-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 TNmrsHSxSh7vHHiXxwHsYyC9yhA+85Xw/ocR7a1vRh2zATvB5EcS6XTv7U4to7Dv
 uF4HeVVbD9LDXHNcMz1rwg==

<SEC-DOCUMENT>0001130319-05-000260.txt : 20050413
<SEC-HEADER>0001130319-05-000260.hdr.sgml : 20050413
<ACCEPTANCE-DATETIME>20050413122644
ACCESSION NUMBER:		0001130319-05-000260
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20050413
FILED AS OF DATE:		20050413
DATE AS OF CHANGE:		20050413

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:		05747838

	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>o16315e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</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: Helvetica,Arial,sans-serif">



<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">




<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: 12pt"><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, 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>2121-11th 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.



<P align="center" style="font-size: 10pt">Form&nbsp;20-F&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>


<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.



<P align="center" style="font-size: 10pt">Yes&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>


<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>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">





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

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

<DIV style="font-family: Helvetica,Arial,sans-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 colspan="9"><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="o16315exv99w1.htm">Notice of Annual Meeting and Management Proxy Circular</A></TD></TR>
<TR><TD colspan="9"><A HREF="o16315exv99w2.htm">Proxy Form for the May 5, 2005 Annual Shareholders Meeting</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>




<!-- link1 "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="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" 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" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Notice of Annual Meeting and
Management Proxy Circular</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">99.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Proxy Form for the May&nbsp;5, 2005 Annual
Shareholders Meeting</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">&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: Helvetica,Arial,sans-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.


<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: April&nbsp;13, 2005&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><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 Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o16315exv99w1.htm
<DESCRIPTION>NOTICE OF ANNUAL MEETING AND MANAGEMENT PROXY CIRCULAR
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 20pt">2005 Notice of Annual Meeting


<P align="left" style="font-size: 20pt">and Management Proxy Circular


<P align="left" style="font-size: 20pt">&nbsp;


<P align="left" style="font-size: 20pt">&nbsp;


<P align="left" style="font-size: 20pt">Cameco Corporation


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

<!-- PAGEBREAK -->
<P><HR noshade><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="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101"><B>Invitation to Shareholders</B></A></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:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#102"><B>Notice of Annual Meeting of Shareholders</B></A></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:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#103"><B>Management Proxy Circular</B></A></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:15px; text-indent:-15px">&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:-15px"><A href="#104"><B>Voting Rights and Solicitations of Proxies</B></A></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:45px; text-indent:-15px"><A href="#105">Solicitation of Proxies</A></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:45px; text-indent:-15px"><A href="#106">Appointment and Revocation of Proxies</A></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:45px; text-indent:-15px"><A href="#107">Voting of Proxies</A></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:45px; text-indent:-15px"><A href="#108">Voting Shares and Principal Holders of Shares</A></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:45px; text-indent:-15px"><A href="#109">Restrictions on Share Ownership and Voting</A></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:45px; text-indent:-15px"><A href="#110">Shareholder Residency Declaration</A></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:45px; text-indent:-15px"><A href="#111">Non-Registered Shareholders</A></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:45px; text-indent:-15px"><A href="#112">Class&nbsp;B Shareholder</A></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:15px; text-indent:-15px">&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:-15px"><A href="#113"><B>Business of the Meeting</B></A></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:45px; text-indent:-15px"><A href="#114">Financial Statements</A></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:45px; text-indent:-15px"><A href="#115">Election of Directors</A></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:45px; text-indent:-15px"><A href="#116">Appointment of Auditors</A></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:45px; text-indent:-15px"><A href="#117">Shareholder Proposals</A></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:15px; text-indent:-15px">&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:-15px"><A href="#118"><B>Disclosure of Compensation and Other Information</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#119">Compensation of Directors</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#120">Report of the Human Resources and Compensation Committee on Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#121">Performance Graph</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#122">Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#123">Stock Option Plan</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>29</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#124">Pension Plans</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#125">Senior Executive Employment Contracts</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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:-15px"><A href="#126"><B>Indebtedness of Directors and Executive Officers</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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:-15px"><A href="#127"><B>Corporate Governance</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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:-15px"><A href="#128"><B>Additional Items</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#129">Directors&#146; and Officers&#146; Liability Insurance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#130">Delivery of Additional Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><A href="#131">Board Approval</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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:-15px"><A href="#132"><B>Schedule&nbsp;A </B>Interpretation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#133"><B>Schedule&nbsp;B </B>TSX Statement of Corporate Governance Practices</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>39</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</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="#tocpage">Table of Contents</A></H5><P>

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

<P align="center" style="font-size: 10pt"><IMG src="o16315o1631501.gif" alt="(CAMECO LOGO)">


<P align="left" style="font-size: 10pt">April&nbsp;13, 2005

<DIV align="left">
<A name="101"></A>
</DIV>

<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. Thursday, May&nbsp;5, 2005 at Cameco Corporation, 2121-11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> 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 2004
and our plans for the future. If you plan to attend, please contact Karen Lendzyk at (306)
956-6309 by April&nbsp;30, 2005.


<P align="left" style="font-size: 10pt">Included in this package are Cameco&#146;s 2004 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">&nbsp;


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


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


<P align="center" style="font-size: 10pt">RSVP to (306)&nbsp;956-6309 by April&nbsp;30, 2005


<P align="center" style="font-size: 10pt">2121-11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3


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


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


<P align="left" style="font-size: 8pt">1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR


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

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

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

<P align="center" style="font-size: 10pt"><IMG src="o16315o1631501.gif" alt="(CAMECO LOGO)">


<P align="center" style="font-size: 12pt"><B>MANAGEMENT PROXY CIRCULAR</B>

<DIV align="left">
<A name="102"></A>
</DIV>

<P align="center" style="font-size: 10pt"><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 Thursday, May&nbsp;5, 2005
at 1:30 p.m. CST at Cameco Corporation, 2121-11<SUP style="font-size: 85%; vertical-align: text-top">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="2%" nowrap align="left">1.</TD>
<TD width="1%">&nbsp;</TD>
<TD>receive the financial statements for the year ended December&nbsp;31, 2004 and the auditor&#146;s
report on the statements;</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">2.</TD>
<TD width="1%">&nbsp;</TD>
<TD>elect directors;</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">3.</TD>
<TD width="1%">&nbsp;</TD>
<TD>appoint an auditor; 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">4.</TD>
<TD width="1%">&nbsp;</TD>
<TD>transact such other business that may properly be brought before the meeting.</TD>
</TR>

</TABLE>
<P align="left" style="font-size: 10pt">The board of directors of Cameco has fixed the close of business on April&nbsp;1, 2005 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, a management proxy circular (circular)&nbsp;and a copy of the 2004 annual report, including
the audited financial statements of the corporation for the year ended December&nbsp;31, 2004 and
related management&#146;s discussion and analysis, accompany this notice of annual meeting. You should
refer to the 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 prior to the commencement of the meeting on May&nbsp;5, 2005.



<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>
Governance, Legal and Regulatory Affairs,<BR>
and Corporate Secretary


<P align="left" style="font-size: 10pt">Saskatoon, Saskatchewan<BR>
April&nbsp;13, 2005


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


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


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2



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

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

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

<P align="center" style="font-size: 10pt"><IMG src="o16315o1631501.gif" alt="(CAMECO LOGO)">

<DIV align="left">
<A name="103"></A>
</DIV>

<P align="center" style="font-size: 12pt"><B>MANAGEMENT PROXY CIRCULAR</B>

<DIV align="left">
<A name="104"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>VOTING RIGHTS AND SOLICITATION OF PROXIES</B>

<DIV align="left">
<A name="105"></A>
</DIV>

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

<P align="left" style="font-size: 10pt"><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 has retained Georgeson Shareholder Communications Canada, 66 Wellington Street West, TD
Tower, Suite&nbsp;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
$25,000. The record date to determine shareholders entitled to receive notice and vote at the
annual meeting is April&nbsp;1, 2005. 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, 2005.


<P align="left" style="font-size: 10pt">Unless otherwise indicated, the information in this circular is given at March&nbsp;15, 2005. All
dollar references in this circular are to Canadian dollars, unless otherwise indicated.


<DIV align="left">
<A name="106"></A>
</DIV>

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

<P align="left" style="font-size: 10pt">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">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, governance, legal and regulatory
affairs and corporate secretary of the corporation. <B>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. </B>In either case, the completed proxy must be deposited at the office of the
transfer agent and registrar of the corporation, CIBC Mellon Trust Company, 200 Queen&#146;s Quay, Unit&nbsp;6, Toronto, Ontario, M5A 4K9, no later than prior to the commencement of the meeting on May&nbsp;5,
2005.


<P align="left" style="font-size: 10pt">A shareholder has the right to revoke a submitted proxy any time prior to its use. To revoke a
proxy, the shareholder may deliver a written notice to the registered office of the corporation,
2121-11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> 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">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">&nbsp;


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



<P align="left" style="font-size: 8pt">3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="107"></A>
</DIV>

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



<P align="left" style="font-size: 10pt">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. <B>In the absence of a
shareholder&#146;s instructions, shares represented by proxies received by management will be voted:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD><B>FOR the election as directors of the proposed nominees whose names
are set forth in the following pages; and</B></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 the reappointment of KPMG LLP as auditors;</B></TD>
</TR>

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


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


<DIV align="left">
<A name="108"></A>
</DIV>

<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">As of March&nbsp;15, 2005, there were 173,431,661 common 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, 2005 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. As at December&nbsp;31, 2004,
Capital Group International Inc., the parent company of two investment management companies, may be
deemed to beneficially own on behalf of its clients over 21,240,700 shares or approximately 12.30%
of the shares of the corporation. As of February&nbsp;28, 2005, Wellington Management Company, LLP had
discretionary authority on behalf of its clients over 18,140,856 shares or approximately 10.48% of
the shares of the corporation.


<DIV align="left">
<A name="109"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">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 of the corporation:


<P align="left" style="font-size: 10pt"><U><B><I>Individual Ownership Restriction</I></B></U>



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



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


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

<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4




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

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

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



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



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



<P align="left" style="font-size: 10pt">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">The provisions of the ENL Reorganization Act allow the Board to require the holders or other
subscribers for shares and certain other persons to furnish declarations as to residence, ownership
of shares and certain other matters relative to the enforcement of the restrictions. Cameco is
precluded from issuing or registering a transfer of any shares where contravention of the resident
or non-resident ownership restrictions would result. Cameco requires that, prior to each transfer
of shares, other than a transfer to a depository, the transferee give a declaration providing
information relating to compliance with these ownership restrictions.


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

<DIV align="left">
<A name="110"></A>
</DIV>

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



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

<DIV align="left">
<A name="111"></A>
</DIV>

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



<P align="left" style="font-size: 10pt">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, in a mailing from your nominee, you will have received certain material
relating to this meeting, including notice of the meeting, this circular and 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">&nbsp;


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

<P align="left" style="font-size: 8pt">5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="112"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">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 following
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)
all annual meetings of shareholders of the Company must be held at a place in the Province of
Saskatchewan.


<DIV align="left">
<A name="113"></A>
</DIV>

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


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


<DIV align="left">
<A name="114"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">The consolidated financial statements for the year ended December&nbsp;31, 2004 are included in the 2004
annual report, which has been mailed to shareholders with this circular.


<DIV align="left">
<A name="115"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">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"><B>The table below contains the names of the nominees for election as Directors. All nominees are
presently Directors of Cameco. Unless authority is withheld, the persons named in the accompanying
form of proxy intend to vote for these nominees. All of the nominees have established their
eligibility and willingness to serve as Directors. The form of proxy permits shareholders to vote
in favour of all nominees, vote in favour of some nominees and to withhold votes for other
nominees, or to withhold votes for all nominees.</B>


<P align="left" style="font-size: 10pt">If, for any reason, at the time of the meeting any of the nominees are unable to serve as a
Director, 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 in the following table is as of March&nbsp;15, 2005, except for Cameco securities
ownership, which is as of December&nbsp;31, 2004.



<P align="right" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6
</DIV>

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

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


<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631502.jpg" alt="(PHOTO OF JOHN S. AUSTON)">


<P align="left" style="font-size: 10pt"><B>John S. Auston, </B>67<BR>
West Vancouver, British Columbia, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 4,500<BR>
DSUs: 7884<BR>
Options: 12,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">John S. Auston, a corporate director, is a graduate of McGill
University, with degrees in geology and mineral exploration,
and attended the Program for Management Development at
Harvard University. During a career of over 40&nbsp;years in the
minerals industry he has been active in the exploration for
and the development and operation of base metal, precious
metal, uranium and coal mines in Canada, Australia and the
United States. Most of this work was with the Selection Trust
Group of London (a base metals and gold mining group of
companies), which in 1981 became the minerals arm of British
Petroleum (a petroleum, petrochemicals, and minerals
company). He was the President and Chief Executive Officer of
Ashton Mining of Canada Inc. (a diamond exploration company)
from 1996 to 2000 and President and Chief Executive Officer
of Granges Inc. (a base metals and gold mining company) from
1993 to 1995. Mr.&nbsp;Auston is a director of Eldorado Gold
Corporation (a gold mining company), GGL Diamond Corp (a
diamond exploration company), and Centerra Gold Inc. (a gold
mining company and a Cameco subsidiary), which are all
publicly traded companies.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1999.</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>Member of the Reserves Oversight Committee
(chair)&nbsp;and the Nominating, Corporate Governance and Risk
Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631503.jpg" alt="(PHOTO OF JOE F. COLVIN)">


<P align="left" style="font-size: 10pt"><B>Joe F. Colvin, </B>62<BR>
Kiawah Island, South Carolina, U.S.A.


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 3,000<BR>
DSUs: 30,685<BR>
Options: 18,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Joe F. Colvin, a corporate director, is the President
Emeritus of the Nuclear Energy Institute Inc. (the US nuclear
energy industry&#146;s Washington-based policy organization). Mr.
Colvin was elected as President Emeritus in February&nbsp;2005,
after serving as the Institute&#146;s President and Chief
Executive Officer since 1996. Prior to that he was the
Executive Vice-President and Chief Executive Officer of the
Nuclear Energy Institute Inc. from 1994 to 1996. 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.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1999.</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>Member of the Safety, Health and Environment
Committee (chair)&nbsp;and the Nominating, Corporate Governance
and Risk Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631504.jpg" alt="(PHOTO OF HARRY D. COOK)">


<P align="left" style="font-size: 10pt"><B>Harry D. Cook</B>, 61<BR>
La Ronge, Saskatchewan,<BR>
Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 6,000<BR>
DSUs: 11,433<BR>
Options: 35,100

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Harry D. Cook, corporate director, is the Chief of the Lac La
Ronge Indian Band, retiring effective March&nbsp;31, 2005. He is
also the President of Kitsaki Management Limited Partnership
(a service business conglomerate), a member of the Prince
Albert Grand Council Executive Board, Federation of
Saskatchewan Indian Nations Taxation Commission Board and
Indian Government Commission, retiring effective March&nbsp;31,
2005.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1992.</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>Member of the Safety, Health and Environment
Committee.</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>Meets Share Ownership Guidelines.</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>Non-Independent due to service contracts between
Kitsaki and Cameco that are material to Kitsaki.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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


<P align="left" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631505.jpg" alt="(PHOTO OF JAMES R. CURTISS)">


<P align="left" style="font-size: 10pt"><B>James R. Curtiss</B>, 51<BR>
Brookville, Maryland, U.S.A.


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 7,800<BR>
DSUs: 32,840<BR>
Options: 10,650

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">James R. Curtiss 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.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1994.</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>Member of the Human Resources and Compensation
Committee (chair)&nbsp;and the Safety, Health and Environment
Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631506.jpg" alt="(PHOTO OF GEORGE S. DEMBROSKI)">


<P align="left" style="font-size: 10pt"><B>George S. Dembroski</B>, 70<BR>
Toronto, Ontario, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 900<BR>
DSUs: 10,620<BR>
Options: 40,800<BR>
Convertible Debentures: $50,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">George S. Dembroski, corporate director, is the former
Vice-Chairman and Director of RBC Dominion Securities Limited
(an investment dealer). He currently serves on the boards of
the following publicly traded companies: Electrohome Limited
(an investment company), Middlefield Bancorp Ltd. (a merchant
banking company), Murphy Oil Corporation (an energy company),
and Extendicare Inc. (a health care company). He also serves
on the board of Murphy Oil Company Ltd. (an energy company).
Mr.&nbsp;Dembroski is a chartered accountant and holds a Bachelor
of Arts in Business Administration from the University of
Western Ontario.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1996.</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>Member of the Nominating, Corporate Governance and
Risk Committee (chair)&nbsp;and the Human Resources and
Compensation Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631507.jpg" alt="(PHOTO OF GERALD W. GRANDEY)">


<P align="left" style="font-size: 10pt"><B>Gerald W. Grandey</B>, 58<BR>
Saskatoon, Saskatchewan, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 123,000<BR>
DSUs: 0<BR>
Options: 735,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Gerald W. Grandey is the President and Chief Executive
Officer of Cameco Corporation. He currently serves on the
boards of Nuclear Energy Institute, World Nuclear
Association, Canadian Nuclear Association and Centerra Gold
Inc. (a publicly traded gold mining company and a Cameco
subsidiary). Mr.&nbsp;Grandey has a degree in geophysical
engineering from the Colorado School of Mines and a law
degree from Northwestern University.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 2000.</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>Not a member of any Board committee due to being
President and CEO of Cameco.</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>Meets Share Ownership Guidelines.</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>Non-Independent (President and CEO of Cameco).</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

<P align="right" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631508.jpg" alt="(PHOTO OF NANCY E. HOPKINS)">


<P align="left" style="font-size: 10pt"><B>Nancy E. Hopkins</B>, 50<BR>
Saskatoon, Saskatchewan, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 9,600<BR>
DSUs: 2,337<BR>
Options: 37,500

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Nancy E. Hopkins 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 Saskatchewan Government
Insurance (a Saskatchewan Insurance Crown Corporation), Saskatoon Airport
Authority (an airport authority), Growthworks Canadian Fund Inc. (a venture
capital fund) and Growthworks Opportunity Fund Inc. (a venture capital fund).
Ms.&nbsp;Hopkins has a Bachelor of Commerce degree and a Bachelor of Law degree from
the University of Saskatchewan.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1992.</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>Member of the Audit Committee (chair).</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631509.jpg" alt="(PHOTO OF OYVIND HUSHOVD)">


<P align="left" style="font-size: 10pt"><B>Oyvind Hushovd, </B>55<BR>
Toronto, Ontario, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 0<BR>
DSUs: 3,192<BR>
Options: 0

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Oyvind Hushovd is the Chair and Chief Executive Officer of Gabriel Resources
Ltd. (a precious metals exploration and development company). Prior to that he
was the President and Chief Executive Officer of Falconbridge Limited (a nickel
and copper mining company) from 1996 to 2002. He currently serves on the
boards of the following publicly traded companies: Gabriel Resources Ltd.,
Western Oil Sands Inc. (an oil sands company), Nuinsco Resources Limited (a
precious and base metals exploration company), Inmet Mining Corporation (a
precious and base metals producing company) and Lionore Mining International
Limited (an international mining company). 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.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 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>Member of the Audit Committee, the Human Resources and Compensation
Committee and the Reserves Oversight Committee.</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>Has until 2010 to meet the Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631510.jpg" alt="(PHOTO OF J.W. GEORGE IVANY)">


<P align="left" style="font-size: 10pt"><B>J. W. George Ivany</B>, 66<BR>
Kelowna, British Columbia, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 0<BR>
DSUs: 8,291<BR>
Options: 18,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">J. W. George Ivany, 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.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1999.</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>Member of the Audit Committee, Human Resources and Compensation
Committee and the Nominating, Corporate Governance and Risk Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

<P align="left" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631511.jpg" alt="(PHOTO OF A. NEIL McMILLAN)">


<P align="left" style="font-size: 10pt"><B>A. Neil McMillan</B>, 53<BR>
Saskatoon, Saskatchewan, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 300<BR>
DSUs: 4,879<BR>
Options: 6,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">A. Neil McMillan is the President of Claude Resources
Inc. (a gold mining and oil and gas producing
company). He currently serves on the boards of the
following publicly traded companies: Claude Resources
Inc. and Shore Gold Inc. (a precious metals and gems
exploration company). Formerly he served on the board
of Atomic Energy Canada Ltd. (a Canadian government
nuclear reactor production company). Mr.&nbsp;McMillan
received a Bachelor of Arts degree in History and
Sociology from the University of Saskatchewan.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 2002.</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>Member of the Reserves Oversight Committee,
the Audit Committee and the Safety, Health and
Environment Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631512.jpg" alt="(PHOTO OF ROBERT W. PETERSON)">


<P align="left" style="font-size: 10pt"><B>Robert W. Peterson</B>, 67<BR>
Regina, Saskatchewan, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities<BR>
Ownership:</B><BR>
Shares: 8,220<BR>
DSUs: 2,337<BR>
Options: 18,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Robert W. Peterson 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. (a publicly traded real estate
and operating company located in Calgary, Alberta).
Mr.&nbsp;Peterson received a Bachelor of Science degree in
Civil Engineering from the University of Saskatchewan.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 1994.</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Member of the Audit Committee, the Safety,
Health and Environment Committee and the Human
Resources and Compensation Committee.</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Meets Share Ownership Guidelines.</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>

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

<P><DIV style="position: relative; float: left; width: 25%">

<P align="left" style="font-size: 10pt"><IMG src="o16315o1631513.jpg" alt="(PHOTO OF VICTOR J. ZALESCHUK)">


<P align="left" style="font-size: 10pt"><B>Victor J. Zaleschuk, </B>61<BR>
Calgary, Alberta, Canada


<P align="left" style="font-size: 10pt"><B>Cameco Securities Ownership:</B><BR>
Shares: 3,000<BR>
DSUs: 10,835<BR>
Options: 18,000<BR>
Convertible Debentures: $50,000

</DIV>
<DIV style="position: relative; float: right; width: 70%">
<P align="left" style="font-size: 10pt">Victor J. Zaleschuk, corporate director, is the Chair
of the board of Cameco. He 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 of
Nexen Inc. from 1986 to 1997. He currently serves on
the board of the following publicly traded companies:
Nexen Inc. and Agrium Inc. (a global producer and
marketer of agricultural nutrients and industrial
products). Mr.&nbsp;Zaleschuk is a chartered accountant
and holds a Bachelor of Commerce degree from the
University of Saskatchewan.


<P align="left" style="font-size: 10pt"><B>Cameco Board Details:</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">&#149;</TD>
<TD width="1%">&nbsp;</TD>
<TD>Director since 2001. Chair since April&nbsp;11,
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>Member of the Audit Committee (and is the
committee&#146;s designated financial expert), the Safety,
Health and Environment Committee, the Human Resources
and Compensation Committee and the Nominating,
Corporate Governance and Risk Committee.</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>Meets Share Ownership Guidelines.</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>Independent.</TD>
</TR>

</TABLE>
</DIV>
<BR clear="all"><BR>
<P align="left" style="font-size: 10pt">Individual Director compensation paid in 2004, a record of attendance by Directors at meetings of
the Board and its committees during 2004, and a description of each Director&#146;s Cameco common share
and DSU ownership as of the end of 2003 and 2004 is disclosed at &#147;Compensation and Other
Information &#151; Director Remuneration&#148;.



<P align="right" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10
</DIV>

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

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



<P align="left" style="font-size: 10pt"><B>Director Committee Membership</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="50%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>COMMITTEES (NUMBER OF MEMBERS)</B></TD>
    <TD>&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Human</TD>
    <TD>&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="2">Nominating,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Safety,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Resources</TD>
    <TD>&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="2">Reserves</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Corporate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Health and</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">and</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Audit</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Oversight</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Governance and Risk</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Environment</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Compensation</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Committee</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Committee</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Directors</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(6)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="center"><B>Independent Outside Directors</B><BR></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John S. Auston</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe F. Colvin</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 align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James R. Curtiss</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 align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George S. Dembroski</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 colspan="3" align="center">Chair</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy E. Hopkins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Chair</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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oyvind Hushovd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></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 align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;J.W. George Ivany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. Neil McMillan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></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:15px; text-indent:-15px">Robert W. Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></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 align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor J. Zaleschuk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="center"><B>Outside Director &#150; Not Independent</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Harry D. Cook</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 align="center"><FONT face="wingdings">&#252;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="19" align="center"><B>Management Director &#150; Not Independent</B><BR></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald W. Grandey</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>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Committees are comprised solely of non-management members, except for the safety, health and
environment committee, where John Jarrell, Vice-President, Safety, Health and Environment, is a
member.


<P align="left" style="font-size: 10pt">Due to the importance of strategic growth to Cameco, the Board has added two annual special Board
meetings for the Board to specifically discuss strategic planning and strategic issues. As a
result, the Board eliminated the strategic planning committee effective January&nbsp;27, 2005.


<P align="left" style="font-size: 10pt">Due to the importance of reserves to the value of Cameco, effective December&nbsp;9, 2004, the Board
decided to make the strategic planning committee reserves subcommittee a full committee of the
Board and rename it the reserves oversight committee.


<DIV align="left">
<A name="116"></A>
</DIV>


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


<P align="left" style="font-size: 10pt">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="left" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

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

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


<P align="left" style="font-size: 10pt">For fiscal years ended December&nbsp;31, 2004 and December&nbsp;31, 2003, 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="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit 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:15px; text-indent:-15px">Cameco &#150; Audit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">386,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">583,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Centerra &#150; Audit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,500</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:15px; text-indent:-15px">Centerra &#150; Issuance of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275,000</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:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,061,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">583,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proposed AIM Listing for AGR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">SOX 404 Scoping Project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Translation services</DIV></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">26,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounting disclosure</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">23,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pensions and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">60,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><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:15px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">96,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">223,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><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:15px; text-indent:-15px">Special investigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,309,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">897,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="left" style="font-size: 10pt">As part of Cameco&#146;s corporate governance practices, under Cameco&#146;s audit committee charter, the
audit committee is required to pre-approve the audit and non-audit services performed by the
external auditor, including the tax and all other fees noted above, in order to ensure the
independence of the external auditor. 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. All pre-approvals granted pursuant to the
delegated authority must be presented by the member(s) to the full audit committee at its next
meeting. The audit committee has adopted a written policy to provide procedures to implement the
foregoing principles.


<DIV align="left">
<A name="117"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">The <I>Canada Business Corporations Act </I>permits certain eligible shareholders of the corporation to
submit shareholder proposals to the corporation, which proposals 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 2006 is January&nbsp;12, 2006.


<P align="left" style="font-size: 10pt">A shareholder proposal that was submitted by Carpenters&#146; Local 27 Benefit Trust Fund for
consideration at the meeting was withdrawn by mutual agreement to further explore issues around
performance-based long-term incentives for executive compensation. The proposal concerned stock
options that are performance-based for executive compensation.




<P align="right" style="font-size: 8pt">&nbsp;<BR>&nbsp;<BR>CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="118"></A>
</DIV>

<P align="center" style="font-size: 12pt"><B>DISCLOSURE OF COMPENSATION AND OTHER INFORMATION</B>

<DIV align="left">
<A name="119"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">In order to provide competitive remuneration and recognize the increasing complexity of Cameco&#146;s
business, the Board of Cameco, on the recommendation of its Human Resources and Compensation
Committee (&#147;Committee&#148;), has made significant changes to Director remuneration, which have been
implemented for 2005. The Board believes these changes, in particular the 2005 Director share
ownership guidelines, along with the requirement that 60% of a Director&#146;s annual retainer be paid
in deferred share units (DSUs) and that stock options are no longer awarded to Directors, will
result in the enhanced alignment of the interests of members of the Board with those of Cameco&#146;s
shareholders.


<P align="left" style="font-size: 10pt">Cameco&#146;s remuneration philosophy is intended 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>recruit and retain qualified individuals to serve as members of Cameco&#146;s Board and contribute to its success;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>align the interests of members of the Board with those of Cameco&#146;s shareholders by ensuring Directors have a
significant &#147;at risk&#148; component of their total compensation; and,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>position Director&#146;s compensation at or slightly above the median of the market.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">In 2004, the Committee engaged an independent consultant which assisted with its review of
executive compensation practices. This review established a new group of companies to serve as
comparators for benchmarking the competitiveness of Cameco&#146;s executive compensation. Subsequently,
the Committee engaged the consultant to review the competitiveness of the current Director
remuneration with reference to this group, as well as to the TSX 100 companies and other publicly
traded companies.


<P align="left" style="font-size: 10pt">The overall compensation package for Directors was compared to this group. The consultant&#146;s
findings indicated that Cameco&#146;s Director compensation was not competitive with current market
practice. As a result, the Committee recommended and the Board approved changes to Director
compensation, which have been implemented for 2005. These changes position Cameco Director
compensation slightly above the median of the comparator group.


<P align="left" style="font-size: 10pt">The following table compares the 2004 Directors&#146; compensation program to the approved 2005
Directors&#146; compensation program:


<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="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">2004 Actual</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">2005 Approved</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Non-Executive Chair Retainer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$100,000 paid $40,000 in cash and $60,000
in DSUs
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$175,000 paid $70,000 in cash and<BR>
$105,000 in DSUs</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Board Member Retainer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$50,000 paid $20,000 in cash and $30,000
in DSUs
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$65,000 paid $26,000 in cash and<BR>
$39,000 in DSUs</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Committee Chair Annual Retainers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$10,000 for Audit and $5000 for others
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$12,500 for Audit and $7,000 for
others</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Committee Member Retainer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$3,500 per Committee</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Meeting Fees
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2000 per meeting for Audit and $1500
for others
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$2000 per meeting for Audit and<BR>
$1500 for others</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Travel Fees
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$1000 US per meeting for non-Canadian<BR>
residents
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Per incidence of travel:<BR>
Greater than 1000 Km within
Canada $1500 Cdn<BR>
From the US $1500 US<BR>
Outside of North America $2500 US</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Ownership Guidelines
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3000 shares &#151; no fixed date for compliance
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3 times annual retainer. 5&nbsp;years
to meet obligation. 60% of annual
retainer must be in the form of
DSUs even if the share ownership
guideline is met</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 8pt">13 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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



<P align="left" style="font-size: 10pt">The table below shows the amounts for Director compensation under the 2005 program, assuming a
typical year of committee participation, roles and Board meetings:


<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="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chairman of the Board
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Typical Board Member
</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Participation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="left" valign="top">Chair is a member of 4 Committees
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Director is Chair
of 1 Committee and
a member of 1 other
Committee
</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Total Compensation Value
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$229,500</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">$104,000</TD>
    <TD align="right" valign="top"></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt">Directors are compensated for their services as directors by cash and DSUs. Mr.&nbsp;Grandey, who
is an officer of Cameco, does not receive any fees for serving as a Director. Directors are
reimbursed for out-of-pocket expenses incurred in attending meetings and otherwise carrying out
their duties as directors of Cameco. Fees payable to the two non-Canadian resident Directors are
paid in United States dollars.


<P align="left" style="font-size: 10pt">Cameco&#146;s DSU plan for Directors was adopted and first applied to award Director performance for
2003. A DSU is a unit granted by Cameco to Directors having the same value as one Cameco common
share, but is not paid out until such time as the Director leaves the Board, thereby providing an
ongoing equity stake in Cameco through the Director&#146;s period of Board service. DSUs attract
dividends in the form of additional DSUs at the same rate as dividends on Cameco common shares.
When a Director leaves the Board, the DSUs are redeemed 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. Sixty percent of a
Director&#146;s annual retainer is paid in DSUs. In addition, annually Directors can elect to receive
the rest of their annual retainer and any additional fees in the form of DSUs. As of December&nbsp;31,
2004, the amount owing in respect of DSUs outstanding to Directors was $5,208,750.


<P align="left" style="font-size: 10pt">Cameco has adopted Director share ownership guidelines to greater align the interests of Directors
and shareholders. Commencing in 2005, the guidelines call for Cameco share ownership in the form of
common shares and/or DSUs in the amount of three times the annual Director&#146;s retainer. As a
transition measure, Directors are expected to meet these guidelines by January&nbsp;1, 2010 and new
Directors within five years after appointment to the Board. Previously, the guidelines called for
Directors to own 3000 common shares and/or DSUs. As of December&nbsp;31, 2004, all nominee Directors
were at or above the 2005 guidelines, with the exception of Mr.&nbsp;Hushovd who joined the Board in
2003.


<P align="left" style="font-size: 10pt">On October&nbsp;28, 2003, the Board discontinued on a permanent basis all further grants of stock
options to Directors under Cameco&#146;s Stock Option Plan. The last stock option award made to
Directors was for their 2002 performance.


<P align="left" style="font-size: 10pt">Below are tables showing 2004 compensation, board and committee attendance, and share ownership,
for each Director.



<P align="right" style="font-size:8pt">CAMECO MANAGEMENT PROXY CIRCULAR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14



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

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

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



<P align="left" style="font-size: 10pt"><B><I>Individual Director Compensation Paid in 2004</I></B>


<P align="left" style="font-size: 10pt">The table below reflects compensation earned by Directors for 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="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="33" style="border-bottom: 1px solid #000000">&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="3">Non-</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 nowrap align="center" colspan="3">&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="3">Executive</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 nowrap align="center" colspan="3">Percentage</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Board</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Committee</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Board</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Committee</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">of Total</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Retainer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Chairman</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Retainer</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Attendance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Attendance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Traveling</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Total Fees</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fees taken</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Retainer ($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fee ($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fee ($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Fee ($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Paid ($)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">in DSUs</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="33" 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">John S. Auston <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</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">16,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,500</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">88,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47.73</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe F. Colvin <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,508</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">21,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Harry D. Cook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</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">0</TD>
    <TD>&nbsp;</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">4,500</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">68,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James R. Curtiss <SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,508</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">21,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George S. Dembroski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</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">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,500</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">89,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">46.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald W. Grandey <SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</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">0</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">0</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy E. Hopkins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</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">17,000</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42.20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oyvind Hushovd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,000</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">98,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;J.W. George Ivany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,000</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">99,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42.20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. Neil McMillan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,000</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">98,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">42.64</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert W. Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,500</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">101,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor J. Zaleschuk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</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">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,500</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">163,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530,150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289,402</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,180,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 5pt">
<TR>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD width="82%">&nbsp;<BR></TD></TR>
<TR><TD style="font-size: 4pt">&nbsp;</TD></TR>
</TABLE>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Notes:</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</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="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Auston is also a director of Centerra Gold Inc., a TSX listed subsidiary of Cameco. The
amounts shown do not include directors fees paid to him by Centerra.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>As a non-resident of Canada, Mr.&nbsp;Colvin&#146;s Director compensation is paid in United States
dollars. The amounts in this table pertaining to Mr.&nbsp;Colvin&#146;s compensation have been
converted from United States dollars to Canadian dollars at an exchange rate of 1.3015.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>As a non-resident of Canada, Mr.&nbsp;Curtiss&#146;s Director compensation is paid in United States
dollars. The amounts in this table pertaining to Mr.&nbsp;Curtiss&#146;s compensation have been
converted from United States dollars to Canadian dollars at an exchange rate of 1.3015.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Grandey is also a director of Centerra Gold Inc. As an officer of Cameco, he receives no
fees for serving as a director of Cameco and Centerra.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B><I>Board and Committee Attendance of Directors</I></B>


<P align="left" style="font-size: 10pt">The table below provides a summary of Board and committee meetings held during 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="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Board</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:15px; text-indent:-15px">Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nominating, Corporate Governance and Risk Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Strategic Planning Committee <SUP style="font-size: 85%; vertical-align: text-top">1 </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves Oversight Committee <SUP style="font-size: 85%; vertical-align: text-top">2 </SUP></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:15px; text-indent:-15px">Safety, Health and Environment 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:15px; text-indent:-15px">Human Resources and Compensation Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total number of meetings held</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Due to the importance of strategic growth to Cameco, the Board has added two annual special
Board meetings for the whole Board to specifically discuss strategic planning and strategic
issues. As a result, the Board eliminated this committee effective January&nbsp;27, 2005.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Due to the importance of reserves to the value of Cameco, effective December&nbsp;9, 2004, the
Board decided to make the Strategic Planning Committee Reserves Subcommittee a full committee
of the Board and rename it the Reserves Oversight Committee.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt">15 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below provides a summary of attendance for Board and committee members during 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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="5" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Board Meetings Attended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Committee Meeting Attended</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">John S. Auston</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe F. Colvin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12 of 13</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Harry D. Cook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">9 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3 of 5</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James R. Curtiss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George S. Dembroski</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">13 of 14</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald W. Grandey <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2 of 2</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy E. Hopkins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">12 of 12</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oyvind Hushovd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">20 of 21</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;J.W. George Ivany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21 of 22</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. Neil McMillan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">10 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">20 of 20</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert W. Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21 of 21</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor J. Zaleschuk</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">11 of 11</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">29 of 29</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>As Mr.&nbsp;Grandey is president and CEO of Cameco, to ensure Cameco&#146;s Board committees are
comprised of a majority of independent Directors, he was a member of only one committee, the
Strategic Planning Committee. The Board eliminated this committee effective January&nbsp;27, 2005.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><B><I>Directors&#146; Share Ownership</I></B>


<P align="left" style="font-size: 10pt">The table below provides a breakdown of each Director&#146;s current Cameco common share and DSU
holdings. As of December&nbsp;31, 2004, all of the Directors held shares and/or DSUs having a value in
excess of that set forth in the 2005 Director share ownership guidelines, other than Mr.&nbsp;Hushovd
who joined the Board in 2003.


<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="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="21" style="border-bottom: 1px solid #000000">&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>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total Value of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fiscal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco Common</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Year </B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares </B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>DSUs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares and DSUs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shares and DSUs </B><SUP style="font-size: 85%; vertical-align: text-top"><B>3 </B></SUP><B>($)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px; background: #cceeff">
    <TD colspan="21" 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">John S. Auston</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">517,652</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">4,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">236,855</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Joe F. Colvin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,685</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,395,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,234</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">618,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Chief Harry D. Cook</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728,720</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">324,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">James R. Curtiss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</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">32,840</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">7,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">768,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George S. Dembroski <SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">481,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">218,106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald W. Grandey <SUP style="font-size: 85%; vertical-align: text-top">5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</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">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,159,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">123,000</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">123,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,065,160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nancy E. Hopkins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">498,971</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">9,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,337</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Oyvind Hushovd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</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">3,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dr.&nbsp;J.W. George Ivany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</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">8,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">A. Neil McMillan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,879</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Robert W. Peterson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">8,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,413</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Victor J. Zaleschuk <SUP style="font-size: 85%; vertical-align: text-top">6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,016</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 5pt">
<TR>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD width="82%">&nbsp;<BR></TD></TR>
<TR><TD style="font-size: 4pt">&nbsp;</TD></TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Notes:</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="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>2003 and 2004 balances have been adjusted for the impact of the December&nbsp;31, 2004 stock
split, which effectively resulted in the tripling of the outstanding
number of Cameco common shares and DSUs.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>The information as to shares owned or over which control or direction is exercised has been
furnished by the respective Directors.</TD>
</TR>

</TABLE>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>The total value of Cameco common shares was calculated as follows: for 2004, based on $41.95,
the closing price of a Cameco common share on the TSX on December&nbsp;31, 2004; and for 2003,
based on $24.92, the closing price of a Cameco common share on the TSX on December&nbsp;31, 2003,
as adjusted for the impact of the stock split.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Dembroski also owns $50,000 of Cameco convertible debentures.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">5.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Grandey, as an officer of Cameco, does not participate in the DSU plan for Directors.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">6.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Zaleschuk also owns $50,000 of Cameco convertible debentures.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="120"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Report of the Human Resources and Compensation Committee on Executive Compensation</B>


<P align="left" style="font-size: 10pt">The Committee reviews and recommends to the Board all compensation policies and programs for Cameco
executives (CEO, Senior Vice-Presidents and Vice-Presidents) and actual compensation paid to Cameco
executive officers (CEO and Senior Vice-Presidents). Cameco has five Senior Vice-Presidents and six
Vice-Presidents. As part of that mandate, the Committee ensures Cameco&#146;s compensation policies and
programs are aligned with Cameco&#146;s strategic goals and business strategies, and that they serve to
attract, retain and develop the very best people in support of maximizing shareholder value. The
Committee recommended, and the Board approved, significant changes to Cameco&#146;s executive
compensation program that were implemented in 2004. These changes are summarized below under
&#147;<I>Total Compensation Strategy.&#148;</I>


<P align="left" style="font-size: 10pt">The Committee members are James R. Curtiss (chair), George Dembroski, Oyvind Hushovd, J.W. George
Ivany, Robert W. Peterson, and Victor J. Zaleschuk. The Board has adopted independence standards
that derive from the TSX corporate governance guidelines and the New York Stock Exchange corporate
governance rules. Each member of the Committee is independent based upon those standards.


