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<SEC-DOCUMENT>0001130319-07-000183.txt : 20070320
<SEC-HEADER>0001130319-07-000183.hdr.sgml : 20070320
<ACCEPTANCE-DATETIME>20070320144325
ACCESSION NUMBER:		0001130319-07-000183
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20070319
FILED AS OF DATE:		20070320
DATE AS OF CHANGE:		20070320

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:		07705953

	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>o35357e6vk.htm
<DESCRIPTION>FORM 6-K - 2006 MANAGEMENT DISCUSSION & ANALYSIS
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 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>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>For the month of March, 2007</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Cameco Corporation</B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Yes <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No <FONT face="Wingdings">&#254;</FONT></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;Index</B>
</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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="82%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <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>
</TR>
<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">2006 Management Discussion &#038; Analysis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>


<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:  March 20, 2007&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="center"><BR><BR><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, Q.C.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President, Governance,
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"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2006 MANAGEMENT&#146;S DISCUSSION &#038; ANALYSIS (MD&#038;A)<BR>
MARCH 16, 2007</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This management&#146;s discussion and analysis (MD&#038;A) is designed to provide investors with an
informed discussion of Cameco&#146;s business activities and reflects information known to management as
at March&nbsp;16, 2007. This MD&#038;A is intended to supplement and complement our audited consolidated
financial statements and notes thereto for the year ended December&nbsp;31, 2006, prepared in accordance
with Canadian generally accepted accounting principles (GAAP), (collectively our financial
statements). As required by securities authorities, a reconciliation of our Canadian GAAP financial
statements to US GAAP is included in note 28 to the financial statements. You are encouraged to
review our financial statements in conjunction with your review of this MD&#038;A. Additional
information relating to the company, including our annual information form, is available on SEDAR
at sedar.com. All dollar amounts are in Canadian dollars, unless otherwise specified. The financial
information in this MD&#038;A has been prepared in accordance with Canadian GAAP, unless otherwise
indicated. In addition, we use non-GAAP financial measures as supplemental indicators of our
operating performance and financial position. We use these non-GAAP financial measures internally
for comparing actual results from one period to another, as well as for planning purposes. We have
historically reported non-GAAP financial results, as we believe their use provides more insight
into our performance. When non-GAAP measures are used in this MD&#038;A, they are clearly identified as
a non-GAAP measure and reconciled to the GAAP measure. All sensitivities in this MD&#038;A noted for
2007 reflect the potential impact for the full year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements contained in this MD&#038;A, which are not historical facts, are forward-looking statements
that involve risks, uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. For more detail on
these factors, see the section titled &#147;Caution Regarding Forward-Looking Information&#148; in this MD&#038;A.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The following is a list of the key sections of this MD&#038;A.</B>
</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="88%">&nbsp;</TD>
    <TD width="5%">&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">Overview</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">Cameco&#146;s Businesses</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">Growth Strategy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Trends in the Nuclear Power Industry</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuel Services Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nuclear Electricity Generation Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006 Fourth Quarter Consolidated Results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2005-2006 Quarterly Consolidated Financial Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2006 Consolidated Results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Outlook for 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidity and Capital Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2004-2006 Consolidated Financial Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding Share Data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Qualified Persons</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risks and Risk Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Disclosure Controls and Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Critical Accounting Estimates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Caution Regarding Forward &#151; Looking Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OVERVIEW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Vision</B><BR>
Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean
electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Mission</B><BR>
Our mission is to bring the multiple benefits of nuclear energy to the world. We are a global
supplier of uranium fuel and a growing supplier of clean electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We deliver superior shareholder value by combining our extraordinary assets, exceptional employee
expertise and unique industry knowledge to meet the world&#146;s rising demand for clean, safe and
reliable energy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The key measures of our success are a safe, healthy and rewarding workplace, a clean environment,
supportive communities and outstanding financial performance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Values</B><BR>
<FONT style="font-variant: SMALL-CAPS">Safety and Environment </FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The safety of people and protection of the
environment are the foundations of our work. All
of us share in the responsibility of continually
improving the safety of our workplace and the
quality of our environment.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">People </FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We value the contribution of every employee and we
treat people fairly by demonstrating our respect
for individual dignity, creativity and cultural
diversity. By being open and honest we achieve the
strong relationships we seek.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Integrity </FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Through personal and professional integrity, we
lead by example, earn trust, honour our
commitments and conduct our business ethically.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Excellence </FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We pursue excellence in all that we do. Through
leadership, collaboration and innovation, we
strive to achieve our full potential and inspire
others to reach theirs.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CAMECO&#146;S BUSINESSES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is involved in four business segments:
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fuel services,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nuclear electricity generation, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The only significant commercial use for uranium is to fuel nuclear power plants for the generation
of electricity. In recent years, nuclear plants generated about 16% of the world&#146;s electricity.
