial year indicated, and paid in the subsequent year.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>2</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Perquisites and other personal benefits do not exceed the lesser of
$50,000 or 10% of the total of the annual salary and bonus for any of the
named executives and as a result are not included in the amounts shown.
The amounts in this column relate to the dollar value of imputed interest
benefits computed in accordance with the ITA for loans provided to named
executives under the stock option plan and in addition for 2001, 2002 and
2003 for a loan to Mr.&nbsp;Grandey; and in 2001 and 2002 for a housing loan to
Mr.&nbsp;Petroff.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>3</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>The corporation agreed to provide to Mr.&nbsp;Grandey annually beginning in
1998 an allowance equal to the difference between the Canadian income tax
payable by Mr.&nbsp;Grandey on his base salary and executive cash bonus and the
United States income tax payable on the same amounts. As well the
corporation also committed to provide to Mr.&nbsp;Grandey commencing in 1998 a
currency protection allowance to compensate him for any cash compensation
received by him when the Canadian dollar to the United States dollar
exchange rate was less than .725. Pursuant to this agreement, a tax
equalization payment of $9,862 and a currency protection allowance of
$98,239 were paid to Mr.&nbsp;Grandey in 2003. These were the final payments
under this agreement which payments pertain to the year 2002. The amount
of term life insurance premiums paid on his behalf in 2003 was $3,042.
Mr.&nbsp;Grandey was awarded a signing bonus of $500,000 related to his January
1, 2003 appointment as Chief Executive Officer of Cameco.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>4</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>A tax equalization payment of $108,423 and a currency protection
allowance of $63,641 were paid to Mr.&nbsp;Grandey in 2002(see note 3). The
amount of term life insurance premiums paid on his behalf in 2002 was
$3,384.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>5</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>A tax equalization payment of $180,811 and a currency protection
allowance of $43,583 were paid to Mr.&nbsp;Grandey in 2001 (see note 3). The
amount of term life insurance premiums paid on his behalf in 2001 was
$3,384.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>6</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This represents the $450,000 annual salary prorated for Mr.&nbsp;Rogers for 11
months as Senior Vice-President and Chief Operating Officer and one month
of services with Kumtor Operating Company at an annual salary of
US$350,000.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>7</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a signing bonus of $153,090, the balance of a
Kumtor performance bonus of $152,150, a vacation payment of $12,464,
phantom option benefits of $84,720, pension contributions of $14,500, and
term life insurance premiums of $2,725 paid on behalf of Mr.&nbsp;Rogers in
2003.</I></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">15
</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">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>8</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a bonus of US$262,000 which Mr.&nbsp;Rogers was awarded
as President of Kumtor Operating Company residing in Kyrgyzstan.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>9</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a contract completion bonus of US$100,000 paid to
Mr.&nbsp;Rogers under his employment contract as President of Kumtor Operating
Company residing in Kyrgyzstan and phantom option benefits of $91,620 and
term life insurance premiums of $2,915 paid on behalf of Mr.&nbsp;Rogers in
2002.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>10</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a bonus of US$225,000 which Mr.&nbsp;Rogers was awarded
as President of Kumtor Operating Company residing in Kyrgyzstan.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>11</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a contract completion bonus of US$150,000 paid to
Mr.&nbsp;Rogers under his employment contract as President of Kumtor Operating
Company residing in Kyrgyzstan and term life insurance premiums of $1,769
paid on behalf of Mr.&nbsp;Rogers in 2001.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>12</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents pension contributions of $14,500, a relocation
allowance of $37,500 and term life insurance premiums of $2,738.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>13</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a bonus of US$57,000 which Mr.&nbsp;Assie was awarded
as President of Cameco Inc. residing in the U.S.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>14</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents pension contributions of US$11,000 ($17,274), an
annual retention bonus of US$21,200 ( $33,246), a signing bonus of
US$100,000 ( $155,800) and term life insurance premiums of $1,580 paid on
behalf of Mr.&nbsp;Assie in 2002.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>15</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents a bonus of US$61,150 which Mr.&nbsp;Assie was awarded
as President of Cameco Inc. residing in the U.S.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>16</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents pension contributions of US$10,500 ($16,256), an
annual retention bonus of US$20,000 ($30,788) and term life insurance
premiums of $1,480 paid on behalf of Mr.&nbsp;Assie in 2001.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>17</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,825 paid on behalf of Mr.&nbsp;Petroff in 2003.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>18</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,874 paid on behalf of Mr.&nbsp;Petroff in 2002.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>19</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,782 paid on behalf of Mr.&nbsp;Petroff in 2001.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>20</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,704 paid on behalf of Mr.&nbsp;Chad in 2003.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>21</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,496 paid on behalf of Mr.&nbsp;Chad in 2002.</I></TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>22</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>This amount represents term life insurance premiums of $1,416 paid on behalf of Mr.&nbsp;Chad in 2001.</I></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B><I>Stock Option Plan</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 1992, Cameco established a stock option plan to encourage directors,
officers and employees of the corporation and its subsidiaries to promote the
long-term growth and profitability of the corporation by providing them with
the opportunity to acquire shares through options. In 2003, 374 employees,
including the named executives, participated in the program and were awarded
stock options for 2002. Later in 2003, the board of directors, as part of a
board compensation review, decided as a mater of policy not to grant any
further stock options to directors. As at March&nbsp;15, 2004, the options
outstanding under the stock option plan entitle the holders to receive, if
fully exercised, common shares that represent approximately 4.83% of the issued
and outstanding shares of Cameco. Discussed below are Cameco&#146;s original stock
option plan terms, which applied from 1992 to February&nbsp;1999, and Cameco&#146;s
amended stock option plan terms, which took effect in February&nbsp;1999. For
details of the 2003 grants of options to the named executives and the fiscal
year option values, see the tables following the description of Cameco&#146;s stock
option plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Original Stock Option Plan Terms</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares of Cameco are the securities underlying the options granted
under Cameco&#146;s stock option plan. Under Cameco&#146;s original plan, three types of
options were granted: standard options, reload options and additional options.
Any grant under this plan included an equal number of standard options and
reload options. The exercise price of the standard and reload options which
were issued is the closing price on the TSX the day before the grant. Standard
options are exercisable for a period of seven years commencing three years
after the date of the grant. Reload options are exercisable immediately after
the date of the grant for a period of 10&nbsp;years. Upon issuance of the reload
options an equal number of additional options are approved to be granted
automatically upon exercise of reload options. The additional options permit
the holder to acquire Cameco shares after a period of three years and for a
period of seven years thereafter provided that at the time of exercise the
holder has owned the shares acquired on the exercise of the reload options for
a period of at least three years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price for the additional options is the closing price on the
TSX the day before the exercise of the reload options. Upon the exercise of
reload options, a loan was granted for the purchase price of the shares. The
principal of the loan bears interest at a rate equal to the dividend rate on
the shares. The principal of the loan is repayable in five annual


<P align="center" style="font-size: 10pt">16
</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">