<P align="left" style="font-size: 10pt">In fulfilling its mandate for 2004 executive compensation, the Committee:



<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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Completed a review (initiated in 2003) of executive compensation competitiveness (including cash, stock options and
pension arrangements) and the design of short and long-term term incentive arrangements;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Approved a new Executive Short-Term Incentive Plan which will align annual cash bonus payouts to business success;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Approved a new Executive Performance Share Unit Plan which will be used to reduce stock option utilization and align
payments with performance over a 3-year term;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Approved new Executive Share Ownership Guidelines;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Reviewed the annual performance of the CEO;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Reviewed the annual performance assessments prepared by the CEO for Senior Vice-Presidents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Reviewed and recommended compensation awards for the CEO and Senior Vice-Presidents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Reviewed Cameco&#146;s executive talent pool and succession plan;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Continued to engage the services of an independent external consultant to provide advice and expertise on executive
compensation matters; and,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Submitted its recommendations regarding these matters to the Board for approval.</TD>
</TR>

</TABLE>

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


<P align="left" style="font-size: 10pt">Cameco&#146;s executive compensation philosophy is intended 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="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Attract, retain and motivate executives operating in a highly demanding and competitive business environment, including
those executive officers whose compensation is set forth under the summary compensation table (such officers are
referred to as the &#147;Named Executive Officers&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Link executive compensation to corporate performance and the creation of sustained shareholder value;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Motivate executives to create sustained shareholder value by (1)&nbsp;rewarding successful achievement of corporate and
individual performance objectives over both the short and long-term and (2)&nbsp;ensuring all executives have an &#147;at risk&#148;
component of total compensation that reflects their ability to influence business outcomes and financial performance;
and,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Position executive compensation at the median of the compensation positioning comparator group.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 8pt">17 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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



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


<P align="left" style="font-size: 10pt">Cameco completed a review of its executive compensation competitiveness and design in 2004. An
independent consultant was engaged by the Committee to review the level, design and mix of
compensation for the CEO and other executive officers.


<P align="left" style="font-size: 10pt">This review recommended changes to the comparator group for compensation positioning, the level and
mix of compensation and the design of short and long-term incentives. Compensation paid to
executive officers in 2004, except for 2004 salaries, was based on the new programs approved by the
Board for 2004.


<P align="left" style="font-size: 10pt">The following table summarizes each executive compensation element that applied in 2004:



<P align="center" style="font-size: 10pt"><B>2004 COMPENSATION ELEMENTS FOR EXECUTIVES</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="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Compensation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Form</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Applies to</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Performance</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Determination</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center">Element</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">Period</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Base Salary
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cash
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All executives
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1&nbsp;year
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market
competitiveness. Salary based
on individual performance and
internal equity.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Short-Term Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cash
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All executives
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1&nbsp;year
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market competitiveness
and internal equity. Actual
award based upon corporate and
individual performance.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Long-Term Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Performance Share<BR>
Units
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All executives
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">3&nbsp;years, with
vesting at the end
of 3&nbsp;years.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market
competitiveness. Actual award
based on a combination of total
shareholder return compared to
a blended market index and the
achievement of operational
performance over the 3&nbsp;year
performance period. Payment is
made in Cameco common shares
purchased on the open market or
cash at the Board&#146;s discretion.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Long-Term Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stock Options
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All executives
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8&nbsp;years, with
1/3<SUP style="font-size: 85%; vertical-align: text-top">rd</SUP>
vesting each year
starting on the
first anniversary
of the grant date.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market competitiveness
and corporate performance.
Awards granted annually based
on individual performance from
a pool approved annually by the
Board. Final payout value based
on appreciation in Cameco
common share price.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benefits
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Group Life and
Health Programs and
Selected
Perquisites
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All executives
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ongoing
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market competitiveness.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Long-Term Incentive
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Defined<BR>
Contribution<BR>
Plan/Group RRSP<BR>
plus Supplemental<BR>
Executive Pension<BR>
Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All employees
participate in the
defined
contribution plan
except 2 executive
officers who
participate in a
defined benefit
plan. The
Supplemental
Executive Pension
Plan applies to all
executives and
certain officers of
wholly owned
subsidiaries.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ongoing
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Based on market competitiveness.</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt"><U><B><I>Overall Compensation Mix</I></B></U>


<P align="left" style="font-size: 10pt">In keeping with Cameco&#146;s philosophy to link executive compensation to corporate performance and
motivate executives to create sustained shareholder value, Cameco has adopted an incentive
structure that holds approximately 75% of compensation &#147;at risk&#148;. The &#147;at risk&#148; compensation
includes both short-term and long-term incentives, at a



<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18




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

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

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



<P align="left" style="font-size: 10pt">respective weighting of approximately 15% to 85%. Long-term incentives are delivered in the form
of performance share units and stock options, at a respective weighting of approximately 30% to
70%. The mix of the above percentages represents averages for the Named Executive Officers.


<P align="left" style="font-size: 10pt"><U><B><I>Compensation Comparator Group and Market Positioning </I></B></U>


<P align="left" style="font-size: 10pt">Cameco is a global nuclear energy company headquartered in Canada. In the past, Cameco primarily
benchmarked the compensation of its executives against the Canadian mining industry. The
investments of Cameco in nuclear power generation have reduced the relative impact of mining on
Cameco&#146;s overall business results and have highlighted the importance of executive talent that can
effectively lead a complex global capital intensive business. As a result, for compensation
positioning purposes, Cameco has established a comparator group of 17 North American capital
intensive companies drawn from the mining, electric/natural gas/utilities, forest products,
chemicals and steel sectors.


<P align="left" style="font-size: 10pt">Cameco&#146;s compensation has been benchmarked to this compensation comparator group of companies.
Cameco&#146;s assets are comparable to the median of this compensation comparator group and Cameco
significantly exceeds this group in market capitalization and 3-year total shareholder return.
Cameco benchmarks overall executive compensation at the median of this compensation comparator
group. In the first year of implementation, total compensation paid to the Named Executive Officers
exceeded the median of the compensation comparator group due to extraordinary corporate performance
in 2004.


<P align="left" style="font-size: 10pt"><U><B><I>Base Salary</I></B></U>


<P align="left" style="font-size: 10pt">Base salaries of executive officers 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 comparator group and on a job by job basis to other data as reported by
independent national compensation surveys. Annual base salary changes are made by the Board giving
consideration to pay competitiveness, the performance of the individual and internal equity. The
2004 compensation comparator group was the Canadian mining industry. The 2005 comparator group was
Cameco&#146;s new compensation comparator group described above. Cameco benchmarks base salaries at
the median of this compensation comparator group. Base salaries of the Named Executive Officers for
2005 are disclosed after the Summary Compensation Table under the heading &#147;<I>Supplemental
Compensation Information.</I>&#148;


<P align="left" style="font-size: 10pt"><U><B><I>Executive Short-Term Incentive Program</I></B></U>


<P align="left" style="font-size: 10pt">Cameco&#146;s Executive Short-Term Incentive Program (&#147;STI&#148;) provides executives with the opportunity to
earn annual cash incentives based on the achievement of pre-established corporate and individual
performance objectives. For 2004, this program was re-designed to improve the transparency and
alignment of the performance measures.


<P align="left" style="font-size: 10pt">Under the program, a range of bonus opportunity is determined each year for each participant based
on the competitiveness of the award opportunity and internal equity. STI target award levels and
performance objective weightings 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="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Level<BR>&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">STI Target<BR>
(% of base salary)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Performance
<BR>Weighting
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Individual Performance<BR>Weighting
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Performance
Multiplier</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">CEO
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">60%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">80% (at discretion
of Board)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20% (at discretion of
Board)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0 to 200% of STI
target</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SVPs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">40% or 45% (varies
by role)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">60%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">40%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0 to 200% of STI
target</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VPs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">25%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">40%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">60%
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">0 to 200% of STI
target</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt">Corporate and individual performance measures are approved annually by the Board. The weighting and
STI targets are also reviewed annually to ensure they are appropriate.


<P align="left" style="font-size: 8pt">19
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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



<P align="left" style="font-size: 10pt">Corporate performance measures 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="90%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Measure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Weight</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">After Tax Net Income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="left" colspan="2">40%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash Flow from Operations before Working Capital Changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="left" colspan="2">30%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on Average Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="left" colspan="2">30%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt">Individual performance measures are approved each year by the Board on the recommendation of
the Committee. The selection, weighting and assessment of performance measures are at the
discretion of the Board; however, individual performance measures generally include key operating
results, strategic change initiatives and leadership effectiveness. Based upon the Committee&#146;s
review and recommendations, the Board approves all individual awards proposed for the CEO and
Senior-Vice Presidents. Individual assessments and awards for Vice-Presidents are determined by the
CEO.


<P align="left" style="font-size: 10pt">Notwithstanding performance against corporate or individual performance measures, the Committee
reviews Cameco&#146;s performance against safety, health and environment goals and plans. The Board may
reduce or eliminate STI awards if performance against these goals is not satisfactory.


<P align="left" style="font-size: 10pt"><U><B><I>Long-Term Incentives</I></B></U>


<P align="left" style="font-size: 10pt">Cameco provides long-term incentives opportunities for executives and certain employees. The
objective of these incentives is to align the interests of executives and certain employees more
closely with that of shareholders by tying a portion of their future compensation to the future
value of Cameco&#146;s common shares. In making long-term incentive awards to individuals, the Committee
does not take into account the number of outstanding options or the in-the money value of
outstanding options held by such individuals.


<P align="left" style="font-size: 10pt">To award performance for the 2004 fiscal year, the Board approved, on the recommendation of the
Committee, a new Executive Performance Share Unit Plan (&#147;PSU plan&#148;) to replace some of the
incentive opportunities previously provided by grants of options under the Stock Option Plan.
Cameco continues to provide market competitive long-term incentive opportunities. However, at least
30% of this total opportunity is now provided in the form of Performance Share Units (&#147;PSUs&#148;)
rather than options. The introduction of the PSU plan will reduce the dilutive impact of the
long-term incentive by proportionally reducing the number of stock option grants needed to provide
competitive compensation to executives. The PSU plan links value to both market and operational
performance and enhances the retention features of the overall compensation arrangement. The PSU
plan, coupled with the Stock Option Plan, will provide long-term incentives that align executive
compensation with returns realized by Cameco shareholders.


<P align="left" style="font-size: 10pt"><I>Long-Term Incentive-Executive Performance Share Unit Plan</I>



<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="4%" nowrap align="left">&nbsp;&nbsp;&nbsp;</TD>
    <TD>Cameco&#146;s PSU plan is designed as a long-term incentive to motivate executives to:</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Create sustainable shareholder value on an absolute and relative basis over a three-year period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Consistently meet annual operating performance targets; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>Continue to establish significant ownership of the corporation, thereby aligning the interests of executives with that
of shareholders.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The mix of PSUs and stock options varies by executive level. Overall, the mix of PSUs to stock
options is estimated at 30% PSUs and 70% stock options for executives. The Committee will evaluate
the weighting of the PSUs to stock options annually during the three year review for the new
program. Adjustments to the weighting will be recommended to the Board if deemed necessary. The
Committee recognizes the trend among Canadian publicly traded corporations to reduce the emphasis
on stock options in favour of some form of performance share units in the long-term incentive
package for executives. However, the Committee wishes to pursue this goal cautiously as Cameco is a
unique company without a readily available class of companies with which to compare performance,
which is a critical ingredient to a successful PSU plan.



<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20



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

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

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



<P align="left" style="font-size: 10pt">Each executive officer receives an annual grant of PSUs in an amount determined by the Board, based
upon the recommendation of the Committee. The annual grant of PSUs for Vice-Presidents is
determined by the CEO. Each PSU represents one phantom common share that entitles the participant
to a payment of one Cameco common share purchased on the open market, or cash at the Board&#146;s
discretion, at the end of each three-year period if certain performance and vesting criteria have
been met. The final value of the PSUs will be based on the value of Cameco common shares at the end
of the three-year period and the number of PSUs that ultimately vest.


<P align="left" style="font-size: 10pt">Vesting of PSUs at the end of the three-year period will be based on three criteria:



<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="4%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Total shareholder return (appreciation in share price plus dividends paid) over the three
years (&#147;TSR&#148;) relative to a blended market index (Metals and Mining, Utilities and Gold). The
relative weighting of this index measure may vary and is intended to approximate the relative
mix of these industries in Cameco. If performance against this index is comparable, no
adjustment to the initial grant of PSUs is made. If performance is less than comparable, the
initial PSU grant is reduced by 50%. Specifically, if Cameco&#146;s performance is below the
average by more than the 2% of the absolute TSR (if the blended index TSR is 10% or less) or
20% of TSR (if the blended index TSR is above 10%), then only 50% of PSUs will be available
for vesting.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">2.&nbsp;&nbsp;</TD>
    <TD>Once the relative TSR measure has been determined, the final number of PSUs that vest will
depend on Cameco&#146;s ability to meet its annual cash flow from operations (before working
capital changes) targets. If Cameco&#146;s performance over the three years falls within 95% to
105% of the target, 100% of the PSUs will be available for vesting. If Cameco&#146;s performance
over the three years is less than 95% of the target or more than 105% of the target, the
number of PSUs which vest may be decreased or increased at the discretion of the Board.
Performance below a minimum threshold (less than 80% of target) will result in no PSUs
vesting. The maximum number of PSUs which may vest for clearly exceptional performance
(greater than 120% of target) is 200% of the initial PSU grant. The percentage of PSUs
available for vesting pursuant to the relative measure described in paragraph one (100% or
50%) is then multiplied by the percentage of PSUs available for vesting pursuant to the
absolute measure described in this paragraph two (0% to 200%) to arrive at the percentage of
the initial PSU grant (to a maximum of 200%) which will vest subject to paragraph three.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">3.&nbsp;&nbsp;</TD>
    <TD>Whether the participating executive remains employed by Cameco at the end of the three-year
vesting period.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">To award performance for the 2004 fiscal year, a grant of PSUs was made to executives on March&nbsp;2,
2005. The award of PSUs to the Named Executive Officers for their 2004 performance is disclosed
after the Summary Compensation Table under the heading <I>&#147;Supplemental Compensation Information.&#148;</I>


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


<P align="left" style="font-size: 10pt">Cameco&#146;s Stock Option Plan provides executives and other participating employees with a long-term
incentive to enhance shareholder value by providing participants with a form of compensation which
is tied to the market value of Cameco common shares. The Committee believes that granting of stock
options is an effective way to ensure executive and employee commitment to the longer term
interests of Cameco and its shareholders.


<P align="left" style="font-size: 10pt">To award their performance for the 2004 fiscal year, under the Stock Option Plan in March&nbsp;2005
stock options were approved for award to Cameco employees, including the Named Executive Officers,
other than Mr.&nbsp;Petroff, who transferred to Centerra Gold Inc. in 2004. Stock option grants for
executives have been reduced so that the overall long-term incentive grants are provided
approximately 30% in PSUs and 70% in stock options. The overall stock option pool for executive
officers and other employees has been determined based, in part, on a review of competitive
practice on a job by job basis. The Committee recommended to the Board the option awards for the
CEO and executive officers and the total number of options to be granted under the plan. Stock
options granted to employees below the executive officer level will be allocated by the CEO from
the pool approved by the Board within established ranges depending upon the employee&#146;s level in the
organization and the employee&#146;s performance. The overall distribution will not exceed the option
pool approved by the Board to award performance for the 2004 fiscal year. The stock options awards
to the Named Executive Officers for their performance in 2004 is disclosed after the Summary
Compensation Table under the heading <I>&#147;Supplemental Compensation Information.&#148;</I>


<P align="left" style="font-size: 8pt">21 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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

<P align="left" style="font-size: 10pt">To award their performance for the 2003 fiscal year, under the Stock Option Plan in March&nbsp;2004
stock options were awarded to 394 participants, which included the Named Executive Officers, other
than Mr.&nbsp;Petroff. Generally, the same approval process was followed to award stock options for
performance in the 2003 fiscal year as was followed for 2004 fiscal year. The stock option awards
to the Named Executive Officers for their performance in 2003 is disclosed in the Summary
Compensation Table.


<P align="left" style="font-size: 10pt">On January&nbsp;1, 2001, Cameco established its Non-North American Stock Option Plan (&#147;Phantom Plan&#148;)
for eligible employees of Cameco&#146;s non-North America subsidiaries. Since that time, these employees
have not been granted options under Cameco&#146;s Stock Option Plan. This plan has the same features
and objectives as Cameco&#146;s Stock Option Plan, other than rights to cash payments are granted in
lieu of rights to receive Cameco common shares. Participants may receive, on the exercise date of
the phantom stock option, a cash bonus equal to the difference between the market price of a Cameco
common share on the exercise date and the exercise price of the phantom stock option. The Phantom
Plan allows non-North American employees to participate in Cameco&#146;s growth and profitability and
promotes a greater alignment of interests between these employees and shareholders.


<P align="left" style="font-size: 10pt">Cameco enhanced its disclosure of stock option costs by commencing to expense stock options in its
financial statements for options granted under the Stock Option Plan after December&nbsp;31, 2002.


<P align="left" style="font-size: 10pt">Please refer to &#147;Stock Option Plan&#148; for more information on Cameco&#146;s Stock Option Plan.


<P align="left" style="font-size: 10pt"><I>Long-Term Incentive-Pension Plan</I>


<P align="left" style="font-size: 10pt">The Committee believes pensions are an integral part of total compensation and a critical tool for
the cost effective attraction and retention of talented employees, including executives. The
executives participate in a registered base plan and a supplemental plan. The registered base plan
for all but two executives is a defined contribution plan. The registered base plan for two
executives is a defined benefit plan. The Supplemental Executive Pension Plan is a
non-contributing supplemental defined benefit plan. This supplemental plan is designed to attract
and retain talented executives over the longer-term and to offset the strict limits under the
<I>Income Tax Act (Canada) </I>pertaining to registered pension plans in order to provide a retirement
income for executives commensurate with their salary. Please refer to &#147;Pension Plans&#148; for more
information on these pension plans.


<P align="left" style="font-size: 10pt"><B><I>2005 Executive Share Ownership Guidelines</I></B>


<P align="left" style="font-size: 10pt">For the 2005 fiscal year, Cameco adopted guidelines for executives that set out the expected levels
of Cameco common shares to be held by executives appropriate to the individual&#146;s compensation and
position. The Committee believes that it is important to align the interests of Cameco executives
with those of its shareholders, and this can be achieved, in part, by encouraging executives to
have significant personal holdings of Cameco common shares. The current common share ownership
guidelines are:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000">&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">CEO
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">SVPs
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">VPs</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Share Ownership Guideline
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.0 times base salary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.0 times base salary
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">1.0 times base salary</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P align="left" style="font-size: 10pt">The CEO, Mr.&nbsp;Grandey, and one Senior Vice-President, Mr.&nbsp;Chad, and three Vice-Presidents
currently have Cameco common share ownership in excess of these guidelines.


<P align="left" style="font-size: 10pt">As a transition measure, executives are expected to meet these Cameco common share ownership
guidelines by January&nbsp;1, 2010 and newly hired and promoted executives within five years of
appointment.


<P align="left" style="font-size: 10pt"><B><I>2004 Corporate Performance and Chief Executive Officer Compensation</I></B>


<P align="left" style="font-size: 10pt">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 of total compensation
(including salary, bonus, long-term incentives, pension and benefits) for similar positions in the
new comparator group adopted by the Committee for Cameco. 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="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY
CIRCULAR &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><U><B><I>Overview of 2004 Corporate Performance</I></B></U>


<P align="left" style="font-size: 10pt">2004 has been a very successful year for Cameco. Financially, rising prices for uranium, strong
sales volumes, and higher earnings from Bruce Power combined to produce some of the strongest
financial results in the corporation&#146;s history. Operationally, uranium production reached a
six-year high while the corporation steadily improved its safety and environmental performance.
Strategically, the corporation continued to make significant progress toward its vision of being a
dominant nuclear energy company, with progress made towards a commercial mine at Inkai, the start
of construction at Cigar Lake and the advancement of several investment opportunities in nuclear
generation.


<P align="left" style="font-size: 10pt">Cameco achieved net earnings of $279&nbsp;million for 2004 and generated $228&nbsp;million of cash from
operations. This record level of net earnings was supported by a strong revenue stream that
exceeded $1&nbsp;billion for the first time in Cameco&#146;s history. Segment revenues reached all-time
highs as strengthening uranium prices added value to stable sales volumes for uranium and
conversion services. Gold revenues also exceeded previous levels as higher prices and steady
production were supplemented by Cameco&#146;s majority interest in the newly formed Centerra. Higher
earnings contribution from Bruce Power added further support to the corporation&#146;s strong financial
performance.


<P align="left" style="font-size: 10pt">Uranium production reached its highest level since 1998 at 20.5&nbsp;million lbs
U<SUB>3</SUB>O<SUB>8</SUB>, slightly less than the budget level of 20.8&nbsp;million lbs. Water inflows
related to the 2003 incident at McArthur River were fully shut off by mid-year and the site
produced at 99.7% capacity in 2004. Overall, three of four uranium production centers exceeded
their production targets. The Fuel Services conversion operations experienced an unexpected
production interruption due to a seven-week labour strike at the Port Hope operation. Conversion
production levels were about 25% under budget as a result. On the positive side, all required
deliveries of conversion products were met and Cameco retained its reputation as a secure supplier
of nuclear fuel.


<P align="left" style="font-size: 10pt">The corporation continued its strategic development in 2004. Achievement of the Cigar Lake
construction license and continuing development of the JV Inkai project will allow the corporation
to stay on track with its uranium growth objectives.


<P align="left" style="font-size: 10pt">Cameco also pursued nuclear generation growth in 2004. An acquisition bid for 25.2% of the South
Texas Project reactors was negotiated but did not close due to other owners exercising their rights
of first refusal. Although unsuccessful, this acquisition bid increased market recognition of
Cameco&#146;s vision and highlighted the corporation&#146;s intent to grow its generation capacity. Other
investment opportunities in generation are being pursued.


<P align="left" style="font-size: 10pt">The corporation greatly improved its safety and environmental performance in 2004. Several steps
were taken to optimize the management and oversight of safety and environmental systems and to
encourage the continued development of a corporate wide safety culture. As a result, there were no
significant safety or environmental incidents and both frequency and severity measures showed
improvement relative to the corporation&#146;s average performance over the last three years. 2004 was
also a year of increased involvement and relationship-building with the corporation&#146;s many impact
communities. Cameco&#146;s first corporate United Way campaign exceeded expectations and is only one
example of corporate and employee support for community activities.


<P align="left" style="font-size: 10pt">Finally, several optimization initiatives were advanced during the year. Efforts to restructure
Cameco&#146;s interest in Kumtor culminated in the successful Centerra IPO, a significant step forward
in the corporation&#146;s strategy to maximize the value of Cameco&#146;s gold assets. The design and
implementation of several human resource initiatives &#150; such as the leadership development program,
the long-term people strategy, and the pay-for-performance compensation program &#150; demonstrate
Cameco&#146;s commitment to its employees and the development of a healthy and rewarding workplace.


<P align="left" style="font-size: 10pt">All of these activities are intended to provide Cameco&#146;s shareholders with a solid return. During
the year, the share price peaked at $42.26, finishing the year at $41.95, up 68% from December&nbsp;31,
2003 (share values adjusted for the 3-to-1 stock split).


<P align="left" style="font-size: 10pt">Compared with the TSX Composite, the TSX 60 and the TSX MMI (metals and minerals index), Cameco
performed as follows:



<P align="left" style="font-size: 8pt">23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR




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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="55%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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="2" style="border-bottom: 1px solid #000000">Dec.31, 2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Dec. 31, 2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Variance</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;P/TSX Composite</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,214</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;P/TSX 60</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;P/TSX MMI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cameco</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>24.92</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>41.95</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">Overall, Cameco continued to deliver outstanding shareholder return as well as strategic growth in
2004. Cameco will be positioned to take full advantage of a growing demand for nuclear energy and
to meet the challenges that lie ahead as the corporation moves towards its vision of being a
dominant nuclear energy company, producing uranium fuel and generating clean electricity.



<P align="left" style="font-size: 10pt"><U><B><I>2004 Chief Executive Officer Compensation</I></B></U>


<P align="left" style="font-size: 10pt">The Committee conducted an assessment of the performance of Cameco&#146;s CEO against corporate targets
for creating shareholder value, including the achievement of certain safety and environmental
performance standards, the meeting of a number of critical financial goals, the realization of key
operational objectives and progress toward the corporation&#146;s commitment to sustainable development.


<P align="left" style="font-size: 10pt">The Committee concluded that Cameco&#146;s performance was outstanding in 2004 and that Mr.&nbsp;Grandey
exceeded or met almost all of the performance targets. Based on this evaluation and following the
new executive compensation program outlined previously in the circular, the Committee awarded Mr.
Grandey a short-term incentive cash bonus of $650,000 and a long-term incentive consisting of
105,000 stock options and 45,000 PSUs. At this level of short and long-term incentive, Mr.&nbsp;Grandey
is above the median for the new compensation comparator group for Cameco.


<P align="left" style="font-size: 10pt">In addition in 2004 Mr.&nbsp;Grandey was awarded a 3% increase to his base pay to $741,600. At this
level he remains below the median for base salary compensation for the compensation comparator
group.


<P align="left" style="font-size: 10pt">The Committee recommended to the Board this compensation package for Mr.&nbsp;Grandey in recognition of
the remarkable performance of the corporation during the past year and the significant contribution
he has made to the creation of real value for our shareholders.



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


<P align="left" style="font-size: 10pt">The Committee is satisfied that Cameco&#146;s new executive compensation policies and programs and
levels of compensation are aligned with Cameco&#146;s performance and reflect competitive market
practices. The Committee is confident that these policies and programs will allow Cameco to
attract, retain and motivate talented executives. The Committee will assess the competitiveness and
effectiveness of Cameco&#146;s new approach to executive compensation. Adjustments will be made as
necessary to ensure that the new program delivers additional shareholder value. The Chair of the
Committee will be available to answer questions relating to Cameco&#146;s executive compensation
policies and programs at the May&nbsp;5, 2005 shareholders meeting.



<P align="left" style="font-size: 10pt">Presented by the Committee:<BR>
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="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24



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

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

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



<DIV align="left">
<A name="121"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Performance Graph </B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>


<P align="left" style="font-size: 10pt">The following performance graph shows the cumulative return over the five-year period ended
December&nbsp;31, 2004 for Cameco&#146;s common shares (assuming reinvestment of dividends) compared to the
S&#038;P/TSX Composite Index.
The table shows what a $100 investment in the above index and Cameco common shares respectively
made at the end of 1999 would be worth at the end of the five-year period following the initial
investment.



<P align="center" style="font-size: 10pt"><IMG src="o16315o1631514.gif" alt="(PERFORMANCE CHART)">


<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="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">1999</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2000</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2001</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2002</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">2004</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">100</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">123</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">188</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">180</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">365</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">619</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">S&#038;P/TSX Composite</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">100</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">107</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">93</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">82</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">104</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">119</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 5pt">
<TR>
<TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD width="82%">&nbsp;<BR></TD></TR>
<TR><TD style="font-size: 4pt">&nbsp;</TD></TR>
</TABLE>

<DIV align="left" style="font-size: 10pt">Note:</DIV>



<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.&nbsp;&nbsp;</TD>
    <TD>The TSX 300 Index was replaced by the S&#038;P/TSX Composite Index May&nbsp;1, 2002. The historical
values of the TSX 300 Index and the S&#038;P/TSX Composite Index are identical for the period in
question (1999 to 2004).</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="122"></A>
</DIV>

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



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


<P align="left" style="font-size: 10pt">The summary compensation table sets forth the annual compensation, the long-term compensation and
all other compensation awarded to the chief executive officer, the chief financial officer, and the
three other most highly compensated executive officers of the corporation (Named Executive
Officers) during the fiscal years 2004, 2003 and 2002.


<P align="left" style="font-size: 10pt">After this table, in order to provide information that may be of interest to shareholders and
assist them to fully appreciate executive compensation for 2004 performance, the stock option and
PSU grants made on March&nbsp;2, 2005 to award the performance of the Named Executive Officers for 2004
are disclosed under the heading &#147;<I>Supplemental Compensation Information.</I>&#148; As well, the base salaries
of the Named Executive Officers for 2005 are disclosed. This information is in addition to that
required to be disclosed in the summary compensation table under applicable securities law
requirements.



<P align="left" style="font-size: 8pt">25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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




<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="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: 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="10"><B>Annual Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Long-term</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Awards</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="25" style="border-bottom: 1px solid #000000">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cameco Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&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="2"><B>Other Annual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under Options/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</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="2"><B>Salary</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bonus</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>SARs Granted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>All Other</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(#)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">741,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">650,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,000</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:15px; text-indent:-15px">President and CEO</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">372,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">608,101</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</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">72,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">172,064</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">319,667</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">6</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">&#151;</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:15px; text-indent:-15px">Senior Vice-President,</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</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:15px; text-indent:-15px">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">63,000</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:15px; text-indent:-15px">Administration and
CFO</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>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">O. Kim Goheen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">145,833</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Vice-President
and CFO</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>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286,000</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">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">9</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Vice-President</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">457,510</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">10</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">27,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">332,204</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">11</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">and Chief Operating</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">411,382</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">12</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">157,016</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">14</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Officer</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>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">463,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16,500</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">15</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Senior Vice-President,</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">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">52,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">16</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Marketing 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">326,630</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,216</TD>
    <TD>&nbsp;</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">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">206,321</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">17</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Business Development</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>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2004</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">160,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</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:15px; text-indent:-15px">Sr. VP, Governance,</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">63,000</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:15px; text-indent:-15px">Legal 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">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">63,000</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:15px; text-indent:-15px">Regulatory Affairs
&#038; 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>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Notes:</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">1.&nbsp;&nbsp;</TD>
    <TD>Amounts shown were earned in relation to the financial year indicated, and paid in the
subsequent year.</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">2.&nbsp;&nbsp;</TD>
    <TD>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 Executive Officers and as a result
are not included in the amounts shown under applicable securities law requirements. The
amounts in this column relate to the dollar value of imputed interest benefits computed in
accordance with the Income Tax Act (Canada) for loans provided to Named Executive Officers
under the stock option plan to purchase Cameco shares; and, for Mr.&nbsp;Grandey, in addition for
2002, 2003 and 2004 for a loan; for Mr.&nbsp;Petroff for a housing loan in 2002; and for Mr.&nbsp;Goheen
for a housing loan in 2004.</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">3.&nbsp;&nbsp;</TD>
    <TD>The amounts shown were awarded in the financial year indicated to award performance for the
prior financial year and have been adjusted for the effect of the December&nbsp;31, 2004 Cameco
stock split.</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">4.&nbsp;&nbsp;</TD>
    <TD>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. Mr.&nbsp;Grandey was awarded a signing bonus of $500,000
related to his January&nbsp;1, 2003 appointment as Chief Executive Officer of Cameco.</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">5.&nbsp;&nbsp;</TD>
    <TD>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 4).</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">6.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Petroff transferred from Cameco to Centerra Gold Inc. during 2004. From May&nbsp;1, 2004
through July&nbsp;31, 2004 he held both the position of CFO for Cameco and CFO for Centerra. He
continued as CFO for Centerra subsequent to this period. This salary figure represents
$143,625 paid by Cameco and $176,042 paid by Centerra Gold Inc. Disclosure of Mr.&nbsp;Petroff&#146;s
compensation from Centerra in respect of his services as CFO of Centerra, including salary,
bonus, Centerra stock options and Centerra performance share units, is contained in the
information circular of Centerra for its May&nbsp;10, 2005 annual shareholders meeting. This
document has been filed on SEDAR by Centerra at www.sedar.com and is also available free of
charge from the Corporate Secretary of Cameco on request.</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">7.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Goheen was appointed to the position of Senior Vice-President and CFO on August&nbsp;1, 2004.
This salary amount represents $350,000 annual salary prorated for Mr.&nbsp;Goheen&#146;s five months as
Senior Vice-President and CFO.</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"><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.&nbsp;&nbsp;</TD>
    <TD>This amount represents pension contributions of $16,500 paid
on behalf of Mr.&nbsp;Goheen in 2004.</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">9.&nbsp;&nbsp;</TD>
    <TD>This amount represents pension contributions of $16,500 paid on behalf of Mr.&nbsp;Rogers in 2004.</TD>
</TR>

</TABLE>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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">10.&nbsp;&nbsp;</TD>
    <TD>This represents $450,000 annual salary prorated for Mr.&nbsp;Rogers&#146;s 11&nbsp;months as Senior
Vice-President and Chief Operating Officer and one month of service with Kumtor Operating
Company at an annual salary of $350,000 (US).</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">11.&nbsp;&nbsp;</TD>
    <TD>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, and pension contributions of $14,500 paid on
behalf of Mr.&nbsp;Rogers in 2003.</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">12.&nbsp;&nbsp;</TD>
    <TD>This amount represents a bonus of $262,000 (US)&nbsp;which Mr.&nbsp;Rogers was awarded as President of
Kumtor Operating Company residing in Kyrgyzstan.</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">13.&nbsp;&nbsp;</TD>
    <TD>This amount represents 9,000 phantom stock options which Mr.&nbsp;Rogers was awarded under the
Phantom Plan for his 2002 performance as President of Kumtor Operating Company.</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">14.&nbsp;&nbsp;</TD>
    <TD>This amount represents a contract completion bonus of $100,000 (US)&nbsp;paid to Mr.&nbsp;Rogers under
his employment contract as President of Kumtor Operating Company.</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">15.&nbsp;&nbsp;</TD>
    <TD>This amount represents pension contributions of $16,500 paid on behalf of Mr.&nbsp;Assie in 2004.</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">16.&nbsp;&nbsp;</TD>
    <TD>This amount represents pension contributions of $14,500 paid on behalf of Mr.&nbsp;Assie in 2004
and a relocation allowance of $37,500.</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">17.&nbsp;&nbsp;</TD>
    <TD>This amount represents pension contributions of $11,000 (US) ($17,274) paid on behalf of Mr.
Assie in 2004, an annual retention bonus of $21,200 (US) ($33,246), and a signing bonus of
$100,000 (US) ($155,800).</TD>
</TR>

</TABLE>


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


<P align="left" style="font-size: 10pt">Annually, the Committee reviews the compensation of the CEO and other executive officers of Cameco
and makes recommendations to the Board. While the decisions of the Board as to salaries and grants
under long-term incentive plans in fiscal 2005 are not required under securities law requirements
to be disclosed in this circular, Cameco is providing this information to Cameco shareholders.



<P align="left" style="font-size: 10pt"><U><B><I>2005 Base Salary Increases</I></B></U>


<P align="left" style="font-size: 10pt">After reviewing information provided by external compensation consultants, and to the extent
possible, salaries for similar positions in Cameco&#146;s new compensation comparator group, the Board
concluded adjustments were required. The Board is adjusting 2005 salaries for the Named Executive
Officers as follows: Mr.&nbsp;Grandey&#146;s salary is increasing by 4% to $771,300, Mr.&nbsp;Goheen&#146;s salary is
increasing by 17% to $400,000, Mr.&nbsp;Rogers&#146;s salary is increasing by 4% to $482,000, Mr.&nbsp;Assie&#146;s
salary is increasing by 4% to $482,000, and Mr.&nbsp;Chad&#146;s salary is increasing by 29% to $375,000.
The Board generally targets the median of the compensation comparator group in setting base
salaries. Mr.&nbsp;Grandey&#146;s 2005 salary is below the median of the compensation comparator group and
Messrs Goheen, Rogers, Assie, and Chad&#146;s 2005 salaries are at the median of the compensation
comparator group.



<P align="left" style="font-size: 10pt"><U><B><I>2005 Stock Option and Executive Performance Share Unit Grants to Award 2004 Performance </I></B></U>


<P align="left" style="font-size: 10pt">The following table provides details on the stock options grants and PSUs grants on March&nbsp;2, 2005
to the Named Executive Officers to award their performance for the 2004 fiscal year.


<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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Performance or</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="2"><B>Exercise or</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 nowrap align="center"><B>other period until</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities under</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>base price ($)/</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Performance Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>maturation</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>options granted (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Common Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration date</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>units granted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>or payout</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" 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">Gerald W. Grandey</DIV></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">54.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">O. Kim Goheen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" 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">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" 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">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">March 2, 2008</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<P align="left" style="font-size: 10pt">The following table sets forth the options granted under Cameco&#146;s Stock Option Plan to each of the
Named Executive Officers during the fiscal year ended December&nbsp;31, 2004. All of the options
granted had an exercise price equal to the closing price on the TSX of common shares of Cameco on
the date immediately preceding the grant. The information in the table has been adjusted for the
December&nbsp;31, 2004 stock split:



<P align="left" style="font-size: 8pt">27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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




<P align="center" style="font-size: 10pt"><B>CAMECO OPTION GRANTS IN FISCAL YEAR ENDING DECEMBER 31, 2004</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&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"><B>Market Value of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&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"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>% of total Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Underlying Options</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Under Options</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Granted to</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exercise Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>on the Date of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Expiration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Granted (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Employees in 2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;<B>($/security)</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Grant ($/security)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" 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">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">5.5%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mar. 4, 2012</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David M. Petroff<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&#151;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" 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">O. Kim Goheen</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">2.7%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mar. 4, 2012</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">0.18%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">33.23</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Nov. 1, 2014<SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mar. 4, 2012</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" 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">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mar. 4, 2012</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">3.8%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">21.03</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">Mar. 4, 2012</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Notes:</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">1.&nbsp;&nbsp;</TD>
    <TD>Stock options expire 8&nbsp;years after the date of grant, other than stock options granted prior
to 1999 which expire 10&nbsp;years after the date of grant.</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">2.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Petroff transferred from Cameco to Centerra Gold Inc. in the role of Executive
Vice-President and CFO of Centerra. He elected to receive Centerra stock options and
performance share units in place of a grant of Cameco stock options.</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">3.&nbsp;&nbsp;</TD>
    <TD>Mr.&nbsp;Goheen exercised 3,000 reload options to obtain 3,000 additional options exercisable at
the closing price on the TSX of Cameco common shares on the day prior to exercise of the
reload options. Reload options ceased being granted after 1998.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">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="1%" nowrap align="left">&#149;&nbsp;&nbsp;</TD>
    <TD>the number of common shares acquired through stock options during the fiscal year ended December&nbsp;31, 2004;</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">&#149;&nbsp;&nbsp;</TD>
    <TD>the aggregate value realized upon exercise before tax;</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">&#149;&nbsp;&nbsp;</TD>
    <TD>the number of unexercised options held under Cameco&#146;s Stock Option Plan as at December&nbsp;31, 2004; and</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">&#149;&nbsp;&nbsp;</TD>
    <TD>the value of unexercised options held under Cameco&#146;s Stock Option Plan as at December&nbsp;31, 2004.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The information in the following table has been adjusted to reflect the effect of the December&nbsp;31,
2004 stock split.