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major stages in the production of nuclear fuel are uranium exploration, mining and milling,
refining and conversion, enrichment and fuel fabrication. Once a commercial uranium deposit is
discovered and reserves delineated, regulatory approval to mine is sought. Following regulatory
approval, the mine is developed, and ore is extracted and processed at a mill to produce uranium
concentrates. Mining companies sell uranium concentrates to nuclear electricity generating
companies around the world on the basis of the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> contained in the
concentrates. These utilities then contract with converters, enrichers and fuel fabricators to
produce the required reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uranium</B><BR>
Cameco is the world&#146;s largest uranium producer, accounting for 20% of the world&#146;s production
in 2006 and backed by more than 500&nbsp;million pounds of proven and probable reserves of uranium. We
have controlling ownership of the world&#146;s largest high-grade uranium reserves and low-cost
operations located in northern Saskatchewan. Cameco operates four mines in Canada and the United
States, and has two mines under development, one each in Canada and Central Asia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services</B><BR>
The company is an integrated uranium fuel supplier with refining facilities at Blind River and
fuel services facilities (conversion and fuel fabrication) at Port Hope, both located in Ontario,
Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River facility refines uranium concentrates into uranium trioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>), an
intermediate product in the uranium conversion process. Our Port Hope conversion services plants
chemically change the form of the UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to either uranium hexafluoride (UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) or
uranium dioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>). The Port Hope plants have the licensed capacity to produce 18% of
the world&#146;s annual requirements of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> used in making fuel for light water reactors. In
2005, Cameco signed a toll-conversion agreement to acquire UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services from
Springfields Fuels Ltd. (SFL)&nbsp;in Lancashire, United Kingdom. Under the 10-year agreement, SFL will
annually convert a base quantity of 5&nbsp;million kgU as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for Cameco.
This arrangement increases our UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion capacity by 40%. In addition, Port Hope is
the world&#146;s only commercial producer of natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, the fuel used by all
Canadian-designed Candu reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During early 2006, Cameco became a nuclear fuel manufacturer by acquiring Zircatec Precision
Industries, Inc. (Zircatec) in Port Hope and Cobourg. This company manufactures fuel bundles for
use in Candu reactors. With this acquisition, Cameco now participates in all stages of the Candu
nuclear fuel cycle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Nuclear Electricity Generation</B><BR>
Cameco generates clean electricity through its 31.6% interest in the Bruce Power Limited
Partnership (BPLP), which operates the four Bruce B nuclear reactors and manages the overall site
located in southern Ontario. We are the fuel procurement manager for uranium, conversion services
and fuel fabrication for BPLP&#146;s four B nuclear reactors. For the Bruce A reactors, Cameco is the
fuel procurement manager for conversion services and fuel fabrication. Through the Bruce Power
restructuring in 2005, Cameco no longer holds a 31.6% ownership in the four A reactors. BPLP&#146;s four
B reactors have a combined net generation capacity of about 3,200 megawatts (MW), supplying about
15% of Ontario&#146;s electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gold</B><BR>
Cameco has a 52.7% interest in Centerra Gold Inc. (Centerra), which began trading on the
Toronto Stock Exchange in June&nbsp;2004. Cameco transferred substantially all its gold assets to
Centerra as part of the strategy to unlock the value of those assets. Centerra is a
growth-orientated Canadian-based gold producer focused on acquiring, exploring and developing gold
properties in Central Asia, the former Soviet Union and other emerging markets. Centerra operates
two gold mines, located in the Kyrgyz Republic and
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mongolia. Gold is not a core business for Cameco. Centerra was created as a vehicle for Cameco to
eventually exit the gold business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GROWTH STRATEGY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s goal is to be a dominant nuclear energy company &#151; the supplier, partner, investment and
employer of choice in the nuclear industry. Cameco will achieve this goal through four main