<P align="left" style="font-size: 10pt">instalments commencing not later than the sixth anniversary of the date of
the grant of the exercised reload options to which the loan is related. The
loan is to be repaid starting on the sixth anniversary date of the loan by
equal 10% annual installments for four years followed by a payment of 60% in
year 10. For insiders of the corporation if in any repayment year the closing
price of the common shares on the TSX remains at or above the price at which
the common shares were purchased with the loan proceeds for 10 consecutive
trading days, the insider must forthwith repay an additional installment so
that 20% of the original amount of the loan is to be repaid in that year in
total. No new loans were granted under the program after February&nbsp;4, 1999.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the approval of the TSX, in May&nbsp;1999 Cameco instituted a one-time
loan forgiveness program. Other than insiders (which includes the named
executives, officers and directors), employees could amend the terms of any
loan granted by Cameco to purchase shares at or above a price of $32.25 by
signing a loan amending agreement on or before June&nbsp;30, 1999. Under the amended
loan terms, Cameco&#146;s recourse to collect the outstanding balance of any
employee&#146;s loan, after sale of the employee&#146;s shares held as security, is
limited to the amount which ensures that Cameco has received a minimum
principal repayment under the loan of $32.25 times the number of shares
purchased with the loan (minimum amount). Cameco retains all repayments on the
loan received in excess of the minimum amount to the maximum amount of the
original loan plus interest. The amount of any loan forgiveness is a taxable
benefit for the employee. Of the 102 eligible employees, 100 participated in
the program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All unexercised options under the plan terminate 30&nbsp;days following the
date employment ceases or a director ceases to be a director, except in the
event of retirement, disability or death, in which case all unexercised options
terminate in three years.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Amended Stock Option Plan Terms</I>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing in 1999, under Cameco&#146;s stock option plan only standard options
have and will be granted, which will expire eight years after the date of the
grant. Of the number of standard options granted, unless otherwise specified by
the board, from and after the first anniversary of the date of grant, one-third
of the options are exercisable by the holder, from and after the second
anniversary of the date of grant, two-thirds of the options are exercisable by
the holder, and from and after the third anniversary of the date of grant, and
each year thereafter until the options expire, all of the options are
exercisable by the holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the options granted under Cameco&#146;s stock
option plan to each of the named executives during the fiscal year ended
December&nbsp;31, 2003:


<P align="center" style="font-size: 10pt"><B>OPTION GRANTS IN FISCAL YEAR ENDING DECEMBER 31, 2003</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&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="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Market Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Under Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>on the Date of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Options Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grant</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Employees in 2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Security)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($/Security)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Expiration Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">17.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.48/35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.48/35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Dec. 31, 2010<SUP>1</SUP></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">and Mar. 9, 2010</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mar. 9, 2010</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mar. 9, 2010</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mar. 9, 2010</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Mar. 9, 2010</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Note:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><I>1</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Mr.&nbsp;Grandey was granted stock options for 100,000 common shares at an
exercise price of $37.48 on January&nbsp;1, 2003 and stock options for 24,500
common shares at an exercise price of $35.28 on March&nbsp;9, 2003.</I></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows for each named executive officer:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of common shares acquired through stock options during the fiscal year ended December&nbsp;31, 2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the aggregate value realized upon exercise; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the number of Cameco shares covered by unexercised options under the Cameco stock option plan as at December&nbsp;31, 2003.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">17
</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">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate Value Realized Upon Exercise Before Tax is the difference
between the fair market value of Cameco common shares on the exercise date and
the exercise price of the option. Net Value of Unexercised In-The-Money Options
Before Tax at Fiscal Year End is the difference between the exercise price of
the options and of the fair market value of Cameco shares on December&nbsp;31, 2003,
which was $74.75 per share.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><B>AGGREGATE OPTION EXERCISES IN 2003 AND 2003 YEAR-END OPTION VALUES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="26%">&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="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Unexercised Options at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Net Value of Unexercised In-the Money</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Fiscal Year-End</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Options before Tax at Fiscal Year-End</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Securities Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Value</B><BR><B>Realized Upon</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>($)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>on Exercise</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercise Before Tax</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(#)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Exercisable</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unexercisable</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">377,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,369,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,536,200</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">355,230</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">383,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">543,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,130,750</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,813,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,583,050</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,583,050</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Pension Plans</I></B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1) Base Plans


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Cameco employees participate in a defined contribution pension
plan/group RRSP with the exception of three executives that participate in a
defined benefit pension plan. The defined benefit pension plan is being phased
out and will exist only for so long as the current members, retirees and their
spouses are entitled to receive benefits under the plan. No new members have
been added since 1997 and members will not be added going forward.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2) Supplemental Executive Pension Program


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The executive officers and other senior management (vice-presidents of
Cameco and certain of its subsidiaries and presidents of certain Cameco
subsidiaries) also participate in the Cameco Corporation supplemental executive
pension program which is a top-up plan. There are 17 active members, 15
retirees and one spouse of a deceased retiree participating. This program,
which is non-contributory by members, requires participation in either the
registered defined benefit plan or the registered defined contribution plan as
noted above. This program is designed to attract and retain talented
executives over the long term as part of a competitive compensation package and
to provide benefits above the limits imposed under the ITA. The defined benefit
base plan is subject to a maximum annual benefit accrual provided for by the
ITA currently $1,722 for each year of credited pensionable service, with the
result that benefits can not be earned in this base plan on salaries above
approximately $110,000 per annum. The defined contribution base plan is
subject to a contribution limit of $15,500 in 2003 provided for in the ITA,
with a salary of approximately $86,100 resulting in the maximum permitted
contribution.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the supplemental program, senior management (vice-presidents of
Cameco and certain of its subsidiaries and presidents of certain Cameco
subsidiaries) receive overall benefits equal to 1.8% of the average of the
individual&#146;s highest three years of base salary times the number of years of
actual service <I>minus </I>the benefits payable under the base plan. For the six
executive officers, the overall benefits payable under the program equal 1.8%
of the average of the individual&#146;s highest three years of base salary times the
number of years of actual service pre-January&nbsp;1, 1998 and 3% of the average of
the individual&#146;s highest three years of base salary times the number of years
of actual service since January&nbsp;1, 1998 <I>minus </I>the benefits payable under the
base plan. The supplemental program only provides benefits based on actual
years of service with Cameco with no past service credits or accelerated
service of any kind being awarded under the program. In addition, benefits
payable are based on the individual&#146;s highest three-year average of base salary
excluding bonuses and taxable benefits. The supplemental program is funded on
an annual basis by Cameco so as not to constitute an unfunded liability for the
corporation. Full benefits are payable at normal retirement age which is age
65. However, full benefits are also payable at age 60 if the individual has 20
years of service. Pension benefits are paid as a joint annuity with a surviving
spouse pension of 60% of the member&#146;s pension. Benefits are not subject to
deduction for social security or other offset amounts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Estimated annual benefits payable upon retirement to the named executives
of the specific compensation and years of credited service classifications are
determined based upon the following tables. Pension Table I represents benefits
related to credited service up to January&nbsp;1, 1998 at 1.8% of the highest
three-year average salary and Pension Plan Table II represents benefits related
to years of service after this date at 3% of the highest three-year average
salary. Total pension benefits payable to a named executive would be determined
by adding the figures derived from the two tables based upon


<P align="center" style="font-size: 10pt">18
</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">



<P align="left" style="font-size: 10pt">years of service pre and post January&nbsp;1, 1998 and the average salary for
the highest three years of base salary earned by the named executive.