<P align="center" style="font-size: 10pt"><B>AGGREGATE OPTION/SARS EXERCISES IN 2004 AND 2004 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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Net Value of Unexercised in-the Money</B></TD>
    <TD>&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="2"><B>Aggregate Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Unexercised Options/SARS at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Options/SARS before Tax at</B></TD>
    <TD>&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="2"><B>Realized upon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>December 31, 2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>December 31, 2004</B><SUP style="font-size: 85%; vertical-align: text-top"><B>5</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities Acquired on</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise before Tax</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>(#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>($)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Unexercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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">Gerald W. Grandey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,486,763</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">330,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">405,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,361,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,120,727</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">David M. Petroff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,076,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,964,780</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,842,057</TD>
    <TD>&nbsp;</TD>
</TR>
<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">O. Kim Goheen</DIV></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">352,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,421,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,757,139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Terry V. Rogers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36,000</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">936,240</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">246,033</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD nowrap align="right">&#151;</TD>
    <TD nowrap><SUP style="font-size: 85%; vertical-align: text-top">2</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">9,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271,710</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,861,569</TD>
    <TD>&nbsp;</TD>
</TR>
<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">George B. Assie</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,311,029</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">108,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,633,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gary M.S. Chad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886,903</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">126,000</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">3,160,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Notes:</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">1.&nbsp;&nbsp;</TD>
    <TD>Amounts in this row throughout this table relate to phantom stock option awards granted to
Mr.&nbsp;Rogers under Cameco&#146;s Phantom Plan when he was President of Kumtor Operating Company.</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">2.&nbsp;&nbsp;</TD>
    <TD>Amounts in this row throughout this table relate to Mr.&nbsp;Rogers&#146;s participation in Cameco&#146;s
Stock Option Plan.</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">3.&nbsp;&nbsp;</TD>
    <TD>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.</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">4.&nbsp;&nbsp;</TD>
    <TD>The value of unexercised phantom stock options held by Mr.&nbsp;Rogers under Cameco&#146;s Phantom Plan
at December&nbsp;31, 2004 is equal to the product of the difference between the exercise price of
the phantom stock option and the closing price on the TSX of Cameco common shares at December
31, 2004, which was $41.95 per share, and the number of unexercised phantom options held by
Mr.&nbsp;Rogers at December&nbsp;31, 2004.</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">5.&nbsp;&nbsp;</TD>
    <TD>Net Value of Unexercised In-The-Money Options/SARS Before Tax at Fiscal Year End is equal to
the product of the difference between the exercise price of the options and of the fair market
value of Cameco shares on December&nbsp;31, 2004, which was $41.95 per share, and the number of
unexercised options held by each Named Executive Officer at December&nbsp;31, 2004.</TD>
</TR>

</TABLE>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28

</DIV>


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

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




<P align="center" style="font-size: 10pt"><B>SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS</B>


<P align="left" style="font-size: 10pt">The following table shows as at December&nbsp;31, 2004 compensation plans under which equity securities
are authorized for issuance from treasury, adjusted to reflect the effect of the December&nbsp;31, 2004
stock split.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&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="2"><B>Number of Securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Remaining Available</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>for Future Issuance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Issued upon</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted-Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>under Equity</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Exercise Price of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Compensation Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Excluding Securities</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options, Warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Options, Warrants</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Reflected in</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and Rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>and Rights</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Column (a))</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Plan Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(a)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(b)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(c)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" 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">Equity compensation
plans approved by
security holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,017,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$15.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,642,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity compensation
plans not approved
by security holders</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>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" 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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,017,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$15.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,642,952</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Out of the 5,017,620 options outstanding at December&nbsp;31, 2004, 1,626,900 were exercisable and
3,390,720 were not exercisable. Upon exercise of existing reload options, additional options
for 148,950 common shares would be granted. These are included as a component of options
which are not exercisable. Reload options ceased being granted after 1998.</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">2.&nbsp;&nbsp;</TD>
    <TD>The aggregate number of common shares that may be issued pursuant to the Cameco Stock Option
Plan and other compensation arrangements may not exceed 15,730,209, of which 13,087,257 have
been issued.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="123"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">Options may be granted under the Stock Option Plan to such employees of Cameco and its affiliates
as the Board may from time to time determine. A maximum of 15,730,209 of Cameco&#146;s common shares,
representing 9.1% of Cameco&#146;s common shares issued and outstanding as of December&nbsp;31, 2004, may be
issued under the plan and pursuant to any other compensation arrangement. As at December&nbsp;31, 2004,
there were 5,017,620 common shares, representing 2.9% of Cameco&#146;s issued and outstanding common
shares, to be issued upon the exercise of outstanding options under the plan, and 2,642,952 common
shares, representing 1.5% of Cameco&#146;s issued and outstanding common shares, remaining available for
issuance under the plan.


<P align="left" style="font-size: 10pt">Under the plan the maximum number of common shares reserved for issuance under options to any one
participant may not exceed 5% of Cameco&#146;s common shares then issued and outstanding. There are no
restrictions on the number of options that may be granted to insiders under the plan, subject to
the foregoing limitations. The plan does not include stock appreciation rights.


<P align="left" style="font-size: 10pt">Under Cameco&#146;s Stock Option Plan, options granted have a term of 8&nbsp;years and with one-third vesting
on the anniversary of the date of the grant. Options granted before 1999 expire 10&nbsp;years after the
date of the grant. Prior to 1999 loans were granted under the plan in connection with the exercise
of certain options. No loans have been granted since 1999. Options are granted with an exercise
price equal to the closing price of Cameco&#146;s common shares on the TSX on the trading day
immediately preceding the date of grant. The options are non-assignable.


<P align="left" style="font-size: 10pt">A TSX approved amendment was made to the plan in 2004, which gives the Board the discretion, in
limited circumstances and subject to parameters, to extend the term of options that would otherwise
expire. Under the amendment, if an option holder ceases to be employed by Cameco or any its
subsidiaries, all unexercised options terminate 30&nbsp;days following the date on which the employee
ceases to be employed, or such longer period as the Board in its discretion determines, provided
that such period is not longer than earlier of 3&nbsp;years or the original term of the unexercised
options. This amendment did not effect the terms of the plan which provide that in the case of
retirement, disability or death of an employee, all unexercised options expire in 3&nbsp;years.


<P align="left" style="font-size: 10pt">This amendment was made in connection with Centerra&#146;s initial public offering. The Directors have
exercised their discretion regarding options held by Centerra employees. If Centerra ceases to be a
subsidiary of Cameco, then the options held by Centerra employees will expire on the earlier of
their expiry date and April&nbsp;30, 2007.



<P align="left" style="font-size: 8pt">29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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



<P align="left" style="font-size: 10pt">The Board, subject to any regulatory approval, has the power under the plan to amend, suspend or
terminate the plan at any time, provided, however, that any such amendment, suspension or
termination shall not decrease the entitlements of a participant which have accrued prior to the
date of the amendment, suspension or termination.


<DIV align="left">
<A name="124"></A>
</DIV>

<P align="left" style="font-size: 10pt"><B>Pension Plans</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="1%" nowrap align="left">1)&nbsp;&nbsp;</TD>
    <TD><B><I>Base Plans</I></B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">All Cameco employees participate in a defined contribution pension plan/group RRSP with the
exception of two executives that participate in a defined benefit pension plan as of December&nbsp;31,
2004. 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 in the future.



<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">2)&nbsp;&nbsp;</TD>
    <TD><B><I>Supplemental Executive Pension Program</I></B></TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">The executives and certain officers of Cameco&#146;s wholly-owned subsidiaries also participate in the
Cameco Corporation supplemental executive pension program. As at December&nbsp;31, 2004, there are 14
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 <I>Income Tax Act (Canada) </I>(ITA).
The defined benefit base plan is subject to a maximum annual benefit accrual provided for by the
ITA, currently $1,833 for each year of credited pensionable service, with the result that benefits
cannot be earned in this base plan on salaries above approximately $110,000 per annum. The defined
contribution base plan was subject to a contribution limit of $16,500 in 2004 provided for in the
ITA, with a salary of approximately $150,000 resulting in the maximum permitted contribution.


<P align="left" style="font-size: 10pt">Under the supplemental program, executives as well as officers 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 executive officers<B>, </B>the overall benefits payable under the program for years of service
after January&nbsp;1, 1998 is an additional 1.2% for a total 3% of average earnings <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 years 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&nbsp;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">Estimated annual benefits payable upon retirement to the Named Executive Officers 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 highest average earnings and Pension Plan Table II represents benefits related to years of
service after this date at 3% of highest average earnings. Total pension benefits payable to a
Named Executive Officer would be determined by adding the figures derived from the two tables based
upon 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 Officer.



<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30



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

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

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




<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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&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 nowrap align="center" colspan="27"><B>Number of Years of Credited Service</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Three Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>Up to January 1, 1998</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27" style="border-bottom: 1px solid #000000"><B>Years of Service &#150; Named Executive Officers</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Earnings ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>15</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>25</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>35</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$200,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">18,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">36,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">54,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">72,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">108,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">126,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$300,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">27,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">54,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">81,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">108,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">135,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">162,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">189,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$400,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">36,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">72,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">108,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">144,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">216,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">252,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$500,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">45,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">135,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">225,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">270,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">315,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$600,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">54,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">108,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">162,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">216,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">270,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">324,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">378,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$700,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">63,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">126,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">189,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">252,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">315,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">378,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">441,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$800,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">72,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">144,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">216,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">288,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">360,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">432,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">504,000</TD>
    <TD nowrap valign="top">&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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&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 nowrap align="center" colspan="27"><B>Number of Years of Credited Served</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Three Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27"><B>After January 1, 1998 &#150; Named Executive Officers</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="27" style="border-bottom: 1px solid #000000"><B>Years of Service</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Earnings ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>10</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>15</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>25</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>35</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$200,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">30,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">60,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">120,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">210,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$300,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">45,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">135,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">225,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">270,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">315,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$400,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">60,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">120,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">240,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">300,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">360,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">420,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$500,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">75,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">150,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">225,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">300,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">375,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">450,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">525,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$600,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">90,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">180,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">270,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">360,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">450,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">540,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">630,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$700,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">105,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">210,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">315,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">420,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">525,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">630,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">735,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$800,000
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">120,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">240,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">360,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">480,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">600,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">720,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">840,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">The estimated full years of credited service in the plans at their normal retirement date (age
65), for the Named Executive Officers, 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="46%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&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="2"><B>Years of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated Years of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Credited Service</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Credited Service after</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Full Years of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>up to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>January 1, 1998 at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Credited Service at</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>January 1, 1998</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Normal Retirement</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Normal Retirement</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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:15px; text-indent:-15px">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: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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:15px; text-indent:-15px">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">5.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">O. Kim Goheen</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">21.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">Excluding Mr.&nbsp;Petroff, on December&nbsp;31, 2004, each of the Named Executive Officers had six
years of credited service after January&nbsp;1, 1998. Mr.&nbsp;Petroff ceased accumulating credited service
under the Supplemental Executive Pension Program on August&nbsp;1, 2004, as on that date he was no
longer a Cameco employee.



<P align="left" style="font-size: 8pt">31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR



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

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

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



<P align="left" style="font-size: 10pt">Excluding Mr.&nbsp;Petroff, based on the 2004 compensation and assuming each of the Named Executive
Officers remain with Cameco until their normal retirement date, the estimated annual benefits
payable to the Named Executive Officers are as follows: Gerald Grandey, $367,092, Terry Rogers,
$169,642, George Assie, $407,139, O. Kim Goheen, $178,623, and Gary Chad, $201,858. The estimated
annual benefit payable to Mr.&nbsp;Petroff is $62,518.


<P align="left" style="font-size: 10pt">As at December&nbsp;31, 2004, Cameco&#146;s accrued benefit obligation for all participants in the
supplemental plan was approximately $14.7&nbsp;million. The 2004 service and interest costs in respect
of the supplemental plan were approximately $1.6&nbsp;million. These amounts are estimates based
assumptions that represent contractual entitlements that may change over time. The methods used to
determine estimated amounts will not be identical to the methods used by other issuers and, as a
result, the figures may not be directly comparable among companies. The key assumptions to
estimate these benefit obligations are: 100% vesting; retirement age 60 or one year after the
valuation date if 60 or older; salary increases 4.5% per annum; the discount rate used to determine
the benefit obligation was 6.5%; expected long-term rate of return on plan assets is 7.0% per annum
net of all expenses; and benefits are pre-tax.


<DIV align="left">
<A name="125"></A>
</DIV>

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


<P align="left" style="font-size: 10pt">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. As part of his employment agreement, he was granted
stock options 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">The corporation also has employment contracts with Mr.&nbsp;Rogers, Mr.&nbsp;Assie, Mr.&nbsp;Goheen and Mr.&nbsp;Chad.
Pursuant to their contracts, if terminated without cause, they are entitled to receive a sum equal
to three times base salary at the time, plus benefits.


<DIV align="left">
<A name="126"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INDEBTEDNESS OF DIRECTORS<BR>
AND EXECUTIVE OFFICERS</B>


<P align="left" style="font-size: 10pt">The following table sets out the aggregate indebtedness outstanding as at December&nbsp;31, 2004 to
Cameco or its subsidiaries of all executive officers, Directors, employees and former executive
officers, Directors and employees of the corporation or any of its subsidiaries. The amounts
exclude routine indebtedness. In May&nbsp;2002, the Board adopted a policy not to grant future loans to
Directors, executive officers or insiders as defined by securities laws.



<P align="center" style="font-size: 10pt"><B>AGGREGATE INDEBTEDNESS<BR>
as at December&nbsp;31, 2004</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="64%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>To the Company or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Purpose</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>its Subsidiaries</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>To Another Entity</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Share Purchases<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">586,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">445,000</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 colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="left" style="font-size: 10pt">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="1%" nowrap align="left">1.&nbsp;&nbsp;</TD>
    <TD>Loan amounts forgiven in 2004 total $5,651.</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">2.&nbsp;&nbsp;</TD>
    <TD>Under the 1992 stock option plan, optionees were eligible to receive loans to assist in the
purchase of common shares pursuant to exercise of their reload options. The common shares are
held in escrow until the loan has been paid in full. The maximum term of the loan is for a
period of ten years from the date of the grant of the reload options with respect to which the
loan has been provided.</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">3.&nbsp;&nbsp;</TD>
    <TD>Please see Note 1 in the table below for details relating to this indebtedness.</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY
CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32
</DIV>


<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">The following table sets forth the indebtedness of Directors and executive officers under the
former stock option loan program and under other programs. The amounts exclude routine
indebtedness.


<P align="center" style="font-size: 10pt"><B>INDEBTEDNESS UNDER SECURITIES PURCHASE<BR>
AND OTHER 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="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&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>&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="2"><B>Common Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&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="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Bought with</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Involvement of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Largest Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding at</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Financial</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cameco or</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Outstanding</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>March 15, 2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Assistance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Security for</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Forgiven</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name and Principal Position</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Subsidiary ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>During 2004 ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>($)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>During 2004 (#)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>indebtedness</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>During 2004 ($)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Securities Purchase
Program:</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>
    <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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD>Gerald W. Grandey<BR>President &#038; CEO</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Lender</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,800</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 nowrap colspan="2" align="right">22,500 Shares</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:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD>Gary M.S. Chad<BR>
Senior VP, Governance, Legal and<BR>Regulatory
Affairs &#038; Corporate
Secretary</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Lender</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">67,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">6,000 Shares</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:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD>Nancy E. Hopkins<BR>Director</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Lender</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92,356</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">6,600 Shares</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:15px; text-indent:-15px">&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>&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: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other Programs:</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>
    <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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top" style="background: #cceeff">
    <TD>Gerald W.
Grandey<SUP style="font-size: 85%; vertical-align: text-top">1</SUP><BR>
President &#038; CEO</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">Lender</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">575,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">445,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="right">60,000 Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 5pt">
<TR><TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
<TD width="82%">&nbsp;<BR></TD></TR>
<TR><TD style="font-size: 4pt">&nbsp;</TD></TR>
</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top">
    <TD colspan="3" nowrap align="left">Note:</TD>
</TR>
<TR valign="top">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">As an employment inducement, an employee benefit plan was established for Mr.&nbsp;Grandey, which
provided for the issue of 10,000 Cameco common shares on January 2 of each year for five years
commencing January&nbsp;1994. In connection with the January&nbsp;2, 1997 and 1998 share issuances, the
corporation provided loans to Mr.&nbsp;Grandey for him to pay the income tax arising from these two
share issuances. The 1997 loan was in the amount of $375,000 and is repayable in five equal
annual installments of $75,000 commencing April&nbsp;16, 2003. The 1998 loan was in the amount of
$275,000 and is repayable in five equal annual installments of $55,000 commencing April&nbsp;21,
2004. Both loans bear interest in an amount equal to the dividends declared on the 10,000
shares issued to Mr.&nbsp;Grandey in connection with each loan. Such shares (60,000 due to the
December&nbsp;31, 2004 stock split) are held as security by the corporation for repayment of these
loans.</TD>
</TR>
</TABLE>


<DIV align="left">
<A name="127"></A>
</DIV>
<P align="center" style="font-size: 10pt"><B>CORPORATE GOVERNANCE</B>



<P align="left" style="font-size: 10pt">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">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">The majority of Cameco&#146;s Board and all of the members of Cameco&#146;s audit committee, human resources
and compensation committee, nominating, corporate governance and risk committee, and reserves
oversight committee are independent within the meaning of Multilateral Instrument 52-110 (MI52-110)
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="center" style="font-size: 10pt">&nbsp;

<P align="left" style="font-size: 8pt">33&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

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

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

<P align="left" style="font-size: 10pt">On October&nbsp;29, 2004, the CSA published for comment proposed National Policy 58-201 &#147;Corporate
Governance Guidelines&#148; and proposed National Instrument &#147;Disclosure of Corporate Governance
Practices&#148;. Cameco&#146;s governance practices are substantially in compliance with the CSA&#146;s proposed
governance guidelines. When this proposed policy and proposed instrument are finalized, the Board
will reassess Cameco&#146;s governance 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">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 audit committee, the safety, health and environment committee, the human
resources and compensation committee, the nominating, corporate governance and risk committee, and
the reserves oversight committee. The audit committee&#146;s role is to assist the Board of Directors in
fulfilling its oversight responsibilities for the financial reporting process, internal controls,
external auditors, internal auditors and compliance with laws and Cameco&#146;s code of ethics. The
safety, health and environment committee make 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. The reserves oversight
committee has oversight responsibility for management&#146;s estimation of mining reserves.


<P align="left" style="font-size: 10pt">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">Since January&nbsp;1, 2004, Cameco has continued to improve 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="2%" nowrap align="left">1.</TD>
<TD width="1%">&nbsp;</TD>
<TD>The Board amended its mandate to explicitly require the Board to satisfy itself as to the
integrity of the CEO and other senior executives of the corporation and as to the culture of
integrity throughout the corporation.</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">2.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Due to the importance of reserves to the value of Cameco, the Board decided to make the
strategic planning reserves subcommittee a full committee of the Board renamed the reserves
oversight committee.</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">3.</TD>
<TD width="1%">&nbsp;</TD>
<TD>In recognition of the importance of strategic growth to Cameco, the Board strengthened
strategic planning oversight at Cameco by adding two additional annual special Board meetings
for the whole Board to specifically discuss strategic planning and strategic issues, in
addition to the regular Board meeting at which the Board discusses the strategic plan. The
strategic planning committee of the Board was therefore eliminated as the Board directly
assumed its function and time commitment for strategic planning.</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">4.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Also to enhance the Board&#146;s understanding of the principal business risks facing Cameco and
to improve risk management systems at Cameco, management developed and implemented an
enterprise risk management system which reports quarterly to the nominating, corporate
governance and risk committee and annually to the Board.</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">5.</TD>
<TD width="1%">&nbsp;</TD>
<TD>The Board adopted a process by which interested parties may contact the Board chair and other
independent Directors by regular mail or the delivery of a sealed confidential letter to the
corporate head office addressed to the chair of the Board of Directors of Cameco Corporation.</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">6.</TD>
<TD width="1%">&nbsp;</TD>
<TD>The Board adopted specific expectations and responsibilities of Directors including complying
with Cameco&#146;s code of ethics for Directors, developing a thorough understanding of Cameco&#146;s
business, diligently preparing for and actively participating in each meeting, engaging in
continuing education programs for Directors, attending all meetings of the Board and
committees served on and the annual meeting of shareholders. The Board also revised board
membership criteria to include a requirement that Directors who change their principal
occupation are expected to advise the nominating, corporate governance and risk committee and,
if deemed appropriate by the Board, resign from the Board.</TD>
</TR>

</TABLE>

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

<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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">7.</TD>
<TD width="1%">&nbsp;</TD>
<TD>Any waivers of Cameco&#146;s code of ethics for Directors and officers must be approved by
Cameco&#146;s Board of Directors after review and recommendation by Cameco&#146;s audit committee.</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">8.</TD>
<TD width="1%">&nbsp;</TD>
<TD>New Director share ownership guidelines along with the requirement that 60% of a Director&#146;s
annual retainer be paid in DSUs puts &#147;at risk&#148; a substantial portion of Director&#146;s
compensation.</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">9.</TD>
<TD width="1%">&nbsp;</TD>
<TD>The nominating, corporate governance and risk committee strengthened its individual Board
member self assessment process.</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">10.</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 Cameco&#146;s SOX 404 compliance project.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">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">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">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="2%" 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="2%" 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="2%" 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>

<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 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="2%" 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="2%" 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">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;Governance&#148; and are
also available in print to any shareholder upon request. Cameco&#146;s Board mandate contains its
comprehensive set of corporate governance guidelines.


<P align="left" style="font-size: 10pt">Shareholders, employees or other interested parties may communicate directly with the Board chair
and other independent Directors by writing c/o Gary M.S. Chad, Senior Vice-President, Governance,
Legal and Regulatory Affairs, and Corporate Secretary, 2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West,
Saskatoon, Saskatchewan, S7M 1J3.

<DIV align="left">
<A name="128"></A>
</DIV>

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


<DIV align="left">
<A name="129"></A>
</DIV>

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



<P align="left" style="font-size: 10pt">The corporation maintains a directors&#146; and officers&#146; liability insurance policy. Coverage is $100
million per occurrence and limited to $100&nbsp;million in each policy year subject to a $1&nbsp;million
deductible to be paid by the corporation. The annual premium paid by the corporation is $ 829,595.


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

<P align="left" style="font-size: 8pt">35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left">
<A name="130"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Delivery of Additional Information</B>



<P align="left" style="font-size: 10pt">Further information about Cameco may be obtained from its website at www.cameco.com and from the
SEDAR website at www.sedar.com.


<P align="left" style="font-size: 10pt">Financial information relating to Cameco can be found in the audited financial statements and
management&#146;s discussion and analysis for Cameco&#146;s most recently completed financial year.


<P align="left" style="font-size: 10pt">Additional information relating to Cameco&#146;s audit committee, as required to be disclosed under the
CSA&#146;s National Instrument 52-110, including the audit committee charter, committee composition, and
relevant education and experience of members, can be found in the corporation&#146;s annual information
form for the year ended December&nbsp;31, 2004 at &#147;<I>Audit Committee</I>&#148;, which may be obtained at Cameco&#146;s
website at www.cameco.com and from the SEDAR website at www.sedar.com.


<P align="left" style="font-size: 10pt">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, management&#146;s discussion and analysis,
audited financial statements for the year ended December&nbsp;31, 2004, or a copy of any subsequent
quarterly report, may obtain a copy of each by accessing them at Cameco&#146;s website at www.cameco.com
or writing to: Cameco Corporation, 2121 &#150; 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan, S7M
1J3, Attention: Gary M.S. Chad.

<DIV align="left">
<A name="131"></A>
</DIV>
<P align="left" style="font-size: 10pt"><B>Board Approval</B>


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

<P>
<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left"><I>&#147;Gary M.S. Chad&#148;</I><BR>
&nbsp;<BR>
Gary M.S. Chad<BR>
Senior Vice-President,<BR>
Governance, Legal &#038; Regulatory Affairs<BR>
and Corporate Secretary<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">April&nbsp;13, 2005

<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="132"></A>
</DIV>

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


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



<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 (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="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>

<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>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="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>

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

<P align="left" style="font-size: 8pt">37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

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

<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>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<BR>
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="2%" 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">&nbsp;

<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left">
<A name="133"></A>
</DIV>

<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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></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 approving policy by which the business
and affairs of the corporation are to be
managed and by overseeing the management of
the corporation.<BR><BR>
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 and the position
description for the chairs of the committees
(see the specific committee mandates for
these) can be found on Cameco&#146;s website
www.cameco.com under &#147;Governance&#148; and are
also available in print to any shareholder
upon request. Cameco&#146;s board mandate
contains its comprehensive set of corporate
governance guidelines.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" 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. In 2004,
the board&#146;s strategic planning committee met
twice to review strategic initiatives and
the draft strategic plan. For 2005, the
board strengthened strategic planning
oversight at Cameco by directly assuming the
function and time commitment of the
strategic planning committee thereby
eliminating the need for such a committee.
In doing so, the board added two additional
annual special board meetings for the whole
board to specifically discuss strategic
planning and strategic issues, in addition
to the regular board meeting at which the
board discusses the strategic plan.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" 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. The
nominating, corporate governance and risk
committee is responsible for the oversight
of risk management. For the board to
enhance their understanding of the principal
business risks facing Cameco and to improve
the risk management systems at Cameco,
management developed and implemented an
enterprise risk management system which
reports quarterly to this committee and
annually to the board. The reserves
oversight committee oversees the estimation
of Cameco&#146;s reserves. 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="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="left" style="font-size: 8pt">39&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 CEO and senior
management and sets specific goals for
the corporation, the CEO and senior
management to meet. All of this is
subsequently approved by the board.
One of the board&#146;s principal
responsibilities is the selection,
monitoring and evaluation of the CEO.
The committee also ensures that
processes are in place for the
development of leaders at Cameco for
management succession. In 2004,
Cameco introduced a new leadership
program for its highest potential
executives and managers to strengthen
leadership competencies. The board,
as part of its mandate for succession
planning, is to create opportunities
for the board to become acquainted
with employees who have the potential
to become members of senior
management. Such opportunities may
include presentations to the board by
those employees or interaction with
them on social occasions.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<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 corporate relations
department provides information to
current and potential shareholders and
responds to their inquiries and
concerns. The chief executive officer
and other officers meet frequently
with financial analysts and
institutional investors. Investor and
corporate 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.<BR><BR>
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, which reports to
the audit committee. The disclosure
committee prepares formal disclosure
controls and procedures for approval
by the audit committee. The
disclosure committee annually reviews
them for effectiveness, recommending
changes where appropriate to the audit
committee. Prior to approval by the
board, certain public filings or
portions thereof are reviewed by the
audit committee, the reserves
oversight committee or human resources
and compensation committee. The audit
committee reviews and recommends to
the board the approval of the annual
and interim financial statements and
management&#146;s discussion and analysis.
The board reviews and approves these
documents as well as management proxy
circulars, prospectuses, annual
information forms, quarterly reports,
US Form&nbsp;40-F filings and other
disclosure documents required to be
approved by the directors of a
corporation under securities laws,
securities regulations or stock
exchange rules.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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 annually reviews 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 quarterly
and annual securities filings and the
absence of significant weakness in
internal controls as required by
applicable securities regulations.
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 separately 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 environment committee of
the board is responsible for
monitoring the safety, health and
environmental management systems at
Cameco.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<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 are criteria which meets
the standards of the Canadian
Securities Administrators (CSA)&nbsp;set
forth in Multilateral Instrument
52-110-Audit Committees, proposed
National Instrument 58-101-Disclosure
of Corporate Governance Practices and
the NYSE corporate governance
guidelines. Cameco&#146;s criteria for
director independence are set out as
Appendix &#147;A&#148; to its board mandate,
which can be found on Cameco&#146;s website
www.cameco.com under Governance.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" 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="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="left" style="font-size: 8pt">41&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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.<BR><BR>
Gerald W. Grandey: related and not
independent &#150; president and chief
executive officer of Cameco.<BR><BR>
Harry D. Cook: related and not
independent &#150; Mr.&nbsp;Cook retired
effective March&nbsp;31, 2005 as the chief
of Lac LaRonge Indian Band and the
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.<BR><BR>
Joe F. Colvin: unrelated and
independent &#150; Mr.&nbsp;Colvin retired in
February&nbsp;2005 as the president and
chief executive officer of Nuclear
Energy Institute Inc., a nuclear
industry association of which Cameco
is a member. At that time, he was
elected as the president emeritus of
the Institute. In deciding his status
was that of an unrelated and
independent director, the board
considered the size of the
association, Mr.&nbsp;Colvin&#146;s former
position therein and election as
president emeritus, the relationship
of Mr.&nbsp;Colvin to management and the
independence demonstrated by Mr.
Colvin at board and committee
meetings.<BR><BR>
James R. Curtiss: unrelated and
independent &#150; Winston &#038; Strawn, the
law firm of which Mr.&nbsp;Curtiss is a
partner, performs legal services
periodically for Cameco. In deciding
his status was 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, the
relationship of Mr.&nbsp;Curtiss to
management and the independence
demonstrated by Mr.&nbsp;Curtiss at board
and committee meetings.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></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;:<BR><BR>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;works for Cameco</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;has material contracts with Cameco</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;receives remuneration from Cameco in
excess of fees and
compensation as directors and committee
members or as directors of
subsidiaries of Cameco</DIV><BR>
John S. Auston &#150; unrelated and independent<BR>
George S. Dembroski &#150; unrelated and independent<BR>
Nancy E. Hopkins &#150; unrelated and independent<BR>
J. W. George Ivany &#150; unrelated and independent<BR>
A. Neil McMillan &#150; unrelated and independent<BR>
Oyvind Hushovd &#150; unrelated and independent<BR>
Robert W. Peterson &#150; unrelated and independent<BR>
Victor J. Zaleschuk &#150; unrelated and independent</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">

<TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">4.a.&nbsp;&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Appointment of a
committee responsible&nbsp;for&nbsp;appointment/&nbsp;<BR>
assessment
of directors; and
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The nominating, corporate governance and risk
committee has the
mandate to:<BR><BR>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;establish qualifications and criteria
for board membership</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;recommend candidates for annual
election and for filling
vacancies on the board</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;recommend committee members
and the chair of committees</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;evaluate the performance of the
board and of committees</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;maintain a matrix of director
talent and board requirements in
order to identify skill gaps on the board</DIV>
<BR>
Annual skills and experience self-assessments by the board members are
completed and reviewed by the committee to assist in placing board
members on committees where their expertise can best be utilized and
also to identify skills and experience gaps important in identifying
any new nominees to the board.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">b.&nbsp;&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Comprised
exclusively of
non-management
directors, a&nbsp;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="center" 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="center" valign="top">&nbsp;</TD>
</TR>




<!-- End Table Body -->
</TABLE>
<P align="left" style="font-size: 8pt">43&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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, its
chair and committees and individual
directors through the use of a
confidential survey, including a self
assessment, 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 matter
relating to their peers&#146; performance
or other aspects of the functioning of
the board. The committee, 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, the effectiveness of the
processes of the board and committees,
and the effectiveness of the board and
individual directors. The committee
recommends to the board any changes
needed to enhance performance based
upon this assessment process.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<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. Board
members attend seminars and
conferences from time to time on
pertinent topics at Cameco&#146;s expense.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" 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="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><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 2004 to review and benchmark
the remuneration paid by Cameco to its directors.
Director remuneration was benchmarked against 17 North
American capital intensive companies, drawn from mining,
electric/natural gas/utilities, forest products,
chemicals, steel sectors, TSX 100 companies and other
publicly traded companies. Based on this review the
committee recommended and the board approved certain
increases in director remuneration for 2005.<BR><BR>
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 times annual director&#146;s retainer in common
shares or DSUs to be owned by a director within 5&nbsp;years.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><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:10px; text-indent:-10px">&#149;&nbsp;&nbsp;audit committee</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;human resources and compensation committee</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;reserves oversight committee</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;safety, health and environment committee</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;nominating, corporate governance and risk
committee</DIV>
<BR>
Committees are comprised solely of non-management
members, except for the safety, health and environment
committee, where John Jarrell, vice-president, safety,
health and environment, is a member.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">b.
</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="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><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="center" 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="center" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body --></TABLE>
<P align="left" style="font-size: 8pt">45&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="61%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="right"><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="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">b.
</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="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">12.&nbsp;&nbsp;&nbsp;&nbsp;
</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. Also, at least once a year the
independent directors of Cameco meet
separately from the non-independent
director.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><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:10px; text-indent:-10px">&#149;&nbsp;&nbsp;select, evaluate, oversee and when
appropriate replace the external auditors</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review the annual audit plan</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp; review and pre-approve all audit
and non-audit services engagement terms and
fees</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;annually review and confirm the
independence of the external auditors</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review material communications from
the external auditors and review any
off-balance sheet financing</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review and recommend board approval
of the annual audited financial statements
and management discussion and analysis and
all interim unaudited financial statements,
accompanying press releases and quarterly
reports</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review the major accounting
policies, the presentation of contingencies
and the material judgment issues in
financial reporting including quality of
reporting</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;oversee the adequacy and
effectiveness of internal controls,
establish the terms of reference of the
internal auditor and receive internal audit
reports</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review annually the disclosure
controls and procedures of the corporation
including the certification process for
interim and annual reports filed with
securities regulators</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review the appointment of the CFO
and key financial executives and
qualifications of new employees with a
financial oversight role</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;recommend board approval of
investment and hedging policies and monitor
compliance therewith</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Yes</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="right" style="font-size: 8pt">CAMECO MANAGEMENT PROXY CIRCULAR&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="63%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Committee&#146;s Guidelines</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s Corporate Governance Practices</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Guidelines?</B></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:10px; text-indent:-10px">&#149;&nbsp;&nbsp;monitor Cameco&#146;s code
of ethics and recommend pre-approval
of related party transactions to the
board. The committee receives an
annual report from the conflicts
committee of senior management
regarding the annual process by
which all employees of the company
sign a code of ethics compliance
certificate</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;establish procedures to deal
with accounting and auditing
complaints</DIV>
<DIV style="margin-left:10px; text-indent:-10px">&#149;&nbsp;&nbsp;review the expenses of the
CEO</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><DIV style="margin-left:0px; text-indent:-0px">b.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All members should<BR>
be non-management<BR>
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.<BR><BR>
The audit committee meets with the
internal auditor and external
auditors at regularly scheduled
meetings separate from management.
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.<BR><BR>
The audit committee must pre-approve
all non-audit services performed by
the external auditors and is
responsible for engaging the
external auditors and fixing their
compensation.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="right"><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 2004
the human resources and compensation
committee retained an external
compensation consultant to review
executive and directors&#146;
compensation.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" 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="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">



<!-- End Table Body --></TABLE>
<P align="left" style="font-size: 8pt">47&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CAMECO MANAGEMENT PROXY CIRCULAR
</DIV>

</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o16315exv99w2.htm
<DESCRIPTION>PROXY FORM FOR THE MAY 5, 2005 ANNUAL SHAREHOLDERS MEETING
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</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, 2005. 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, &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;(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, 2005 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 or variations 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 align="left" style="font-size: 10pt">1. <B>Election of directors.</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="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Withhold</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Withhold</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John S. Auston</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nancy E. Hopkins</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">2.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Joe F. Colvin</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">8.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Oyvind Hushovd</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">3.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Harry D. Cook</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.W. George Ivany</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">4.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James R. Curtiss</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A. Neil McMillan</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">George S. Dembroski</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert W. Peterson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">6.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">12.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Victor J. Zaleschuk</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">2. <B>Appointment of auditors.</B>


<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" BORDER="0" cellpadding="0" width="48%">
<!-- Begin Table Head -->




<TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>For</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Withhold</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Appointment of KPMG LLP as auditors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT face="Wingdings" style="font-size: 24pt">&#111;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<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>


<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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Note:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All shareholders must complete the following declaration of residency to enable Cameco to
comply with its restrictions on share ownership and voting by residents and non-residents of
Canada. For more information, please see pages 4 and 5 of Cameco&#146;s management proxy circular
and the definitions set out on the reverse side of this proxy. If you do not provide this
information, you may be deemed a non-resident. This may result in your votes being given
reduced effect.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<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="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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">all shares represented by this proxy are held, beneficially owned or controlled by:</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">one or more residents <FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>; or one or more non-residents <FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>; or</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Note:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Please complete either paragraph (b)&nbsp;or (c) <B>only if </B>you are unable to complete paragraph (a)&nbsp;above.</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>
</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">the undersigned is: a resident <FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>; or a non-resident <FONT face="Wingdings" style="font-size: 17pt">&#111;</FONT>;</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 is unable to declare as to the residency of the person(s) who hold, beneficially own or
control such shares.</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>
</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">If you are unable to complete paragraph (a)&nbsp;or (b)&nbsp;above, please provide the relevant details
of residency (Note: If the line below is not sufficient, you may enclose an additional
document providing such details):</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>
</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"><HR size="1" noshade width="100%" align="center" color="#000000"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<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
the commencement of the annual meeting of shareholders on May&nbsp;5, 2005.



<P align="left" style="font-size: 10pt"><B>DATED this &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;day of &#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;, 2005</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="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name of Shareholder </B><B><I>(please print)</I></B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Signature of Shareholder</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<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;&nbsp;&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>

</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">&#149;&nbsp;&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>

</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">&#149;&nbsp;&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>


<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="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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vii)&nbsp;&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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(viii)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ix)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(x)&nbsp;&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 align="left" style="font-size: 10pt">&#147;beneficial ownership&#148; includes ownership through a trustee, legal representative, agent or other
intermediary.