strategies:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintain our competitive advantage in uranium and conversion,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maximize growth in uranium markets,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue vertical integration, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promote growth in the nuclear energy industry.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our specific strategies in the uranium and conversion businesses &#151; the company&#146;s core businesses
&#151; are discussed under the sections &#147;Uranium Strategies&#148; and &#147;Fuel Services Strategies&#148;
respectively, in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In pursuing further integration in nuclear fuel supply and nuclear power generation, our goals are to:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>add significantly to shareholder value, through new opportunities within the nuclear fuel cycle,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>secure projects that have an attractive rate of return and provide a basis for long-term
profitability,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>supply fuel, engage Cameco&#146;s operational and management expertise, and achieve synergies
in fuel supply logistics and market position,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capture the value added to uranium in each step of the fuel cycle, including its
enormous energy value in the final generation of electricity,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>strengthen Cameco&#146;s foundation for further expansion in the nuclear fuel cycle, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure each investment has a prudent risk/reward ratio.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The key strategies are to:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maximize choice by considering acquisition and investment opportunities in all aspects
of the nuclear fuel cycle,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek opportunities to facilitate change in the nuclear industry by supporting or leading
the development, assessment, or licensing of new technology,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluate and encourage BPLP&#146;s growth strategy,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursue partnering opportunities throughout the nuclear fuel cycle by leveraging
fuel-supply relationships, and by enhancing relationships with industry leaders in nuclear
technology,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek active ownership by structuring each investment to allow participation in
management and, where possible, operational involvement, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>seek to maximize nuclear power&#146;s contribution to global energy supply by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>promoting industry initiatives to position nuclear power as a major part
of the solution in addressing clean air and climate change by providing leadership
and resources to key industry associations and by developing government
relationships, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>diversifying into related technologies that support nuclear energy
development.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>TRENDS IN THE NUCLEAR POWER INDUSTRY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A number of evolving trends in the nuclear power industry have the potential to affect Cameco&#146;s
uranium and fuel services businesses.
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Reactors &#151; Operating, Planned and Under Construction </FONT><BR>
There are 434 reactors operating worldwide, and a total of 100 new reactors that are under
construction or planned for completion within the next 10&nbsp;years (as of March&nbsp;2007). This more than
offsets 10 anticipated closures for a net increase of 90 reactors during the period. Given that new
reactors tend to have higher capacities than older units, this represents a 21% growth in nuclear
generating capacity. Highlights include:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>59 reactors are scheduled to be built in Asia, as energy demand is driven by rapid
economic expansion. More than 65% of this growth will occur in China and India which have
plans to build 24 and 15 reactors respectively,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Russia, Ukraine and several other eastern European countries, it is anticipated that
14 reactors will be built, offset by one closure in Armenia,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Finland, a new European Pressurized Water Reactor (EPR)&nbsp;is being constructed and when
completed, will bring the country&#146;s total to five nuclear reactors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>France has announced the construction of a new EPR beginning in 2007, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Canada, Bruce Power A Limited Partnership (BALP)&nbsp;is refurbishing two A units which
had previously been shutdown, and both Bruce Power and Ontario Power Generation Inc, (OPG)
have initiated the regulatory process for new generating units.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Reactors &#151; Pending </FONT><BR>
A number of non-nuclear countries including Kazakhstan, Belarus, Italy, Indonesia, Poland, Turkey
and Vietnam are considering nuclear programs. Additionally, South Africa is developing a new type
of reactor, called the Pebble Bed reactor that, if successful, will be smaller and targeted at
regions requiring electricity, but lacking critical distribution and transmission capability.