<P align="center" style="font-size: 10pt"><B>TABLE I<BR>
ANNUAL PENSION BENEFITS PAYABLE FOR YEARS OF<BR>
CREDITED SERVICE UP TO JANUARY 1, 1998</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Three Year</B><BR><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>Number of Years of Credited Service Up to January 1, 1998</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>15</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>20</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>25</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>30</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>35</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$200,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">126,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$300,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">81,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">162,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">189,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$400,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">36,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">144,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">216,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">252,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$500,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">315,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$600,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">162,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">216,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">324,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">378,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$700,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">126,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">189,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">252,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">315,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">378,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">441,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$800,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">72,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">144,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">216,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">288,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">432,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">504,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>TABLE II<BR>
ANNUAL PENSION BENEFITS PAYABLE FOR YEARS OF<BR>
CREDITED SERVICE AFTER JANUARY 1, 1998</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Three Year</B><BR><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>Number of Years of Credited Service After January 1, 1998 &#151; Executives Officers</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>5</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>10</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>15</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>20</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>25</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>30</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>35</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$200,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">30,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$300,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">315,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$400,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">420,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$500,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">150,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">375,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">525,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$600,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">180,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">270,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">450,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">540,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">630,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$700,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">105,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">210,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">315,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">420,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">525,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">630,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">735,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">$800,000</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">240,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">360,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">480,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">720,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">840,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated full years of credited service in the plans at their normal
retirement date (age 65), for the named executives, are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<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 style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Years of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Credited Service</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated Full</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Years of Credited</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>After</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Years of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Service Up to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>January 1, 1998 at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Credited Service at</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>January 1, 1998</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Normal Retirement</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Normal Retirement</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.58</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.83</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.05</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;31, 2003, each of the named executive officers had five years
of credited service after January&nbsp;1, 1998, with the exception of Terry Rogers,
with 4.56&nbsp;years of credited service after January&nbsp;1, 1998.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the current compensation and assuming each of the named
executives remains with Cameco until their normal retirement date, the
estimated annual benefits payable to the named executives are as follows:
Gerald Grandey, $356,400, Terry Rogers, $164,700, George Assie, $395,280, David
Petroff, $229,158 and Gary Chad, $194,897.


<P align="center" style="font-size: 10pt">19
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;31, 2003, Cameco&#146;s aggregate accrued and funded liabilities
for all participants in the supplemental plan were approximately $13.8&nbsp;million.
The 2003 service and interest costs in respect of the supplemental plan were
approximately $1.8&nbsp;million.


<P align="left" style="font-size: 10pt"><B>Remuneration of Directors</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In light of the increasing responsibilities and time commitments of board
members, the human resources and compensation committee engaged an independent
consultant in 2003 to review and benchmark the remuneration paid by Cameco to
its directors. Director remuneration was benchmarked against 12 Canadian
senior mining and utility issuers and the TSX/100 companies. Based on this
review the committee recommended, and the board approved, the discontinuance of
stock option grants to non-employee directors and certain increases in director
remuneration. In lieu of a stock option grant for 2003 performance, the
non-employee directors were granted an award of $30,000 in deferred share units
(DSUs) on December&nbsp;31, 2003. In 2003, for 2002 performance, each of the
non-employee directors received 3,000 standard stock options under the stock
option plan. Ms.&nbsp;Hopkins, for her role as lead director in 2002, received an
additional 1,500 standard options in 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A DSU is a notional unit that reflects the market value of a single common
share of Cameco. The DSUs will be redeemed upon a director leaving the board
for cash based upon the weighted average of the closing prices of the common
shares of Cameco on the TSX for the last 20 trading days prior to the
redemption date multiplied by the number of DSUs held by that director. In
2004, sixty percent of each director&#146;s annual retainer will be paid in DSUs.
In addition, on an annual basis directors can elect to receive the remaining
40% of their annual retainer and any additional fees in the form of DSUs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to greater align the interests of directors and shareholders,
Cameco has also adopted share ownership guidelines. The share ownership
guidelines call for an aggregate of 3,000 common shares or DSUs to be owned by
each director, which can be accumulated over time through the issuance of DSUs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective January&nbsp;1, 2004, each non-employee director of the corporation
will be paid an annual retainer in the amount of $50,000, of which $20,000 will
be payable in cash and the remaining $30,000 payable through an award of
deferred share units. In addition to this annual retainer in 2004, $1,500 will
be paid for each attendance at a meeting of the board or meeting of a committee
of the board ($2,000 for a meeting of the audit committee) and each committee
chair will receive an annual retainer of $5,000 ($10,000 in the case of the
chair of the audit committee).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In 2003 the non-employee directors of the corporation were each paid an
annual retainer of $15,000 plus $1,000 for each attendance at a meeting of the
board or a meeting of a committee of the board. Each non-Canadian resident
director receives a traveling fee equal to $1,000 for each board or committee
meeting attended. The Chair will receive an annual retainer of $100,000
($60,000 in deferred share units and $40,000 in cash) for serving in this
capacity. In 2003, he received a total annual retainer of $70,191.78
($42,115.07 in DSUs and $28,276.71 in cash). His board retainer of $15,000 was
prorated to May&nbsp;9, 2003 at which time he became chair and his chair retainer of
$100,000 was prorated from May&nbsp;9, 2003 to December&nbsp;31, 2003. The chair of each
board committee received an annual retainer of $3,750. Mr.&nbsp;Auston received
additional compensation of $7,500 for serving as a director of a subsidiary of
the corporation. The annual retainers, meeting fees and traveling fees are paid
in United States dollars to the two non-Canadian resident directors. The
directors received aggregate compensation from the corporation during the year
ended December&nbsp;31, 2003 in the amount of $1,124,700, of which $527,669 was paid
in cash and the remainder by issuance of DSUs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors are reimbursed for travel and other out-of-pocket costs incurred
in attending board and committee meetings. Mr.&nbsp;Auston is reimbursed for travel
and other out-of-pocket costs incurred in attending board meetings of a
subsidiary of the corporation.

<P align="left" style="font-size: 10pt">Presented by the committee:

<P align="left" style="font-size: 10pt">James R. Curtiss, chair<BR>
George S. Dembroski<BR>
Oyvind Hushovd<BR>
J.W. George Ivany<BR>
Robert W. Peterson<BR>
Victor J. Zaleschuk


<P align="center" style="font-size: 10pt">20
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B><I>Performance Graph<SUP>(1)</SUP></I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following performance graph shows the cumulative return over the
five-year period ended December&nbsp;31, 2003 for Cameco common shares (assuming
reinvestment of dividends), compared to the S&#038;P/TSX Composite Index.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table shows what a $100 investment in the above index and Cameco
common shares made at the end of fiscal 1998, would be worth at the end of each
of the five years following the initial investment.