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


<P align="left" style="font-size: 10pt">&#147;non-resident&#148; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iv)&nbsp;&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>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(v)&nbsp;&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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(A)&nbsp;&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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(B)&nbsp;&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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(vi)&nbsp;&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">&#147;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;
</DIV>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>o16315o1631501.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631501.gif
M1TE&.#EAD`!A`*('`(2$A*BHJ!X>'F9F9D1$1-34U````/___R'Y!`$```<`
M+`````"0`&$```/_>+K<_C#*2:N]..O-N_]@*%9!,9YH.@X&8:IP+$.L80CO
MK.]B0=A`0X!'+&9\P>#0R&PVD,D@P$DU%@31Z*#*G5VS0<&R2T85P$!Q>7T*
MH&]3MAQT1KLBN;D>\@5O(0$_=WN$##]@8PP%`%A`@X5[-5%J#HQ9.)!Z=5EY
M"E!@F)ELC5&=!YMO0J)E`(@.;JE!IJM6I$$$E;$$``6SM$:289VPH+R_9:A2
M3[9)`[['3<2WRZ")T%W,-M;!PM=4<0O)-@)/H+.+`Z0"`];>'@.X#*U1X`K<
MXZ:?8,;N'2SU![(9Z.2J00"!DY[UPU,CC[@6#>8EB<=`6JQ0"RM\RF/1_\:?
M!0*'Q4J8D8*^B)P47:(VLEE)"?HH*I`8Q&`6@#1;`E&XL(^C!H>2H"S50&<6
MF2\]W00Z::C0BD:;)@VWC^E$JT\7Y(PZ<.J!CD``!OUI2*I6KDEX0GMH0VP4
MI&/'.46KRJM/966OYLTZDRX^KYZRN4U"3EY*JGX-``['#&Z6N3L;(!SY<;&^
MPF>CV-0"V:C:C,$Z=V6P4M'D-Y47+Y#D,$MJ@=;8OL&HVO!HD&;[YE9P4.>C
MVC93Q[7126#J4RU_`S>(6;=+VU':+9I,:3F><B097_)5`-ZX79^M.X`MFKAX
M&5MO.!@.Y/CY'@(!WB4<_CV&]+>5OB'0SGZ'^?]R,9>*`/S5YQ\@56'7DH$'
M8I6$=*?9H%R#&,@F'7Y_4=@!AN>P-Z&&&;#7%B!C?0ABA9,YPT<Z[IVH`8".
M,.CB!C"&)>.,%0[(#XXIU)C&CCR.H$]!09[@8W5%&LD>;4FBP`V333J9QHU1
M8L""B56V064A`7B7!@$J!@90EAIA>`L!6"!%Y@2].5*""05TV=B:9=["'4UJ
MTNE`,&.^TDB>>JX61(L.U`%HH*@<^D`KBM(Y5G]X8!'H`](T9P$+?)3PIDF]
MA!-GIX5^^MFGFW*JZ:BD@AI!,(3BD<\/!#8B0)]Q'@)G.G9ZTF98$EC2S#,^
M9!.FGT?UJ8`MD&8`RT?_Q%0V9`"[3E.C>U_,"@``CR[:EJ:2,-F=A-#6&F.A
M:8$PCZ6LA0,M*8*\25,K8L!)4R=?I-9M)S5L0]8"AZ@IB7+)A$"*@F,&TPF>
M^`*12+4/D%)9#6-*D\.YLP2%E$4AU`25A+F,J&!^O/&Z`"S]&:P?E`$%B)Q'
M?"BADL8?S"/?OID9,"8JE-+<R+4\\SS6"XVTV-VPZ=)`LT5;PA0(S<[U"?/+
M$.G7TA2;&-MP9!!(9&FY1N+*;L<V/_#TR/N>>\$FX4D#DRP,V&+UBSOWPO0!
M$CD-Q`.;4"31!<0D^S&P;`O:7@A0A$F,FG6+??<K96--0>(DN!R!Y"%/^4$?
M__7D#;;=-N#=N,<4'&X!*F\'CIO('&QBJ>A.<:X8XQP[9^FB<CN.]Q)A2)`&
M[+9K)'C84"...FF+*T@1*GYC>L`T?(!IC^D*NE=B?:TL$90UK$/G>LZQ'PL]
M`_\\/WBA`H1"NM':X#V]28+P._[OPH-.?.?D=O]5&+%A@5DRCTR'Y+WD8UGS
MPC"L)QR":'A9VI3BY#X!0@UD][-?RIIQ+5GEX1XW<-AXYE8#+#FG/;S@EN4>
MB#_"Q,,GRGG7GJ`WI(F8`BSO4T10U-"+`X[.5VB(%Z5L,2L3!,,%\&`&@4R`
MIDG$HX@3^4AWLJ'#';Y%(2UL@=\`$0!L$>"*NRC!!"3B=*UA=-$3J3H5G$XE
91EV%457AX)D635)%`*S15&Y$XZ1TD```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>o16315o1631502.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631502.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`:`!-`P$1``(1`0,1`?_$`'4```$$`@,!````````
M``````@&!PD*!`4!`@,``0$`````````````````````$``!!`$#`P(%`P(%
M!0`````"`0,$!081$@<`(1,Q"$$B%!4)42,6,A=A@4(D"G&AP5(U$0$`````
M````````````````_]H`#`,!``(1`Q$`/P"\F=A,K&8I-/H^U&?"'+%PG#(Y
M$E`$B#>:[4("[+WTUZ!#X=29!3Y-D$B1D+UM47<EFSJ8[MF\\=/()7V9E40J
M*:,M*`*";E75231-.@]N4:J=EF.MX]6Y+98I</NO1(]G`>+5ZP)`<:8<0C%Q
MP#)?FVJ);?33H%KA[%]05%/56LL[RPAI&BS[-Q7&1EO-M"TX\K).N$UY315T
MU737H&IXWO\`+X/(V=8SDC4U6G935WC?B.5,B!2RY$UDD60\1`RH28R_)V7Y
MDTZ#;\X)E=MBL*OP><U$R*5+L$>"?(E1V'XI0'O)%1Z.J&S)(R#Q*G]*IT"S
MXOEV[^&8R&6,6$"[.(PW81G'"<-J8PVC;Z&^A$CC9N@I"6JZHO0,=Q5G-6]S
M!GV&)<Y#)D.W]D]!HY[DV2S`6N?(94YIYPE&+"G"0*VUKM0M=$157H-_[K;F
MZQGB\;FFR&=26<7*8117(<PHSSH$Q)58[GSHAL$H:D!(HJB=!P/,^'_V5=SW
M^7N*SXH](LS>_O'+/M\EI(NW;O3R2=3]-JB.[TZ#81;^0\W:M)3Y+':2-%G[
MY5*^8,%!(-'=S!/$2N-Z(J::]N@1=)F..L>2X@V%S'8G3S?FQ)];9,M#81YC
MP23CMFVHM[B31?3<FG;H%U?9MBL=8CSUI71;4EE7F,-7$.4ZP\\]";9%QP15
MDXI`A&0.?-HGHG0=GN8,)IL=E6]CD\$0@NQY-@^;S8DH"([D#>8H;KY@2B/9
M=-571$54`#&O>"5-E^0%A,MS*`LK!UZ&EN"%"KD<E.>*`U*B;)`-N./)\BF\
M/RJHIIZ`I0]U-]E154;+<=9@'67J6J2\:*S8<?)(C[*,R77PD`,=%=%5;1-3
M($3737H#OP3D>AS#&XDZLM8\Z4#L1N;'15;FQ2V`L@I$<M"!K>BZ&FHJB=E]
M=`:[&)+N+<IY-<W?V2SC73$=RCLJF7%=<APIEF\#D.:\*`0R@1$)P%UVHB=U
MUZ!2^XFL_E>`OPZRHJLDDR)HS8\.;.;8$EC0I*JZPX9")26M-1%%[Z_Y]`@0
MBXLG!$B<.!Q_N!QX<9S#=D/MEC4.?1,V*!N\**45UQ5>]5;1%]4Z!>8I<KE.
M.69C:B\3;PL!.<_VWU$BLE#&E-.M@C:BCB".]--J^O09%<MT_F%]3646GD4=
M:5:Y"D5L8$!MV89O2H[QB1#()&C$U5--I*NO0:7E:]8QC'[*[9I0R&QA6T.J
M@0YC:FC4:=XF`8CN+H4=M55=%3LBKJO05^/>C[C[//\`D@L.Q*0M9C0RFXT:
M/7HH,G%8(FUF(B(".SK451QMXD78R8(FBHNH/!P)BJ6%77G](K2,LMH`-KN0
MC)5(U4D4=VBIW1=515_SZ`XJC%!2(A$V.X>VFU$7YT0E+1=%4E5==5Z#SHI)
M8)F]7,84(\%V2U%MV'/(,*56OD+4L9#8H(%L:<14)$4@(45.Z=`]N&4/'^3<
MHYQA$''K$',3=:F&\EA(&(_'LY#AM%';\B;537=^BBJ:=`XON!QS#L5XRD74
MV):N1<0FU[C(UDJ4Q,2.Y^RX7F!T14E1Y>Z^NFG0(-,%P[^T1\C:Y3]M3&&L
MN0?O<KR+`5EY]6T+S:>86$153]53H'X@QX,^A>:\0PW&HLJ0KS"M:/N13%AY
MPR8(@<1PE]=5UTZ#5US+YYO.AL9*Z[5PXT1Y_'QA>"0R4UB.;-HY9(6AQU?4
MP!O1$]555TZ#!Y_N7,>XGY*&,S7,@E2_&E2K("E2(S$ROD,.3X$CRAX)\<"W
ML.$JB!IJJ+VZ"KSGD&F+*[JY`AEFEK5S8;P!M`8$MF+(CMLF1&@BWJ((/9"1
M$TU1=4"3S@A](L"N_8\?U+;9BP(H2@KFJDJKKH+>O?OH@IIT!R0I[#(`UX&"
M=)MMQ4-%5$0Q44-2_<5$7QJ.O9-4]=>@:KE)6&ZPYB@+;CC@--;/F+>1$KBJ
MGH@HT.OQ[=`LN*<ESC*N3FH-%*Q_&FZ[$<,OKIR'!:>MLV;B5E?%^EM9+A(K
M2I'4@0F_F0@155473H"I]S$]P^"^01=J*^P!JOA[(DZ0["9DK]2P0D[);^<#
M;54)--$54TU[Z]`%S<'E=/:9,\F65WV)RMKLFAZ=VDQ5FLM8%EA#CWJ+JSWX
MA@6NJZ$'HG0$@W8<FQA8A!A^*1X<F/)B21"\G1F6&3)7Y&SPTCOA;(U5>R=!
MH!G<TND](DX5B[33THH\"?"R.6;EC7Q&6_ID<):9EUUII2^3?IK\$Z".;\OF
M=\P8Q[8,(O58I:&DD\I49<C/1K5^6:8[4X7R';0XMBT[71VXT.385;+BF"NF
MKK;6B)WZ"*'$,<R#D-_![=AQREIN2<0@Y;#CS`=KYT%GZ""TL`8SZ$$6Q9,-
M6VSU5M7>Z]^X$Y*XPY1PRIF9[-Y?S@YM32P6Z*A@!"KJ"`58Q.$B<&N*ND6S
MUD<B.V@O(>A,JA*0F@`!E4V4\E9EP+A.18=</?SB\H&W9%BT,9R/%G6B/&DE
M&1AO"_#@RR0O&JMJ2Z(ACJJ]!MJ:%S%68>E=S)?X]D-T+D1V+:X_#L(E<Z4D
M@16YD>S8CN-2HBNB!FT@L/(FY`:55;0"&Q"WRNBGXV]0\3C/GTL-&:K*8<R-
M`G7=6_Y'X7W(27?):9BR!;%#U^5I%[=D0"7Y%SSD.;QR]8WW$]=<C*\3%YCU
MC:,NQ0B..DRT[(B(RVI%N(3'Y]$5$7MT`MI:Y,G&SG'7]J7%Q,IK5]]K6\#8
M,<7GI2L"6_=]O.2>XAUVZBB::=`=.+18=="NHL&V9R"+72K6$S:FJ:2'$=<!
MT.YN)_MC<\2JA*/R:IVZ#(>@0J[)<'67=Q"GV-)8LMT6J"!PX`Q#"V:;WZD#
M;CB@IJ":[T1%[+T`C_DT]MU][F?:KG^$XA1.Y5?T<O%\LA8C7$:2<NC4KL^O
MR#'Q1HVY#A6.+WTU&VV5\SCHB+:*2HBA`[8.W_'.+\(UF04-G09;4MM0WZ.W
MCI#L8C#L=J.ZW.@O(DR"])%YEU8[J`]&/:RZVVZ*@@.Q[P,@Y3+A>DQ'C3';
M*\R#(;*#)R"57K"2W=J&FGIS5-3C82(;,>1;3@90G"=:$&3W)_[(!D<&Y'D4
M+CS%6(_&618U&IL>)+.FM6*R&]'.O^W-VE9`B1K&5-=E,DKYQD0#9>1M40T5
M43H',S6X9R>RIJ6&)/5<@V7'2)S0G&D:.5M`RU4S,1T$=%7]=/@!A6<-WCG.
MN,96?Y;C=3B<+CR/CE9CK*K_`"9<FFMT;,J19QV&T-Z(#K)_3FJF+*(Y_3\R
M]`1/,E6DOA_D!T;)(C*8E,E./@`$^U'KHYR5>$U74%5MI>_P]>@BY;Y(J7O:
MG+A)8V*9)6Y%7\;EF"CH!M786>1MPPD^3SD35/CY-$O^EPQ[]^@DIQ.AET+3
M^.V<)B&ZDJ>VTB>(Q?W,MRF);I-*3:F[Y%U[KW3OWUZ!/7.+S)>8\<Y<U&.3
M!JX-G4RY[CC),LNE#>-I@&S,G@WOA\!V_JNNG0.A?A96%)=+02YT:TE8S(*L
M.NDMQ)[<T544)AY5``?0R3:J^G05?/>3FW'%3RK68119+39-FN$871,\EQJN
M3]S>P[,[>_<W5%[8"VY`^_HN)3)#K8/%*CFI?4"VJMH8/MRKAUMD>08GDV!Y
M5DU;0MQ(IRV<=*@=%B26UV60)=TMTRX_%$6F1;5`_;;T$E5%3H"DQZARN75C
M-:S#(A-EN-8M_75.-LQ5D`XU+D12C1::#(TL4;-MW5T=OE4F]BB*H!*>V.FJ
M+7D+(<BD,,E45M.=9$<DL@ZKM[86%<Z,N&ACM&16QZYQ2VHA"DD%[:]`X7)&
M#,0_<9C'(\YJ%=8VF*?QJ9!>F,.28LQTS`;!:]_5$#P2$0B1=VG?]-0)',*J
MDR;!LFHX%K6$WDF*SJ(')LU&H+!R(A1FUFOAO5II/+HOJJ:>BKT$</\`!F1]
MN2<+C44/W]W,2G.VB6<7Z!)<?(ACL692]?(K2TLIQ$/35&47MWTZ`R*S"LNB
MV*5UGFDJTFP6&'7"9.*J//BPRZ3:OI&W;R:=375/CZ*GJ&BM<1MG7TMY/(4^
MG"Z?0*W'SEQFW&ECQ9+\A]D`B@VJ-,1U4R^&WOT%<7\Y'YP.*?87PE+X3]L/
M-=!S1[N\UD2X$-[#LPQ_,L<X):@N1@ML@Y*&F>FQF<ICJ>RIH'C1QV3N?F`,
M9GPRPJJ_CRYWS+/^$<AD%;660\HTW(^9V6<6%O/*989\SF]V_P`A.6UO/DF3
MR9(61WMLY'F/;Q=<ERA-0W[^@GT]H/OKRZ?+>XYLJ*PR'Z=!C0X.D&DMH4N,
M`:UL^#:VC8I(9^4B13`E%1,=1/<@2_5O.?)MW`"NA<<7F-/3E;29<Y5-IHM=
M6P@[NG$9JYUI+FNFVG[0[$\FO<^R]!7NY@_/ESK^-[WW^X3B#DCB*)[@^(Z.
MZQ"9@U#+RM[B[(\/F7'&F#WUE'I\KIL8R.KO,5=L+5\VF9U;(FBYJB2Q$?&H
M./#_`.51P;GF1!>97[$,XQFLD1E";(QCW*,9K/>>:;$!>2!;<58$S'0"'Y@\
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MFADGJI:@-$?`6?X[55LN(+\QZ&,V?^UY'V9DX4F.CN(F1`F5=0--570-/75.
M@D$_&$L/`.=;FD":3#UUCA37ZR0K1Q+AJHDB91U8;?=0+"/"DR)0+HFD5A[5
M1U%""Y9=>UWVG4&'ISOR98N\5RN/ZF+E<_DF!9M5OV&/6;98.R6I<*PJK^N>
MDF@#638LUB4XX+8L$Z0(H+7!/R*>VW*,\P>GSB3/PJERVXC8WQ_E.00W*;%)
M&;S[`:ZDK<H:6;9Q<;LK\#CA5"](=82:1(:MO>!`"NU_R3^$X5/SKPMRZU#)
MF%R-CF5X59R(JB@)<X+8T5E36#RMJTKLN52YFZR*JJHK4%!_TIT%:&%73:28
M0."@Z&).H*@,9_<2DHHNP/I9#@FB=P`%/7:N[YN@<**TCPM.B+C:FJ*HF!`8
M%_2JJB?*2*O9$$E^"J6BIT#K-Y=R"U@$OC)O-LJ;X\G9%7Y?-X\#(+8</EY1
M55UG5UF2R,920F/O9#7U=S+C,S"95]MB4Z`F@&2*`U0\%5AL2:>0@`VU8!P4
M552QLU;0'$35";6.P!KT')TKZ*U-^D:%#=C3(@`A*VXS)L7)1193:$VK\=YJ
M(:*@J';T)-=>@<XLR;MFF@DQB@6)LM..0V@5^)(1SR#O*:0ZC%%UHQ%LP1]2
M':.O9>@VO$&>2.*^9,*Y`!'7AH\@C/6K+;^QV=223.OR*J)U%T;&SHG9$8EU
M41%54=6V-""^![G>)L5]S/L,S?&KZU^LI).`4^4O/13;%J164U/%RF@OV#6+
M-CFZI,L648_&XT$UME%$D34@CF_$O@7'_+IY%Q7SU!Q;*L)Y*PKF'`'94B6E
MZ&?.Q,JP@JO[RRZD^/76HT."SW@DN.LRA=\*LH)$A]`X'YSO;3<8-^/?'VUR
MJTY,QKV_<S<76>'YUDLT;3D"!@E\[:<<O8MG%NB(F4R*V3E,`6;C:W*G1F61
MG"Y,8=G3PIX6<<W7;)]-"1M(TD?VM=RMK&$A42U[*VYHJ?'MZ:=@4]>#;KAL
M(QXUCNFV@HBDBH)N@/B4E_J>!E54E^8=530O7H.%DC]W&-VVJPYJSHJ?N(ZV
MJ+I]/HJZ+Z[$5%[[EU70$O9&D6+'%M[QS&GDA2&UU01=8CRG'741=R(+8]A3
M5?Z>@P*^W5MN,CX>08+C(JA`1EL:JS;CAH2HJ*)OF7Z?].@\:\66VC%-3>%W
MQON:JV2N1R4`[@I>(&_$0HJJ2H8FYJHLAJ'G8[U%##4EU!11&U,=$4`T%I$0
M?F5`1&_0=&VUU3RZ!<N]@ON8K\\_$1F]A9V;3N6\)8/F7">2_5NM27'Z:Y@M
MUF!S)K!N>5::/B^6L16#-41]:IU>WH@"QP1$RSC[BNXD08<G&<OI;.3E-J36
M3.5Q2\;AY#)E55YCU3#$76;60#X3-(Y)(4C60B"['^8)B/>7:P_=;^(CW.D=
M?6QLQI.&<@N,LK*F4U8Q(>:\9Q*[DF,ZP_&<5CZ>U&BCS&"01V>16M$-H@0*
M%4B*DIMPU4'`GUX%O:W[%<-EUQ'`<^4VU"2R"BJ=T5$7X)T'U"]Y`DDXYO-R
M/#)#71"=\921=4E31M$\K@[E3:JJB?!5Z#2%+!,E::\A^0FGU0?`FW0'HR*V
MA>FW<:+N_3MKIZ@WF3RY3+#+IF1C8+8HP^X#2+]4TK$8E-6M@*BQ)(M"O_G7
MH,V+/:EQYB[1(O\`<.;21$V)$B16$1$T12!7'"^"_P#;H,MQ'H,OS"B*Q-,F
MG3%441E-#%CJ8B2;7#><41VKKN(`#^@G.@RW75-I-I"BZ*2*JHG904BT/12=
M8,"+4OZG$,ET0I`)T$C'L$]Q@<9X=[NN%K-UN11\T^VKD6S@U\E"=8?Y#XCH
M;CD?#&3:07(Y.6<2KM8+;:(@R)$U!_H1I%"PAC$2O.OK7HCLQ^BG,#<V.2PJ
MJ+!G8Y7.O_40*B4U;O,//QY@.@+FH@9&IJ2`HJH`9/M=EM6TCE+@')A9#'><
M>+,XIK^KOYE3'M0OKJIL4QV3$C@+CT^FM,>>G-MBKBD)R`0$[DG042*KSM8W
M5M2%0IU8P=9)%-"49-<\02`77:2J)MD.B^JK\/7H.D=YN+#\B$B+$9DPWE15
M']UITU7<8:E\I;ET54!/7X)H#;G8'_(XTKSI]*E=-<4M4UU69`!(R_Z]_E%4
M1--^G^/087(:BYCZ>$41VIL7)FOKK',(+#S9@J*!-*4P#5.ZZMHOP[`V])=$
MB*.\G2<9)IY-$1264YY'=4U[_O@2)^J:)_B@/&R_&?CM"^0_,Y8B8B&J&,BY
MB,;40B4]GC1$_P`.W0:(IJLRGH"N$2QG9`LO+M0Y#3#T@`>5=";8<5&2(BV(
M@*#A(.U@$Z#+I[UZCNJ^?'-U@XDQ@U<;U:VH"AY``MS?TBD`(A)K^WM0=42.
M:J%M#VG9,WGO!/%=G9O8[;Y`[A&.NYC>7--E$N)F:4L,J:SQR5)=E)&?F#<0
MI2.*XNXS>>,B\3K1M@4>/Y+-Q6\H\JKSNH:TUQ6YS9VK^-5<9[&#I;%F2QAT
MATSCV@4]S'<)M/.H*B.O>0A5MLC"G=:2HTR\SV55BTL`.1\[=BL-H/\`\S^7
M64P=NPBWB`)XQ(=400[=`C<@4X=>K+CB"2.NO%L<$2=)Q4<=>51^863,RT73
J0=$+71/F!F2=B_<V(_F+;X93ZR=CF_57(<D4VZ;57Q(H>NB)WTT7H/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>o16315o1631503.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631503.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!-`P$1``(1`0,1`?_$`'0```$%``,!`0``````
M``````@%!@<)"@,$"P`"`0$`````````````````````$``!!`$#!`$#`P,$
M`@,!```"`0,$!081$@<`(1,(%#$B%4%1"6$6"G$R(R2!T:$T%Q@1`0``````
M``````````````#_V@`,`P$``A$#$0`_`-QQS)%:Q'*')%P(#[$60*BAK(.4
M+8^1%4CVHXV7U^J:]`Q\1QQ^GRG(+-G(%L:V_DMS!A.RI3R4ENV]*:EP6D-2
M`(Y`H:`BIM)%[:+T':Y/IXV7T#6,2;FPQZ3+ENU\6UJ9*1WCLW1%QAM=RKY0
M4UU5.RDB:=`\L.J[7%::HHGYYW;]9\2')M9Q(DB6K("TK[[8DHB;B]UT7]>@
MBOCZ3F51RCG-+=,NRJVU<:OL?>A&9P(L)V;.CRH[AN/GX71=9$M@IW0M>@7.
M;(5[D6*PZ;&;-NEOI-A-$I$T3=BO-G721.$^+1"7_94Q051?MTU_33H'5Q8-
MY$PK&8.917FKQJ.Q&L09?\[228HHR3XO*J*;+ZMH::]]"[]!!?&66U@<YY[B
M01\B:DV%S8R6:^3\IVICM5SRJ5T)O%X&/R*&(;6OMW"GZJJ]`XO;:=(I>)I-
MA#NI=191\FKG81PYKT)]#)N0B-J\R2%XE_W**_:2)I_3H$`><\*7@=[,TN[)
M7A&+B9O>.5\H<L*IEDV?CT\B-&@$]Y/]J@.[H'I$LKHPM&BQB_A,%!9DN&95
M+PLK!43:-M&K+>3JBNFU$551/IT#'J<GJV5>NX]5E=:]*FN_D8\FJDJV_,AS
M7A-\6F5,!4B3_=HJDFB=].@?609[1P$B'*.976D]J3<8VY,QZ9,98DN018%V
M:RX#*MM[=ZH0$A_LNFO0<"\SX%28Q>WM]E<"CI\3JI&597D>1/?B*BDQVCC)
M+M[FULYOCCP8,9AHG77'2$`'5573H,H7L3_DI8%@W(6>4_IK2R>38,NU6,WR
MARB<FHX_A3GY;J#88ABD11RFUKY!.*#+L]VM!QYO_P"J8$)F$#8G_.A[[YY=
M5]W;%Q;F.(5-[#M)N.GC@4.V2Q_P"#EE3Q*6^CQ)+;Q+J2D`JB%N(!+H-<OJ
MS[=8C["\68QE4=M<=NK&+7K:4<^QAS'ZFVC,Q!O:IZ:UX1>=AS'21LD`?D1]
MKR(@FB(#CHKV/B_)V07TG(,=R.MO(S)US\*<SY*;RVKXRJQ]PA$_E--IO<%%
M5$1$[ZZH@/+GI8^58#(ATTC%9LJSE-O1`OY(!#?)F+(508<5'-TK0?\`CT3Z
M_JB=^@CT+.`G"$@QQ:@3+CA0Z%W'/DP/BG:MMSJEBZ1=-OB;@NN$KB)O\9(*
MKKHG0/;$K0,AQRW"5,E@C+I16I-FVXU).352`#>ZTX`F8NM**[OH:)KWZ!3K
MQR%S,[R),G1+7&XH5CL%QB*VTRQ)?/R3&&'D;;^6B-*F_NNPTTUUU1`1N5[V
M=C.+W]M14ZVUO%L8,:%%D1UE@K4SQL"RRTNI-@JJJ:!HJ:]N@Q@_Y$?OUR;R
MGGV6?Q^<+N/8WQQQO04V2>R%K26#]66:WLFMJ,GAX/=38ILMO8EBGS8OFA//
M>!^WU\S3AQHP]!4;Z0?QLN<F5<"YS9(S3]IXB!F4OR$JVI"(^#7QC8^-+\#&
MW0B!O;VT%$^U0TP<(_QE<.8QCE>5?&DK>MQH@R9(.I(JYXH*^:*]6.(<5F(H
MJHJ(H@KKW1537H($]XN"N<_4G$ZOFCUDY!RK&L0J\AIV^2<,8L'SJHM?,?\`
MBLY'#CRC..TW$L2922![D1@E`%\>H(%PO\5W.3?MGQJVN>XMC-CG>)Q-<@R*
MFE([!R2/+F/+5W2Q03_H2)D;4'A-4594=W1-.@LW]A*#$\9XJM[E_&$L8^)2
M:R5$BQQ6.;;)."T:!+#1P-?,2:Z]UZ"-$Q'!?_PX^4/[9E?%_M1O+$C?E9N_
MQ>-UY86_R:(]XM.VFBKT$]U9P[7'W&GD9(&X,QYF7&=%X'O@&,<G?*""AB1$
MO_E/Z=`CPXD9S.9+;=U=?$@UL"4_0/@`5/AG,,H-JDT0$S?^0!;6]ZBB(JZ?
M3H.]R_DUSB&#9A(QZPC4K[#,`$F+6A<[69NL5R0W&>%U7'T`E4%T70D1>@P"
M^]/"[%5[:\\SKNRD6<[DWEJ_L'769!^*714=PMCD3MC&%ME#D6^2>!7R345(
ME;W%M,!"QWTKB1PJH+WD@QU<C*<GY$UF&K4<'EB%)=!U]IP([)L[4)$T4EV:
M_3H+Q<,@V-1&2`B0S480*#K31$J*A@1F*DCGE;=%X=%147MJJ_5>@3.:,!K>
M0N,LOP+(V6W*3,:&QH[*/M1HQ:M(K[(NM"CYD$F,^0F"_;M-$7_0`+_AZX6R
M'`.7<PQ:)D$^F>Q[CO&@<M6Y`1SR9VES+(_BX_:UQMB!,E&;-Q#'5U6C%2T_
M4-&/L983QX1Y"18]4ZK-1'5B/;L&["<7Y#!?]D6_O+0NZ*GT)$7H`*;Q[+P]
M2)=J?(B'0R6:[*H["*7QH[D&+:4TW"#3S;EAS)-@PZ*)]'&"U3NG0%6V'+*^
M!M)N$G'>;>8GDW763@(R2>60?BCV:*@DJ*NB*BJO0(05_-[NI2YN`2(<B62T
MJL,6D>25<##7@\K3LQUU`0E79NU_]@IY4/-;>-,2:UC!K:X"(CEK63V+$&CB
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M>Y::]_TZ`6$>Y#'""QK^S\%3&'7V\M2M62OXTOCJX*R@'7P?'%^2BDGTWJ*_
M7H#DQ$*.#$O6L?L2L*F!/M(<.9,;47G7$<))*$BM,Z@W)=,!+8B$(HJ=EZ#D
MG)C]1E''H2KG?D%K4VC,:$;2#'>J(C##ORA3QH(NMR4VB*GO-#71/M5>@?UY
M1V%]`OJVDE08MA*I1APWYD=38%Q%<47##3<::GIHFNB]^@QBV7&4'$+3EW'L
M1AE7SKWV'S&^N(GR5E.CF1/5M?9A(-QTBB2')&-@B@2"1E*-Q!VGT!66%+D?
M_P#-4W$6+F%4<DWL>CB22LM1D-5]E-5RRKX:@2NPIMM617XT=UL2..WN=!%(
M!)`(GTQPKD;`>(L;HLCA8A!.ON;E^=8UEG:V4E:NR^?)KGVVY5:BRY+#Y(R\
M+BB#B"3B&A(@*!9LWQ2*TQ=3PV;0N1[%H75D1R7QFK<R')(OOAR]4-M>V@KH
MJ(HZ($A<>X[1<1Y'@&<9MEC+UCE^,SW6<!K*\IM]%8N)4-RFLY;D8G2_'MTX
M^1$(`\`J6OW;N@/WEF'73^(<_)RQ)F,N$6<M\&G`1P8D2"[)$M553%3%O3^N
MO05+-<AUSWJ;/HEC68Q:W.JG!V\O)Q=[\2[;NLH>A-+X_(L2*Q0-QG%UVZO!
M^NJ=!:9CE,_CCKU%8.PC:69*",[&,'FTCR(K3\=QTU$-SJ.$2?3_`-]`W;?&
M3F9'@&61G(?@HELZV>X]*!)NY^%*!G;%45+Q>917=JFFO_GH)%NT"ZH[4(LP
M8TF?C<R+%=6P*"D><JHV`C/;(38DF9HHDBH2(G;H,>'LKRCQKQ]R?FA<-Y@_
MR;0XYS&]C7,+[-E!N:.AYMQS%</>S/&,.O8LV2DRGJ8=N+$KRJV4.\^3%T1M
MA20)9S+)L-]D:S'<;0HL+)\<E-V8[W'85PQ+;B-O5?S&8TJ))T"O-U&E0QVA
M.782(YT!S\)XB+>/QH"C(:CQ4^.IA;7R-N''^PO"R_=/,Z.GN7[A)%147555
M>@(#C[%ZNWR.+Q?C2MPX#DR1*M)P.(L:AKWY:N2095UQ5CBRVXK,2**BBN%M
M%!;0B$"[Y!QS&*#G3#.1*ZTQJ1%H,59Q*9CLB<`38\%=S;,L0T-@48C/Z:+H
MI(FB?N@$5?VV`Y-A5]"C9+318%SCDZBE3I#[+L.M&3$)A7)(HZ"$#(NJJCJF
MJ)]4^O05VK2TB<(#PB-[A'C/-3G.Y'\D?C?';R-MV/9?&V>95_#NNIMUW('V
M:]^@,2CXZCQ;'\4SF5E>%6LLM><+5YV/\QN,P^L=TVG-XN"VZB$BKN33OHO;
MH`H]LO;_`-&/3^#99?[3>V&$<57QL@\O'LC-7[G.W8K##SPNU/'>/OVN<6*F
M#C2(K%>8_P#,"J2"2+T&+[^4;_*$LN7\+S#UT_CSP_+..,!O6GJR[]B^0;>T
MA\M64<W6VY;W&N*T]V_4X$$UAHFV[&=(L+(6'U-IBOE@#K85W?P8\K8MR!G&
M9^B_*-R[5P>9IDG/.'+YQ]OSU7+U-5>&WK&%EJK+\G*L:A"ZVTXJ`^Y6DRG_
M`#207H-`N>>B_M7Z^V+?+./5$K(3K(R1)$^A.19-6%$"BCL2O;D-J^4LHX)X
MX4GQRET5IE98M^7H#V];<\Y=R;#JUW^Y19@`RZVX\]0JP\RP\KSIND<FT<7\
MC'<+8HFP")M1"37LH39Q3_(1_'MZG\ZUWKQ[4<TAQ5RWR!BM/R?AF3\CP;EO
M`;JER&\R;&Z=JRS]EB71XY:O6.(6$PUMOQU<,&3'-I\U(P;"X28OK[S`G&.:
M\07?'_*>-Y_8RJ=W,>/KVAS;#7_BX^[;M3&\GQB995#DA4\:(*/%Y`=0D1$[
MD!,5G#&#1L6/')='#<:L*X6YP1F6$(C)L4?<:%T"03U7L7=->@!K^T\=*E5$
MP<$%KG].*SC_`(IC\PY02,R*O:M-FOQOF-5<4V?+KX/DG^W;H/-@]WO\E?\`
MDO\`;VSO:W">18WJ'Q7:DXVWQ_ZV+)PZ\?CD+;2OY#RRAKR1:6<N,WXY:PYM
M9`DB1(L01(A4*#+.QNLBLYUS=V5C=W-K-?G65K;S9-C9V5A.?-^5,G3ICCTN
M9,E2'2<<<<(C,B4E555>@_4%E8TK5UI3%&W%1="1=H[-7`T_9"_TZ!TXIDN3
M<<YGC?(>&W$K'\MPV^JLIQBZKW%;G4^044Z/955A&=5=H2(,V,#HDJJFHZ:=
M!Z]7\2ONIB_OSZ4<3\^-,5A6]_3.XGRICK+8.Q:#DK'`"KS2H**[Y/'`GOH%
MA#:<4B6MGQ]_W$J=`'7/_N3Z4^NO\CV!>I%M2V[</+G\'9Y`LH.0DSA^`\C<
MQS9J\;XW/QO^V)LYZJR!^57NS#_*PZ^OBVK.T29;>9`,AG^5C!EN?R9U3L9G
MP0J_UAXJ2N:9;1IL*]K,.4DTBBV@B#<1\BT%$1!15TT[)T%*'K=[6<]^OV3Q
M,VX+Y=S_`(FS>M.,X_;X)DUOC[EI'C$XK3-O$KY#<.\KG/,;;\26T_%=!PA-
MM0-4Z#9Y_&U_EL9C`6#Q;_)%1_W)6S60J*[V6XPQBOAY;1.25".-CR'QM3_B
MZ+(8$/?Y7)=$S#F--M:)`FNGN0-`;'L=P2/K_:>T:^WF)'P6_P`YT(M\ZE;L
MK1L8)%B9)8.V;5=Y?R`9++F3`<<K4;_*'.9".K/G%&^@\B)C'I!,>8]!%05"
M$D1%$MSJ*G==5V^)-%T[ZZIT'/4Q1=-==-WG\:HFA=Q:1!)=%33OKW_=>@6+
M.$(-BXV1-NMC]KC:ZD2DJ$(#V7=JCNW;^RHFG0*8USQUJ-RP864C(J?C#;IH
MBDB+H1:N)^JI]=/M1$1-`U+?XHOOH/`_M+FGIGR%?-P>-/9:'^4P@K.9\>OQ
M_FG$H3[\%N/YW!B0TSS$PD0GR31R3-@UK0HNB:@I>]E%Q%Q-_/'[$#RQFUGD
M?&_)?(V!L\B7T6T=8O>-;#D'!%#'[BIG.LR&4LN)YC;3M7#3_E<&&RP"LZ>5
M`8/^3=(A9;[9^LW*51?4N45/(?JE6M0,BQUUJ7CMVF,9K?H_84DZ,;[4ZMEV
M-W))AT3-LV-BBJCHJAFA@TSD%)UPS5SPJ?DQH,JV;B2'*J+8.@Z\S7E+%E6&
M7GVF3<1I3W*(*J)M3L'UU..!%!]DEU0]=4-%W(J:HO;=V5/HOZ_IT'6:Y1RI
MC'IV+L9!<,XK:655D%IC;5G*"CL<@H8MQ7T5U-IQ=2#(MJ:#D=C'BR3;5YEF
M?(`"07310;SEIHV@H:$KE:VZ0H2JHR&FB94=J(BHI`*%I]-4_;H$2GFN),8:
MW*B&^1DNB:=F=-$'3355#_XZ!]N(3K#;B:I_P*\AAKJ!JJ"&A"J:;2%%1=.R
MI^W0+$-U9#:&Z0HZ`:.?3[E-%T<1%UT%Q?WU15%1^Y47H.CC^67_`!CR+B6?
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M$U14W*J+HGZ]]$_?7H(I05^.3G?N\V"%KV30'#(5_7[E5%3_`$7H'"\.^"\U
M&>5V,.Z6RT6B.QW2<4/&2J*$[HSO3M^I=`VVC)LQ,%T)%71?]45/T[_1>@DN
MJF)(C&R9$*M0MJKM%44VRW$NJ_:J:E]/W7H%*,:`ZC@:[P16R'050@,M5!==
M5%5%55/IH7]-44..^B_.A&0ZF38J:*B]]NA%L1%1%U`>VG;31471-4Z`BO3K
M-)D?DFGQ467YZY2/XN'7LP8TT).15SS4ZN6?$.*Z]91'ZYEYK878="W+L5Q$
M!Y>YU6ZUG7&^2-5Y0H=O57<<F05WX4:PCF$MR%`1]YU]8D:/,!$0W'2;;--R
MIN%.@$8C4GA1$(T4]"7N"*J+J1(F[1>_ZHFJJNB=UZ!$N[,=CC'DU5`(5V[4
M1%545$45+[=-/JJK]=.@C_>GB\??;N4U_J:J@IJO["VBZ?U5>@<+[D:0PJ&"
MQI8"B&X(D@N`(D2));5.RJ79%337O^W<&RG]/KT#GJ),MKLPP^X?AD"YM9,T
MV$0*1%VT^WM]5[+IT#\81%(2U5#0VMP_0E`62T[+KW/1?IWUU[]!S=P)$%5,
M2-T570M17>2H6I(>T2)-.^J(6B]M27H.QQ3/R&AY3QN9A<.YN;IB[C/U,3&8
M\J?>2);8OD<:I:K$*3^1?@>=L-GW(A;DT0=5`R/>V$E3?\8U[=E`NU!F1)?L
MJP)_PS*93TLP8K)R&VFS;BN/NMBNP75421T&'D>8:`'M2%QTOO--"5$V+MUV
M=]J(NJHNXE[?3O\`HG01G(-Q7'?();E(MR*.FFA=NY(JJOTU_1>@ZN[MIM'Z
0*FNG?N2%KKK]>VG^G0?_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>o16315o1631504.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631504.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!-`P$1``(1`0,1`?_$`'0```$%`0$!````````