</DIV>


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

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



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>World Nuclear Reactors (Cameco estimate, March&nbsp;2007) </B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</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="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 nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Outlook to 2016</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 nowrap align="center" colspan="2"><B>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&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">&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>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>GWe</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>2005 <SUP style="font-size: 85%; vertical-align: text-top">2</SUP> (%)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>New</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Shutdown</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2016</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Change</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">Argentina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brazil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</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"><B>Americas Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>138</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11.1</B></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">China</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</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">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iran</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">2</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">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Japan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Korea (South)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</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">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pakistan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Turkey</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">1</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">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</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"><B>Asia Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>59</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>166</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48.5</B></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">Belgium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</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">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Czech Republic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">France</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Germany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</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</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hungary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lithuania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Netherlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Romania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovakia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</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">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sweden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</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">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.4</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"><B>Europe Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>149</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.9</B></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">Russia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Armenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</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">1</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">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bulgaria</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ukraine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</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"><B>Russia and Eastern
Europe Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12.4</B></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">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</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">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.9</B></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"><B>World Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>434</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>77.8</B></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>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Estimated by Cameco, March&nbsp;2007. Based on public announcements made prior to
March&nbsp;2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>World Nuclear Association (WNA).</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Nuclear Power Share</FONT>
</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o35357o3535701.gif" alt="(PIE CHART)">
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear power accounts for about 16% of the world&#146;s electricity generation. While the number of
reactors and gigawatts produced are expected to increase over the next 10&nbsp;years, the rate of growth
in nuclear generation is expected to be less than the growth in total electricity generation.
Therefore, nuclear&#146;s share of world electricity is expected to decline over the 10-year period to
about 13%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Plant Performance</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Safety </FONT><BR>
There were no significant safety incidents at nuclear power plants during 2006 and nuclear power
continues to be one of the safest forms of electricity production. Nevertheless, the industry is
continuously seeking methods to improve its safety record.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Operating Costs</FONT><BR>
Based on the first ten months of 2006, the direct costs of US nuclear electricity production was
the lowest for baseload (non-hydro) electricity production for the eighth consecutive year. US
production costs were 1.66 cents per kWh for nuclear, 2.28 cents for coal, 6.60 cents for natural
gas and 9.64 cents for petroleum (Source: Nuclear Energy Institute NEI).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Acceptance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Positive Trends</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>North America</I><BR>
Public support for nuclear power in North America is trending higher. In the US, a 2006 survey
prepared by Bisconti Research for the NEI, showed that 86% of the public and 88% of college
graduate voters agree that nuclear energy will play an important role in meeting future electricity
demand. Majorities also support
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">license renewal for existing nuclear power plants and &#147;definitely building&#148; new nuclear power
plants. The survey also showed 73% of Americans would find it acceptable to add a new reactor at
the nearest existing nuclear power plant site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, a recent Ipsos Reid survey showed that support for nuclear power in Ontario had
increased to 62% from 58%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the US, 15 entities are now in the process of preparing applications for either early site
permits (ESP)&nbsp;or combined construction and operating license (COL)&nbsp;for a potential new nuclear
power plant. Applications from Dominion, Southern, Entergy (NuStart) and Exelon for ESPs are under
review by the US Nuclear Regulatory Commission. One ESP has been approved, the first site licensed
in the US in over 30&nbsp;years. As many as 33 units are now being considered for potential new build.