<P align="center" style="font-size: 10pt"><IMG src="o12584o1258401.gif" alt="(PERFORMANCE CHART)">



<P align="center" style="font-size: 10pt">21
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS<BR>
AND SENIOR OFFICERS UNDER SECURITIES PURCHASE PROGRAMS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain directors and officers of the corporation are indebted to Cameco
under the former stock option loan program. The aggregate indebtedness under
the former stock option loan program of all present or former directors and
officers as at March&nbsp;15, 2004 is $1,490,089.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors, executive officers and senior officers of the corporation are
not indebted to Cameco other than for routine indebtedness and under the terms
of the former stock option loan program. Cameco ceased making loans under its
stock option program in 1999. The following table sets forth the indebtedness
of Cameco&#146;s directors, executive officers and senior officers under the former
stock option loan program as at March&nbsp;15, 2004:


<P align="center" style="font-size: 10pt"><B>INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS<BR>
AND SENIOR OFFICERS UNDER SECURITIES PURCHASE PROGRAMS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&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="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Involvement of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Largest Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Issuer or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Outstanding During</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Subsidiary</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>at March 15, 2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Principal Position</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>($)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Security for Debt</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gerald W. Grandey<BR>
President &#038; CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">868,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">George B. Assie<BR>
Senior VP,
Marketing and
Business
Development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em; background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gary M.S. Chad<BR>
Senior VP, Law,
Regulatory Affairs
&#038; Corporate
Secretary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">James R. Curtiss<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em; background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harry D. Cook<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Nancy E. Hopkins<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,616</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<TR valign="bottom" style="padding-top: 0em; background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Robert W. Peterson<BR>
Director</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">common shares</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt"><B>CORPORATE GOVERNANCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors and management of Cameco believe in the importance
of good corporate governance, recognizing that it is central to strong
performance by the corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the past several years, the board has been reviewing its governance
practices in the context of developing governance standards. Extensive
regulatory changes have come into effect or are proposed under the rules and
regulations issued by the Canadian Securities Administrators (CSA), as well as
by the United States Securities and Exchange Commission (SEC)&nbsp;and the New York
Stock Exchange (NYSE)&nbsp;giving effect to the provisions of the United States
<I>Sarbanes-Oxley Act</I>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The majority of Cameco&#146;s board and all of the members of Cameco&#146;s audit
committee, human resources and compensation committee and nominating, corporate
governance and risk committee are independent within the meaning of
Multilateral Instrument 52-110 (MI52-110) and proposed Multilateral Instrument
58-101 (MI58-101) of the CSA and the applicable SEC and NYSE standards. As
contemplated under MI52-110, Cameco&#146;s external auditors report directly to the
audit committee, the audit committee has a written mandate which addresses the
audit committee responsibilities identified in MI52-110 and the audit committee
pre-approves all non-audit services. Each member of Cameco&#146;s audit committee
is financially literate within the meaning of MI52-110.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco has reviewed the corporate governance best practices identified in
proposed MI58-101 and has concluded that its existing practices meet
substantially all of the indicated best practices. Cameco is also in
compliance with the governance requirements mandated under the <I>Sarbanes-Oxley
Act </I>and the applicable NYSE standards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s board has the responsibility for the stewardship of the
corporation which it seeks to discharge by establishing policy and overseeing
management. Cameco&#146;s board of directors has five standing committees: the
strategic planning committee (with a reserves subcommittee), the audit
committee, the safety, health and environmental committee, the human resources
and compensation committee, and the nominating, corporate governance and risk
committee. The audit committee&#146;s role is to assist the board of directors in
fulfilling its oversight responsibilities for the financial reporting


<P align="center" style="font-size: 10pt">22
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">process, internal controls, external auditors, internal auditors nd
compliance with laws and Cameco&#146;s code of ethics. The strategic planning
committee reviews the business strategy of the corporation. The strategic
planning reserves subcommittee has oversight responsibility for management&#146;s
estimation of mining reserves. The safety, health and environmental committee
makes recommendations to the board respecting Cameco&#146;s safety, health and
environmental policies and management systems. The human resources and
compensation committee makes recommendations to the board respecting senior
management compensation, succession planning and the human resources policies
for the corporation. It also is responsible for pension plan governance,
including oversight of the management of Cameco&#146;s pension plans. The
nominating, corporate governance and risk committee makes recommendations to
the board for the nomination of directors and committee members and assesses
the performance of the board of directors. It also has the responsibility for
evaluating and advising the board on Cameco&#146;s approach to corporate governance
and oversight for risk management.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To encourage board renewal, Cameco&#146;s board has adopted a retirement age of
72&nbsp;years which limit can be extended at the discretion of the board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since January&nbsp;1, 2003, Cameco has taken a number of steps to further
refine its governance practices, including:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With the retirement of Mr.&nbsp;Michel as chair and chief executive officer,
the board separated the positions of chair and chief executive officer on
May&nbsp;8, 2003 by appointing Mr.&nbsp;Zaleschuk as non-executive chair of the
board.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The mandates of the board committees were updated. The changes included
the creation of the strategic planning reserves subcommittee to oversee
the estimation of Cameco&#146;s uranium and gold reserves. Also the nominating
and corporate governance committee was renamed the nominating, corporate
governance and risk committee and given responsibility for oversight of
risk management.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A formal training program was initiated for new directors, which includes
presentations from management and industry experts on Cameco&#146;s business
and the environment in which it operates.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Director compensation was increased in 2003 in recognition of increased
responsibilities and commitment to board affairs and was re-oriented
toward longer-term rewards. The new approach replaces stock options, a
significant portion of director&#146;s compensation, with deferred share units
(see &#147;Remuneration of Directors&#148;).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A higher standard for independence for members of the audit committee was
established so that effective March&nbsp;1, 2003 no members of the committee
receive any other fee or compensation, either directly or indirectly, from
the corporation other than as a board or committee member.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s codes of ethics were reviewed to ensure that any conflicts for
directors and senior executives are brought to the attention of the board,
through the nominating, corporate governance and risk committee for
directors and through the audit committee for employees. These codes of
ethics are available on Cameco&#146;s website.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overseeing management&#146;s implementation of the new governance provisions
of the United States <I>Sarbanes-Oxley Act</I>, the NYSE and the CSA, including
the review and adoption of updated board committee mandates and position
descriptions for the chief executive officer and the non-executive chair.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board will continue to review and revise where appropriate Cameco&#146;s
governance practices in response to changing governance expectations,
regulations and best practices.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s corporate governance practices are set out in further detail in
schedule B of this circular with reference to the guidelines of the TSX.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to being in compliance with the corporate governance standards
applicable to Canadian TSX listed corporations and the requirements of the U.S.
<I>Sarbanes-Oxley Act </I>and the NYSE corporate governance standards applicable to it
as a foreign private issuer with the SEC, Cameco adheres to many of the NYSE
corporate governance standards applicable to U.S. domestic issuers<B>. </B>In
particular:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a majority of the board is independent under the NYSE standards;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>non-management directors meet separately from management at regularly scheduled meetings;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the nominating, corporate governance and risk committee and human resources and compensation committee have written
mandates and their members are independent under the NYSE standards<B>;</B></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">23
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audit committee has a written mandate and the committee members are independent under the applicable SEC and NYSE
requirements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporation has an internal audit function that provides management and the audit committee with ongoing assessments of
the corporation&#146;s internal controls and will provide the nominating, corporate governance and risk committee with an
ongoing assessment of corporate risk management; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has codes of ethics applicable to its officers, employees and the directors.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco has not adopted and disclosed a comprehensive set of corporate
governance guidelines as is required by the NYSE for U.S. domestic issuers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cameco&#146;s codes of ethics and its board and board committee mandates and
additional corporate governance disclosure can be found at Cameco&#146;s website at
www.cameco.com under &#147;Investor Relations&#148; and are also available in print to
any shareholder upon request.