M``````D%!@<("@0#`@$!`````````````````````!```00!`P,#`@4"!@(#
M`````P$"!`4&$1('`"$3,10((@E!,B,5%E%A@4(S)!<*<9&B@Q@1`0``````
M``````````````#_V@`,`P$``A$#$0`_`-QAI1(`H[X)F*.)*9`.)&#5"ND^
M/>15T=M:0;_P[_WZ!B81BD:BR#(+"!="GP,@G#G^V(X[TIKE/-'L((7/>YB`
M56-5&)IL5%Z#UY3QNHSNDB8G:3IM,29*-5P;&JD)'.^Q=L*Q-JM5IF(K5<Y%
M3OIWZ!_XG53<8JZJD9+_`'/]K]O#-8SU&LJ4HAM!YI#!-8/R$TU=M1$UZ"(>
M-/Y50\C9W2V[&2J^TE!R&FF1%&ROB0Y9I@"P55YG.;(8:/O5C4]":_CT"OSE
M3VF78Q6T-!9BH[B3-L&OE3`-E192%KSHZM.S<BJV4I&_4BHK=FO0/OC*/;0,
M.QBNRV&C;D,0`+%L8J$C-DQQ-"XHR+M5PBN9N;JB+W[]^@K_`,29+5!YLY`Q
M0-'=1)-A=6=AX#,>M.`,"3L9<,>5?&A[7R,1R"[;F_UU7H%KY@R!U7%#9H[,
M]=9`RV`:$^/)+&*,JQY:HBD"J.:U--=OH[TZ!.;SCA'_``.;-4DVZJCHV*/3
MVQ_>IDBU$M!G\/\`J(%PT>??Z>--W0/:/.R%06Z'Q>TA`2/&F/<D^F/M+#>U
MPVB9[T;G'>Q=%1$5=$3^W0,BGR.+&:EV'&\KJC3)*DGQRURD;(EQ99F$D;`O
M<UBD<B_4B:N1?5=.@>F29[4U7@24RZJ;6=%EVM'*)CQY@8'N8H6&6<TD=48G
MA1ZIXW->B^JZ(J*`P^9?NE</0H,B#QGG]9G$>#9-KC1\#FUF3V5O8A"CY$.6
M9J2:VNCM&FAO*]5`I6.)M5S4Z"%..?G#RO)L"W'\$HZ['9I'FCUQ,JDK-AA+
MLW#>5*H44BM>-VB"$QBKV^I$57!U?(C[IN"<'8_29;F=?E4JE#DT!S:*2ACA
MAVIPGABD+DHY#`!4S2M0;)!1C*5S=C'/79T!4?B=\R>%?EEQ!3\B<49C&MP^
MX%#OJB:\0+O'9\$(73X=L+RO'N3R(]CQO>,C'HK5U1S4!3QK)J[%>1<BNURO
M'LFK,A9&-#.&6P;Z?R69TE5CG/\`K>2,-=S]-471/1=40'ESU)AY1@JPZ6TQ
M)TJTE>XAID!@I$DJ*#)3Q1W.0FZ4[1-BZ)IT#.9D<).%SO2IQ=,U?`B4A*19
MD'V3[$8)M8&Y15[*`<$KW*]$W(QR-5?3H'?B=DR_QJ<LZ1-B[)3!QRV@2CF(
M>JF>%2'$1$>J%"UKD=_G;WZ!3J!Y`_,,B9/LVV^.1S5BU9/:C`,9G^4LX45W
MC'[@#&/:U5770C5T5?P`/'WT.8>0L+^,]-PMQ);3,2RSY&<AGPF]RV&5PK*H
MXNI*<5MG,>FDB,&5"DVPI$.(\@W-;[4YA*J>5%0`+_$WBZK)/%70H+!T5#&C
M0JZMC,<]C1MDJ]Q9I7JAI,Z6=CS&>1SW&*]SW(YVO0%1J*ZLCD#0N@'+)>HV
M^)%9'CB5Z_IJ4S]C4<HTU75>VO\`CT"'REPUA^?8;=XUD(:^[QN^A2J:UA$)
M$LXKX\P2A(C"(AQJ\"N0@UT56/1%3OWZ"JWV'L-Y3^+'SGY4^/UXJ6?%W)F(
MYD"N`93S#$M\"OXM[C=\-TQ\E0QBXS96<-P6.:BM<(B[E7Z`T_8174&1<O<C
MX83C^MBAQ"1',V>2.YK)26IB&0.U&(,3VC5'HFNKD<G9.@?7R-J,9Q?BFVO2
MXF&V#BLRM/$B(-L=K(SG(%S626,4C&JI537OJJ]^@8B8C@W_``>_DO\`B$;Q
M?Q`66I']W(U55CFE.@*_\#()$1.VBJO03=`-#M<>(AVB<,5>>4"3')Y4(V*?
MVR%\FUB/1^BKJJ=`CUT*"3/+96V5[[>NCU[BT\Q[&40@V`([AV$<J,:0LYQV
MO56[E1C->R:]`%G[VEU5PYW&L<M<:S/AE+D&0LAU,-L^=`K,CL*FH=)CC*/Q
MA6_LJ:,!I%>OUQ]NB(Y5Z#+K\?L6Y8XPST_*L#_]72L9K9MC?Y#GEY)Q&!PR
M*N]PTI(QL<O;K';BPKF"E,%$=&CR(YO&I`*Y/J<!*LDS+D_Y$\#8/D-/@%Q-
MR^SJ7WU13UUC:5J9I1A6JH)>1R[2NO:BOH7Q3R!.)&,0\]`E\@@&8I7A!R_&
MWCOD?C?&#U4[X^VG$^7Y,.+<R*$/(E?D^*9&?Q6*S)DJQ/FN22,;FP$AIO:V
M'&:Y',:Q#+H-H7,^(>9?\9\]\=<KYN3&@2,;NIN(7L&I'*G6./$SM;+"XMRN
M06!(3+FM*?(8RN<E=`<P82IH34:H!M%D9=DGR=R['I>9K2Q\<!57U56508\!
M+PS&1BI$NC(U26;$C&<-6ZZ-;M5$16Z]!.OR9GV0N#>0?IK%>*OB)'#;PUEP
M]'2`Z^8"*CWN;KJUW^5R(OX=PI`/%;YGQ)EVC^2C/HI$>NS".Q'KX`3H4&TI
MYF$.9YM5KI<R>![6>J$"O;OT%H&Q>52.&B7V'FA$#('.<RDF26*!FI2.4<>W
M8CFN?WT1>_0((Z3FQZ#][D6"RQ2I4B14C%6SP2VP$&Q(JG"2R*1B*B_1JJ]N
M@`U]UB@Y$G<KYV6\R)4G1/CYP/9QP1)Y@T;QX]R%SI=74!U9/6;%B60:X0#H
M9C&O.A]'KM&/0!N?++D!,`^*N+TF091E603<_C3*L3@1X#ZK%*2JI9.17ES8
MCQ^GKK2W.8$055"$<Q5<>>TCU)XMKP>WQU^1G'F8<#\4X#@%AR`W/;W&#"Q\
MY..>0Z&#C]A6P2CA%L;FL#5V>-Q)\J.2.4S_`!QR@:[>YP":J%\.&,JQ^?B^
M13IL^5$SVG<VEOZ*\O+3()<(JB5]@&&>YLK`E<PST8]'1O&.6+QE17M:WH(B
M6'<-R*P!"&I:[*2V-190F1F29$CV:2;.K.!BD1K"P;!XR,7<B;4=^;Z>@T`V
M4WGPN5U#)%)Q\:?71(KZ"P\\N/-6$^$,B%\I([))MJ2'(_7LURJB]^ZA+^>7
M//$'C\MO+A8/(MHK!+>!GMER(:5YR.`BJR0-T-Z>(NJJOIT%7T)R4F$OH/V3
MCU,8(\>7>P4COVQR!>5WO&]O;^%ACZKIVWN15_#H+NXBM'&J+AF.SC2:>-+M
M85;)FC_W!&)*,-[W?IBU9Y'KM7:W<QJ+HFO0=$LF-U&:8-%+;E)D5KC=F[VQ
M!HD=]1%?!]J=N@T:P_D>]&LW*]R*Y=$TZ``OWT^'/X7#7G[&W6Y0<GA@X/R"
M-ZJZK@6>)T*IB4V!XP,-#+>8Z*P!)8\KAN]D-6-1SR:AF2^0G\VL,DXYNL3R
M67+Q"ZHQP+&%(KR6!ZXS(=0,==4A)9#CQ_V8#B'>-6*IS2WDVHBNW@1?XX_'
MV6RKG'H.1\KI[>SJ:BL5)]'[F+XJ^02;"E"CR<CFQGK#;9.C:O85?&Q&*J*U
M-0LQ@&!Q,!Y"R&%:6<O+K]\,`)>3RALC2A),0,YE<6L&][AQJ^*]%$3<1'[U
MTVJW3H+]?#3CJIY-^3N&0+.MB6>/XG39IFUO!EQ!RZ]``J"T%(:8$GT*HKR\
M@G'KO_4:W5JM]`+9R9;XYA?.F-W^1YQ,OWGQF;357'%76/EGH_W.36.F9`22
M)Q-T:2.(KR*YK5&T?9531.@G+F:'63.'.1'GG$''9AD^=)$(J,>D6%%)*'W[
MN17M%IV]=>@%.+D*(7XAS:=U;9,KH&;U>`ARM2/]P>%;@N,HDB8GAU2#$;2!
MAN=NVJIF_BG<"B8[4EQ[R4$^5"*QI)X(QXA&D"T!!,+%>YZM8KC?4Y%7377H
M$"QQU#Y1@^7@/`8&H@6%3.0DK2Q\I(;E`KXRMU02%T^K5%35.VG?H![?<_\`
MEU]NS%^#N3N%/E+\F^(L$RO*,(]S1X*6[_F7)U/D5>YUECUZ+C/#(V19Z*&*
M>!JODO@"B/`I!D*T;W]!A#PSD&JF2@9?3YJ6PP<F.LR;CUHV'<*VCS;>.*6R
MOAFKOW1;803/:^,8K5CH`P_%Y454`XG#OR1X^QS&Y[5)6LMZF7%QVU`":0TV
MFLV$<KGF1@V&<^0YCT$'N4BB;L1RD&TH*_%V0YAE>:YQDRJ2U#>5U!!KJ2J]
MO*61+BCGR;.<^?\`HI$K//9"CE/+4+6FBJ)BN317A5CXV??F)\)_N#<U4?(V
M.LY#^)DX=3Q1E7\#K:>3GF.9/A#[%UUGF(SIQJQN20HV86DZKEP"2X\:=7Q0
MRP;#B0)0U+<.?-+X5?+GE+%_D#\8?D3Q;RC&'B24&0X-^Z%H^0\>AO>U7S,@
MP;(A5F5TC@+*</?)@#`96.\9'I]2`2K)<@XYR?!\AACRFG@U=UC\VCG61R"/
M%K6GC*)2E#Y6(5`M(JJQ%1-$]43OT`^5!0?\%LX1;DV&>U7)"22WV]-GA;DP
MI8+#VNGD4G[8XGTZ[M/IZ`4'RP_["GV^?BX>^QSA[(\_^8F:X^U(%8;CN>2A
MXGFW<-J>:/(Y3R!7BL(`WM1JS:*MOHS]?H(O?0,D/S0^_)]PKY07F1_QSDZ3
M\>,-R`AH@<)X/L;6@EAKS-4((TW/ILR5FTZ=[9=D@H)D&(]%<Y(PFKM0`SDB
MVB4F0&9*E666YNZ2.?;S3R9=E.2<9YKN7+G%(:0=]@UY6D(]7*Y".<[55<O0
M$]D6>%<0<%\,X?-/>6?)B8ME&/Q,+JQA<*778M*NLSL<ER4TB),#7TH'6RPQ
M&0*R#%51B38$Q0`17[:N'<9\L<I-P7DV\=C&3Y#B%IR%QA019LH<O,L6Q"Y?
MAF6RI;+6L?%:@I<<:5\<1EFEB0Y9RQXPHXWG`L/W".9L7^#'P]S2QX]%'Q?-
M,Q''XXXL'$36R-G&11),>/D9I!WD/./B-!%F66\SGC:D1@O\S6]!B><)8\9Z
MJ8A")'(12D<IWG<@'/*0I?(1Q"J]BN>]VJJNJKKZ=!Q4%I;8M<5V1XW;VV/W
MM6<4VLO:.RE4]Q63QHWPR:ZR@D#,B2F*FK2"(US51-%]%Z`WGQ3_`.P#\^/C
M?%CXEF>0XK\G.+"J.+9X5S?2`EY(2O<JK,6HY5HFU^;QK8@QJ@I%H:YCB=HO
MMG]V]`:H?_94^')?CA+RMWQRSD'/\+,:^N'P8231K0VN+6A;.V/?0^:1518+
M:K'XE..KDR3X^"T=-LP%!5'C)))'#$/?20PWPXCB>$AE6)$$K2.:(8XQY+1O
M\3'Z'**.]RNV]]>_0-B-#D&DB-*`_:4BL@>-SG,2&H6*4Z:*PP3RBO4:J\;6
MHQJ(Q55[DZ"WWQ7X@L>6>67TL`#"CI,.O;*:\HVJ$"VHH>(03)Y1O9[BJDY(
M.8`/TO(D5R-7<JKT%M?EIB>!X+GN!3ZLX[?+K.NB8Q>0:R<AI]16,RNSK922
MBML(,NL/93"1CM4+1N(TQ',:Q"M1`*APAPR.ZXHO;["'T%#R#\><IM<ZX!S-
M]E"D"@OQRCI3T^.Y-=UCR%L,=S)Q)-?<BDL"8]=*>Y1KH,J@*K[HOS5?\Q.;
M\<AT-?84/&/"]*6EK*:?(CEE&Y!O0P7<DV4J1!(:!+%0RX8J>,0:O&]:\Y@K
MXY78!HV!5>DD0U<C!QC*1RJKFHSQN&U=R[]KU56IHOK_`&[]`EM;]*-:KM5<
M+\7NT5SB*Y/Q1=?PU7U_#MT'E%*KFO8YR-49-'(N[15T=HNJ+N17(OKK]*K_
M`.P^]7>U5?I_(UG_`-JO<[9N_,CMR:>O=/[IT#69-6^S.O"1/,L4%M>35;M<
MQJ&C/JH3-[G(C6H2RU:FJ^C?Z]`\XS_<6:^(FYH5&-B#1&#1FQ?J>K7?E8C4
MTTUU[:?UZ`NOVV($+#L+YIYOMXI)L(5S`QRO$(<B1-DSL6H+')"4U:*,YY9$
MO(9V0U(&#<Q%<<8T&KEW(@0'R#87-KG%!8?[JTO@VHN0;"7[3,7EB93<'5F.
M5D<D/%:V\J&3)+9K@QTD^$\;)8:O3>)[T`A/R2^3Y^$_B3#Q+%;&4'D#FML$
M%,1\JZ-856&BIXE74V177RLN5CDJ`(4?N6MW^)[/RM;J`"$:R'''%:J:QV-:
MY7*Y'J]7I]2E>12N>1ZHKE<[<J]UT=HJ@E.()I1M1C7G:B_K^/5[MR*FJ$71
MZ.8]-J-31>Z]F^G0?92(YRM57>$*QW;F*Y'$>Y6D<\>FG^W:W3:BZ(BZN3\R
MH@)N[PSE(SZO(US'KKJWZW;&+NW)NU55[K^';^FH>WG$LQ8_N%:$;$'IJ/0Q
MC$<?33=Y%='C`\FWUV%UUTZ!/Q^J)2TIK2Q8\-[D\V&=\9R.;(@8^%2I6`)N
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M:P*['JC(`#D8/;ADUEE-J@7+G!>J$AGEH]50@D0*X<IV,.AQ-L&M"@;#)XCZ
MR`Z=(KI1H#9$9E+>0#0I^#U976%**QL6.>QPG$E1T*-[71Q;PKG#00&K$"UC
M8T&.P8QM>[1C6?2P:(O=KE1%=VU5?5&[D<C@0)$MHGD4BO?H1-6MWJXKW(XF
MQ%&U6,&!J:JJ)HU%W)V=T'.*4X[E)L7QHX.[1%[N(K4VHCFNVHFU43371.R=
MN@]9E@08&>/PIW?HTC'D8J,<[5J;2#:U6,1RZ(NB:_\`H&S992U8$X@]HR1P
MDD-V.*B>=`.<QC55$5/K<U$1>_IW1?4$KS,_C:1=6:>Q<%7>3]77Z6)^INV^
M375/_/X?CT#BR=QVCQ2)%&NPF"PFND(]KXC)9)%>]A)!VZC&X(5>FFNY5[:=
MN@F+'OW2OM<*3"UF2[>L96FQ8U(UDN7(R-9L8D$M`'<0%I=0SL"\$=-SI$A&
M"5%WZ=!.L,$60+&&RHU2UD7$JZS04EV,QXLH(X%S8SZMTVOY(`XPY"1YL1BC
M8PS8#AN02->C6A$7)%C>6.5D?:0+V!24@74^/?O==9P"W,J.:<*[M4BRKBW@
MR'R<G!;&>2,9XEE&E,1W;Z0BD92#4^UA'D1SV:;'+O>K6^17.T<K$15:FY45
M=>Z]T7H&C.\JDC':I$1??-4.UJ/5BQUU>K5W>-SB_4[LJLU1OHG0=82OW(1!
M?KN>+>T;4\@WN:K7KM0BJY6,]45FJKW[>G0<LMY'">Y6$:UKG[$'O5=7(]ZM
M5!M;N1C'*FJH[T7NJZ=!%>4J<:E2-Y2Q9`D;(5$<J`5I@D^O5NHVN5-$<[^J
?IKIZ@MJ1WM&#\1/%H1/S+_J_I+K[C9L\W_R_QZ#_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>o16315o1631505.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631505.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!-`P$1``(1`0,1`?_$`'T```$$`@,!`0``````
M``````D%!@@*``<#!`L"`0$!`````````````````````!```00!`@0$`P4&
M!`<``````P$"!`4&$0<`$A,((3$4"2(C%4%1%A<*<9$R5=:788%"4J&Q,R0E
M-A@1`0````````````````````#_V@`,`P$``A$#$0`_`+P_66NA!=62^=*I
M\03U:P;EE-DL&P9G*U.5.<:Z*J:<`R,7QBOJ\QR"_@7(I`,@*)UG6DZ[QT][
M'E2T)Z=%(HQLD@D-U:C4\6:Z^/`*6YE-3Y9CS<6NY$J$*9/=6`GUAUBR5L98
M5?&1CFI\Q.==51R*BZ>/AP#HPK'I.$T=3CD:P):LITA0W6-DX9)AV`:,3'G4
M3&"<]6^:HB*J?X\!J_"(^64>[V:Q9K66%+D2-N:F1"<(<2L5EE/#-BR&J3G9
M(+S,<C6IJ[S7@')O163LFQ.-15=HF/6\FW,WZF4+)(-25LP?I#"540K)7.UJ
MHBHJ)Y*G`+VTM=>46#XW3Y?%$:WA"%#FOAFYXKUB:A%+8YW*[E.QC7Z*B*BK
MIP&CL`R&!#[@\YQH>-W$0]U8RY+7]-R4BQ:]ZD;>O<1W1=*F/>@54::_"W7R
M\`<W=V2/`V=M9*SBPIX<AJY$%0&,$@I*J]C7=:/H\:(BJ[P7Q5-.`8;-],17
MM\D9"WZZM@QD/""N](;UK<B+13I`+;EY^JD-P1$-U?\`:GW\!M6)(R-?J(S8
MS*A1R5:*566]65!)$5"Q^1I3A_[A-=&IKXIP#&K[X;72;I,2RBKG$F2@37="
M,9L]\.87DD*T,AR*UVJ*U?%=%TUX![Y!N!`JP0S3H605DRUC'M*64RD;,96S
M/IQ0,//85IA>G5B/56HK7Z)YIKP%;OW0?U#N2]I^Y>,=JG9'L)7=TG<'D=`/
M(;?(+B[G'PK"V`G&KQQ)^/XHHK:XL4D0GEF+(M*>-"8\:N>3GT:`N<#]Q']0
M7=VMIFUO%V3V^;E<Q9\G'\0Q_&9DZ(5W7>,$:+D\S/:^#SN>WXD*0BM9XJJK
MJH*^Y_<U^H:H8,?<?%LH@;J#BLK+VPVZE5&`W</Z[6G*-1AJ)3<:')B6U6)"
M/#`6--;)70#6HCW/`X7L[^_1M=[@M=([?M[:`/;IWQX0>76Y5LW>R)L*MS1V
M+"(N276W[L@2/<1YE<D,Y+"@F]2QKF">O5DB8\S0+C5Y75XWN9>Y+'R^DR2L
MO8C&A"I%"^CE-LRLEUK5?S*1[!HKG.:J-<NB(GAJH/S>VUKLHP`T6FO<7#(N
MY`FPRWKF.@&>,)U4**J$52/:Q4:O+X+^[@-;-R;39(T)(F)-SMT&+BY(?K(Z
M5I&L=+A!N]>35PP0'D=IIS)U.77QUX!]8=/9:4-Y$LGV48`%+7QS6HS>J>2`
MHB1Y**;5T@)!O7E?K\:-\^`5X0;U^:VRON76N,-A59(K2QV`C@GO()\@<)7,
M8XG(%/FZZIS*FBZZ\!4L_5N]^&[';SM#LAVP[&YG:X):=P5CG>6[K7&-61:K
M(6;:X)&QBNHJ)EE#Y)D*ERV_R"8Z0@"C4ZU72=S,>YK@$'[<NQU!LEV[X?<E
MBHNX6[-379KG.22F-)<R4M(S9U/1++>Y\EM?254AC$"UZL60XA$^(BKP![>W
MS'ZRS`$LCJ/Z+&E$%S'O4KT=JOQJ]53F&)R\RZJJI^S@"8[>8Y6RV-4C@C:Y
M6L:G*K!M%R*Y'\Q&M8]_Q)JW15\_N7@*[OOZ=AM?C]'MK[BG;VCMK]_]H]P\
M0K,HS+$(TBEL<AJ+.='I\.RJ?8T[H=@+)L,OPPXL::T@SN@2>BXJ,"!&!82]
MK3N!O>\39O#,JW.VYHJO<JMQ.-7[J''7CC,3<BI(R!=I)BL`$-9(R",L:X]-
MR#6.D_I(Q$8G`$K[@J:BQW:7(K7\*1+4&,_3)\2$\(QQVC:<;"M0W)SL;\Q4
M\->`TZE+A?\`\^NW6_!%3HN)LR?T'._5#(Q[_IJOTYNLHET3PU\%\/MX"0-&
M6-8T#XLEHC`%!L%"<?4U=]-Z8NHJE$$B+U'N145$\4X!##`KG9N,Z2+P(H5%
M!FN@&D,3&I`906"),=S(UQ+)I6)R-151J)JB>/`4:/UB^WF0VO<=VIVH8OJ\
M9RC92QPO&'5Q(C_19K5[E+,,.6-.K,C.RJMRZ,.,TC1MG$KW]%SUC'Z0*%2[
M\,3L0P&MK*V.:EB0\=+%M;)]?`I(M/5`'S61X%?;NB`(+I*-SAZ$$1CQ\[53
M4"#[#;\8-6751@%NV%'RN]:6LCS\>OJ_(:6%*$;Z80$B7&!!E1BCM906*C@L
M>WJ(JM:NB."=M!OG089GHMLKBGJ(MU8$DC"&_P`M;7W#T@+':IFTH*RRF2(\
MAYE5KFEYM%\6\WD'<[]LBP+*^U?<3$LF8-`P!X/D5A6F=%0T6NILXI+63;2?
M7.C(.JJOI1Y#R/1O,R*]J,4N@W`W?:4J<RN,,:#(YDG;Z/DV;YIN-1BHW,@U
M>;3(LJCIZ6Z]3Z4#[2KL*"B`-HU54D!"DA$1"IH!U]_YMJ#9C<+1\(11T0O2
MCL8*3HJ/4@E7KQ=6.D,YT3]GGP`Z1XI*'VCR\A7<:82LF/KL@;7]72-$R2N9
M:4C\42/S<SJZP;:-*HM$5"14=HNO@$OXM9NH9(:`S7'9C.5T>P>+'O4]0?21
MTESV#M1M7F<Q=6ZIXIX\`C-QO>![U4^=XE(@SYC2TD+\/%BS@P&`&QO-'=:%
M5H4+X)HKM%^[@*UOO;X<.?W/[#T^\]+&W'KLWVIV_HJJL=$6NI:&ZP[<O=W-
M1Y*684TAX;*#!`)H6C>)TMZI'7X'/Y@ACO7L]A.Z6+.F6-3!R.&7&H%'986K
M)#Y0["BI$PXDR36Q9$.5>`ET49APF<T[(ZE<U7,*%"<!K_L-V89B'<=B^9PK
MVOF5PLC4$BE@1JIE14C`2HDABC)!5SI4:HA5QT>XICO(20C4(K@J$86`MT>T
M3:;/MT,<W)S"KIK>92V5'D$"BLH\<E3,^C%.^AE-@)*B)(+7@DI%D@,QX3C:
MK3@4+V*0)F'V^Q/*<1MJ&[Q*-.I,EH:_%K-]JI9MOD-)#D2Y0*Z;>3W3+F76
MQI$LCAND$*YQC%+\:/4A`:FR=IDF7DD9?M;&QVOH;6TKJG%Z>X`R%!I(>'T,
M."U<4C5X1QQ5\@UH9[D"G3:+I-1-$3@)RY;-W\K-O)-P6PP]<@J@)-L"R8,L
M\5*SJ(WFYCD-%>B`5RJKA^&G^?`11ZFXK,0Z/+MNF-G*F8(/I_\`B'FB(L19
MJ?!Z5%$^:B+]BJ]%TUX"=&*.H8;LD9C1Y;JB#:64:*^:B/,62C1^L(-[6HA8
M[IKR(-R)\3-.`X;:5C=)D.V`),^27(KD=R"'S-3TWT@%>XIT*Q/^E(6:,?2:
MJ\SDYOL3@(:^X-V`E[RG8-EV&9-`Q3<_:^NNH53]9B:T^8X[<+&FGQVQ.@))
MX4F#<P02H)AC5K3<R/5NK2""KQB)(%CD<:EM1*1>J04@4IKFJ-0C1)?6&3Q:
MH6<Y'-5-55--/+@'IVT8ODM+W%9')Q2G!28C7&RS*W8W-@L9/M;UN+,#CP-'
MF:1\;(#5D=5&QBO757"5K_,+!5[%%)R##\VK[A98Q2Y5=="/,')]54V9SS0C
MT0BHBTTTA'"\FI'(]J>+6-0)%5%#.S"WA4%.6*$LADLS73T*Z"!`P#&.LE0A
M(5`$5FFK6(O,Y/#7@..TQ_#MBMQ,$)89;:Y1=&JKTK-ML>J321LF7A(`39#&
M,KT&R'"IJD,-@48SHQ((VM1$1&<!,3<H--8;39T0LHK0/P.WF&`(JL580*P\
MD:+RHKD5Z,T\%U\=.`#^'/0&[4K*@?3V#,:K]S:3&H^1*0WJI`;@5_E<R,-.
MCRI"AFHP`>[G\4.U--4UX`KV/UC<<E$KBV4";!D3B/B&AF:40HDV$(C4>1=.
M=S)+G:>'@BIP"%=X]&G7&"Y"*?71W8K964::"3(<.S.*7%G1Q%%'5$1T?J/:
M_F<J?X??P#[MCU=U1V##38$<4S'K&L(>9+4,"/,*C!#::0CEZ*F<[7775-.`
MHM=PN3&[?^Z[<R$(-:-^'Y_E@X4=C.>O-"=.L/0OBL>J#?7O&=A`>7RE;]B^
M`.SLMA[7Y;N->Y[-QV*?+K4LDTB=)C),M+2W,TR$EVL[XYLAHQG=RM(71ZNY
M?@8Y-`L&5M/B684E7+#1!@RJLE--';1HC(!_4UDGK"`"4SYY(CPH\9!(_IO8
M145/B7@)N;"Y'1QK^XG6IXS"28<>MKGE*(77]5)ZDY`ZNY7N<L<36N\^75?)
MWB'+NF["X.]N'[E5V48^ZTQJE2BG4,EW,1:^60ZND>M850M,,4IVC%;JNGG]
MP;[L\ZVPR+#+M!Y+70*R=13:2TG+RF%6BE1E$0J!54ZRB817<K?!43[.`'BK
M<0_*ANS#<WQG\/KGY+8N1>@+U_I;<A',CS$@ZZK)^F.+J+75/X-=.`F)2[<X
M9737UT7()4^+3QVAE3)4^6V/!EBBCEO%)Z\A6-:`*JKG*[1$3551==`!WWX>
M^5[4?9H_)`9%O.;N#WW@OE53]G>VR7'W`)!L:TTJ*2#E&;MN(VW&'%@S>0<V
M/(MG6D9.IR03/&X7`5+.ZS]59WC;L@L\2[:MI=I>V/;^09[XLNQB/WIW1*1I
M-`2IN2Y=$K\&9\EC7(`>-*HR*[YQ$TT!P]KN/9UOKV=[5[ZV5]EVYF=9/;;J
M2MUK'(+"1D.56F33-W,[G2<H8\CY$^Q$8<E@B@&CBL1PWM&K4(Y@%_\`;YQG
M**V7*O<4KX5W`;&FCE]0PY:DB:B.X,8B.$TKI"#<@4ZO.BM=K\+45`/[32'$
MHZ-II"&ARPP05L*LAE>6628C?I]?#B@"^7.GRE(T0HX6$*4CT8QJO<C5`1'N
MA>[EF?M$=XVTN&V6RF.[]X1G_:UBVXF0;<V>6+@N485EDG=C=6B2_H,NC4&8
M10NG8W0#C3(4FMDBDR805$>.T97'`@O8O[QOM\>Z=^74+9@_Y>[\GG_3MRMA
M=V(N/TV=5%:*DFD)D&.28TV35;AXU]<&,09U68APB*-;")`*8(7`>>HVTQ.O
MQWZ`:HA2&3*WHSAA$$*R$<-$*YODQO.KM$<KDT\/+@(-)1-='=6_@\:('N/'
MM\E9T*_ZF3`Y.6D`MAZCJ=%>C"B)%]1S\B/)KS?;P'DK]X/NT^X9WUR;47<9
MW.[@Y%B-J=Q2[78M+C;=;3#&BE;%`7;K!(]!C-P^#',H1RK($V>X7@0Y%U50
M'-P&<!:+]B?>639;0[E[0S#-E%V_S:#DM+&*1RN%19K&?ZF*(2N>GIQ7E+),
MO*U/F2E7Q5>`F7;^[U6;5[\'%V^X9@MCA`K:XQ;-LMDS;"-69QG%24\RP=$!
M%<D"*E4"LG(6W&(A3@(V<1)<9H!J%M;VC.X#;CN/VSRBW+4L@;\[<V-7'W(B
M64L=M*A46<,N)&&9#B11\T.BPO)'T%K7BCPV14=.I9G.Q[&B*0/.C]\GO&LN
M[/W0.\K.I5S#E8IMMG$WMRVN@:B?&A8/L?-M\/0]>KFE<:+D^8MM[U2.>]5-
M:O1G*)&,:`.03)<.8.="DFA3(YTD1Y4,KXQXYV/YQECFCJ-X7C>FK7,5%1?+
M@#0]G/Z@[W5NRI*^GP'N6O=R]O8,=(;-K=_Q'W<PP<-%&K(E7+O)P<YQ.$)&
M*B!H[FK&B/=HB*J*@%XB_JI;AG;G>.+L!:IW;2-S<5G0+!-P91=GB8C#J,Q/
M;6+VN`/-H5F'(9\)K*EA"BE-(Z4^S$^.R,8*;G`9P&<`4GVB-T5PGNR@8+-3
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MJG,-7J00_F)\2HC7:*B:JBZ!P<!WT8GI7EY?#E'HFOPZZ%`Y=-//71WGY_\`
M`.AP&<!G`2*[0[T>-=TO;W<&56@C[PX`"0Y'<G+&L<DKZV0YSO#X&AEN5WWM
M14X`T&%.#FNVNZ%H&Q`]VX59N5*DR9TMQX\YT^?=@9.//'635C,-7U$.L/(<
MDQR-IX,`=8%\&4*0#CR/=C,,"[!.Z';;KU\/%LPHL3R"\BP0NK9I,L@.SK":
M8<T1V&GB+!@[BO0T21,M"Q90EY;&4U[`P0K9<!^Z^")X^:KY^'BB>2:>?AP'
MTYBM:QRJGQHKD1-=4:CG,U7]KFK^[@.ZC>:K>]$;\JP$URZ+SKZB.56IK_#R
MIZ9?#SU7@$_@,X#.`=F!9'^#\YPS+>12?A;+,=R/D;_$_P"B7$.SY&Z>.KO2
MZ)P%@3;00ZO",<;'9-L8XJ6@I[%A0Y%:6=?+#$2;9SJF:<-?E5<8<W()<`PB
MD?(82,2NC@@%BVLF4&BN]R83$.U@=;$-)6#GM]MC21@+<4A:KZ/2LS6W8VCK
M,?B0J]U;52\3!%`6N(;%`B3HTX`C:\Q0"*J::(J*B^"^/W*B*G[TX#/%=$\U
M\D1/^2)P"U#K"E:V=(^37">UJG<CG-*T;^5R!8BZO1SD7731-55$\>`7F5L5
MN#R9ZOT<7((3!HK4]0X,>)8-,K$\N1CI+.9473XFZ_8G`<_Y:9'_`#+;_P#N
MSM7_`%EP&?EID?\`,MO_`.[.U?\`67`9^6F1_P`RV_\`[L[5_P!9<!GY:9%_
M,MO_`.[.UG]9<!81VDP*;/Q.*RDN,2C21QYX.6HS7!XM:Z>W'H1*X*MQ[-(U
M',LRXT."Z/Z6=#>ZG6,.%:`QM(B2`B-[A^.;A3,>PK&!Q<`CX\'-+VUR3(0[
MD;7/B%RU*N-%I:VPO2V&-VLBT%3R)Q49-B`<2.K4C#4('$(`J7[:9$KG*EC@
M")K\*+NSM7JC?]*?^Y_[>`^P[:9$CU<MCM\Y6M<K6KNSM7JKU3D&K4_&?Q*P
MCD=I]J)]OEP&P+S;6_9AN*AAV6`O:BO))(/=;:Q6==QYKF,ZGXQT56D(]-%_
MU(OVIP'5?M]DRT,6"^3@B5PZ"=T)2[K;8I&?:FLZZ=+5LC\7=%Y!L``*M1?A
)>Y&JNKD3@/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>o16315o1631506.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631506.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!-`P$1``(1`0,1`?_$`'H```$$`@,!````````
M``````D%!@@*``<"`P0+`0$`````````````````````$``!!`$"!0,!`PL#
M!0`````#`0($!081!P`A$A,(,10)%4%1(F%QD3)"51;6%Y<*(S,E\($D-#81
M`0````````````````````#_V@`,`P$``A$#$0`_`+Q9))(`(Y(!VJR#)#!,
MQ&,<AG2D&BE71'=+2C=ST^_@&)A>*1:3),AM(%T.;"R&8.82(1\A[:>\8^0&
M=%!UN<Q@7HC-&)ITJU?OX#T[I8[49O11L3M9LNI?-F%JX=A5R&QCOLB-84::
M=+D,U'(KG(Y.>G`/K$:>9BM34T8YGU/Z6L:&6RGJ-TJ3V!M!WI"#:P?<)TZK
MTHG/@-2[:CRRCW+SNGLQ)-K+:0'(::9![;($.+)DSH\B$_J*KF26F`CU8U/V
M]5X!7WQIK3+,8KJ"ALQ45S(G6#'2Y8$DQ9'<KI#75T@6J=392D3FG-O3JG`/
M?;"-;UV'8S69=#:ER")'CV/M2H6*V3&&@G&&]>E7",YG4FJ(J:_?P&@-ILCJ
MP[W[@8H&ANH<FQN;2>@2C?\`1@AKY'2RX8XKNTA[1"-:[M(J*YO/GJO`+?F"
M<=9M0DL=D:OLH^6UYH3X\@L<HC.!*5J*4"HY&ITZZ<T=Z<`FMWQPC^@YLT0]
MPKT?%Q-[/;&]\W)%J):"D]G7N=APVO/W/3MIU<`^(TN_<*V0V-6<,"PX\HBI
M/IS]M\)[7![3%FB<IW-716_<B<`QZG(X@$==BQK*JJ1*EO6>(L)"ME2X<TS'
MR.@!7(U7N1=%1%54735=.`>N19]5UJQFR17E7:V4:5;4$A<?).'#+(AB$YTY
MA1.1&N%UJG;<U_5IS]44(>[R_)MXY[&SAX`:RR'/=TD("43`<-K5GW,0(FC3
MOWLLS@0Z5CE1'/:5[I#6.Z^TK$5>`TCM5YPO-?W63@QB961;R:^P+C-UD\J8
MR$_W1"%=&F0<;-$B/<,J=;4<]B:MU1'(_0):W'DE@V?Q\=K[(H,*N6VWUFE%
M>R2RL>O[3Z=)C1*V%D]4Z.-IWR3*YK)(XY7*Q-`N14X"5./9Q1S:J-%!>PIT
M\"QB2FM.SK0`1C23(<]SD16=S7EZZ<!IC&\F@8MN+D=ZN58_DM9D+8Y890RD
M82F[ED=)5:YSTZGECC7J?HJMY(GKJB`\-^943*,$6'26F*.EVDI)$-+\H_9R
M5%"D_P"E'<J$UE.T_`NB(G`-!N11$V6.]*G&$S9]?%HR4GNXGL76`P3*P-RB
M]/\`L#@E>Y7HWJZ'(U5].`=F)6++S&[)L\\Z*T4A`1S6PC-F=^KE-&TIAF1'
MO:4/2J._;;SX!5JQY`_,L@;+M&6V-@6K=6O6,P`A2".<6:**YPQ]\31N:CE7
M71Z+HJKJB!`3Y//*^;XQ;'VT7!)(H.[FX]C,H,'E&$"0^FK1Q(C;[(X[9(S1
MPDJHLP;8W4BHD@K2(TC1O;P%6[9M8M]GTJGJ))9KW3C$RC+93O<W.49"^01U
MI.G3I!3RY8IDPKW"1Y"(@U4FKW$>]X&DVOVS]E7A[S5*PPW&(_I54[B(]4:U
MSD:O5HJ?JIKRT73EP#TR3&)#ZV94%8L.N<J.8$+`D"1!-4PO_$.-\=JB/JY6
ML9U*B.7J:JIJ$M?%'R4@/S6)LIN#25,6\E0PP,4S,<9D,F0*!0HZAO0FU"MI
M,"G^D1BZF*B#5%(]JN"3F%0*/(MX=Q\++M_6Q08B>.=D]\7H9*^JE>=`JWMH
M,3VC=UM3754<BZ:<`^O(ZHQO&-J+:])B8+8.*RZR1$B=EH&,CN>T#FLD(-2,
M:JE5-4UYZ<`P$Q#"/Z&OW+_A"+V_X0%EJ1_<%_66,:2L!7::H9!(B)RYKK]W
M`;OKBQ+3'R#D-"\8H$J0"5'>KT>D(J1^]W%:-7=:JOJB>G`(T&%"?GEB]+&]
M2/!@UQ2TTIS&T#06`0=-B$J,:\L]3L?^'54:W7DFO`5<OG*W!M[C>G(*R!7V
M<>NQYFWFWN/VK4ZJ=@J^;=Y/ELNJ1IU&.UE6$YL-YM&E50(BKH)J-"%_C(W#
M<$SUF.WN98[$L4FPJLD.RNJJ'92;",`19!F1YLL4@C9K^DB+TJY&N1/14X`]
M]$Z#!H!2Q6\<D5KXKRJ(XB*$<E1LZV$;J-PG.>QJ=/X==4U7@$EV^GCW<2BT
M%;O7MA:Y(*>>K+1"SC%2VD:P"'K-"DP@VKS!F"7]9KQM>J)Z+S1`\$"'AN0W
MAG13A9F->D?(,)M*R<,VEA1FC7(B"+&5SUD!]J`[&]7XQ%<K5143@"3PIN7Y
M=Y'7E189D^C'455#DU;5U0@US+J6^+!DK"N"]*ELV-CG<-6JNK6(WDBMUX"0
MGDO/LP[';@ZI6=8JZ)[<5M"]W#5%D!ZN\!JM>1Z*NK5_9<B+]G`0<'BEVSQ)
MEVS]RY#Z.1'KLP`Q"?Z$>QA0;2FEX.YG?U6MES)X7HS["@7ESX"40XFZA%$C
M,BQ(T0HCBGO%1R9+'!:G<,Y1@MV(YCW)JK45-5X!!91[T$Z5F9-A$H$N44].
M(53-C3!UZ!$D92@?9E(QNJJC.;N7W<!6K\IXMIY*>3'E=X;>0%*VCB4,J3F.
M,R\3$M?>Y)6K@%'FSY6-Y+/%*MZ2]**ZC2^_6$$0:23A>TP7*(@#QVVVA\*K
M[#,=M<WM,1PVUQ['*X%UB4MV(5&07]Z&C;73\@RXV01R9)EMC86#5>LT\EYB
M/`-S2HJO4@-?Q-V8D[IY?N==TVY.Z[-A]O<YP1X]@L>".%M+O/14E@DS-YF1
M[:S*X)K69;0%:.)&C+#@V<RL&1XI`):+P!0]N]J?';$4N:L(,RLI;9\>T!C4
M/:_,X=""''M#'=%+MU:80(D!9<4B1BBDQQ,8UC7:H5&%0'SLUM;C.SM%=`P+
M&'8/:V&8;I9?C='7$E2P8NN=6=K(%2@IF3YU)7R:7&H=7`)'AI[-AH"*)':H
M]X';OB[]_P`:0(\VKP.19U@A_0[(RGAV3HJ1F*\SU;&85Y$<=R%:FK6/54X#
