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<SEC-DOCUMENT>0001130319-05-000080.txt : 20050204
<SEC-HEADER>0001130319-05-000080.hdr.sgml : 20050204
<ACCEPTANCE-DATETIME>20050204095851
ACCESSION NUMBER:		0001130319-05-000080
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050204
FILED AS OF DATE:		20050204
DATE AS OF CHANGE:		20050204

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:		05575373

	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>o15465e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: Helvetica,Arial,sans-serif">



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<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 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 February, 2005


<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 &#150; 11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B>


<DIV align="center" style="font-size: 10pt">(Address of Principal Executive Offices)</DIV>


<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="70%">
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    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
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</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="70%">
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    <TD align="center" valign="top">Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT></TD>
</TR>
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</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):<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>



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

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<P align="right" style="font-size: 8pt"><B>Page 2</B>



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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
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    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

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<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated
February&nbsp;4, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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</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.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: February 4, 2005&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
By:<BR>
&nbsp;<BR></TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="center"><I>&#147;Gary M.S. Chad&#148;</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gary M.S. Chad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President, Governance,<BR>
Legal and Regulatory Affairs, and<BR>
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 8pt"><B>Page 3</B>



<P align="center" style="font-size: 10pt"><B>FORM 51-102F3<BR>
MATERIAL CHANGE REPORT</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;1 &#151; Name and Address of Company</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">Cameco Corporation (&#147;Cameco&#148;)<BR>
2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan S7M 1J3


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2 &#151; Date of Material Change</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">January&nbsp;27, 2005


<P align="left" style="font-size: 10pt"><B>Item&nbsp;3 &#151; News Release</B>


<P align="left" style="font-size: 10pt">The English version and the French translation version of the press release relating to this
material change were distributed by CCNMatthews through their Canadian Timely Disclosure Pack and
U.S. Timely Disclosure Pack on January&nbsp;27, 2005. A copy of the English version of this news
release was filed on SEDAR on January&nbsp;27, 2005.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;4 &#151; Summary of Material Change</B>


<P align="left" style="font-size: 10pt">On January&nbsp;27, 2005 Cameco announced that its financial statements for 2004 have been revised to
include $214&nbsp;million in goodwill, offset by a $101&nbsp;million increase in minority interest and a $113
million dilution gain due to an accounting change. This change has increased after-tax earnings by
$86&nbsp;million. These non-cash adjustments reflect a change in the accounting used for the
restructuring transactions that helped create Centerra Gold Inc. (Centerra). The accounting change
has been applied retroactively to the dates of the transactions. As a result, Cameco will be
reissuing its financial statements for the periods ended June&nbsp;30, 2004 and September&nbsp;30, 2004.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;5 &#151; Full Description of Material Change</B>


<P align="left" style="font-size: 10pt">Cameco&#146;s financial statements for 2004 have been revised to include $214&nbsp;million in goodwill,
offset by a $101&nbsp;million increase in minority interest and a $113&nbsp;million dilution gain due to an
accounting change. This change has increased after-tax earnings by $86&nbsp;million. These non-cash
adjustments reflect a change in the accounting used for the restructuring transactions that helped
create Centerra. The accounting change has been applied retroactively to the dates of the
transactions. As a result, Cameco will be reissuing its financial statements for the periods ended
June&nbsp;30, 2004 and September&nbsp;30, 2004.


<P align="left" style="font-size: 10pt">The principal effect of this accounting change on Cameco&#146;s consolidated financial statements was to
record an increase of $86&nbsp;million in net earnings from the dilution gain resulting from the
restructuring and Centerra&#146;s initial public offering (IPO). The dilution gain is a non-cash gain
recorded by Cameco in accordance with accounting rules. The gain resulted from Cameco&#146;s interest in
Centerra being diluted from 100% to 53% by Centerra&#146;s IPO and related restructuring transactions.
The gain results from Centerra issuing shares for values in excess of Cameco&#146;s historic carrying
value of its investment in Centerra.



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

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<DIV style="font-family: Helvetica,Arial,sans-serif">




<P align="right" style="font-size: 8pt"><B>Page 4</B>


<P align="left" style="font-size: 10pt">With the accounting change, the company has recorded $214&nbsp;million in goodwill and increased the
carrying value of the non-Cameco minority interest in Centerra by $101&nbsp;million. While this
accounting change has a significant effect on Cameco&#146;s net earnings for 2004, there is no impact on
cash flows other than an increase in capital taxes of less than $1&nbsp;million.


<P align="left" style="font-size: 10pt">The following table sets forth the significant effects of the accounting change on previously
reported financial results:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&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: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Qtr ended June 30, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">YTD at June 30, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">YTD at Sept 30, 2004</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Previously</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Previously</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Previously</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left">In $ millions, except per share</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Revised</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Reported</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Revised</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Reported</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Revised</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">Reported</TD>
    <TD>&nbsp;</TD>
</TR>

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<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">191</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.91</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">* adjusted for December&nbsp;31, 2004 stock split


<P align="left" style="font-size: 10pt">The restructuring of Centerra prior to its IPO included the acquisition of a number of gold assets
and the settlement of outstanding debt. The terms of these transactions, which were negotiated in
the months leading up to the IPO, provided that Centerra issue its shares on closing of the
transactions. With the concurrence of its external auditors, Centerra initially recorded these
transactions using the negotiated values, which were based on discounted cash flow analyses of the
tangible assets acquired and debt settled.


<P align="left" style="font-size: 10pt">In its year-end review, the company and its external auditors reviewed the accounting that had
previously been used for these transactions. In the case of a public company issuing shares to
acquire assets or settle debt, the appropriate accounting treatment would be to use the value of
the acquiring company&#146;s shares to record the transaction. While Centerra was not a publicly traded
company at the time it negotiated its restructuring transactions, it subsequently became public and
these transactions were contingent on the IPO proceeding. Therefore, Cameco concluded that the more
appropriate accounting treatment would be to use Centerra&#146;s IPO price to value the shares issued in
these transactions.


<P align="left" style="font-size: 10pt">This accounting change increased the purchase price by $214&nbsp;million over the amount previously
recorded by Centerra. The increase is reported as goodwill by Cameco and has the impacts noted
above on the financial statements. If the carrying value of the goodwill cannot be supported in any
future annual test, it will be written down. There is no expectation that this will be necessary
for Cameco in the foreseeable future.



<P align="left" style="font-size: 10pt"><B>Item&nbsp;6 &#151; Reliance on subsection 7.1(2) or (3)&nbsp;of National Instrument 51-102.</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">Not applicable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;7 &#151; Omitted Information</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">Not applicable.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="right" style="font-size: 8pt"><B>Page 5</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;8 &#151; Executive Officer</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">Gary M.S. Chad<BR>
Senior Vice-President, Governance, Legal and Regulatory Affairs, and<BR>
Corporate Secretary<BR>
Cameco Corporation<BR>
(306)&nbsp;956-6303


<P align="left" style="font-size: 10pt"><B>Item&nbsp;9 &#151; Date of Report</B>


<P align="left" style="font-size: 10pt; margin-left: 6%">February&nbsp;4, 2005



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