<P align="center" style="font-size: 10pt"><B>ADDITIONAL ITEMS</B>



<P align="left" style="font-size: 10pt"><B><I>Directors&#146; and Officers&#146; Liability Insurance</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation maintains a directors&#146; and officers&#146; liability insurance
policy. Coverage is $75&nbsp;million per occurrence and limited to $75&nbsp;million in
each policy year subject to a $250,000 deductible to be paid by the
corporation. The annual premium is $495,000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation has agreed to indemnify each director and officer against
all costs, charges and expenses reasonably incurred in respect of any action or
proceeding to which any such person is made a party by reason of being a
director or officer of the corporation, subject to the limitations contained in
the <I>Canada Business Corporations Act.</I>


<P align="left" style="font-size: 10pt"><B><I>Delivery of Additional Information</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder of record of the corporation or any other person or
company who wishes to receive a copy of the corporation&#146;s current annual
information form or audited financial statements for the year ended December
31, 2003, may obtain a copy of each by accessing them at Cameco&#146;s website,
www.cameco.com, or writing to: Cameco Corporation, 2121-11th Street West,
Saskatoon, Saskatchewan, S7M 1J3,
Attention: Gary M.S. Chad.


<P align="left" style="font-size: 10pt"><B><I>Board Approval</I></B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board has approved the contents and distribution of this circular.


<P align="left" style="font-size: 10pt"><I>&#147;Gary M.S. Chad&#148;</I>


<P align="left" style="font-size: 10pt">Gary M.S. Chad<BR>
Senior Vice-President,<BR>
Law, Regulatory Affairs<BR>
and Corporate Secretary


<P align="left" style="font-size: 10pt">April&nbsp;13, 2004


<P align="center" style="font-size: 10pt">24
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>SCHEDULE A</B>



<P align="center" style="font-size: 10pt"><B>Interpretation</B>



<P align="left" style="font-size: 10pt">For the purposes of this management proxy circular:


<P align="left" style="font-size: 10pt"><B><I>a person is an associate * of another person if:</I></B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation of which the other is an officer or director;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation that is controlled by the other or by a group of persons of which the other is a member;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a partnership of which the other is a partner;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a trust of which the other is a trustee;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are corporations controlled by the same person;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are members of a voting trust or parties to an arrangement that
relates to voting shares of the corporation; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are at the same time associates, within the meaning of any of (i)&nbsp;to</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>above, of the same person;</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">provided that:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a resident associated with a non-resident submits to the board of
directors of the corporation a statutory declaration stating that no
voting shares of the corporation are held, directly or indirectly, for a
non-resident, that resident and non-resident are not associates of each
other, provided the statutory declaration is not false;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two corporations are not associates pursuant to (vii)&nbsp;above by reason
only that each is an associate of the same person pursuant to (i)&nbsp;above;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any person appears to the board to hold voting shares to which are
attached not more than the lesser of four-one-hundredths of 1% of the
votes that may be cast to elect directors of the corporation and 10,000
such votes, that person is not an associate of any other person and no
other person is an associate of that person in relation to those
voting shares.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B><I>&#147;beneficial ownership&#148; </I></B>includes ownership through a trustee, legal
representative, agent or other intermediary.


<P align="left" style="font-size: 10pt"><B><I>&#147;control&#148; </I></B>means control in any manner that results in control in fact, whether
directly through ownership of securities or indirectly through a trust, an
agreement, the ownership of any body corporate or otherwise.


<P align="left" style="font-size: 10pt"><B><I>&#147;non-resident&#148; </I></B>means:



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual, other than a Canadian citizen, who is not ordinarily
resident in Canada;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation incorporated, formed or otherwise organized outside Canada;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign government or agency thereof;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i)&nbsp;to (iii)&nbsp;above;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">25
</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">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established by a non-resident as defined in any of (ii)&nbsp;to (iv)
above, other than a trust for the administration of a pension fund for
the benefit of individuals, a majority of whom are residents or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which non-residents as defined in any of (i)&nbsp;to (iv)&nbsp;above have
more than 50% of the beneficial interest; or</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by a trust described in (v)&nbsp;on the
previous page.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B><I>&#147;person&#148; </I></B>includes an individual, corporation, government or agency thereof,
trustee, executor, administrator, or
other legal representative.


<P align="left" style="font-size: 10pt"><B><I>&#147;resident&#148; </I></B>means an individual, corporation, government or agency thereof or
trustee that is not a non-resident.



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">*</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>For the purpose of schedule B, &#147;associate&#148; shall also mean any relative of
such person, including a spouse,
or any relative of the spouse, who has the same home as such person.</I></TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The foregoing definitions are summaries only and are defined in their entirety
by the provisions of the Eldorado
Nuclear Limited Reorganization and Divestiture Act (Canada) and the articles of
the corporation.



<P align="center" style="font-size: 10pt">26
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="center" style="font-size: 10pt"><B>SCHEDULE B</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board should
explicitly assume
responsibility for
the stewardship of
the corporation,
specifically for:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board of directors (board)&nbsp;has a
formal mandate with the responsibility
for the stewardship of the
corporation. The board of directors
discharges this responsibility by
developing and determining policy by
which the business and affairs of the
corporation are to be managed and by
overseeing the management of the
corporation.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Copies of the Cameco&#146;s directors&#146; code
of ethics, Cameco&#146;s code of ethics and
mandates of the board and its
committees and position descriptions
for the chief executive officer and
the non-executive chair can be found
on Cameco&#146;s web site www.cameco.com
under &#147;Investor Relations&#148; and are
also available in print to any
shareholder upon request.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Adoption of a
strategic planning
process;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The corporation&#146;s comprehensive
strategic planning process results in
the annual review and approval by the
board of a strategic plan, a one-year
budget and a two-year financial plan.
The corporation&#146;s strategic plan takes
into account the risks and
opportunities of the business. The
board&#146;s strategic planning committee
reviews the strategic plan with
management throughout the year.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Identification of
principal risks and
implementing risk
management systems;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board discusses the principal
risks of Cameco&#146;s business in its
deliberations, particularly during the
strategic planning and budgeting
processes. The board reviews and sets
policies for the implementation and
monitoring of identifiable risks. In
2003 the mandate of the nominating and
corporate governance committee was
expanded to include responsibility for
the oversight of risk management, with
the committee renamed the nominating,
corporate governance and risk
committee. Cameco also established a
strategic planning reserves
subcommittee to oversee the estimation
of its reserves in 2003. In addition,
the audit committee monitors certain
financial risks and the safety, health
and environment committee reviews with
management Cameco&#146;s systems related to
safety, health and environmental risk.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">c.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Succession planning
and monitoring
senior management;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The human resources and compensation
committee annually reviews the
adequacy of the corporation&#146;s
succession plan, formally evaluates
the performance of senior management
and sets specific goals for the
corporation and senior management to
meet. All of this is subsequently
approved by the board. The committee
also ensures that processes are in
place to recruit senior managers with
the highest standards of integrity and
competence, and to train, develop and
retain them. For example, the board
encourages management personnel to
participate in executive development
programs.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">27
</DIV>