M:^>6^^L+;TUM+C84>VB,$MX*>*5)A?3SD<!'*V0-\1Z((FJJJ)I]O`1<1^Y"
M82^@^D;>)BQ'#RWV"O7Z6Y`N*[WC5Z/;=MD@^J\].MR+ZZ<!-_$G44:NNVXW
M-,>FBS;6'7'G#59#U]P1IE55&-7"0Q'(QW2BN8B+IP';,)C51E^`1C6AGY):
MT-IVPO'I&)31DAN$71&(P<A#JJ,9U*]R*]=$1.`%M\A/CM30?*GQT\OH811V
MQ*?+-B<_.LDL..=<EJ"6VW]G-KVE!&L!&EU$RNE$+J1%6O1KV]EK7@`G`ZZH
MB[9[UPZ>Q)C<#+)685N'30*PSV!.V0`+H:.:X110V"7\6KFZ,1.?).`?'QZ;
M0YE@]7G,D698VS',JD0*:GB0<9^ISHDUE+TQ[BRL+&[<4JNLXA7F1HQHK2="
M*U-2.`F%372,7R25(@E!>T>0U[(LNID2&N+CMNY%!(E5*(0BMJ++N=:QW.<L
M8RN1KG"(U`@\MBMLCYOY';<XK8-1($>YE9-<D(QQAL@XY7OOS#D-:,G;;/DA
M9#57::J=.;55'<`5/="YQS"M],8O<BS:;D)#8Q.J*G;>HK'3)-)]4D5;IN0D
MDB<Y%B21PE<7K1JC:+EJBHG`;TWEB54S9S<1YYQ!QF87/G20A,C'I%A1"2A\
MT17HI&BT33UUX`4HMPHA?$";3NJ[-E7`S>KP(.4*0GN#P[8%QD\IC$[6J0(B
M4H8CG=>B]YJ>O`%'QVI+CKR44Z7".'W$P44\0C2A;'-'$>,YSU:SJ*URN15T
M]>`;]ICC9.28+ED>1!8&D!8U<Y"R=+%2&AF0*K%5NO80NGXM4TU3E]O`.C.J
M*@S_``O(J&W%4S(-]C3X*QK@P_IS9[#,?%1QRM(T,H4MK"B>GXQD8US='(B\
M!2?N)-5M6N_GC5G;X"9+@.7Y)C&,V@Y7TULFJN\@-5'LJB5#<!?;NBL+H03D
M<%^GZKFZH#S\0=H,`#!=5U$:NOFP+8KI9[K+LZ.LIK^F26-&TR3LSUBG%JYR
ML[:N54YN37@"HDH,/PVHJ9F,P:*JEQI\8Y'P8P_<S!K#DH!O4BCD%='*1CF]
M:N5$1W--5X#O\=_++:?8GRLVR%O=:FQ>H\BAY5LI@&9V;8,/#(6ZDU:3+L<Q
M3(+Z;)CBIKC-Z'%[`57KU-D2FC`JM<<74!7=PX>*U6_]#N?!R'&Y)8.-MQBW
MHI,MJ2PQ"D5[9J%1[@]Q@I"_AT35$_+R#?N2Y%MQDV#9#%9E%3`J[G'YM'/L
M2O')C5K#QE"XCPH1JF[3"JJM1>:)ZIZ\`/E1T/\`0QFR+<FP[V:Y(626]ZEZ
M>RF3"F@G^U_W.[],<3\.O5I^'@)@T.W%-'LGUL'*;"\^EC%'9)6SEE`LX$<!
MW`*B2%5I&H5$<FNJ:+Z+RX!!N\"Q%LR)97MW9QKS*#$&"`.?8+`$&MA39DPO
MN7R>T!D8,9W5U*WDFO`!9\[OG.^)3PRKK+;BTWME>16?UIU]UMIXSG%N;=0,
M@B21!DU^29NF0T^UM$6NDL4<N(>[6TC/8]OM'D8K.`KW^1.\U3YQX=B7E5A6
M$MP:!N*6VE1\4B7I;N?C,:'(]J&FM,@'$J_J,N:&*R<I^P$;9DB0(2?A<YP>
M?Q0R@M/E$.OM,SR'$R$$T`*Y:V//K;=#&&0I^X8\=XI;W,:U7#T>]NB.5W2B
MH!O<%QJ\W'LJRCQP%K/F``-TNYLY4H$&H@D4:$L[1`-8&)%`CW=+.AQBEZ1#
M:1[D3@`M?Y4N5XQMKLYX6>,6,S(R6<[*-P=WLC`H1#NS.QFEIL,J<BM%:YSX
MB7LS+;@`1HYS496H-B]N.Q.`#9XL_P"03\A/BS$QO&[;)\/\C]N\9A1Z>'BF
M_P!BX\GM(U/'"&+&BP]R::10[D$?710M%$2?9SXT9B(UH58G3P%F[Q1_R[_!
MS-*N+@'E?XC[B[(Q[.&V!99AMC>4.[N-,DN)T/G6%+85F`9+4P'`3J=[-MQ)
M:_1&C>BJY`*ZSY._C6-XIR/*(7D#M`[::NW<AX5->PX7;BAQVYMIUQ5LD[8M
MC+N&',).%4,PP(+JI))4$4K1J(;W(&FOE"_R9/#'P`RS+]J-FZ,'E%Y!4KW0
M;/$<*M(V,X#@>3,"^+.A[AYX*ON8WUBJ.)K9-;6`FS>\UX9#H3D1_`47OD(^
M>OY#OD5KI.#;C[E1-J=D"FE.38[8\-GA6&6@)#B-[>;6A;6SS#/^H#T1X+.P
M-6H1%(&&%5TX`,+7*QR.:NCFKJU?M14]')]RHO-/R\!;Z^&/)]D,^\&[NIWU
MN6TM=LI9[C!M;<TUT,0-N`-+GTB?-EF21TAQ\ES/?W!-&6*`3$:]K5T4-D;+
M[^;,OR0.][JZ[B^&FWTN/?7V17#H%SN-`QN=*DQ:S+0P*4$)T6FC-,,\F%T2
M;!PXYQ@=*.-C"A<KVAQ_$ZS#L?N,$C4QL>R6JK+W%;*J,.PKKNOM(0YM=DX9
MXB%2RA%KY##!E%,=Y!N3H(C7<!\WS_(P\C(6^?R:[BTE!+;.Q[8+&*#9*(=.
MX]YK:DD6%YEA"F>O25Z9+D$@:.8UK6M&C43\/``J*9%0A-%<)R,9HY$31SW.
MZVKR1$<UJ:IIZ:Z\`DKR<NFO)>6J:+R7EJG/1>`]_P!1F>U6-WR=E7(O1UKI
MJC')KI]R(OZ.`\+G.>YSWN<][W*Y[W*KG.<Y=7.<Y=5<YRKJJKZ\!QX#.`L;
M_')L?99+X.[SUX[AU?\`U#H<BG]!1R6#?CM^LO!\B1DAK>RHA0Z!SE;ZE<[H
M35.OI"4?B'MAL[>[HS?&S>'&!7VQ.1.+*2(&W]@$5QC=<"A[YH]>IJ^V!C5Q
M#+;=<HL,D-3'&J',X4;@+5&P6X5CXH>(6XF!9C,679;$Q,S@[-9!/<Z2#,,!
MG7,B1@-2[11N@W&#R[Z-43('3_Z8(Y!.5KE1@?+]\F<P7<+R&WJS-)Q+,5UN
M3E3XEG(>\TJS@0;:375UG**1[W$FV,&&,Y577J(]RHJ^G`:"<[5577[5Y?9J
MO)53\^G`<=.>GV\OT_=^G@%+LM]O^LG6CD57=3=-%:KD1%ZM?1%Y>NO`)G`9
MP&<!<<^,.M#'^)B[W,L6:QL/J=U@$>P;WD?"C9??.6.WM#>4CWE5&L8B.<KW
M:-157@(?^.V6R:Z<.WESZ\=\5V09+4H:?#8C[_);&GK)B@2Q@XQ+/:R25[D3
M2:KR%:YD6+*F)7K,"P7\EOE&/;OX[[;*ZV02HEYD_(+7&XA6H*0D+$:N0.L6
M6.2XBJ:WS4@BE1SW/<60J*KETX#YSVJHQ/Q?I1/M5'>OKSX#J337G]B?GUT]
M$_,O`=H6]1$5?1%35537U^_@%+J9VE]>GO)JG[2-3J8B?=S:NFOY.`1^`S@,
MX"WAX<Y7"QOX$XL4$L`I>:;XYIA,SO%J!`3VMOEN9.BS'7=E3U2QB`J`.*.1
M*"P@R=/XE>UK@AEM'DECB5C77G_*RT&^J;')&3.8T,%6.(2K8*^%1W>838:@
MDQX46*9!03*"02,$QW$@O8&R_FL\D*^SV<VFV0QF?W86.85M;BMA'$:/V_>S
M<<@;CY3(1*X,6"I6V/TP1&#$$2]Q>EC41&H%9-=-4]=-/S_FT]/^_`<>`YL<
MB(J+KHO/DB+S_+K^3@.[N,Z.GI7JY+ZKIZKS^_T_ZTX!\OVUR-53_D<`3\+$
MY[L;5IZ,:FO_`-EZ+IP''^FF1_O+;_\`NSM7_.7`9_33(_WEM_\`W9VK_G+@
M+#?B-0Y_(^,#;G"RU\5M)&\WMQ;H%_`SG#TII$ZOVUV\-00JO(HN<4U>>XG6
M-M9#%#BV#9Y7Q"H)K'IW&`A5F%31'?'BRMO#7L^/83JMD/<K:8]H&D!CS[C)
MEKIEM,K,ECO)1$*Q8T:7`*<S?9MC@B%.L$!:>7N)[M7.YE]'RH&/UE;`R_*"
M41+S<3"JQIQGAXS$:"$_(LXES)C(V/5M6_K[Q$<,XR-:P1!HH1,_IGD?[RV_
M_NSM7_.7`%P^,3XO/'/RW/GV2>8WR&>*/A9MY0U=M289&R?R0\<V;GYAN`:M
M82JLF89D&Y<`L';K'9$P)YTDZQRVSFNA07L>DB9#!Z;R?$1XW[)T?E]E)/E+
M\"MXZ#;C"A2_$R!M)Y-;0WFXN_&:R+[%IR0<GP&ER3*OX)KX&&K<0CC+8)W+
;SVKA2%A(0S@"W_33(_WEM_\`W9VK_G+@/__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>o16315o1631507.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631507.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!-`P$1``(1`0,1`?_$`',```$%``,!````````
M``````D%!@<("@,$"P(!`0`````````````````````0``$$`0,$`0,#`P,$
M`P````(!`P0%!A$2!P`A$P@4,2()014643(7(R0*87%",X$V&!$!````````
M`````````````/_:``P#`0`"$0,1`#\`W%N2C@LL.5\A-D"2Q!=`0;5'_E(V
MBN$J)]HNMEWT[]`Q<,Q6!29)D-K77#<R)D,UN5(AN*^8T]\V<AF='8WN$`,N
MB@:`B)M457]>P=CE'':;.*.+B5S*EUOS9KM7"L*N0L62=D8BZVJ((DCP"J*:
MH2*BZ=_UZ!]XC32L5J:FC9F+8A5+&AN6%@K9S)*,MBPCLA6@;;5P]NI*B)WZ
M").-6,LHN2\[J[$!L*RXD,Y#4S82M!!A,2),Z/(@.(KF\9(N,(:B*?0]5Z!8
MYPIK++L9K<?IK4,>MY$^>!37V1DQGR<KWQ*ND-*J;VY:NIJJ*BB@:IT#WXPB
M7%5AV,UF6Q`*XCQ&(]B45U'(J2(P(TK[9KM56WE%"1%1%37H(`XGR*`QSAR!
MBS6.7,*197%G8+Y&R2E;C5\C8S;`3A>-9-GY!$O'^H)KWZ!:]Q'F*WB?Y0V#
MT&Q8RR`_"*.\\PXR\4>4HKY6-#%$VZZ:_<O;H$H><<,_P,_F2!=^1#BXD;/P
MWOW!,A*FF>*;X==Z1B8$Y'D^FQ-WUZ!^1Y60JW;(_C<V''6&Q)-0M*E[:[#(
M391H#D,+\@A+3;_1.@8]5D#+`E=MXIE-5)DRC^>T<9EY)<F'-?%9"BT\2#Y"
M35%1%54735>@>N19Y7UGQ@E1<AJ[6TBRK2CE-T7S0@.R8;;)_.%YIT=";0UT
M!1-"[:IT`XOR#?F`]=_QW<30K[-Y#F1<C9)+<BX+QZ_,.EF9#80HH.(Y.E)`
MLY\*M1S;O-J+(=-2V@"]U0,KM7^<'W>YERK(+[`>4J/CF!>7+ULSAO'^(SWH
MD0W)[R_`:N,A*YO_`"*PJ"XX;48$4E7Q"0H2A;>%^0W\H<V;AUIE/(\NQP:+
M8+?`5IQ%AESC+T]OQ1FTM,DQJOD9M7HV$LQ!HHZJ1$.Y1)!-`TU>D/N[6^R.
M"I6Y-_'ZGDJ@B5]C<LX]8K,QJZJ%+P/W-*_)E2Y,1(\D/'(AOO.R&2(54EW*
M@A+^.955XOR'D5ZWEU%DU9D0QG8YB^K)TQG9/I+K$WZDX4=M=Q**[2T3Z*BH
M@/3GB?"RC!4ATEUBK4JVE(]#6^,%B2?%"DH3+*[7560:(B@NWLJ=`T!RB,G#
M#Z)!Q9,Y*OB41U/S(WP#F-LS*UJY0E'566X+ADI(.[::"OZ=`[,2L`N<:L@L
MG;"&+<A&8YVS3J3/-52D;!]P7M"<%UC:2%_YBFNO0*U4S?EF60?+MEM\;:*K
M*N)R.##3,DB-V:W$W-@KK0MD(DJZHAHNB_70*>?DA]GIWJ+ZL<E\L8U6-S<T
M.V@8C@T>1'^7'>R7)(D@83AL(XT;[%37PI,XF&S`WQBJV)"I(2!@2Y&X`E>P
MGM*QGG.>377(.3UT:O>LV[QYV;';RO(&F+J67C>?,'GJ6-*:8`!;!ELE30$(
M-!`O7&'X=_5O-Z"E.VQNQ8==!@EE5<LHK@H+WRFXP.J#NL=F;HX"+J(*JJB"
MJZ]`0/CK\9E)P]46%9QCS#R1!@6;/^XQK+9RY1B*.HWL8/\`97'H1[F$$1!P
M'0<$11$71-.@J>7#OL7ZW^U.*\P'E\>KN:RFMYU+<X1"DMT^<GCWQ?W''LXQ
M^.+@6$2VI)*MS%<C(J1G5/?JWO$-)'KUFN$\]WEG>8UA51_$I^/X[EU':E&%
M4DQLLC!9)7R5$/"S-A"\HN!KN%P51433H)U]CZO'\8XGN+P\2C6S.+RZR1$B
MN,MM-"PK@LD`OB&\15753MKW5->@C],4PC_!;G)G\-K=/X<SE:1O(?\`[?C/
MR5KE/;JCJ-(@IV^NO;H)NK78MIC[K<D&7&6H$M]B0P9%O2$ZD9'=Y@T2[U5?
MJGZ=`B08->6>V+WS+T&(,*N=<JY;P#CW@L&(^D^.N@FY8K(`E5-50!UT1->X
M#U_,-6Q;7@3CFMLZIF=B=9[*<:7-\TC0/UH0VL7SJ)`<LFE-LO@S+28RT9DO
MC#<BJJ=N@RJ<78'D>9<NV]Y'C%9/S\HOHSTAQEEL%GL6+"V"N>!&P;>AQB;(
ME5"_]R(OW+H@:3?7.H`J.#%=,&WH<10V*NP_(PX@EM1=BKK_`%[)IHNNG06^
MJH4B4+I*K2IH(M`6TD440-I$WH:@AJBHA(OTT7H*T\]8]"L:Q\Y$=`LZ9^1;
MU!"VA28TQ:^9&-R,8JI;DC.'N5.VU-?JB=`X/0O'[IBDP+!UR>9BU7CU#.S'
M'Z&`RW4LVDV[S*[R-]BP#9Y9D*2ML\;<<E5&&'`$4^Q%Z`G/LO/M&.#^0=%K
MP=:KHB1F[2"DV*B%(8W>:,BB3JIJNU?T)$7].X4:;Q&Q#U*EVY<DRSI)+-=E
MS+?D7P1[F%!M*23A:L^75:R9*L&C1OZHXPJZ=^@M(U`Y2=)E6\LQ>3$<:D-S
MR9QYR4)LBBN/$H-7`"2&O=41>Z]`@MX[S(>U)F98;+:F2G9-1'&DD1YC5=XF
MTC^5@K1TP%5U0.Z]D_3H!Y?F,L>4<.]"<UR*9=5\F!5Y!Q?*SXH$)ZHDQL;:
MSRK>`UN9$N8C#+KD=N.KK;2.M&^BCW3H,_7#7"?*V35L*WX^R<ZZKRB<WR(V
MC[UV,NOA<HE%R*%:VI?N<*V>.)1NQ%.*,B&R+Y^-4^W[@FS"GN>?5_VH]7>'
M#Y:G9[,SU+JPY0M;*/>6.'-PG5GQZ4G:"9DY3JD!BR4C;0E(<NP)DO(0(8"!
M%^0<%]CN0N1<59P#ENTXN;H,E*#=U\RDG3\%OJ7%<B*$D-*YW(PL'2RFEA,3
M(TI)Z2V`EJ*HJ:*(2]E55R'>N8O$OI,*.D6R&-D"0K"8^-D15%U`;;JICVC[
M%?.FD+A1WB*4PIHBN.`0]!>1JEYJQFSQ7%(5?@(1\5IJZMPYQT7XLUBHA5L=
MELA<!@#D&T+BH\J;A$U5.VO03CGEESO7<>O6\AS##N((-.7?S(LJ1$_;I#AL
M:K\CRQ#3P.JJJH=!5U"Y)3"CI_A\=IBSBMY?\547]I+PDZ2S1+9\?8#S_?3M
MO)%7].@N]B1T;%;=_P`:E23IHTVUB5[LX%60>L@Q>-5V#N:\YGXUT^YM$73H
M.2<_C-/F&`1';.0>26M#:;`($^,=/&2(31D*!HW)\^NP-RDJ;U5.R=!'GN1Z
MZ'[8^M'._`$>;7Q)7).`?LE:MJ"M5LBSJYS%[3Q;%T67WFJV=;5S+$EQL"<:
M8,B!-R)T&6?C/#DQ3ES!<'Y`J`CY'C'$V&!DE4]X'(]1-Q[&H<2R5^3&4HA-
MQ)$5_P"\#)K1I%'44[`A9+DES)]Y.,KC$N)+:\XCH)]4T-U@E4X,Z!+;"Q2Q
MO,E85EIR?#"VFQP%L20V8S1&B*9:=`;.=?N2([69SZM"QN.ZVM@RQ83(]TU0
MO(V2W1/U8PVC_9'R)7XQ.26TCH3PN(H[.@>%3C99KF5'B&+QVY4>6;;[:MMJ
MZU&A$BNOVTUY$,5&$`@\ZZ:D3BJB?<1(BA<+DZZQ?">=<9N[O,+3));V+S:>
MKXTIZMR6="W9R*PYF0E);<("C2&82DZFT2`6NRKJB=!.W,<6HF<.<B'(F.C'
M;PNPGR6&G=A_%APW)32=DWHIBUHFB]]=/UZ`4;7($=WU!G5!T]B--!SJKP5C
M)U<<^2_!M8]QDTM!3PZ)`BN4S$,BWJB^9$[*G<"D8]5'CKCE',G0I,?Y$QJ-
M(B.HXT$5Z.T]&53414G1(B15T^O0(%GC[<G(\&RMB77--T;%C5SFG9*I9[WX
M;PLD49131CRJ*[E)/K].^O0/#+GZBSQ+(W)MK5U<25BDUAZPM;0:ZJ@.-"JN
M',LS,`AM@*[R<4DVB*K].@Q[5_-N`Y/[/Q,]I\BQ_,>.<LH+K%(-W4O.)1Y3
MQG=PI3&*Y36NOA$>6KO<?>AR([Y`)N!,4D5-%40GGU[XL=QW.+F^IK/,OXY:
MRWY\6".374JM9D2#4IJHX-@Q/$$?(E$`D;!55%!05[@1]O`Y$."5PQF64PX(
ML>6+C)NPG*8'4U=(%DVL6UR5R*[H@J!V'8-4T^BH%A?3J/4U>8VME.<9AUU/
MBT?#*J,\\#;DE^4_5NFC)F8JI5]=5@BIIHJ2TT[IV":N0VL1J>?:'D^OR3')
M$FNQL<8MZ.3)3Y#4-UQ7$F(^CA,^4&I"_:HIJB:?]@GO),JXTR;!L@8'*:NN
MJK>AFT=A9.*$EBN!^-X2<)E'!5Y6@<5=J+W1/T3H!^K_`!W_``@'"8Y9B7[<
MN2.27;W8>O@3)6I[$[XG]WE_;5<^W77_`,=>@N#0\<X\S9N5M=DD^["L!N,$
MH[&:XPDZ/&CODPZ"R2T(!=1"1"U[+^O;H("]A^1?5_ULQC_*?LGS'C_$U=>.
MOMA+RG)7:V!)6MARY$B)2QG91V-Q:*+"BU"A,ORGC41!LE73H,1?YTO^09A7
M-'&<KU+_`!TRLB_Q!E<*T@<U\^Y'C]_C&1Y2PLYZN>P;CFJO78EO38O:U\='
M+*RG0V)\MB4D5IF,`OG(`9GI5R#R!S%PEC/\->E6^4\20H6$7^/L2":L'*>I
MA_'QR;7.D>JC)HT!I=VB*ZV\@+JGC=`_/IY[LYE@XR,<S7!,GOXM0TBRHH1/
M#>5'BU\SEA4S"#8/B77R":B0@.H[D5$`M3?LQ9<FX>[?4-$[AN'08,BTL,ER
M)]EEQBM@1SD2WV(Q/N@$=AII7/(Z7B'LJ@2)HH3-ZC_DP_&-F4^EX_ON?^,^
M)N;*:AJ6\APGF>9*XWLH>36M=$L6H*Y?G,*EP;);R6DC[VZVRE.$^>W8AF(J
M!7,^PS!KF\XQL:2@J[")FRSH\R\B1:^=2K#8I%L(5DEA&4Q-771$6R12;<$]
M=4T3<$UP.*L,C8V6.2*2#(9F5X-S6H[,=IQU?&V+Q`A(@@1E]"54Z"C'\>AE
MBFY,+!)#/.'^."J_@5W[PYC4G-_VYNR4_)\3Y3-9%)A)&[P>8U+79WZ##Y[C
M_P#+$]R>7[*UI/3WC?"O5'"I3Y)$RF5"JN2^5IC:;(Y/NS[VF8PJF<F1V4(A
MCTSTA@W%%)1[1/H,YW)O-W.7L)EMGR%SERGG'*>9VI.G+R3/,DM<AM?$;I%\
M>._8NNI!K&#[-QHWBC,!J(`(HB($=,4,>SH&&"$9B.06WG!33>3LA35T55%$
M7G`-%`B4D5"#NG;H+\_C'YRJ/5SVCPN3>M,#@.=2V,+S89B@$-B%826PJKH@
M-$!5H[!$=)Q4/2,;PBNJHJAZ-F'\+</\@T5+D4&@JJS+8E<C$+*(E?&6Q%ES
M4_@SE0&ELJU7E[L.KJ&I*V39DI*%8+?#ZRQYAE>M5RUBT^/9XG8Y9R'7E:4J
M1GN,)4HZ9:RMQM%;LYQYI8R?B205@@AP!?.0X#C\%)(8*ORX8ID&$_DG]O(,
M1J5%E/9Y59OCB?&<!FWQO*<>IY<E`9VBU+BQ)[AL:C]%:3:J*BH0-_T^_))[
M=>M4R*UP5SAR/@M973FK&=@*7MA:<93Y"/`3AS<*MG9>-O?.%KQN.+%;EH"D
M@.=MW0;._2#_`)6_'7(#D+CCWSX^9X7OK&&M2/.O$4.[R3!_E2!%A)N1\>OG
M<Y=BR,-?ZJRH$J[!QXM/BQFQ54`KK/)W##?`EE[`_P#Z6JEX9F<[TDG_`#F6
M10EQT.*JQ_((2Y&W9*]\$4<>MO*8I]Y3A!M0\R('0>6-0T,2[B,NLPP;W.*Z
MU\8/D-+Y3;%LW#V."#@*1)L31=0UTT54Z"0V\#"+#43;+_3,4UT3N2LH:N#Y
M-BB*IW[H@IKJJ=`E4.%UL>WG.3F#&>VBD@#(<2+.B.;F6W),9HQ;G(P2>(D=
M\B`6A_:C@Z@C\BQ2KFV)T;<R<5T7HJAH#C2-DI^%$\NTQU334MZZ:+IKT&_O
M\0GMM*YH]$\'SMM7<GS_``FGN,#RFJ6>#,BQR[!:Y@ZY)DY69'QG,FH9%;)?
MDFRH-R9;JJ)H!*H8V^;?8KW@E>_7+=WRF[%X1]V\8Y5K,CJK^OLX\3&,0B*E
M>51#DY-(EV=*[QA!P&1%!E^1(.MG4*IYD>;<<0@(I^:SC^RY2XA]2??F3B$G
M",SR*/-X3]@<4D,/QY^)9Q,F7<:50V)/AYR7"N1\;LZA'C1$=\;*B2H0:@`V
M##KA/>C,>-*?=&4Z@*H)*<!#;)'$'0S)KQKJJKJA(BZZZ*H(N0W;C%B_%!"#
MX[#+Q>,4$5%P%5Q5(D%2^U575%UT5?ZJG0$^J>>\QLOPA9_@89A<KCN%_D/X
MA61C7SW5@A1\F\1\WSH=?L1WR#5.99Q(_8_$)/CK.#Y`CY$)>@'[@C;%-3LD
M2;O@.M2",Q(M[)F(NZN:&@"T&US31439^G;H)TB/PYD)^5&)EQO15/8^".JG
MQ"W$0@38H9$1(J:(G=.W?5`CZV8^,Y'L(;+3DZ"[O;;0D_UH[C>R9'4]^W_<
M@FYO<.U'`!55-J*H<EM6Q,DH#`D264B(DF$__:VXA"+K:H"-H3;BAVU)%)/J
M7?L@%V_X['LD[QS[&YKZT9+/"+6\JUA3,3B2W%9BKR'A;-I:T<`O.2-?'R;'
M95O6;/[GIDN("(1(*(%4??D[:Q_,%[GQ[*.00[5/XK3.RC><:C4E9A6)1,7(
ME<1QXX[.-Q&&A$"%?&2*BZZ$H'4L<ZJ_RK_A-YYK*&L;C<[\-\<NQ\VQ-A?)
M-'F#A296<D,7M$&KMB8<HM8PZ<7RHKB2I\F&KA^/R&&0G&YH6,*OG]B"=#8L
M-NB**)+8:?=;;7>2M$VZI"BZ+HJ:_IT$>9E,0<BD(I(B.5@M*J*A*2@@JG8"
M5#7NJKMUT7]/UZ#I5W)-_7<-9CPXQ)=3&,QR+C;DRSBHH>%R\XVJ^5@HIA`K
M:DKC,3E>QT)%%M$<74254VA86!7%853K4%P@=?C/-2&#)MA7&GVG$0M!5M4>
M%7$V)O7OVTT37H$KAW+'I4671S51);4U]IP51@"&1$\K3REHIN)XI+9(OU55
M^Y4TZ"2KTRB@P^3)$0;#(]-J().(VJ:.$"MHI#]RHA:ZZ]NW0<6-3&5D2ZMS
M<TV2%<P#<:/>['=>`K:&)$ZX;H,6#WFT0O[9(@F@AH@-.!E63<#\Y8%S3A<P
MZ.]Q7)\=R.OF*V9.0;&DM(=G4SP$76B5R%90FGA75$4D3[OKH!F/?N%AO*'M
M+CGMMAU>$"C]G^#>*>4ZZ#!EMV3E8Z[C<CB_-:1Y3;;5+*CRCC*;"EJ(>-QU
M@S^TB45!(_#C[(KZS_D;7CFU_P!SQ9[2PK#`,PIIJMOP1R0F95[A5H]'DHIS
M+"5:2'Z\!7<)?NKVX=PHH@);EWC9OA;G[F[AE6R:@<2\Z\R\8P!`FS`ZG$L]
MNZ^B<`F]@HP_2+'(=-$43U1%^G04[Y#L'8F1R5WJBL-[5<5=RD"JYM1=J;NZ
M%KKIIJGZ]M`:J@VD4'A>/Y!8FY+=/R%H@!CK45B+KNV(BQW'"T^BJG_37H+Z
MU/'UW&T<8LL!>T5LP;>Y)XW>5307T;3;_*W`5Q6TU$==>ZZ?TZ"OV*X7F3&:
MY&Y`/$R9<R"V=<"-R1QO(<%%ER7#;<!O+E-LE$E$D+11^B_3H+'V>&95(K1^
M8_B3*.1@4O/R#QXUM/7>OD5,LT`E1=.W_9?IT'=@\<Y,Y6QG8%I@[=G!?*96
MM.<G<>:3W&XYI*@()9<F\)M>X\V2HB>$"1S35O5`^LQXY>L:EPIUK@D,GO$\
MRL_DWCF(\+AZ$##C4O*0*.\VA:+N5#W::JNG06+XOH>6CPW$:+.FZEG&X5%:
M%QS>VN686]#/%G,BL&[I,9E+E+4>=0?S&/+/;$%V*%@=EN(9"J!!!UWCO)M9
MRSQ_E/'[&-3>0ZC/,*M\'Q^!G6#S+R7F-+D$65CE;5U1Y(]:V<VQO&8X-,LM
MOO2G#0=NJHG0.CW#H<DS'W']D,N>B4F,R,BYEL+VPQW(,ZP.FR&EM;#&L;>O
MJF\I;7(X5G6W4&R1T)4>2PR^+RDA@)]D`<G)G'N4.9%.VS<'3_39!%/E#C)E
MQ01MK4R%W+O((JJ=M5U_^?H"4O'^8Z"U\GCSQ)BI0T>_REQ?XE!:T!61_P#;
/]-B-HB>3^W:N[7;T'__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>o16315o1631508.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631508.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!,`P$1``(1`0,1`?_$`'X```$%`0`"`P``````
M``````<%!@@)"@0#"P`!`@$!`````````````````````!```00!`@0$!`0$
M`P@#`````P$"!`4&$0<`$A,4(146"#$B%PE!43(C83,D&'&!"J'14E,T)34:
M528V$0$`````````````````````_]H`#`,!``(1`Q$`/P#<@:<>"V.L=[#1
MVE)5F"Y%<YQCZ*1R.57=-')HJ+\=.`9.WV.6&/3KMBY`EU!M+#S*H*6:<SH/
M<QALEU3E?\O+%EA<K4U54:[1433@.3=7%GY_`JL>K\FLL1MB/>*!.KB-5LN5
M$D#>5I0.<U\A@V,<Y41S55=%5?#@"K1-LJV#!@%5DXD<!H\B8=RMZYFQW,ZB
MC1ZJ-'N3541?QX`.;)667PI>7XSD\>42=4VZR(4@:D+"=3SH<>5`&&08I%<Y
MBN>U6:^&GCP''OY7YC?Q*2/@$R,&TB0I,N5!GN*)+5\:PA'#'BG&Y%!*843E
MU7Y?'1=$\>`.%&93T$$=Q&F@ENJ'ED`14<H"NCKU0.<CM'E:JJB*B_%.`CO[
M9<OJ[HV28W&=D!YE1.EV':VJ2R#I`2SE"RL#*E+SD5Q!O(UJ:HUCM$\$3@$?
MW691)PF=M+<1\EFUC07<U+:/$FE$V34C-`=+9*CL=RRD:!SD8U4U1RZIX\`?
M?7N'?2_ZB^=&](]MYWWNANMT/T]OT=.OS]7Y>GIS\WAIKP#%%<6RPKAY<=R&
M(".Z)9N<^/!D*-X.4:M$T$TCR..Q$16M153\4X!EXYEM'`%%MX<;)X4:=(%.
MD09U18*C92*HI1!L8-S0]5Z.U1$3F7QX!XY#GN/UAT"^<M7D(XTB75/GT4X[
M0P+*3$+.5SW#COAS&Q%_;<FOS*G,BIX*#*W0]V&QFR.V=YN;N?N-0X=B&)C+
M,NK2^FBKG%>89!Q*ZN%+<(EE9RGJB,"-%?\`%RZ-1SD#(=N__J(LUH-SK.#L
M%D]Y4[9T]]D\:MM%I\-R*3D9!Q8)J$V5ASO'A6511)912@D1Z\J2Q@DHUA%<
MUKN`&^&_Z@7W<7^?5]OD&68#D>/4D>7*KW'QNLJ46O"^5(R2>L?&XU>&66%(
M(`6I92"9'8KFH1PWNX"[[VR?Z@#9G.IXL3]Q<.KVV>>XG45?N=B[K&RP5DX;
M8,047+JJ7U\EQ8DD\[KA,-+",D9KG'>#I/50M_V3R^HJ9=I)?D6+937Y/80[
M6GS''[.+(JK2CG5K)D"1&D,1CI0&M>C4=HGS.7\N`^_<E"/<Q<9D457B^0R*
MB:^W?$M)0`S"`6;!>[RYIO![B-1S2?ARKX_'@"EU\2^G/?\`95W8<WG7I'KP
M_P#R_:]SV':\_2T\P_<T_3S_`#<`W,5MAY-C7=FFD"_S*,^.:P"2.5Y(,]8<
MCN8Y&,>WG02.5%1$7FU_'@.W'&W\C)<@C7)X5E2U]I&#42XL5@@J$@3%E`$O
M(/N0@>5B(33]7,FJZ:J`P]P>ZE+LOM_8;B7S(,:@H;@Q<KN;MBDB5&,Q&MEV
M,PAE52B%%@`7E1FJJY$1&JJZ<!ZX;[J?W)*OWF^[FY;E&738>SC?-\4V0H0P
M/+Z'#\>-5D%67MQ$E=)"Y!E%K(0EG(>IRE$80=1QXXAC"N_<+;C*JRBD0,.V
M]9E8&V);JBNFUI),$*P[:570ZJ1+&\4`UBL.*DAFCBED+(0R?+X<`X-N]M/=
M+L[04]]NEA628]B5C:2+*_LCP1@C&CE?T(L6?,A<RV44RV*-;$&A7_M"3I/1
MC$X`R[9T>2?4&]S?#;>ZCT\V?:FL<,RI@66`X,&*48+D1V&FR;(4HD87-&Z+
M7J1%:FB=-I`V._8+]R&'[R55_P"UW+JN+:7^!5D[-L)R$D\;5EXT>[BLR;$Q
MPW/;(4^*6]\&1&>W5"PIKF(Q@XC7E"]3W1`PW#:C#LDL\:DV"EOWXXXD(A(+
MQ#E<G0U*)6(]&H!%T7XM15_#@"%]$,0]/];R2=S=+J]3S2;T^3ROO.KU>I\.
MM\FFOQX!SQ7P;2@ZA6#'THH9@I$8C",*SNECH5"C1!E0J"YD731=>`3J&$`F
M;9`QMW<2($`\*(ZCFC8"NJW3&"-'EQY;&L?+-*5SN9%<Y!L5$1$7Q4*S?OJW
MV?5/VUO<%7;?6\?'I$NRQFON"C(QMA(HO/*F?,@51"5\Y)DVU)%%'Z+RQ$((
MS_WD5$&0/6#>WO:!-^]_*+%,B;'971PMFW!2QC%FQ'U!NBM21I3&KRR+`<5_
M(9PV*H]>4:HQ40-U/LT]F>P&68%0U7HRDCBJHU>`TF#240)\ED=K7)%99FKI
M,N,-W21'OC."?E_2]NC=`N6J_;9LGDN.S-O;O:W%;W&ID9T&95V--"D1BQW#
M4:MYC!4G@)_RJBHK?!4T\.`JO^X5]L+9;!O;SN!E7M^JO0&94J-OSI"<-:^S
MIQ@[+(*N2)@'$_<H"F8THTZJ::?/S*BAG^^PMO%G^W'O0V7DV=<&(^-N>N&2
M10;-UC%O,0SIE[B=P<Y7.:!5HA63I;'->U@FPE5Z?)S*&_3WR6,_Z/5SE%3*
M7UE`&AK$3W.ABY#HDN"X:ZLFC1/!R^"M5?PX#N]/;B_03TC]0%ZG2\W^H',O
M-Z3\O\SZ7\[7K=7^EUY_Y7S:\!T*/=3Q&LS"DKB13-F/;`LS#8..YY$51QIR
M?)U%U1&N^"_Y<`A#K]\W(-]E+P21(.>9)ANC-L1'=#815AJ<:F>1']+3EYM?
MEX`'^]C8W=3W$^W3/]IT%@D^7EF*DZQ)SK.$ZGS&*!D[%[,,LK#-$2!9PPJK
MV,7Y5=\KO@H>N\]HFS-]MWG%M?6D`TJOL8^8=L&,!Z3`CV_L(CPV+*T+"G?S
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MY[E1I!MY7ALEWPN-UDQ2M;:8M@=K`MBMK[X=L<T@4:<2.AVNCI,AL#'(UX-&
MO:[5%^'CHJ`+_5&\/HOZ<^G\1\F[?RWRSO#\W8]GU>WY^3_H^V_#7ETX"5N)
M^3BQRQ'16#I=0PMC75<V8+ED%BMFR8[3D:K&._2B*GRHKD37E371`[WNQ^LW
M%H:Y;9Q\AM,./-GPS#1`AKXD^#'J9`$0;6H62V2='-1SGZ,151J::@NYQB=G
MF&+9C34UI!J95A":+O949[F@`..]I"#1BH]I7M:[E<G@Q=%X#)S[@/;)MAME
M[P\SA;<8Q%!MOGFU<Z\Q>4"".%2QK&[/<7>X-/C8^NY"1R93BA+01&#:G_=G
M!3]H3%<#,WEW!R^]V+V\V[VXK:ZQN,J>V!8R)$D467V=.CHX([)I@RQQR6ED
M+D(=P2-`)I'\CW(UJA<![7Z_<B@V1P7'+K!\3I)N/8M&AV\"!EYKUI;N&"&9
ML&O:F,UT0]99-(;^I?(CE$56JX"HYRL`[YW(CWNWUC&Q:I[JUL:>6D6F5`QS
MRK"5'*,4$O440PE>;43E>K48OZM$1>`2?9WM[MKL#EUO$*:$3.=WY%5;9+6T
M<0DD]3>1Y,V`LO(9["%!'9*CQ(K`HWIHJ*Q7(XCW/4)?^]&!5DV!R65-M3!!
M#M:HY.V(QCA2Y1.P"U=/G7D?*:NG\-?PX`,_4./_`&C_`%,],3N\\H]$>9\S
M?-.TY?*/5O)T>?H=S\VFNO3\?AP$J,?JC4L8V/6$B&]PFVH`2(KFD"@V$<^(
M]'JQBN*X+O%=$77@$"1C_)G&-9R`L%(;,7FTYT=+;Y@DMBPC!0T=6(HFZ-<G
M-S?'\$\-0<>X]8F5X/EM97S@1I5W2Q`0'GLW5X^LYQ4+&;+&YKM48BH]J*O,
MU=%\%7@*_P#W%;-!W+LO:YBM)M9:Y2RDM,CQW)-RL>R*LJW;40JW$UO:NVR"
M@+;5\K+\5S&XQM:!S(XY18)[44A[$C)(50SE9;LK`W?RNAVT#D.5X!:8894C
M7%!=FJTMIT6UF(Z,4#W*R5&+6RF.(-%8JJ-'-=S*CD"X_P!O'MKD;=5XI$W/
M=R;`]>:.:$YF87GEQ(X^56MF5]G:70CB*X>JB(YP^5ZM5%:O*@%_W*;+;I^X
M+:-FV^R%SA..Y\N687G#Y.>W^:8GCL\.`9?49Z.GG9+M^\.;T@LAOZ&'&D2:
MU[9@H13N&O,B:A([9NE-MKFX\CW$L]JR9'DV&XI2Y[5X!<7MAB^,Y+1UX`6$
M?&['+57(+2H9*BHT1YO)+*B(0B->KDX"2&_0L"W`VDRBA9F-#50[P()D.SGN
M;)B$G0B)(CQ&-:5CE?(.!HT<FO(KM='+X*`$^HU7]&?ICW6']M]/O3G/WS.A
MYKV';=;I<G+R=3YM?U:^/`'&CP."*;+!`RJPO?*VJR/)6TE$BR)4,3''$YPS
M\S7-54:[15T77Q7@&[.VZQ<UK"[[(+OU#E37V/E8I]D^."'%B@4Y`&62K-&*
MJMY=4<NFOX<`[K[9&MM((,?`V9/#5]I:UXF74\!))RD*IVR".E*%&L1O@NGX
MZ<`U@8K@>V&&VNXV52'4-=3PW29)S3ILAXUDG##!$<%C^<TN3*.T#1M_41R)
MK^09>Y5J;(-R\PRC'(4J9CUAEUQD.,J]C$F0(4ZR/-BC;)#S/0L:*5B(QSWB
M8K-&IHB<!9_LCEN]5[%K8$F)60Z9T52.L[%.M-,%!(T;&B"4/]3\J.^=O*FG
MY\!99L-AT*:R\G6(V3B4X:QG5D:.ZLFQ?+=8*O.G+JH`L1K4\$:OAHG`+^5[
M489+W;'CU;BT0(+G$39(>9)K6,A@L@W#82BCR6M:PA98B<RC7Q:K=45>;1H&
M#,]I<$-@EQ4.QUDH577RK&("N##[E)42+(-':%DC0:*I6)\CG(CM=-=.`B5Z
M+IOH3]3O2]-YKZ'[CTSY<SK^>\G-S]I_-YN7QY=.;E_AP$FJ/)JFXR3(*[&Z
M\8($*4***>&`VM"6RD01R+$(H2<I$[8;F=0BHB$([\>`2,UW)A8<W":&#2%G
MVEG+Y#64M@61*JN8TS;(\EXVOF(CAQU0341$(7E;XJO@'ZN=YHF/UMO=46/V
MU]8QZI6PF$`D"K66UQ$C!(^20$XO7.YC4Z8EYN?]2?@$,,^KMP[;*,2HL_O"