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">d.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Communications
policy; and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco has a formal communication
policy and is committed to openness,
excellence and timeliness in
communications with shareholders,
employees and the public. Cameco&#146;s
investor and media relations
department provides information to
current and potential shareholders and
responds to their inquiries and
concerns. The chief executive officer
and other officers meet periodically
with financial analysts and
institutional investors. Investors
and media relations staff are also
available by telephone and fax.
Cameco maintains a website at
www.cameco.com to provide information
to shareholders and the public.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board has approved and annually
reviews Cameco&#146;s disclosure policy
covering timely dissemination of all
material information. All material
public filings are reviewed by a
disclosure committee comprised of
senior management. The disclosure
committee has adopted formal
disclosure controls and procedures and
annually reviews them for
effectiveness. Prior to approval by
the board certain public filings or
portions thereof are reviewed by the
audit committee, strategic planning
reserves subcommittee or human
resources and compensation committee.
The board reviews and approves the
annual and interim financial
statements and management&#146;s discussion
and analysis, management proxy
circulars, prospectuses, annual
information forms, US Form&nbsp;40-F
filings and other disclosure documents
required to be approved by the
directors of a corporation under
securities laws, regulations or stock
exchange rules.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">e.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Integrity of
internal control
and management
information
systems.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board and its committees monitor
the integrity of Cameco&#146;s internal
control and management information
systems. The audit committee is
responsible for overseeing the
internal controls over accounting and
financial reporting systems. The
audit committee reviews annually the
disclosure controls and procedures of
the corporation, internal controls
over financial reporting and the
certification timetable and process
whereby the chief executive officer
and the chief financial officer
certify the accuracy of the annual
report filed with US securities
regulators and the absence of
significant weakness in internal
controls. Quarterly financial
presentations are made to the audit
committee. At every regular meeting
the audit committee meets with each of
the internal auditor and external
auditors of the corporation separate
from management. The board receives
comprehensive monthly written reports
which include extensive financial
information showing results and
comparisons to budgets and forecasts.
The board receives quarterly financial
presentations from the CFO as to
results and forecasts. The safety,
health and environmental committee of
the board is responsible for
monitoring the safety, health and
environmental management systems at
Cameco
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">28
</DIV>

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Majority of
directors should be
unrelated (free
from any interest
or relationship
which could or
could reasonably be
perceived to
materially
interfere with the
directors&#146; ability
to act in the best
interests of the
corporation, other
than interests
arising from
shareholdings);
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board has reviewed and determined
that Gerald W. Grandey, president and
chief executive officer, and Harry D.
Cook are the only related board
members and only board members that
are not independent. The criteria
used by the board of directors of
Cameco for determining director
independence is the criteria of the
Canadian Securities Administrators
(CSA)&nbsp;set forth in Multilateral
Instrument 52-110 &#151; Audit Committees
and proposed Multilateral Instrument
58-101 &#151; Disclosure of Corporate
Governance Practices and the NYSE
corporate governance guidelines
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disclosure of
significant
shareholder
(ability to
exercise a majority
of votes to elect
the directors).
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco has no significant shareholder
as defined in the TSX report.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Disclosure for each
director, whether
he or she is
related, and how
that conclusion was
reached.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board is responsible for
determining whether or not each
director is an <I>unrelated </I>director and
also whether each director is
<I>independent.</I> To do this, the board
circulates an independence
questionnaire to be completed by each
director and analyzes all the
relationships of the directors with
the company and its subsidiaries.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey: related and not
independent &#151; president and chief
executive officer of Cameco.
Harry D. Cook: related and not
independent- Mr.&nbsp;Cook is the chief of
Lac LaRonge Indian Band and chair of
its wholly owned Kitsaki Management
Limited Partnership, the parent
corporation of subsidiary companies
which have service contracts with
Cameco, which are not material to
Cameco but are material to Kitsaki
Management Limited Partnership.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joe F. Colvin: unrelated and
independent- Mr.&nbsp;Colvin is the
president and chief executive officer
of Nuclear Energy Institute Inc., a
nuclear industry association of which
Cameco is a member. In deciding his
status as that of an unrelated and
independent director, the board
considered the size of the
association, Mr.&nbsp;Colvin&#146;s position
therein, and the relationship of Mr.
Colvin to management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Curtiss: unrelated and
independent &#151; Winston &#038; Strawn, the
law firm of which Mr.&nbsp;Curtiss is a
partner, performs legal services
periodically for Cameco. In deciding
his status as that of an unrelated and
independent director, the board
considered the nature of the
corporation&#146;s relationship with
Winston &#038; Strawn, the amount of legal
fees, the size of the law firm, and
the relationship of Mr.&nbsp;Curtiss to
management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">29
</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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">For the rest of the directors, none of them or their &#147;associates&#148;:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; works for Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; has material contracts with Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; receives remuneration from Cameco in excess of fees and
compensation as directors and committee members or as directors
of subsidiaries of Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John S. Auston &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">George S. Dembroski &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nancy E. Hopkins &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J. W. George Ivany &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A. Neil McMillan &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oyvind Hushovd &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert W. Peterson &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Victor J. Zaleschuk &#151; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4. a.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of a committee responsible</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The nominating, corporate governance and risk committee has the</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">for appointment/assessment of directors;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">mandate to:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; establish qualifications and criteria for board membership</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; recommend candidates for annual election and for filling
vacancies on the board</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; recommend committee members and the chair of committees</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; evaluate the performance of the board and of committees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual skills and experience self-assessments by the board
members are completed and reviewed by the committee chair to
assist in placing board members on committees where their
expertise can best be utilized and also to identify skills and
experience that would be important in identifying any new
nominees to the board.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comprised
exclusively of
non-management
directors, a
majority of whom
are unrelated.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco&#146;s nominating, corporate governance and risk committee is
comprised exclusively of non-management directors. All of the
committee members are unrelated and independent.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Implement a process
for assessing the
effectiveness of
the board, its
committees and
individual
directors.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annually the nominating, corporate governance and risk committee
reviews the effectiveness of the board and its committees through
the use of a confidential survey completed by each member, the
results of which are subsequently discussed by the board. The
chair of the committee, through interviews with each director,
provides directors with an opportunity to discuss any matters
relating to their peers&#146; performance or other aspects of the
functioning of the board. The committee chair, through the survey
and interviews, assesses the operation of the board and the
committees, the adequacy of information given to directors,
communication between the board and management and the
effectiveness of the processes of the board and committees. The
committee chair recommends to the board any changes needed to
enhance performance based upon this assessment process.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">30
</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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Provide orientation
and education
programs for new
board members.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A director&#146;s manual is provided to all directors,
which is updated from time to time. New board
members receive a formal directors&#146; education
program. There is an annual site visit to a
Cameco-operated facility or other nuclear facility
for all directors. Board and committee presentations
by management include appropriate background
information. The audit committee has instituted an
education program for committee members. In 2004 the
nominating, corporate governance and risk committee
plans to develop a more formal ongoing education
program for directors. Board members attend seminars
and conferences from time to time on pertinent topics
at Cameco&#146;s expense.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consider the size
of the board, with
a view to improving
its effectiveness.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco&#146;s present board size of 12 members brings the
necessary skills and experience to board
decision-making to form an effective decision-making
body. Cameco&#146;s nominating, corporate governance and
risk committee annually assesses the size of the
board and its composition to determine whether it has
all the necessary constituents for effective decision
making.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Review of
compensation of
directors in light
of risks and
responsibilities.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The human resources and compensation committee,
comprised of unrelated and independent directors, is
mandated to review and recommend to the board the
remuneration for directors from time to time. In
light of the increasing responsibilities and time
commitments of board members, the human resources and
compensation committee engaged an independent
consultant in 2003 to review and benchmark the
remuneration paid by Cameco to its directors.
Director remuneration was benchmarked against 12
Canadian senior mining and utility issuers and the
TSX100 companies. Based on this review the committee
recommended and the board approved the discontinuance
of stock option grants for non-employee directors and
certain increases in director remuneration.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In order to greater align the interests of directors
and shareholders, Cameco has adopted share ownership
guidelines and a deferred share unit (DSU)&nbsp;plan for
directors. The share ownership guidelines call for
an aggregate of 3,000 common shares or DSUs to be
owned by a director, which can be accumulated over
time through the issuance of DSUs.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">9. a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Committees should
be generally
composed of
non-management
directors; and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The committees of the board are the:<BR>
<DIV style="margin-left:6px; text-indent:-6px">&#149; audit committee</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; human resources and compensation committee</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; strategic planning committee<BR>
(including a strategic planning reserves subcommittee)</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; safety, health and environmental committee</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; nominating, corporate governance and risk committee</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Committees are comprised solely of non-management
members, except for the strategic planning committee,
where Gerald W. Grandey, president and chief
executive officer, is a member and the safety, health
and environmental committee, where John Jarrell,
vice-president, safety, health and environment, is a
member.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">31
</DIV>

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Majority of
committee members
should be
unrelated.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The majority of committee members are unrelated and
independent.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appoint a committee
responsible for
approach to
corporate
governance issues.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The nominating, corporate governance and risk
committee is mandated to be responsible to the board
for governance of Cameco, including the corporation&#146;s
approach to corporate governance issues and the
relationship of the board to management.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">11.a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Define limits to
management&#146;s
responsibilities by
developing mandates
for:<BR>
(i)&nbsp;the board; and<BR>
(ii)&nbsp;the CEO.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The board has a mandate and there are board approved
position descriptions for the chair and CEO. The
CEO&#146;s limits of authority are clearly defined. The
board must approve all decisions involving unbudgeted
operating expenditures in excess of 10% of the total
operating budget and unbudgeted project expenditures
in excess of $5&nbsp;million. The corporation&#146;s annual
objectives constitute the CEO&#146;s mandate on a year to
year basis. These goals include specific
quantifiable goals.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Board should
approve CEO&#146;s
objectives.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The human resources and compensation committee
reviews and recommends to the board the CEO&#146;s
specific objectives on an annual basis. These
objectives are then approved by the board.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Establish
procedures to
enable the board to
function
independently of
management.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In 2003, Mr.&nbsp;Zaleschuk was appointed as a
non-executive chair of the board, which allows the
board to function independently of management. The
board meets separately from management at each
regularly scheduled meeting.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px">13. a.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Establish an audit
committee and a
specifically
defined mandate;
and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco&#146;s audit committee has the mandate to:<BR>
<DIV style="margin-left:6px; text-indent:-6px">&#149; select, evaluate, oversee and when appropriate
replace the external auditors</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; review the annual audit plan</DIV>
<DIV style="margin-left:6px; text-indent:-6px">&#149; review and pre-approve all audit and non-audit
services engagement terms and fees</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; annually review and confirm the independence of the
external auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review expanded communications from the external
auditors and review any off-balance sheet financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review and recommend board approval of the annual
audited financial statements and management
discussion and analysis statement and review all
interim unaudited financial statements, accompanying
press releases and quarterly reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review the major accounting policies, the
presentation of contingencies and the material
judgment issues in financial reporting including
quality of reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; oversee the adequacy and effectiveness of internal
controls, establish the terms of reference of the
internal auditor and receive internal audit reports</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review annually the disclosure controls and
procedures of the corporation including the
certification process for annual reports filed with
US securities regulators</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">32
</DIV>

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<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 align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>TSX Corporate Governance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Consistent with TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="3"><B>Committee's Guidelines</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Cameco's Corporate Governance Practices</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Guidelines?</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review the appointment of the CFO and key financial executives and qualifications of new employees with a
financial oversight role</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; recommend board approval of investment and hedging policies and monitor compliance therewith</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; monitor Cameco&#146;s code of ethics and related party transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; establish procedures to deal with accounting and auditing complaints</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="margin-left:6px; text-indent:-6px">&#149; review the expenses of the CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All members should be<BR>
non-management directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco&#146;s audit committee, by its mandate, cannot have management directors as members. The six members are
financially literate and independent. Mr.&nbsp;Zaleschuk has been appointed the audit committee financial expert.
The independence standard for the audit committee established by the board is that the audit committee members
shall not be entitled to receive any fee or compensation either directly or indirectly from the corporation
other than as a board or a committee member.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The audit committee meets with the internal auditor and external auditors at regularly scheduled meetings
separate from management.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management annually reports to the committee with respect to the adequacy and effectiveness of the
corporation&#146;s disclosure controls and systems of internal control.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The audit committee must pre-approve all non-audit services performed by the external auditors&#146; and is
responsible for fixing the external auditors compensation.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">14.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Implement a system to enable
individual directors to engage
outside advisors at the
corporation&#146;s expense.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Individual directors can engage outside advisors with the authorization of the nominating, corporate governance
and risk committee. Each committee is authorized by its mandate to engage external advisors to assist it in
carrying out its duties. In the fall of 2003 the human resources and compensation committee retained an
external compensation consultant to review executive compensation.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">33
</DIV>