M6V`6+JR$V@AB6+4Q+>2]YE6<!CG/M)!#.8X9I;BN&YJ]/IHYS5`*YU[=\8V_
MSC,X]12!C5$R0E_%",?,QH<@&DVP2,-J.2.,-P22P0VZ-8T;>5$;HB`3-O:)
MU;41PM8]VD8?2<U6*/1R(T3T=HCV(K=-4\%_SX"0.R>=6.+;A2</MXH'T&74
M;[:C(BE:4MY1N>.V@E*J(+JEJ),:1%&W4A&1Y2JFC$5`+>15N0V6_P#@MJ+/
MALQ&126-SZ:BZ`[.1CRU\8$><=Q'O=&L)%J\ZL5!ZNCN1R*C=>`..XL$ECA6
M3Q7Y$N)Q9M27JY%#Y72X"-17.*%".8->LC48OCJK7JB>*HO`5[>0I_:#YOZN
MG^L^^]==YW;N[Z_4\E[+I_\`QWE_[/1TZ>OCIKP"EN;O1"L\XPZ%ADH=3CEV
M1)%R^@<:O=8R+%C(#VGEP^W,B!9'8YW(K>=2_-S<NO`'*GQF!'>\S0L(]^CW
M'(G.4B/^9'.>[F>]7(OCJJK^?`*N7P0)B4HT<34Z,^@([E_Y(,AJR2?#3_D#
M=_DO`>'*Z6+)E!)("-X8TRMLA(K4\#1'#(![5T\%:Y/\$TX!;R+!,?S#LK&Q
M=-%)2&V&AHAA-5P&$(<;"#/'D,56$D/\=$71W`(@=FZ("!["QFQNBU&+S!`5
MI!IJB-<UBA;S(U=-=->`1[O9.(BU>3-OK$EEA%@F4T(X<%C#.FUT64,\%!L.
M5##MZF3(@$3D<[HRG\FC]%X`@-C5UL&-8@Y21IT1DV'*&GS)'EB1Z\KO!R-5
MK]53\6NT_+0$7/&9K:XM+I*>^%#*YX'MD2XB3$>`16D6*Y4<)&B,C-.;15:O
MQ3@(W^E-R?3O<^<?T/=^4^7^0,Z')R=YIT].7H]S^UIK_,X".#K=^69Q,R9E
M<"KKBV065M;%5[@UT8:"BPQL<15<\R""WG?X<SDU1$31$"Q&@L!/961'/_=D
M5@C+JOBY!$4#T\577IM:FO\`!4X!-RRX2-BFXCVNY@4H1$5VJ*B(Q\4YM-5T
MU:)R\`]+=J2ZF,=J>)8(B?GXN$UZ)^6J<`JX_(213LU5=0N:GC\>56I\>`70
MF5/#7PT_W\`JL+KII^.G^"_XJB_Q^'`"3!2]F"[Q9Z(TV&9%/IA#5$U'32>G
M98ZU%\4?RT5A$15\/F1?RX!SR7=-Q!N\&<J*U?%>9KN;5OX?ITTX!D>J\@Z?
MI?TW_P#6///_`-'W0_Y_E7GG3[73GY.O\G-K^K@("T=<D$=+&T1KG3XI7+HG
MS*TC53_#541.`E-.R.-C^3X:DAR,"/!<ZMI;E?HJ-JYV(QH0N75$U-(MWHU?
MCJW3@/F0$)+V-W.GO?S3+3'\@MY'(Y'+TVA))>)FFJ_MQ0\B+_#@#G$.V7C5
M29NGSUT96HG_``O`UR?E^?`>7$RZ=[%=KHBHYJ:ZZ_Q\-/\`BX!T)X(OAIIK
M_L5?C^/`-'.=S<!VJQ&\S_<_-\2V[P3%X;I^1YIG.1U.*8K001JUKIEQ?WLR
M!5UT='N1J.,5B*Y41%553@*C/;1]Y3V.^[[W[9![9_;+N#;;CVY]HK3)+G-P
M8].H=NKBXP._KJPT'#K"\'7WF3VO89)S'DI"%`?%KQOAGEC5[QA3S]_[_4(4
MVQE$+VW?;SWS>_W%4F9)'WIW,P_'L2R["L.Q(51;UEQ@-+DF25UQ`E;ANR"=
M!,294B..I;#/'?(9,<X8``']T?N7_P#5\_N'_N+W]_N?^HGU@^M_KW,_6O+_
M`'0_2/R'UUW_`)OY+]._V>SZO:]/^FY.C\O`:C24%BLN!TY%*UPC`<U5R/'-
M"HCD5&*B6NJN7\-->`Y=ZHN:,SG%5JH423`3:VT%.UOJ`/*Y^6493JU)%H(C
MV)T@H\C45C55K55%<U%`P;=#RBPVJR:%E<")6")3Y!&4Y[>F[5M<>K.SKFEM
ML'QAC$U[N=SGHUJ)JOAKP!BVF9?2-J,!6^C-A6ZXK2)9!D6%>1XIC:X#3->8
M4H@2KSHOS-<K7?%%TX"/FZ_NEL]C]Q*3$ZGVO^ZS?AEX>$"[R;8;;7&\FQ+!
M`S'`Y;');C+,\P?S2)'$5"&'CX[N4)&N8H>JG34*]O?1]S#[C>'^;8?[`/M.
M^X;=^\:T\4.\F^-5683MS&.FO1GX_MM`RN+G^6PR,5%3S.5BYAD310D9XJ&%
MG[G6,??&W[OZ/<#[DL#*<#H)MK*#MYB^[&X^S.QFTE38#`1QXF!8;<YWB^*O
MMPU[^4\E@Y-H8")W!R::\!6!BOML]PSKD7H7(=K$R)(%PHO2/NO]N"72UGE4
MOS_D\GWD[U:_R3K]XB?M=KU.I^WS<!XK#VZ;I/+'67=[#I_VU!GZWNK]KHW(
MWMBL5SD?O#\4;XH[Q3X+P&WOZ66/_J->@O--O?4OI'J^8_6+:CT3I_<KYAT_
6J)ZS^G7_`)7Y.7S7_J_V]>M^UP'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>o16315o1631509.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631509.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!.`P$1``(1`0,1`?_$`'L```$$`@(#````````
M``````D&!P@*!`4!"P`"`P$!`````````````````````!```00!`P,#`P($
M!`0'`````P$"!`4&$1('`!,((3$B010)(Q5183(6<8'!"J%")!?PD=%B,T,E
M$0$`````````````````````_]H`#`,!``(1`Q$`/P"\G+D2*H1W19#"OKC_
M`',K>U2=Y"JYH7-:YSD35O\`Y*G0("HQZ;#SRVR,5[]S5W@1LDTKYQWMH[.'
M(7M.$/16#'.CG57)JWY-31-%Z#?\APP76-2Z*7:3*(IY#@.N:T[!'$:8-[(S
M6$+JCW/>YC41?IZ=!D<?8]=X1C5;C]C:ER6;7-C"-:R_T2'&U6N:I!=TBJY!
MN1N[=JNFJ]`A*BQR^GYQR6#9QS%Q[)8*3L<;!<61'CGKY(PVB2=Y7#BJ])(U
M]DW:+IT"TY:;;66'2:_'YHJS(Y-H`<27.:]\,*.0C7-DM&Y'*&0%%8FBHJ*Y
M%^G08?"@LDK<#J:O.(AHUQ#,2ND-C2%DB..,9XP3!'5=S@2`(U^CM'-1=%37
MH&JK,PI:SR1RC%U+D+379(<6/4N26>LE'%"'+==-1[EC0QB:UP7*Q4WJC55-
M=.@<?R4-(K>'LTL(UQ*IY<9]2>$>),)"EC,EA#9H$XW-<-"(JZ^NBIKKT#05
M',53:>-669-!R:67(L9QFKH[J:Y3-+&R:PDP(<*2QSFHKV&GSQIW6IMTU_@J
M=`[*V=D:UMX;,;R(`9$:=&<5\>"4*,CF*\<EJ#G=Q$:J+M141SD7VZ!O(>44
M[YEK;!#DT";]V>%:ME5$]L662,\:@*P0V*Q5:-&Z/T5=%TZ!>V^>8N.)7R[4
MQ(B6CX\RE6QHITL3[6`"0T3I$1[(Z.CJ<;51R.14TU14714!*7OD9Q3Q]B-K
MDG(7(N.XU#@162K&YOI;*B`B`122'`?->CWN>NJ#$W>1R)HB+T`BIWY=./[+
MEO*Y7!V/9WGE67O1OW#,$KL,Q!DP30]B;0AD2)^42P%4:[F%C5Z%U5=41-_0
M2(I/.3.N5<=^[N\%QH>,%LJR4>VI;&_HYRS*Z9',RNC$F.LV2FRB"4;%CD<X
MR+ZM&JJWH)]<*\_8-RCC114F0#)DM<.,.SQVP'(@7D$FYW<(V/.%'),@M1NU
MLD6X3]/=%].@U1K+]CY?F9;)L\<O*>76205\>'.COL*24$H`G!.5[&N!(.HW
M*C$5R;/75/;H'(Y>)#RKCZUBUW]O6AKAL&-'C7$H;*XI1R&/413NU;NVM7;_
M`.Y$Z!A:H"$\?<G@@Q"DA9>&JK\;GT'W,%D.Z1,@KH\.UWM=M,R"R4^0CE^;
M=JI[Z=`[E#;I>FS.M/82'I`EVM4Z5,8\)6R0K]T';JQG=$C"JU'M]'M;[KT'
M+/[B_O!:Q9-;98VE!'G.^TBC1(E@0L40QODM8WO&*(1'$&JJK4VK]>@\Y.NA
MXQB^5WL6O9/DT=?$F5\:6+O1`M<YS".$)ZHT+=2*KMNBZ)KT%"W\B'+W)_DY
MY1U&<2LNGT].:+)91\?5+GEI\7XT%,-`QB'+@2.Y"2[RT1$M9"N12:GU1R-7
MMB"4OB9Q6>ZIX!ED!_;@E8S0@6E"XB.;L>J&"5Y'-0:JU-ZHGKI].@,'BG$=
M5%BUHX)F#G5SV&!+AQE&P9D7[AZK!C/#%,]Z.1%*]CRJWX[D:JM4/AF-/EW'
MG)&"\H8W=V%=`KK<4+(8,`S/MX3YZM2+=-C.B-?(KGS&=B>!RN&6*94(,C=5
M0".<<WO'_*G(((-;@?V:76)Q<W(Y9#NW$ER!PP6M0=H4:Q)4&T(0#W:-U>-R
M:(OIT$BN7<-Q&EXKR,A:)\F)C==%N8\6/W!G&X$D<B1LE#5'LTT7Y:^B=!'B
M-78`O`$_F!<>NUKTIDM&PTNYJG:C+FNKTC.=W]K"O<=RI_%$TZ"5U>L.R99P
MC,$Y$F6P4E1S#(I"Q-YW:D"G_P!>_8YJKJU45%Z!)I&8_+*>+$O[8(1T`+25
M0I&;]E:!3='/,?/:U'@2*_M[!HYN]R^J*GL'//\`9RJ'A[E850>/!-*P"9"%
M.,-9J(MN`M4DI';E>)P5F[D<W^AR(Y$U33H.O]R?'9`.8Y<:U,%UE8W5=^]/
MCOW)'FV,<,J-5H_U8$=2"3VNTB?%&Z^B.1K0,7XQ5GVZ1Z>FC?;PAQ2N&5ZZ
M=R0U%<1["(Q?CJY=554=I_3ZZIT!0<,%9CE&11B;'"()G&?O<[UA#&1'-$Q-
M=9/<>J*WT3TT^O0;C,H0+NGG@11&,D=P21-PU=W?5S!.1XU8QRN]-7-5&HJ*
MJ::]!N_&:^RW*;;%L3IL@BX@%]?86;YD:(%US8F@GA'2FG3)*N*D&3-[I7A_
M^1A"G3<[55Z`IW*=A/;Q-G;31*X_9PR<5(]BUWV<@R17.>.6K%W+'>1-%T3T
M1=>@&CC@,P@^(?(-L7(*ZSQR^@TS(E(BD^PQFTJ\[H5-6JY7N*Z)<QB*U?1J
MM5$]%W=!,V<3ED-D=L"/A2C=92Q$7_\`10B@DN5"$>..Y4:10I\U3U545.@2
M:@YM>^2](_'YJ19,:'2F$>U!*4`V.4P>V?=([#7M]=55N[TZ"%WY.>1?)CBS
MP?Y`S7!?[=AW]?88949++KHA+2TJ^.;C.*#'\@L8(+2&:"`S8]HK%E-&0L(;
MED,V.'W!A4[RG#YW)63@R?CH1;2HS\X,A@6PG]EBVP:V%5Y3&8IGD>!E5E%7
M-$-Q6[GD:J)O:C54'MO^0_(KB;B'*,HJIKL4R?'X<2'QM40;N=:V]I:FLB1;
M*7FC7"FXS-I?V94FL`P`U`1BQWD(W];H"5U]ORKY#>&_&<_%<HF5V;DI:]V4
M7=>2*R7;'`6.MN]X)+A5K#1B!(C6F$\;V_35>@DYX^T.5T&-+`RJ^KLI)$IH
MT$]I'QN/B<ULYD`#9Y;.!6S9U-+[EF,C@OCCBN$+:PG?<BE4'SX=KKR+E\:?
MA^-1K:=25\F(UEI-;&5TFRR$MB.TBR6-<YRB^R[;&^J[#/1RJJ+J!'+O+><'
M<>6-G9X5B4VVAPB%+53K*06')JP]M7K)C)"4$AJL:NJ*1-4^J=!%6NNLYJL1
MOZ<''&#CQO*)4:^FT[Y(EICR*RUJY;7"BZ_:L&.7##N9IM5J::=!.JC!35^0
MY>&GM%LP0;J86822S1T>T-'!(F0V.V,1[(YB.1'(FB:Z:JJ*O08=N*EJR\=3
M;.[$*UL+N?75$'MM;'G1B0)LNP_Y41'13!&J/<J)JB(B*KD7H..<^'*WR`XC
MY1X7GR8L2#R9QAEN#/L71T(M:3):TT*-<QVN:Y%DTDLPY(OBOZHFKIT%(_,^
M-^1/%+!:[#N0,?R'$\GXFY5OL+>^S8IH]E33BOO)3J2ZC@6!=4,>;9%&$D<A
MV,8-HE?N$K6@N?,"++M^`<7J^/IE6+-.0[O'6%MIDJ/%D$QL9'6)($"24H""
M3(204"]6*FD9Q4]]O03,\0</SS'_`!BJN.<ZR?%<.NK"EM%#DN,Y`2=8P"2W
MSQP$A/FLC5U?9TLN0$CQN=+&9!*UR?+5`?SQTYVLLVHLQX[R25CEOF6#RX?[
MAEN(38=EC>7TUH(O[)DM5+A'D`&*T%$(A([E[T8K'-7<Q1F(!,Z+`:[ADG%.
M<YIGU,*/:Q1W$W"*R&Z5>V$B;4R!4)(S61AV$D$")+>A6N9M;**14W(FY`(-
M;Q8%YQ[<NB6*AB66&630HU1]Y8)JXCVEU>J.8NUWOIHG0",PS(Z2Y\;>8L;(
M2Q-%PO),3M@Y60B-^TB9#R/CL;]DC/7]8CR!:17Z?%K7IK[HB@4"LII..WEK
M&G)#=#LKI\V*0+AE<\%DTA5=)<B(B.&?TT75=$_AIJ"9RG%"6\C"+>*L8[<2
MRL[K`QI`VO''D.E!U#'<BJ1CU1%U33T_SZ!TWE%91&(*5V".K+2&U[9?VW:E
M]I&"*DEBL6.Y7)JQVJ*WW3H*F7Y@.=>%,=O.#?"<TMV1^2\=O)OD!F0:VUKK
M*-B?&C)D0;P9F?[[]VDWN4K)?8UXVL>]L&EFG(HV%`XP#=YG?0<_\;^,.*1(
MM+.S#C:O."9LE=F8&XJ+6+''(-V2(XZI&CIO$_<"0$NCD<-RKT!>_&_#+JKP
M^F@?>NK:N)$&0(J2+6TLE2_]4C.]9520K*Q09+$[49)/)1SE1==6,1H2ZX9X
M%Q*5R7'A8W%B8L')(V/!R8=<,46!5X]B]:&GB#AQPM&"*1M3%%%BB:U@^[L]
M$15=T!(N:L2H1<F\3YU6SJ`@\$`2&;')<\89A:Z2,X@D#'1KQ-9$:NB:Z>R)
M]=>@DF&\PBTQ\OV%S5""2HE5LEBR@K'KV2HY&JI]K]K`!U7T^K?;H!V4&)4E
M1QEG/"C<CP1(V5\D5DLN5LG,2N=15V48]:"FF#IW7`:&L=M9NVHB_P!6GKT$
MG\AHJ#"BV]IEW*H*?'JH<FWN[J[R>#44&.@E2Y!`MN;6>:)$K1`T1JN,5K4^
M/\>@!GY9?GZ_$OX^65TL_P`JKOFW.*G?6LP/QBBV/*D"7V'JY)$7D1DVDXC,
MU[53U'D!'HY5:J(K5T"N%Y2?[MWF')Z?+\!\0_&^DXWHKV-*KJ[D3FO,LDS_
M`#X2&#)`+(*_$,5L<7PZCN(O<&:/&ER,AA,,+]9LH3E%T%73"?*;F+%?)2L\
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MQ`NVDC'0<D!$5I&-<U40&AQ[B?#+FQS^D7$W1H.'\KTV*H1U6-MO94%I;4D'
MNC:Y.R3[=;/<I6MT03.XK?\`EZ#J>?R?>;OEYYH^57.D3G?F7+LVQK".8^0\
M?Q#!!264''&*U6+Y?>8]3/I\$H!UV,!MPU,=@3V9(Q+.8UNLB054UZ"!%)AC
ME5I)+-VB.=\W-1-JM^B:K[?Z]!M+&G$"3$>,2(B3(0G(K=7*W[H2)IHC5:U6
M+ZZ?3H/A:8U!)KVPC<?NM8UK55JN57KJBZ*KU33U]]$1%Z"Y/_M7/,B)7W.9
M^#^37@ZZ;.':<J\&ED%7L3Y$)`,Y%PH(BO5"ODQ6CO88FL8Y&"LB.<[X(@%R
M_+O^3C&/'+RV\7>`,`P#CW)N3Y%:O)/.Q,E@WI(<G$9=Q`KL3Q0+L;L*]I[V
MW!66,F0LYVT44D%JJY)+!N`=/^Z]@0/(;Q@_'9Y28['/4XC9FY)QR)32]K+&
MCE\OX3Q=F=94S0,3LLF41.+ID66UJ_`S%:GIKT%$RJGR**82KLD<P*OVJB^O
M8>[^DK%5-'1RHJ+_``]=R?74)9>.?EQY)^&_(5?RMXQ\SYYPWFL(L8CK'$+L
ML&#<1XA5..KRK'S*?'LNHBO5RDK[2++A&W*CQ*B]!9SX*_W,?D5E'AUYM6^<
M3J&D\UN-^,^*\TX.Y%!5!)@N:-M/)7AC`^126>"EDMAPN0ZG&LR6SA]I2U<D
M$61NC@&#L2@J^<V.:[RJ\H0J(9#?]_\`F<D-I-%0A4Y$R#?&754VMD-^*>O]
M2HOTZ!.PY87@>8?;:WMJX:IM7?O3XK[(G]&OU]_;^0)VU$\[12!JB/&7O#<Y
M&&12,U1$>-CAO>/5WI\T7TU]]=0P:Z2ZQ(>+(`^,=B?JG9M+'[!6JCU$9480
M;RM1$VN;JU%U1RZ:]`]?!G,F<>-',W&7/7&EA^W9QQ1E]-F&/2-Q&QCGJ)@C
M2:N8,3VJ>KN(320YHG:--%,0:IH[H+%?Y>_)WCWG'G'Q)\L,7K\?CP.9?'/B
MOE[&+[N;7XN:ZSFMX3SBBRR>-6QYG]@94*7!L5T8JH+M->C-S2`6?\X'_;+R
M._!YCW.O#3*LN!XCR7QES*"KJVH+^Q<IEKE.`\OX1(K&-(VB/39WD4EQX[=H
MV23E:)J`:)7!U^-_2Q;83D?HR2+:@3M5$5-VKUW>B[F.35=%]M=47WZ!,RU;
M'CH)$:@P;0::JYZHQJ,17KN5==C5_P!/Y@F(MO.B_N<<$D@A6,<%9-:QSD9)
MACGQK!H"IK\@MF00EV^VX;5^G027\A)3(OE5Y,':Y6GC>0O,1F?5CVIR/D"J
MUR+IMVZ?\>@;"VN_V^Z4;&H*+:!!9A'I\6ME:O*)OQ1$:R4A%31$T:B)Z=`H
MGO1:@;1;>^4)B-:34B*56J@_DWY-1VU$7355T^FJ]![U9(9*P+XC5^Y"B)-$
M]$0R2D]3M/[JXFY?BNGJWT;HFG09Q40P]JZ*JHC$W:-T1VJ:*BKZ(OU]/]>@
MDOQ$6\YMQ@7!&36(Y]9AV!<B4_&;#H0MA5ESO/>/,I94U11D:[[*!D]+(M0Q
M6L>II$J4/1?N=6@>GPGYX#F/"?+_`(-<QRT%PW^0CQHS,V$MFV,DU9@?F'A6
M*2J>NM*HBE;$`[D'+\$@34!O5LF7^V`1=RR6."JC#.XU9`*1="DB!4FY5;J5
M!N"]'ZZ>N]%U_P`?\T!+7LA'1U>@T&]A4$Y5>BL75KE16+ZM<U=?BJ(FGK_A
MT"!:J:$=HNW>SZIKIN=Z:_X=!*7R/B2"^5'DR6,K7/;Y`<R*HG>Q$3D;(?BB
M[D3=[^^G0,QF$E)4&H(YO:G5CRQ#L5JM(@RH,T=SD3T8UCQ.T_FY>@V=/?--
M71Q*1O<8BC4:[-45/Z43Y(J;D8GT3H.)4F1",^;7D&XK?C*`C%1LD0T3T:BJ
MJ(9C6?%S=-VFBZ_'0%K"GBM*UDR(5-CMJ&:FB/81K?FA&Z;FN:GNNFB+_P`0
M7_#^;2./>0\6SL33R&XW>5TTD2.48C3H89*.MZUIRB*R.ZWJB&CH]S51K2ZZ
M+Z=`8_**8#N(WW6+S60B8)RG#SF@NX4DQQPJ7D*-6WU5:NBQ6MDP46?VI3D&
MXYHXI86M*YT0AA@`N.\BMEC5R_H6%P)'.$X6JLLCJJ=I[G/&NFWX+[::*JJG
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MY-1%&PKP!$=K`7.7QQD)(C`RR_$"21K'*<#9Y&H5SV#`-[WHU'*K6,^7HB-U
CTZ!O\F7_`*IK&HNQ$54=HNQ=7/7XK[?7V^B^G\>@3/0?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>o16315o1631510.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631510.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````9```_^X`#D%D
M;V)E`&3``````?_;`(0``0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!
M`0$!`0$!`0$!`0$!`0("`@("`@("`@("`P,#`P,#`P,#`P$!`0$!`0$"`0$"
M`@(!`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`P,#_\``$0@`9P!.`P$1``(1`0,1`?_$`'D```$$`@,!`0``````
M``````@&!PD*!`4``@,+`0$!`````````````````````!```00"`0,"!`,%
M"`,!`````P$"!`4&!Q$`$@@A$S$4%0E!82)1@3(6"G&10C,DMSAX4B,7<A$!
M`````````````````````/_:``P#`0`"$0,1`#\`O)F-,J8TAD:?\R6"]9IB
M&4A$,#WB^QVM<1W/''"_AZ=`A(U3=MSZ1DXLA.6FMXCXTW'WV<A65,^.^&2'
M+`#A6"',$XGN)RWU5O"+Z]`JLW_U^.653)MY]&4SQM?=5LGLD0VR>X07#(17
M,1RJB(B>G"KT&!KC'\GP?%XU)=7TG+9\9._ZI+4@2OCE,XPF%8Z2=Q'!"Y&=
MW<G=QSZ=`D"768T^]IL><*4_%<FJW_11PR290AVE<VL24IAN(X,5KQ'5>>$1
M>%_'H'#V5(M9&(6L6DG+6Y&>;7"KI,E2_+!<LH;562@WL<H'C1R+PJ+Z]`DM
M'+F%?A?T[8`90;:%92H*E!)+,%,B?,/?%F13D>XGRY(Y&IP[AS>..@0%IF]5
M1>2,S'S6F2"^L0JJN!3H6=(K;.9*C!,*<`*N4$1L!K'M(]O'<CO7X)T#O[S-
M*@:ISR='N)=-(C5$<\25%EDB2Q&#("O,8S'M>QY>.U%Y_'UZ`8*?<S;7QERZ
MWA9E.+F^*X]5P+J4Z25),:UN+FO@5\ADAS48YY7E[/<;RG*KST#[MMY;KJ;#
M!CF2C!(%:0.Y\`18ZC0QB(9',D.)VC<U5;Z(JHOIT#>QLHI'V5K8,+D4&RC$
M^FVR2*BT##E>T&,Z.]HT%V/<T:<HY?5.5X7X]`O[#.L/?6P)=U,;'@6I*]D1
M\^IF2!'L:LKWM1\1[`(8"R&,:J]W"+^:=`SNVO,[0?CEK.[V3O3:F.XA50P_
M+I(D?,NDW-N]LF0.DQ2E`P]Q?6L@87)'AQ1&.Y@W.X[6O<@5OMA_U-6KX6V+
M:^U!J/+<LQ=QDJQ#S7-J3'!&.QS88IL.!2TV8/KR'+#<BM66CG/7VW#]U.U`
M**L^_P!U>S,+0^6^*668936,>KG65_4;<QVWGQQ5TB%/DI6U,_',6GJ^0QR-
M1KS!,T;U(B.8BN0);_$C[@WC9Y/U_P#+&`[)@-V8&D?<KJ[)^^FSI:L)A>]/
MI8DOB'F%961IL7YJ942)T>-\R%#O$XK&J#R7\@U;MVOR^5)Q^XHD@6(8L&-,
MBOMJ:TBQH8W$G(YC7Q72D5S1)W.[T55].@=79$B%D^OKID(=19NM*T$04*RE
M,;"(8A1*T$DJ\L:WN=Q^*\_GZ=`*M-0H;0V74@\%IJ_,8;(%!)I_FH#(600R
MY-2'!-=)83L.*N4CBM<]>YBL=POKRH/UCEVMS:9;3R;,YWUQ[&N-*D-4)(YC
M>[,C,:Y!C0C1H]6->WXIZ<KT'F_^81Y16U(WU$_'Y&.+.E)#CC<>-.'\N",0
M\I$:KB2$:]%&OZE1$7\.@S]A6M?C..Y-=EBBDAQS'_K,:/-8U:^/\KWFDR.P
MKV""U%3N>[EJ(B<JO0?,V^YYY[7OGUY4Y/D41XW:\Q>'(PC1F%A>KJFIQN`;
MY>YRPKT;W5MQL&XA.LI)7@^;2&6%#:1SHC4&`WZ:Q^M*VSK\F6/DEU#B0I4H
ME@2TQV'`C$>=RP*>X#</AR/F`Q1A:AT*_B,[N5J.5Y`EMUJ[.X6)ACT-)9-H
M9:'J(!:X,4<Z3!F0W.CQHX9-78S$,:*(:,E`5HA-=[S?1.UP=,;UWY&XIE-;
MY#:ROLQN<CTO:$V5CLZ#+;=2ZQ\"#/MK>IBQ_I,B'9GL:Z&4$F$QD0%F*4K7
M!DB=[)0N%:#W/I7RF+KC,<$QF2:NVK@D3.7%4KX?TNWC#'`R*BL88),H8IM;
M;@*!5:0@W=B.:]S7-<H&UL#`<2K-89/&?4&6)68_)NF10$/\PV3%19;T;(8_
MO:K%'Z.Y_3_9T`HPVZ]+H6UW!]'R=:R.08/DTNY2R6E2_K*3L=_J.UJODS/1
M>>>U.@,6F;$FK80##&YSI\Z,LV.03WO(U#2VM4@7/5%$ST5KE[DY_/H$N6,Y
M,@QJ%`R*=$&6L6?,I60T>R[!%>4,GMGHU7PQQ&O8Y>%:KW*U.>.4Z`1/NY;#
MM-2?;C\N\BQPY:Z=*TC.Q]ML$BEE1HN:V=9A\V2`KE5T9PH=^]%<U6JSGN:J
M*B+T%`CQ,TIB5EB\G+\PB@EV=CDQ($1\L+8Y4,%L\@H,:*P8ANB@AP5>YR/5
M[WJONN>0:<`?^':/Q3,LGJXE=6'&*LEBD64X"!8!L4+E*H)\PG"C#'[^>4>B
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MC%Y+6NE=_O?(68%(QR_Q_P`"_BJ]`<$F9MF'+,Z%288KUM9".<V9."XB'(2.
MAR#CPR\'=&:U'KZKST"9*[=3CRU#0X,:BCNCQ*N<&XLTE,<4AEFQF*>O'(]O
MO&G?_AY3CH`/^[!6;"RC[>&Y*#*Z*G-465IJ^DOX=7:6BV2XF_<VNOG9*,9#
MCL=!%(]OYA5+PD='JY%9W)T%0?",#P_)L9LY&N;^7BA:[)CLB'I6R)>/KDM+
M'L*LQY]?)6`F1Q$B3ECR/;,)5?[B`*$C>]`,W"M,94;&(-@7-K7#Y+UJYUU;
MT,XEK"F-CSDLOI0J6X$M<"#*$Y&RGC$*:]?;:AR=CWE!1:RW?DU7Y*UF%5%;
M[E1+RRP9+RD0(8*R#4F@$BCI+:C;(8"9D5P2[$H2$AJHXL<CGO[G(QP3%X%K
M_<EGL*5E5SL&(77<&L-)@XI.I)-1:%OYTH,PUD^;`M8+HM8`I)01QQC<-C58
MC"D"UJ/`D<.USLC`-HRLD@:SQ_)Z',<8H;6BR5^1%@WM!*J,@MY,6KAP##G?
M417!;>421-=(C/$.#%%[9U*\K`D0)FNZ9>!V4VTUY1FL(5>;Y>GFW/(;"N`!
MKS-E`;#(.4`C6JUR*].Y%X_'H!'K<BRFHHLB9'T_B8J'+;6!<S\?=+B?R])L
M:BXAVPF#K_=^70;)40?</X>VU$Z`]*R#65F7Y5&@W#;;V;'ZA8^^SL6NL9@4
MDEKV>JM<T341Z<>B*3A?5%Z#77H:V#%PNSM+F-%D2<M="JJ]K4:&S=8-FDF1
MU5>.]8K$:3N7]**SCXN3H,7R"UE7[ATIM/6<F&RQ!F>JL[QX8(@VOFK-MZ&6
MRND5J.&9J6<&P:(\9RL=Q(8Q>U>..@H#:XJ:;':\E/CT&145A71\D#`D#)''
M"-D+C$L!)".UDBL,6UAG,>(7N+%.=[5X;VM:$G?CYCLC+RI36DXXL?A066,E
M1DX8&(SO-(+PJ*G<UC'+S\4]$3CX]!H]&:!,_<=[F];#MY>/+GV3Y6,UC;.>
M6+4QABD1*:&%!+",>*X;VL[?\US57N<JJYP2W^])9EBUT\25D.74'LJOVR^\
MTDJJEE^:@R7O`-6M=`E0W#:GHKE(B*O9ST!W6`I%+@N@<KR?-Z:CQ.ML)%Y=
MT$EBER7(Y#@7D2F)6L$)TN3%C0I`QJ%%[%Y&O:KD;T!P5C*_(\4#+J;!&0;2
M@D?(D<QGNOB3HJN:7M(Y'-5C7I\4]%^/00]85D5+8:KW)@QIMG.?0Y9BV3Q,
MC<X7MT<.?L7%:9]8T[G]R2)[Y!.&M16JUSN>$3U"3^!2R\?R"W=.!'6'=68K
M*/(:X12R!61I32?,*/EW`W,;PBKSPO[.@3V;XA(O@8Y*A#%,_E'-039I'G`Q
MD6&6<QKWC`1?_8CA?^"*O[N5Z!QK?(J*CH)>37]S$H*+&:?(K._N)LP4&!45
MM+5R["=;S9JJQL.%!@Q7E<151&-:J\^G04#=U[+C[5V&[?V.4=SC6MO)JO9N
M#51;\S"VUI2W:JZ+=73V<BCW.1D<RUDQ%>4L7ZDQI'JJHYP&-XY;6K:#'[RY
M64"*^?KS)*PD20,;BQ<HJ71`QE[)"(-0D':*9&N14>D=6HBJO;T!)^/6$T=7
MEEPZLSC.+\EN1UM*!-N39?2PB6@N\@Q0L[!DE35C$,RJ$<$8!!([W&,&]K7=
M!(=K33\*9E^/U-'<7!0S/J+9,O*<BO,G+#?+F1I,BS`2_L9I8L:)"%)8R()P
M8_"L&-@T1J=`?V]=<T[;72EU22*LU?K&4U5H;&P$&9/J1BCAC-!&4:C*2.D-
M$Y=VIROY]`4--;XA)J(TBNL(`6@B2&&A-DA[(390RN<TB,=P(0G+Z_AT$>&*
MZVJJ.FVCJI]O@2_SML;&)XLI;;"^DI24]U49&K2D5ON^VR56.$UJ?I]XGQX]
M>@*9VO[:'=K`DYU82_G)4N:D8,L)'0Q3)\PD2,=4CM*)1]BM3GT].$YZ#4Y7
MB8F-D9%D&=3\8AUKDJ4CDM/;BRY"R8PFG(=1C&+^+O52*B-;RJJB(J]!1?\`
MZA[[Z.N+W7F8_;X\'-K2-F0,S650>4F\*2SE3,3)20Y#6R=.ZUNQ$;!RF/>F
M&YN0V\12USX+?D8Q9"29:@!!_8KW?K;SJ\:)G@7O&87_`.D:*C)8ZNN!2V1;
M\VMW25!3V%!,(,K4L\`G6"UA@N&\+JTL-KFO_P#8K0E@NO`79^IZJ_HLOA)D
M.,S^38QLC'8A&U!K00U$!F3U[#2)N,.MXB"%('(5T5\A4^5D$(BO8!/>,>`3
MZ''("#,:*09$'*'*13RAEBD5'A[U?%>[E&L5RN15>/M5%XX50"'[M?W3]P?:
M>V/XK3L?U#K_`&EB>[\9V-D>15>;S,MI[SZ;AV08=7UBX_>XW;Q(M0^<EM+4
MGS=;9#5BQ2-:B(1'AE:J_JE_MM;QA8TF_--;E\=,\::J!>7+0AVWK!E?(/&#
M:.9D.)&KL^]Z%[Y#A8W%B(6.%R=WNN8-0L@^%WDM]O3ROQIK_&SR)T[MR?<Q
MIA)&*X_EH8F?1X+54@BVFM<E6GV#4-%%.Q5656![7+PO#FKP"JQC2^OKO/-F
M84Z@DAK\*R;&(S+%U?(2REU]Y65\I6#CN'PY`SY*HI&L[4C)[BIQT`6>??WT
MOMB_;XRRYQ_9&WX&>[A@#D@O]2:/K6Y_LB!<U4J6-M1EBAGP\3Q"V&?N3V+F
MSK#L9Z]CD5B*%!#[LW]13Y9_<H'?ZFPT#O&WQ1G69SDU5B5N2;F.Q([58.*?
M;N?"!!E7$16C4B4=<*%3,4B-DLL"@#*0*]+6*_NX_P`+>[]R*G/JO''"+T!%
M^)7D[L7PY\A-9^1.KI(F91KK((]D^LEN)]*R>A-S%R'$[I@U:]]5D-04L8CF
MJA0.>TPG,,,;VA]=/P3\MM9^9OC_`*YWWK&P%;83L&D]PL*8T#I]-8A>Z!D.
M+9##:X@H]Q06@31)0^7C>H^\;GA(-[@K\_=G^]EA7A#Y,[/\9_''QDP;)-G8
M1B]//L<_V'M`>(:GK<RM,.=L8L(&JJMU'DN8P:O$O0J5EO6#+:^U7`:69+$,
M@1$_U'&Z<R\U?$7[5?F)=:WL-?7:U7DGJ3=N)C@V$:)K39%39:>/64%E"L0@
ML*&5DE?&F315\EKRP$:L5Y2O%[A`J91)I(3UCR$<Z.Y%:J?%6M?\'L^*.8GQ
MX3\?AZ]`[&MLGN\9R6JM,=O;2AMZZ:&?17=-/EU=K3V40S3PIU=8P#!E0)L2
M0)KQE&]CQO3E%14Z"RGJC[[?FA'\0?*'5&R/(+/B[DL-3X54^.^[H4T</9T#
M(H6WM0X]F^/7N518X[.]M;?1QKTD*^DD6Z@D@F=\R0YP%BA6]\LO^4_DO_V`
MW+_N+D?0#_T&=`((92^]QP2.43%7X->]$1%_%/5O*?O_`&]!B(WA7=R<=GQ:
MO**KN>.WX?'GX_DB]!9F_IL/N@/\1?)8?B[MO)?DO'KR2MX]=4S+24]E9KK=
M1V!AXS>-*1RAKZ?/6B'263^&,;)?`DE(,,4JN"5G^JXUMKRMUSXN^0$O$<9F
MYYL<&0:_?E$NJ*:\65308N:T"19403VR7K+$>*Z/,8:"4,MWN#<X8U:`MZR/
M@7D?_3G^0NNLKR&DE99X]2,.RO$QP2R)-L<JSY#<0S2RC.`-]+4YE(I)U0%'
M1XAPP,:;\P)7$:1P5`Q1Q2ZN&YR?K9*6,\G/JQJN:J(B>G**-_\`>WH%1B;T
M^NH,T<@Q\.&GHKT81%Y]2-:C?3T^*-Y7TZ`F9P3)34Z-:U)3KA4(G+>Q52CO
M$0B)_![;D[7+^;?V]`SGEE_RG\E_^P&Y?]Q<CZ`?^@R',:L=A4^*$4;T]/3E
MO<Q?V^J-7H/%5<C6M7GM]7M3_P#2)RO/XHO;T'<!S1CADQR/">.49P&$Y6$$
M83T((@WM5',>-[45%3U14Z"S_P"9/GW0?<.^T5X6Y)L:XK+C>OA)O.;K+=.#
M717SK3;L&_U;>6NK<S^E1,HQB]M\9S8FN6P\L-!FBM(#8UI81VHT8&$!%?;0
MWU#P+(H,3?\`,O\`*=3^2>)9/JSR&/96&46.1R-(7M,T!-OP77&'&=,)AUG$
M=D%3)CEGS31:,L(P`J\JRPA.WOI+_P"!>0N[=",R6)F4/6>=7V.U&606,!`R
MFGK+![*3)8P!2)81"NJ@L>0C1F*QON\-(]J(Y04]AIW&Z71>-;Z@;BQ"PRVR
MVE=8+>:.8$L7.:*ACXXV^I\[:]TIX[B@G2A'AR'-!'2,9T5&/D.*=L0-];V<
M<=;B]CPG9(/(,K>Y.U7"Q7(^&<=W'<A/P_/H&<\LO^4_DO\`]@-R_P"XN1]`
MP3D3M8Y./5%:J?L<WC\D^+51>@]PN:H9`G>BN:TC/AQW"555/7U158Y>@QU=
MW(G/Q3GU_:GIPG'X<=!UZ!7X==U]5:1X]]"?<8M-G59+^F26^O\`GP0)C)",
M#8!&>162'#4@/F@M]\8#E1OH]S5"2_3TO);C%K>S!"-,RO85B?':"FK<<AQ)
M%I869X1\AFPZ7$\HJQ19,RT;"H:9!4LBJNHJ3CB#&L(2B(`F^0K8M9OR0>+:
M_68\^JQF$>T3ZHX%C(@T4'')EA#+=$)8R*ZQFU;I("%4;GA(U5%'_P`@8-L9
MZI9I%*B=I)+(J?J8BM;,<T;..Y4_2(CD5/XOS_(%E9FE%JL=A+W?Z6_F#1W'
MZ5:>CM$:G''':U6O_O7TZ#5>67_*?R7_`.P&Y?\`<7(^@8-O*C>GJC>6NY_#
MO3E$3GX<JQ7?V\=!T3GE..>>?3CX_NZ#\Z#G0<Z`V=%YCFU14BK<BQK)K&(7
M"[X6LK6XJX4BCAT4RPNXN0OI69?16M19B8IKUM8R`6%*!DI&R8<EEC&8,@)'
MR:0`9V%Q:X4<,>/"E2/;@-"<+[>U!37,U26=9>Y'1V,^'7V%?!*D<T64%\-6
MS84>5WN,#1VYB+-J)+1D23(^F/D!0;E.`Z%&YS#B_P`UC^U>$Y3E?AT#HF"1
GXXDLST&(,UQ8D-I&>^>0L20-Q"M5Z)[K8A2N:!.2<-553NX8T/_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>o16315o1631511.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631511.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`(4%D
M;V)E`&3``````0,`$`,"`P8```(B```#M@``!WS_VP"$`!`+"PL,"Q`,#!`7