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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2
<SEQUENCE>4
<FILENAME>o12584exv2.htm
<DESCRIPTION>FORM OF PROXY
<TEXT>
<HTML>
<HEAD>
<TITLE>Form of Proxy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt"><B>CAMECO CORPORATION &#151; PROXY</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This proxy is solicited by management in conjunction with the annual
meeting of shareholders of Cameco Corporation to be held on May&nbsp;5, 2004. A
shareholder has the right to appoint, as his or her proxyholder, a person (who
need not be a shareholder), other than those designated in the next paragraph,
by inserting the name of such other person in the blank space provided or by
completing another proper form of proxy.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned holder of common shares (shares)&nbsp;of Cameco Corporation
(Cameco) hereby appoints Gerald W. Grandey, or in his absence, Gary M.S. Chad,
or instead of them or either of
them,&nbsp;__________________________________________________________
(insert
name if alternate is desired) as proxyholder of the undersigned, with full
power of substitution, to attend, vote and otherwise act for and on behalf of
the undersigned in respect of all matters that may come before the annual
meeting of shareholders of Cameco to be held on May&nbsp;5, 2004 and any adjournment
thereof. The undersigned undertakes to ratify and confirm all the said
proxyholder may do by virtue of this proxy, and revokes any proxy previously
given. <B>All the shares registered in the name of the undersigned are directed to
be voted as indicated below, and may be voted in the discretion of the
proxyholder with respect to amendments to the matters identified in the notice
of meeting or other matters that may properly come before the meeting. </B>The
proxyholder is hereby instructed as follows:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Election of directors.</TD>
</TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD>The proposed nominees as directors named in the accompanying management proxy circular (circular)&nbsp;are:
John S. Auston; Joe F. Colvin; Harry D. Cook; James R. Curtiss; George S. Dembroski; Gerald W. Grandey;
Nancy E. Hopkins; Oyvind Hushovd; J.W. George Ivany; A. Neil McMillan; Robert W. Peterson; and Victor J. Zaleschuk.</TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings" size="3">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Vote for all nominees listed above (except for the following nominees from whom I withhold my vote):</TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="95%" nowrap align="left"><HR size="1" noshade></TD>
</TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings" size="3">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Withhold my vote</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appointment of KPMG LLP as auditors.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings" size="3">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">Vote for</TD>
    <TD width="30%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left"><FONT face="Wingdings" size="3">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Withhold my vote</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt"><B>If no choice is specified for any of the above items, the proxyholder will vote
for that item.</B>

<P align="left" style="font-size: 10pt"><B>Declaration of Residency</B>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>Note:</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD>This declaration must be completed in all cases. In so doing, make
reference to the definitions set out on the reverse side of this proxy.
Failure to provide the information requested may result in the shareholder
being deemed a non-resident.</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">The undersigned holder of record of shares hereby declares that:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>all shares represented hereby are held, beneficially owned or controlled by:<BR>
one or more residents&nbsp;&nbsp;<FONT face="Wingdings" size="3">&#111;</FONT>; or one or more non-residents&nbsp;&nbsp;<FONT face="Wingdings" size="3">&#111;</FONT>; or</TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>Note:</B></TD>
    <TD width="3%">&nbsp;</TD>
    <TD>If your circumstances permit the completion of paragraph (a), do not
complete either paragraph (b)&nbsp;or (c). If you did not complete paragraph
(a), you must complete either paragraph (b)&nbsp;or (c).</TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(b)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>the undersigned is: a resident&nbsp;&nbsp;<FONT face="Wingdings" size="3">&#111;</FONT>; or a non-resident&nbsp;&nbsp;<FONT face="Wingdings" size="3">&#111;</FONT>;<BR>
and is unable to declare as to the residency of the person or persons who
hold, beneficially own or control such shares; or</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left">(c)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD>the following are the relevant details of residency (to be completed if
neither paragraph (a)&nbsp;nor (b)&nbsp;is appropriate):</TD>
</TR>
</TABLE>
<P align="left" style="font-size: 10pt">To be valid, duly completed proxies must be deposited with Cameco&#146;s transfer
agent and registrar, CIBC Mellon Trust Company, 200 Queen&#146;s Quay East, Unit 6,
Toronto, Ontario M5A 4K9, no later than 4:30 p.m., CST, May&nbsp;4, 2004.

<P align="left" style="font-size: 10pt"><B>DATED this&nbsp;____________&nbsp;day of&nbsp;___________________________, 2004</B>

<DIV>&nbsp;</DIV>
<DIV align="center">
<P>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><HR size="1" noshade><B>Name of Shareholder </B><B><I>(please print)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade><B>Signature of Shareholder</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 8pt"><I>Notes:</I>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Please complete, date and sign this proxy and return it as soon as possible in the envelope provided.</I></TD>
</TR>
<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Executors, administrators, trustees, attorneys or guardians should so indicate when signing. Where shares are held in the
names of two or more persons, each must sign. If the shareholder is a corporation, this proxy must be signed by an officer
or attorney thereof, duly authorized.</I></TD>
</TR>
<TR valign="top" style="font-size: 8pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>If this proxy is not dated in the space above, it shall be deemed to bear the date on which it was mailed to the shareholder.</I></TD>
</TR>
</TABLE>
</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">

<P align="left" style="font-size: 10pt"><B>DEFINITIONS:</B>

<P align="left" style="font-size: 10pt">In and for the purposes of this proxy:

<P align="left" style="font-size: 10pt">a person is an &#147;associate&#148; of another person if:

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation of which the other is an officer or director;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation that is controlled by the other or by a group of persons of which the other is a member;
(iii)&nbsp;one is a partnership of which the other is a partner;
(iv)&nbsp;one is a trust of which the other is a trustee;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are corporations controlled by the same person;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are members of a voting trust or parties to an arrangement that
relates to voting shares of the corporation; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are at the same time associates, within the meaning of any of
(i)&nbsp;to (iv)&nbsp;above, of the same person;</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">provided that:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a resident associated with a non-resident submits to the board of
directors of the corporation a statutory declaration stating that no
voting shares of the corporation are held, directly or indirectly, for a
non-resident, that resident and non-resident are not associates of each
other, provided the statutory declaration is not false;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two corporations are not associates pursuant to (vii)&nbsp;above by reason
only that each is an associate of the same person pursuant to (i)&nbsp;above;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any person appears to the board of directors of the corporation to
hold voting shares to which are attached not more than the lesser of
four one hundredths of one per cent of the votes that may be cast to
elect directors of the corporation and 10,000 such votes, that person is
not an associate of any other person and no other person is an associate
of that person in relation to those voting shares.</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;beneficial ownership&#148; includes ownership through a trustee, legal
representative, agent or other intermediary.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;control&#148; means control in any manner that results in control in fact, whether
directly through ownership of securities or indirectly through a trust, an
agreement, the ownership of any body corporate or otherwise.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;non-resident&#148; means:</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual, other than a Canadian citizen, who is not ordinarily
resident in Canada;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation incorporated, formed or otherwise organized outside Canada;
(iii)&nbsp;a foreign government or agency thereof;
(iv)&nbsp;a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i)&nbsp;to (iii)&nbsp;above;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established by a non-resident as defined in any of (ii)&nbsp;to
(iv)&nbsp;above, other than a trust for the administration of a pension
fund for the benefit of individuals a majority of whom are
residents, or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which non-residents as defined in any of (i)&nbsp;to (iv)&nbsp;above
have more than fifty per cent of the beneficial interest; or</TD>
</TR>

</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by a trust described in (v)&nbsp;above.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">&#147;person&#148; includes an individual, corporation, government or agency thereof,
trustee, executor, administrator or other legal representative.


<P align="left" style="font-size: 10pt">Resident&#148; means an individual, corporation, government or agency thereof or
trustee that is not a non-resident.


<P align="left" style="font-size: 10pt">The foregoing definitions are summaries only and are defined in their entirety
by the provisions of the <B>Eldorado Nuclear Limited Reorganization and
Divestiture Act </B>(Canada) and the articles of the corporation.




<P align="center" style="font-size: 10pt">&nbsp;
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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