M#PT/%QL4$!`4&Q\7%Q<7%Q\>%QH:&AH7'AXC)2<E(QXO+S,S+R]`0$!`0$!`
M0$!`0$!`0$`!$0\/$1,1%1(2%101%!$4&A06%A0:)AH:'!H:)C`C'AX>'B,P
M*RXG)R<N*S4U,#`U-4!`/T!`0$!`0$!`0$!`0/_"`!$(`&@`30,!(@`"$0$#
M$0'_Q`"?```!!0$!```````````````%``$"!`8#!P$!````````````````
M`````!```@(!`P,#!0$``````````@,!!`4`%`81$A,A(Q404"06-@<1``(!
M`@,$!0@(!@,```````$"$0`#(3$208$3!%%A<2(RD:&Q8G*2(S,0(-%"4H*S
M%/#!X:)3=04511(!````````````````````4/_:``P#`0`"$0,1````W/-H
M'3IR8=!^P7K]^`\XH=.Q'"[?%A,CSO`\I2LEAWX'6/9P.#UV6.EV@0)VZY$7
M*W0+\6`!G+Y`^&+@HD7+P@P=J=VF>7@TB6OR-\]"A=P1*EJL">D&O'S(#9V'
M33/1L["R&_/=MFP67$%P2R0I)$]0D*"1FB:1_]H`"`$"``$%`/L?_]H`"`$#
M``$%`/L?_]H`"`$!``$%`.LQ"@D3>'D!<$`UY8+;<&8)[O'48,OR)2"MRK:P
M1:%@1HW!&BMH6!<@4ARLV%F0:)"HO&Z['>OJ&U67>`]\LLL\2[.3MY/(4:@R
M.VCH^S9H,KPEK;PK6GQ+VD="`8]W)$0T:R!!=*8[!+IJ\`L32)K#R)3M/&[X
M[K8U^5KD,W8H5ZY0@BMJJM.RZM$-)"&6)BPRQX?<V:X&!F!%F4K':HJCH_)-
ML&2F'XI:+0*159NC$U-Q'Q:PD-$N99EK]>C2K/\`<.NLK:T]XTE@RRQ8C=?"
MV)[(^-%)06:Y9B,9.7Y'D,M8KV)@:TVAD7LD<9EL3%IU=,MVBO'T7L<OR[,9
M6-3&N'M5:K)Q9*FK>HV+/,:DHR.,Y)E\;K$_Z)6LZW2_C?I,C,<?R'Q^5:`O
M5-4Z=CDE0;V`F-1Z:`Y_4X^D:CTGBN1B[48<MM8,EV:3%DHQ]8#^3C4ZC737
M"[\5LJ*NU^$;"LCR.OMLW'I(?R<HL==O8UMWZ%#]*"VAT&U["!R'<V4;;DUW
MQH$N_5/_V@`(`0("!C\`#__:``@!`P(&/P`/_]H`"`$!`08_`!&S`TQU2&Q'
M4>B@FHJ3@".F@I.HC`DU<1\<96,H-!;9AL<Z4.(:,:N6Q,R3!R%*P:"&KC:C
MIRWY4>Z0,]FRM0#"3B"#G0QALUD5J=X`SZ=U.$5GDX!C'HFD5[9M,#(Q/V"A
M#`TQ8JP:((.R@%TL9F#6K0)_!ZT11QWGJI@8*"(BBX$D';T4]X.;?+(2MFVN
M`CI/:*U%9-3%6[X.NP&"W[9Q[C&-0[*=0F";>VM960IV46@Q@^?56[.B-1@1
MW>W;7,!8$J1)QS%`C($QY:`R-15Q3D5(/DI1J"Z$0E0/%AMI\`<LZ/Q,,&GU
M8\-1"P<\ZQ"XY$$Y4KHVA0XXV@D'205$[S0M%INA9!R!8F:N,S(64#AA5B(S
MDYU;-F`Y4$ZA(D]--Q-.K3$+,'#HJVPM*&"@`C#`5+6U:<&!ZZ*<,1K'=G"(
M)I@ID`D`TDMWB#AU"KUI"`2`<?4(;^5).W,;S0L\NNM([R#.>F:4JI2%Q#=(
MV4"F9S'72FXX@J%6V,QVU<Q@1)HC&=0MZ]TS6ANNK=P9`$$TUZ^Q`N1:MJ/$
MSN=(`_C*B7\2-Z#CYJ/,VY#,(;$QAMB@SNQ$^&8%(H$(G>,=67GKC&"I721.
M(IT#"&$2<J-GNS,3LG.:@W"Q'73*+YYGF?\`!9,A3ZS^$>GJJW=OMHM63JM6
M%)TJ>G',]=6^94:K=P`D]M'A@7K),KB`0.C&N\G#W@GS5>Y2_?6SS5LCNW#H
M#`JK+I8X'.D"B>("?)%:",#1;1]\".N=,TUMG'+\NQQLV94'VFQ8^7Z;O)7<
M6LG4H]1OZU\!Q&?#?+<PHV"P#`E5_#<*YZ2<Z'-KES*R?:3N^@"@.6YAN&#/
M"?O)Y#ENH6?^2M_MKK"!S%N6MR=I4XCRFCS7[E.#Q1\:1HTXB9\_TR,^BK-]
MC%ICHN^PV!.[.GL!R@N(PUH88`B)!J[R[W2PY>\-#I@RE9,B>S*OW*$7'LA;
MRN!@5^]YJ!&VIJ]C_P"A:_1O?4FK18S=MKPKG:N1WB*YFY$DW3<N+AX3E7-<
M@WRSJT*=B.(8>7TT]IO%;8J=QHU>_P!A:_0O?57EV/P^9[GYQX?LIK3`K<>1
MJ]G"D'A5@;9];5E_=%<U;B`QUC\PGZ+W^PM?HWJGA/[IKY3^Z:^4_NFHX;^Z
M:2[;1U>VP9&"F05,@TW,<)BM]C<40937#$;B:MW$5BB$-J"DD%8*SO%<G?MV
<V*W+.8!.V<8[:^4_NFKR\-I_["T8@S'!O5__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>o16315o1631512.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631512.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````'@``_^X`(4%D
M;V)E`&3``````0,`$`,"`P8```(3```#<@``!N#_VP"$`!`+"PL,"Q`,#!`7
M#PT/%QL4$!`4&Q\7%Q<7%Q\>%QH:&AH7'AXC)2<E(QXO+S,S+R]`0$!`0$!`
M0$!`0$!`0$`!$0\/$1,1%1(2%101%!$4&A06%A0:)AH:'!H:)C`C'AX>'B,P
M*RXG)R<N*S4U,#`U-4!`/T!`0$!`0$!`0$!`0/_"`!$(`&8`30,!(@`"$0$#
M$0'_Q`"8```!!0$!`````````````````0($!08#!P$!````````````````
M`````!```@,```4"!@,!`````````@,!!`4`$1(4!B`3$%!!)!4V(2(C!Q$`
M`0,"!`,$"00#`````````1$"`P`2(3%!!%%A$X$B,@40('&1H;&S%'7!X4)R
M,",S$@$```````````````````!0_]H`#`,!``(1`Q$```#<,1AU?6YXUKL=
M8FDC]>(JJ@KA#SZPY6!,A3N9828,LZH^(2&]@P7'1TI.F1I9)FCQ>,RL+)J(
M=,/I,R6,NGNB7*\>VAM(<GD5>(IHHNCS=X;[!=,\`!TTV5N"G`'SJ]XUH``%
MQ3W!3@"H````%P!__]H`"`$"``$%`/D?_]H`"`$#``$%`/D?_]H`"`$!``$%
M`.?*%@(F\!:*Q]L40P7VAE@(@A76/[G2Y0CN@[2)/@2GC4W*>:)>7:CR_/:L
M16\K7;X6]9@MH+;;(35[OVBYY@,%[NK!6-JEG*9`5P&+>6!,PC(J:8Z[%Z!"
MOTK[(9B0B!]VPKIO4>J%DY*1;;K,3B&U41!'>OR45/:'\9`NGB5V.(E[9M+L
M"JO6[BC7I"OC/!A.9%SWG=T*8AO9KZ>1$`MWLPD-L3+JN<?172?5QD`/;N-:
M[EN`FK[Q?B@B`DA&3<*G)N!V[:`+4LBY<9FI7&XTDC;8ZN:?\_QX)5U$E7/6
MVL+*'4MHU%Y8Z+H>:,&DS8OGJYW_`$*A9*E;SKZ/[=KO>89^*W6\YV]$9F9E
MFT5#(\3O5[>5Y9Y`>UH_!+WUV#Y#L3XMJ7"OZ/$?SQ<2L&V-)>?C>@/U+X*D
M8;W741F3#]`?J7TX&.9,9SCTA^I?3@?6'ZE__]H`"`$"`@8_``__V@`(`0,"
M!C\`#__:``@!`0$&/P#`Y84YS3XCB.!H1OR)0$<:#05#<%.=2`XM=B#PY4&`
MV%3C36OQ<!C4C+"%)*Z4"J$."5U+3G:FJI15J!.-7=,@Z\Z`G)ZKQ<R-J7>W
MV4?MXXX85P)!<>URI\*,NWD:\YN%J@FF-W$#H""MWC:#ERH6N#LBO*G.#PYK
MD[*`:\`G$+1/=O\`#R5*-RC@O*G&Y68(M;MTA+TD('(`H!V)372-#DR!R6D`
M"5U8D8\A'#1PYBND\=^$VKQ;I4K"P`,.!3C1?8#:0@-%]H1+TYI2'A\J)Q"`
M:]W&MV"WO!SE]]`NPPKJ3R!K<\:OCD#P2@MQ*G2NE*._*XD.&@&('NI[7O(M
M0L&0_>I,4.F"T7=0HH=VHEM82`C7"O\`J"3BT)4TCG_[RYO6+LRJX+V4YQE)
M<4%N@QTJ%TKBXAB$$J/:%KJ``($":TUS3X5..0P(_6D+FK_$II5U[5'B*:42
MK4N#ET1#3K%#5*+4;<;R#[JDWD#5AE[TR?Q>N'O6FMNM0@N7@/WID<DC7`#-
MM%@!#1D#\QRI[B,7../()0-SI'EJ=,9-'&I%T:I%$6FR\,7DA*U:H(T-,>H%
MJ@C6GLD2Q[2TKE4NPE0H@:[.YJJ#\:#6L:$X`4"/$[`"I?)Y$;N=NUK[5\37
M@./:"?E0F:\7`6N'*G*Y&N"$T8KQ:'@7)[32-*@8+SH%P)>_##+"K-YN&!Z*
M(6]^1?ZMR[:A\QVC71Q/!:R\`.[KG-*@$U9&"0#FGZDBI/-/,G7R-"11@YO.
M31S/PIWFXD+-V9.H'#32W^J8)PJ-GF<!VS\GS1]^,\[?$/C5VSFCW$9&)80?
M>-*(MQZMJ<E3Y487-=-N2`1"Q`0NKCI\Z,43_LMN?X0DAQ_M)XO<E*2I.))K
M:>7[=C'RNC$DKWBZP2$R``<4=39.['-!W=RW*UR+=['#&CTW'[*`ENW;H>,A
MYN^7I$NWD=%(,GL<6N':VI9ON7=9N]CA$J"^QT4KB%3BW/.MSO'9SRN>.0)[
MH[!Z$J"*U7LA:YQ&8(:&C'1+<Z;M-BZV??,<-X1JV\IGQ&'L7U9OR,/T)O2P
MN\(()[*?N)BKB5:N(49(WE1>XJ3CZLWY&'Z$WI`JQOAU34\SZTWY&'Z$W^*;
'\C#]":O_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>o16315o1631513.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631513.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````4```_^X`)D%D
M;V)E`&3``````0,`%00#!@H-```$"```""X```MB```/3/_;`(0``@("`@("
M`@("`@,"`@(#!`,"`@,$!00$!`0$!08%!04%!04&!@<'"`<'!@D)"@H)"0P,
M#`P,#`P,#`P,#`P,#`$#`P,%!`4)!@8)#0L)"PT/#@X.#@\/#`P,#`P/#PP,
M#`P,#`\,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,_\(`$0@`9@!-`P$1
M``(1`0,1`?_$`,@```$$`P$!``````````````8#!0<(``($"0$!`0``````
M```````````````0``$$`0,#!`(#``````````,!`@0%!@`2$Q`1%#$5-0<@
M<"(R)!$``@$"`P0&!@@$!P```````0(#`!$A$@0Q01,%46%Q(C)"$(&1P2,4
M(/"AL=%28K-R0W05X:(SDR1D-1(!````````````````````<!,!``("`@("
M`00#`0```````1$A`#%!46%Q@9&A$'#PL2#!T?'_V@`,`P$``A$#$0```;Q'
M"8.8S&XZ@X8=`N<0L06-@3DU#4=1@L*%=`$)B.L1)).DP[Q$IP-Q+0\#L&@]
M@P/@@4_&@-PO',DX=AD"TV*_D1!\&(5A6/)'1(YSD1%=B;QT);.`?`-"<@XH
M.6,#8(R3@\'H!CR-(_/I>(N0?3R1"4MD2T>1YA@4GIR$1YVD)FX<D?FIAA;P
MF0KB5P%@W`,U-3<=R[Y6XAL6#0"Q,2/HH6R(M(?%0S/_V@`(`0$``04"5>V@
M#8QTD0Y#1HHTB(499PW'8!'-'!?_`*KE4;'\T7@]R=FO5-'E,"V;G)G$AWMR
M-Y,K0:1YD<X0&8(T]S2"YF^&)=PAH_ESRT.S5-'8C!,8W18C)`\>W5KXJ<DF
MTVBB\0O"14<-C6\^43HMC8PIIHRQ[:$<,.Y%-1)(%*+<:QME?X/`GM.R2NN&
M7JUCD9*FIQUF.`9[+&KQH@P)R<<]A9/G,CIY/BBV\:J)LC-@(-]P-@UJAQ(0
M8OK4QN:89X@V-CL6#Y#O8V)LTK4Y<Z9'=6Q)K)AH796[NYH#@`"5P!SS'BEC
M[Q^VM"!NKO.,2IDO,TLKNS!CQ9L>H&9X5(Z.7';JENHT@+%/XXMG\O!MLJR"
M\Z_4EVJZLX`%#`J6#;<QUKK:!G&45JT_W)$DHEU1>R=:2T-2VN4&/94^(V!3
M!^PP\64^NDT'X'\,/R)'8]BYB#F?:#43)DTGJ'X+MV7K`.D>5,F[DS1Y5L4Z
M!^!)_?\`##E3@S9SW7"=`_`__]H`"`$"``$%`OT%_]H`"`$#``$%`OT%_]H`
M"`$"`@8_`@+_V@`(`0,"!C\"`O_:``@!`0$&/P(93U4Y1[AS?L.^EB>XO@I%
M*H-PN%S4Z-WE)S*WNI(T?AMCCTU&L@[UN]6HCX17$L>BHS>S"3"N/E;;ER;[
MT]TMZZ#\!D)VBF:3-%92W$W*-]ZX')M$LRJ<=5.38_PHOXTYDDA&;$KPG(]5
MJ4\RC"+&;B9$88_PDG[Z22&4.C#,&ZJD83+*LF-^B@$E12V(S46[G&P%MU[5
MWKKCA?JJ0E\R7[EZ3ED#<)&^).1M;H%1R'Q-5]]%'4.K#$&FT38P&7(+_J\!
M]QK51M"%$36!M1DX0?AM@#1EX2^$/;KL:QZ+TY[PM;`^'U5+J(@ZY/AY7`\E
MQN.^U)$PCSA,^0X8=MS33*ZLT=LT6;'9C<4WRZ*ZQFT@5KD5ES+Y;GHQJ7-.
M;)9H+;#^-3XX]EZ)^8.3"0'KL1EJ_P`P"N_NU8ZE6)Q`R[JYD\D>5H=?(C?J
M4_$!_P`U,^5464</Q&[7W;/?2@J6`9COQV@[.F@\,*IQ+M\SACFZUVTT4*!`
M!EC1<,32Q9X_ABT6'E%9^(EQ_J$C=3KFCRW5QT6QILEPF(6]1)<\1D)/9NI=
M1FQED0D=67+[JTL,RF33D`)E%]HQ-*NGAE$0_EVOC4PCNL3_`!`C"UB=N'VU
M).R?"C.#_J`_QJ_$>>1DR\$;$'36ION6Y%'X9X><19]^7'&LA:^VQJ*;,!E4
MJ5WU!J'F6-A((D4GQ9Q>PZQEOV7I8M2`1$BJB=8H/9=FR]60B[V3'Z]=+IPP
M/2>D[S7S*RJ25R2)4EY<J.MF:FTO%7*"%S6Z;FF(?NIYSLPI\^M_N&L.W2Z,
M\3'H+>$>VM-K9%6'2Z&3-HN7KX0-^8^8D;34/,^4$ZC33H)(U!^(M]W739\R
M/%XA6G<1\0M*JI'T[V]BW-0SZ/4P?,21@OH\PXJ'>"NVH+1V$@;.V["UJX>0
M$6Q%$\/XG%"Y,+VN:(YGS2:>-L3IP<D7^VEE^STZGDDK]Z+_`)&C!_+YU]N-
M2:^++IYP+R[0K]MM]#53.NHU,J6C*^"-6VY>WIK6Z/%#IYFX1W@;5J,)S::>
M*+PPZ@\5;#=WKD>JN!S[0MHRXRMK=)WE[<AQ'VT_,_[Q'\G\VH;4YL;8V7+M
MO;&UOH:+F<'CTD@8K^9?,OK&%<IYGRC7Y-+Q%E&3^9G'=S?7[JDTVJ9>(K`H
M@W7'W&U^V]<QW9VS?A]WIYD/^]HOV]7]&?E&J?\`\S4+JH;[>$0UP.QK>VI>
M:ZCX<>K?"'<(^GWU.P\Z+CZAZ>9?UVB_;U56^A"[C-$&'%3\RWQ%0:/E[`OK
M0K\0;HK#'UTB2W/`C$:2?F6P(]@('IYE_7:']O5UU[_H84_S*GYK(!%FV\'R
MD?7HJ\L?";@@!;@]SRDV]/,OZ_1?M:JO_]H`"`$!`P$_(5DH&9FMQY](QEY:
MW#)GM*`/O-9%_4.)B'#D+IPB21(U.;SUAUN"/>34@L.*<M<=5QQK\Y#0J8#L
MZG#=B*F4YR)`1B:#(^,H3"9X*$IY?ACQ51Y)Z)_O%TI$,B/"?^'!4(U+F[Q<
M)@=>1\8[PO.K6'4A9\H'ZP]UAV$HP"*-_LC-!YV1/UD3[]9>ML6W*1M4XQ)@
M"1G)^LX24I8^_H>\\D-FES5,.!#6&O+ZHD?G$$:('YC`\<)='^V+&[0(G+"4
MJ?F\E[S/*]L(ODRI+8"(L"4"8G%^H/B;4@C*N+;)9@3_`#C')J%N#?71PT0*
M1.CUAN_M.X])C"@AVH:/G"E8.T.'.$+);0]A]3/'=3)7#B!:'DQL6?[&)RHO
MS@`]0$51+9\XPD0E`)5(#MR"QCN$!!&.<.,J95W@D(-1N&OW&/<A#M$N"Y$G
MBQ@W6:'"4_MDN?'M%A)YKXPB*2M0VD)K-2CWC>QE"2_VQY@%TBH/='*;&13+
M)P&&I"O&$+J3P%^5892F@]<9'EX+\LB7A*FGDX!*R(G:R>\8R!L-/?>)AJ+=
M!EOUA=4<^["^T`X*YPL"NLQ\8)]V5/Z#')HVV!SF<BHO`5&B[=S+QFW5^7.Q
M=,GP!E!422)^+7>2N:B1)9;P="BBQV_!\&5?87YYQ34Q#QAV='R",+:3Z$X%
M,N>IA^LFIZ`?49#=XEXI4JIM(!Z1\GK+:\;9QK^2)SCB)RJ3M>2OB"Y&3!@Q
M(H>P3$/X+]9`J*TC"KF2ASRTWA]<@7I`Z4\OM>/\)1$/L<;O3ORQ\4.*J9\"
M43A9<!).=KJ#B4/2ZS7Y?7:_#$J)<C.<^PU_XT5&U)45/YB8)D2A-MBW/\[R
M^*>#F/\`IBN,T&/+Y*]C&)^A9Y,3/$]B`/R1A"9J+LIT"LL[<^"W[4>L%_IN
MY7XA#&,=X;(WG([=8B`&46849H<%PF*DA=J"WSJ,\]\YSVY/)?_:``@!`@,!
M/R']@O_:``@!`P,!/R']@O_:``P#`0`"$0,1```0DD``$`D``$``@``@$D``
M`D`$@`@`$D`D@D@`DD@@`$D`$@$@`$$D@@`$D@`@$@`@@__:``@!`0,!/Q`#
MI'X9VOO#72TEK@7J28R8.QTT*U5!SF\V$3`1.&N`$P(HP.1,G$PF"`5/#A2U
MFT)#&&%H>0$GR-L8"$8-E2;,-7I$NR'PCZ7@J,+R5J`"\(+L#8$E#SA@OC%I
M80$-R8]F"D1]LP"?#(7#89-T)GC%YA`Q%6"RS?K`4J8D($4!-Z2<D\EH@K"-
MX;[F")%TZ?.0HLQ+%RWR'%"9D3=:?8#E\IZ!VQ/%Q>7&';`K)(`>4,4Y2$PL
MJQ[O$$HA"M#^&'C@H`6(XMP,:*!98"Y2EM$'-T+BE\AU@CHC@(5#[P$<?PI^
M4"GSC$2,0E4;AL,24$V;!$1Y3..1R(+L,B7:1`0,2RMW'`B$*:SM,V(I]2SD
MPD(J><0<K9$+'#;+K`*:;EO=XH7Y8F-Q);WH.3S@,1B>8)^DWA5.6X!B/9J.
M\A4"8:_`G)A$-`[D8*&\B3/)5:E7'&`(2BF"30DT(YJ<JVP,($ILH,)Y0P8=
M>TD4OB!F#+2CC\8O#2:E%7S,[R>F<S`MR4`B<<A-(E+LHT]8J<[=?1K3$N8"
M%8POQ>;0120A>RZPY)&4D3>R#)[CK&G9)+-@HE-^WG$L**2;9;3HSC7@KL!`
M4!-O",>D^?B![#4U'W;I1:"2M0[8P2I6$I"&2"0GC)-=:`?/'"><U*_QR:"5
M(%01'58`3:,\B?`#AAF665R#,Q*;XQ!,XX-@"T?3%2>815$DT5-<9)(5,R]4
MZEUT08EA5CVB<+76-\L3PZY9<)K-PS'>,V3T]`EI`!RXH#2LB`2NT$8Y:QX"
MID=I4#4$2-1A:+IV`"2^Q(4BTL0()"$"=)(0CIGG$DKL79$"LF8@$\84XY'`
M)U;:.8DP4MBO(!YE5,"/B"BB/43D*3^-!JZF;?SC\ZD3>%5I%++SD$2@FW(U
M==X_[1C%.QJ(2L^L`(Q5E0KMT`+6F:A.\SUT!P"C"*##"+^FF*Q"01.<7SR?
M(I4%'11K%6V3#84TP[=.)$D5EBZH*-9A=<2_U3]""48EREXPRG&"8A29'VD&
M"\P?9EY<#&P7+(ZIGS.WT8J&5*]')]8(!HWDBP2VBO\`ME,I9UC@+1O.H/>!
M!$Z`B1+#V\#"Y*^%EA"3;BZXID"X84@UOE/SB(E4S'3&S+J;.<7SQQQ[<0Y:
M1B2E2<9%Q@&8HE._.)$'2T8MPI-3&%IC!CK)9%BFM0F$L4F49LMR0N9.\NNX
M*S34$??]YPU3?FQS,(^0!WY(R;=,5_#(>G.>1E1@D(V^_O(JDB)(2E(1"*-J
MR])?^K8#:6C4R"NDO;(A,^!ZC*'Y\?_:``@!`@,!/Q#]@O_:``@!`P,!/Q#]
#@O_9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>o16315o1631514.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o16315o1631514.gif
M1TE&.#EAK`$7`<0``$!`0/#P\-#0T&!@8*"@H!`0$.#@X#`P,%!04"`@('!P
M<+"PL)"0D("`@,#`P````/___P``````````````````````````````````
M`````````````````````````"'Y!```````+`````"L`1<!``7_("2.9&F>
M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD<LEL.I_0J#1E`%BM#<ABT!@(
M1@+N8#$MF\_HM+K74#3>!X(C$8`("O5`X1M(.-:`@8*#A$MD(PD&"`HC!PP0
M#`<C"@B%EI>8F9HK`I(/AQ`*`!``C"(+#YNJJZRM4@H,#@]_(@VI#UDBLK0G
M`0Z_P,'"P\3%QL?(R<K+S,W.S]#1TM/4U=;7V,U?B`:[([80N"/>*+(/Y^CI
MZNOL[>[O\/'R\_3U]O?X^?K[_/W^_P#IC1+1R<ZL;P4@%,@%0=:V%;)<29Q(
ML2(*6"(>$!@QH!*``2,()&P1T:+)DR@O_R42,<`4A`0;"4AB"9)DJI0X<^J,
M4E"$@94+9D(X0.:G`1<E=RI=RA0(@8TC#+AI4$=$@#<*CB*]V;2KUZ]2DH(=
M2[9L$+%FTZI="P,MV[=PX;J-2[<NV+EV\^K-B7>OW[\2^P(>3/B2X,*($Z<Y
MK+BQ8R>,'TN>3"0RY<N8=5C.S+ES6ZZ>0XN6L7FTZ4&BKEPQ#/JT:TT`V+%^
M31NV;$NE:^N.$GN=D``+:/DZX:#JUMW(!?56!R2`@@%:GSL``!4"`0`.6K[(
MG;P[DN7I?@1P%')F@`='#3RH&N>X]_=EP*/[(8K$`8:E0@V$T$`HQ-;P!<B$
M?.?X<-Y3#0AP'O\O_0W%D"S&J<"=@!3N,,`G0Q"`BP.V*'!0+;<\^.$)!KS1
M!2XFIJCBBBRVZ.*+,,8HXXPTUFCCC3CFJ...//;HXX]8/7`?D"P2T,!^%XX(
MCCBZC&B"`%<<\(!J5%9IY9589JGEEEQVZ>678(8IYIADEFGFF6BF264!4ZJ)
MI1O[H:)D`B^)J-5_%>9I!"HU52:4`P44\(@("("$0"4B,$"G37HV&L0=?1*A
MAU8$B#%"`7_,,0("#.'IZ*<[W+&?$3(%$```!HQ'QG,<,1)4A!("".JL,?1Q
M`*Q%"-```<89R8LNNWY&Z[`RC'?K1!,2^^EX!=SI2K+*-CK`'A5!&VW_A=,^
MA*RLUT;K87446=OM>QJ"&RZWX\ZJ8:?5HINNHP(\$*E%XKY;&Z0XU6NO:W?X
M=Y*^^XYF+*[TNAOP>^/1H1/`!W=V`+4+&]PP<MDJQ?#$E%WX*U\28_P:`QHQ
M=;''C96[Q@(F_E%B`PP8%P`#;SCK*<G):>@2&N-94<E/7\C4R$8"K,0HS<CA
MNT8#S@[0)TS6+0J!TNX1?6\!B*Y1P`%9B5!`=1U!4&A(([$PLM1^&7`UP664
MB,`Y"\3+8$(+C?.`MB7X\@O(V>2M]]Y\]^WWWX`'_LO#P0D>S4,&/$P.?R'*
MO3$)Y@0D^>245V[YY9AGKOGFDH^JART,-M[D_^/$=4SV9`A`;`EV&(I07WZG
MF#[VZ715C,FM`#!$WI&35#TS[9U="(H@P1&4A:80F)U'LR+X$37PF9E<2`-4
M$P#*`IPB\)``V0__._24:3BH6;.#7Q:?:Y5O/EA&JZ7^^EV)^M;[\"]E*]IC
MT5^_3@/+9?K^<&&6S-SW/P"RQ7;^,^!@+D0WMNA/@16QA;GF5T`(CD5Z=7F@
M!5NQ+KUH<(.JB->\Z/)!$&:B?7DIH0DMT2_\47"%:^F?7U0(PT`DS(4)K&%9
M`*"ZDP3@3L,Q07&$I<.Q(!`EG'+=`*93G>MDYV;?*R)3-)83167!9Q`X3WK6
M(X+V#$V*30'9!"UB`/\&Y,Y!(\A/?6KAKQ30$(Q2P&!*LI"[!7U#$O>1&PZ;
M!,>E:&B$)B'`47*WN"6)B'0^,=&%B,3(1CKRD9",I"0G*:-`4?*2,"*```Y!
M2"6)KB%.*@&4K"`E-YGRE*A,I2I7R<I6:BD!#TB`*V>Y)>D,;@`:8A"=$F"G
M+_81)7HXEDY44P!9"FI3AJJ:HI[W2XO(D"EG[,*E,N6T)/JRF11AUAY/<D95
MA:)/VGD5,[$ID=0U4"D"N).O2L"A,;JQ@N0<Q!$=\\9X[H!`YW!G8NIISQS@
M4Y_[A&<_I8#/S/!SH#8H*&8.BE`:*/0R#&VH#!Y*F8A*%`84G8Q%+]J".Q3_
MH$H&%2A'DR`2889FHR.]B+Q.@]*4DN!4(6.I2%WZJ`3T<#0M=>D"SD:;G([4
M%H#$Z4QINH,`K`V@)QTJ47'0B9N^QJ<(W:E)[<*AX:&,;KKR7A276@2@^D4!
M8"T`(\:S$:C1Q#I3C157D6#4F'IP&QKB3]4PU9"P65-L2EWK"YJ*R+@89P&C
M2,#XOM:U1#EMJWKM@50'Z!?MJ4>7=9(;8X68U\2J`*C;A,L"8+E$3X;CD"D8
M)0!*2<O2FO:TJ$UMF*34)M6Z%DTW`YF'0O=9QU%!D2C"I&YWR]O>^I9&:UO(
M;X=+)',M0DEX%-$VH0K&Q4IF5[Q,(R,&L)\&7=.R_S?`+.H"<!VKH"=Y>.@B
M4N6&W1P$X$+C2\Q.&_"+;8#5`0AH(@(<`-;M5-:RB:/K8[H!*_[6S0&3+<=]
M]0JH`P180,PU(<@&D%GO)-B"YWU`>D'U8`7FMZ]ZJC``"WS@#`\XI2!#0(,1
M_.&+1IA=Q-*P^?*KU127&*$%/J>+R[N"$(_8PS1&P8D#IF*RL?A@/29:C!L6
M9))I2,03*S+&%NDQ)1^,62W>EY/WU2\92_G%4CSRC3/CG#HFDF4N@QG2[%M>
M)G=G/&WX:/(2T#.AM"=H'29O8J'\GI8U*0Q+BXG3S(K7Q-Z!S?#1UBRVQI%*
M?$T$(ADG?(RT(DUH"`!;-O\-SY0$-Q%9V6X.P)OA-LUIP+%6'9V^QH4.$.I2
MFUH:VF)9(3^Y.,IR[M6PCK6L9TWK6MMZ'?L1`"-67=O171<^&2U#:JCT9RM[
MYV4C:)U^2.$25"CZ/?B,A3`(V@Y(-^HJ8#AC%Q_!.]?Y3JT52AP[8`F/*DW%
M1'((AK%?@$\H4F@\YV;OHI271>:]!,.0P[)BZ/MIWY2@&\%`F8JJQ*9R4RG>
MNQ(&E&[3J".IY@_8:X#VP-`],G>GC*D3D@*FPW`>`!P8`D\1P>>Q87W[90$*
M@&4!<'DG`1`C#>+V=_VF[`H!F/$<]UFW<CJ^/IIO`C@#@&4"<!GI-`0;?#Z_
MA*[_>@,`!N@\QS](NB"X.ZU8CJ'H4,^!U-7`(=8B@`%QSGIE3,X4`Q`@XPE0
M0)3%OH2M1P'E4JI>V-F.!+<S`>,XWSC=%T/VB@`GY0]8.:_VO@:[R\#EPU"!
MS7N3<\(+PO`Q"#;0A7YUJ..[\'U7PT-UQ=JF/WVI>K@\WYORSZJG?0%8_^F4
M,@%YC+;CZW.WK![.(?HSM!X%+A<X`GC(\].MW0RV.,>H?&``9UU5E`WX/65_
M$'L>Y/X-N^]WF[A`;N9`3P_C+<+'0S[L@M.>^:"S2GOX#+52/7L&PT[``:S@
M@^=+?+3JL`(7V`M@$QR=:+8X;`^"D:+=6\'[\7<%<!!__^(1#K0@<=-45YN"
M8@)V3[WG`NX7?0$X?[_0?(R&#GD$/+/G5BR`>`[`:%T0)>VP?O)G(M+F`)<&
M@-_W`Q\B6,CT-,JD?^_D@#)W`A$(?^E0@O37?"R@(><07H%@9X\1?+'T"R'G
M</_'#A^E,RD2#*DW`B"#:T!P$(_U#;O42WVF`_AT@])'2EB0<,)PA"VR)=7G
M#JJ1(H53?T[P.85Q@RHH?%=P;NFFADA0ANE0>S%P$+S&)*#45Z)%6FCRAK=V
M.;)T6G'W6HA()M+G#DN8B%2RB.A0B+"5;)GB67S8:O^&6T!BA^=`7##"#D-B
M(]1E!9SX#I+(*3'B(3CGB3,R=/^1)(%F^!$NHHKQQXJ^51T'84=LA$9-LEP#
M]D]IX(/J`(0X@&D<8B+$I(1GF#*T2(QJH!Y!!0-<.(%O4($N0(3I((-,T8+X
M,5W5U48-J(7CE@:E*&%+X($@.&R0B`Z-*(`J,@Q/Z`))$G8`!WTXB($`@(K!
MP8,FL('KD'TH\2'=E47?16]#`9`,@T\<.!C8R#:_`()O,(HB"`^2R(3O*`PX
MI![GT"?U&(+RL7[ZB(*2)EONM7'Q%1+S55_G)P,N`I`!](8,B!3"(&:*](CQ
M4)$`4(8?F8]O$!R?1QO^]5)T^&OOT9`_&(\U,`PT>2+9Z)/P<WL5(8CFB`9)
MD@[\2&3_F7<Z&JD.T7@Z4%D;5:D.5\EC64DV+H*'&/.5CD<6:KF6=U&6;FD:
M;1F773&7="DR<'F7GF&7>KD3?-F7'`.8X_*7@HD2A%F8)G&8B-DNBWEL8A9G
MBMF8@/!F0C.#DKD;!+!G70E*E[D;AV8=81..G4D;<7-GX#::KW&)H01*@]B:
MKOF:L!F;LMDY,J":CX-IFG9JS)";NJD,O-F;R#``I`:<RB"<Q%F<PWF<QT!=
M$]5L!A-DT)F7V35\1T.=:M!M@H"=+X"=E(!8:!"=A*"=@"">U1F>UKD"D](\
M^`:>@Q!DY'F=YXD&[YD&\\D)%8>:^)F?^KF?_-F?_OF?`!J@_P(ZH`1:H`9Z
MH'[7*9F&$5$!,PI0%674!DC94=15'2LCA%GTF%:AH;E2H5'Q!ACZ,C%#`IIT
M!&%`'1\*9B,@HF-F!QYJ!"=JH2`:9B.:/-0U84(0HRF*H1<**PDB$5O`%?"5
M*`,Q'G5P!Z9R+$A:&;G#9#R#5C]C!RM!F6/9%DTJ#D^*10<II4>A*ZL)!--Q
M(EF0I6X&-(D0IF8V!&B*I8"FI51J`$LD$C&Y?U<ZIFTZ$V1*`JB`EH_'%0``
M"H36!L@DJ(2RF3G`$-3S-'G6-!R!2YI)!(B:$'S&-)G9J)1H!)&JJ(B@9XV:
MJ9"*$)K:/)Q*$]6Q1D.0J9-:5HN:1?_A%QA<,2(?00J(*DNS2@0/$1&$QA*&
MUB<B\9F)-@2WF@JY"H->PZMA\Z4_$*P*P36["C;*:JOD-:Q=XZNAB4NY$JW,
MNJR%5@NZ^"Q<,:SL]YFV(*YY62EN`ZJE"4KIZA!'8*Z4IA"6EA%\F@/N^C;P
M*C</42DDY07ONJYSHPO@F"'\^C;G6@L)T38&N"T<<2Q]4`DBL0VI\["$$II$
M```N9XDB8IM'8+%["%H)FP0<B[&V)0(6"[(72UL:VQ\K]1TG^PVSX$G(]K'>
MNJ((,'0,<$RAD`"<DH\YN[/?)@1/T8<NVVNLZ;%$$+0=.[+(&@1(*[*^9ATN
MJ0--B[)&JR'_52H#4^NRJ\802\MZLK)3L-*M!#FO-+!)R08*K^.<L*,%96FV
M&8&VH["VSB:O2."VX0"WS#8"<VNW,`H*RI:V>ML:SI,K?HNW?RLD5Z!QKMJ/
M3%,"GUFH,%H=4*([W+8?E,"=/YNLDJMM0U&YO7.ID9MME,L?EEL)`B"YN;*Y
MHXNY)6!MMJJZC?`(G'L?P2!A/]FG_^9%*\IG6<2[.<I+6!$<\Q9>Z7EOQ3NX
MOVLB:H<\]':\O-"US@>\;2"\/D&\]N8'0:.\RI<#V1N\S&N]6N$'Q><3[I:L
MTKN\PUL'WQLAT,M"HB!(#<$`T$$"9;1$#6J_1N!_5U`'$3=Q!'&?_]PC<=N;
M`_IK!?R;/=MSGV64.[=;`P5L;?V;P`+L-50RH2KPP`<L<1*,`&1PLTM$MC.`
MP5J`P'I+PB10L@B:PBJ\PBS<PB[\PC`<PS(\PS1<PS9\PSB<PSJ\PSS<PS[\
MPT`<Q).Q,K98Q$9\Q$CL2""\%[+@B$[\Q%`<Q:B4K@LEG6[)N54,PU@,45:\
MEEM<45WL>%^L46%,>&,L&2KD"]M@P4O`QGF1*D!PQH\1&45R>*,%!W(L")4)
M`T;%DU"$<L&BIWZL`.#"`,,&4M:1CTKS!=R3C]L`6"WZ4OV1CYR"HT7@N_<T
MI_34,>P0G[B'LRRAR8#P1R$\*-JI!R1K?_\#T3Y$86!"FSA26@<_00M_1G&]
M<`!(ECP9F`1P[!,\D,>-$1F='`.R5#?E.PCDQH_*IJ#K<2JJ/`G_BLI000YD
M8%T-P0NH\`A&13`Y^6_'?`0<\LNBO&^<+(7VA:-:H6M'XG(M<79L)K^-:W;K
M_`V&G,L.BAT\((R&:@+J5Q6_<AX:#`Q:P7ZN\Z_Z.K*(YE:_LC;<<T[Q@F*T
MW`8/>@I(TQ'I)`J'<%6+K+==,#X<P@"#$LZ`HFW<Q:`S`,SD3!!9HHQ:XA*M
M>@)T)4VXS!+'@D6(LDS\,2C110"F$"]S)UI8`H!<<C.H,*Q185-YL,L$;3:(
MPL'YMC%2@@`#I`?_!1!E>%,.B"(2/U2S?]``3!,1BK`0TQ%>+,,2H^#,7M,0
MZT>RN7!>733.*(#2`?5E+3)N,5(=+VT"J/<T<9L+W181D'PB7P"$<$QJF_+-
MF?@B\B&]+<E.L.2ZB8P*4#$J/$1*;4VQF.@<@3=!MA"3>4T"3KUMI,M'=-MM
MYT$&0'@>+D<MV]!MV@8SOQ!T#@77B"',YNP"<E0W#(!R?5T+`Q$1;\!.`*(D
MG@P#G,B/FOW;"I.3+S,\!$VB\X*)N@!+O\(]LW4"(!-EQ#W:G%G:^]%))YP%
M:\-@OLW6)'N"("S7M5W.!/@"YQ&-!_`%O*-M?YT*I\RN5J$0XR--."",_^FP
MS[I``K;P!5S@$_(R+\^]*=[3:KR@!U5S*J:2``KS;P]PS&Z%@/5]J=C9=+)P
M)TV7*(%R%*Z="Q]^`^I=&)%!#`V<U\#1W?/MU[^="OCM<@J!*-S%UYL2M2E0
MCG/W@?A*"GWRV0E.D+#2:I'"LX2R#;)0OJDC,U_PF0/@N=V=L-BY$L/*9NF4
M1=$T$-IFJD/);K2-XG#9(7<ST4PM<;R4=H2B,"!3!P\#5J:@(868U!N1'3E`
MQ"M2>W?@7@-A"X\`I['!7KEP`/YR=GJM;,5:O;2@'8VPD%J>`(>@:XQ,+1"^
M;&R;!P?AU?P;YPICYT,:"G^@`#-1*`%PL?-E)+FSW1DEQ%TLXRR9EBKT!V`?
MAVF(QE[TFWPOM4Y3`-*&C*%FU'1U<!WD+7![G2C>8W,L\Q`+L``.2@LH`W;&
M\P;GM`7Y.'@$X09V%J$*`C.\8B2\TA\@JJ=N`!5E!-)DH"NX/KFZL'LZ'MZJ
M7L;@4Y]-<.*$$9F[(>\#$N;U#N_`4P55;0;T/ACV;D$!#Q@##T$%_Q<'KT`)
D/T/\SG8-S\2SH)P47_$6?_'1L,M5/)L<W_$>__&=&`4A```[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