Several potential sites and reactor types have been identified with the potential for a new reactor
to be completed as early as 2014.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US has recognized the strategic risk of over-reliance on natural gas and the contribution
nuclear energy can make to clean air.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Europe</I><BR>
The UK Prime Minister recently acknowledged that new nuclear construction must be considered in the
UK&#146;s plans for energy security and Kyoto compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UK and the European Union have recognized the strategic risk of over-reliance on natural gas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Germany, Belgium, and the Netherlands continue to back away from a previous anti-nuclear stance. In
Germany, many politicians have questioned the planned phase out program for its reactors by 2021
given one-third of the country&#146;s electricity is generated by nuclear power and there is no obvious
solution for replacing these plants with equally clean sources. In Belgium, the Minister of Energy
commissioned a study to review Belgium&#146;s future energy challenges. The study recommended that
Belgium reconsider its plan to phase out its nuclear reactors by 2025. Over half of the country&#146;s
electricity is generated by nuclear power and the report warns that due to changing circumstances,
it would be very costly to proceed with the phase out program. It noted that climate change action
was becoming more urgent and the era of very cheap fuel prices was likely behind them. In the
Netherlands, a previous decision to phase out its nuclear program was reversed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>India</I><BR>
In December&nbsp;2006, US President Bush signed the United States-India Peaceful Atomic Energy
Cooperation Act, a major step towards civil nuclear trade with India. The bill on nuclear
cooperation between India and the US was passed in the US Senate by a majority of 85 to 12 in
November&nbsp;2006, following passage in the House of Representatives. The two countries now must
conclude a bilateral agreement &#151; known in the US as the 123 civil nuclear agreement, which
essentially codifies their negotiations of the last 18&nbsp;months. Additional steps before trade can
take place include approval from India&#146;s Parliament, India&#146;s negotiation of a safeguard agreement
with the International Atomic Energy Agency (IAEA)&nbsp;and approval from the 45-nation Nuclear
Suppliers Group. In addition, each country that wishes to trade with India must negotiate a
bilateral agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Negative Trends</FONT><BR>
While nuclear power has finally been recognized as a non-emitting technology in US energy
legislation, it still does not qualify internationally for greenhouse gas emission credits.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although progress is being made in several countries on the management of radioactive waste from
the nuclear fuel cycle, it remains a controversial issue. Concerns about the long-term management
of radioactive waste continue to be an impediment to the nuclear renaissance. Certain environmental
groups continue to oppose the nuclear power industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first few new nuclear plants will face significant business risks including &#147;first-of-a-kind&#148;
costs, as well as possible delays in financing, licensing and construction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">SUMMARY OF TRENDS<BR>
The nuclear industry is experiencing stable growth in the form of capacity factor improvements,
refurbishments, life extensions and, in the developing world, aggressive new-build programs. While
it is difficult to determine which factors will dominate the outlook for nuclear in the long-term,
the demand for nuclear power is expected to accelerate in response to concerns about electricity
supply, the need for non-emitting base load power, and security of supply.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>URANIUM BUSINESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Worldwide Uranium Supply and Demand</B><BR>
The uranium market supply and demand fundamentals remained strong in 2006, indicating a need
for more primary mine production over the coming decade. During the past 20&nbsp;years, uranium
consumption has exceeded mine production by a wide margin, with the difference being made up by
secondary supply sources such as various types of inventory and recycled products.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o35357o3535799.gif" alt="(BAR GRAPH)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Uranium Demand</FONT><BR>
Overall, as discussed above under nuclear power trends, indicators support a trend of moderately
growing demand for uranium and conversion services in the next ten years, with the potential for
more rapid growth thereafter.
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates that the world uranium consumption totalled about 177&nbsp;million pounds in 2006 and
will increase to about 183&nbsp;million pounds in 2007. We expect annual world uranium consumption will
reach 239&nbsp;million pounds in 2016 reflecting an annual growth rate of about 3%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Growth in demand could be tempered as uranium price increases encourage utilities to utilize more
enrichment services and less uranium. Uranium demand is affected by the enrichment process, which
is one of the steps in making most nuclear fuel. Utilities choose the amount of uranium and
enrichment services they will use depending on the price of each. In essence, utilities may
substitute enrichment for uranium, thereby decreasing the demand for uranium and increasing the
demand for enrichment. For example, when uranium prices rise, utilities tend to use more enrichment
assuming enrichment prices remain constant. If enrichment prices increase, utilities would likely
use less enrichment and more uranium. The tails assay (percentage of uranium left after processing)
is an indication of the mix of uranium and enrichment used. At different prices for uranium,
conversion and enrichment services there is a combination that minimizes the fuel cost called the
optimal tails assay. The lower the tails assay, the less uranium being used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium price has increased 580% since mid 2003. Over the same time period, enrichment prices
have increased by only 25%. Thus, utilities are choosing lower tails assay under their enrichment
contracts, using less uranium and more enrichment services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on current demand, a 0.01% decrease in tails assay would decrease uranium requirements by 2%
or about 3&nbsp;million pounds of uranium per year and increase the demand for enrichment services by
2%. It is important to note that there is a limit to the enrichment capacity that is currently
available. In addition, enrichment contracts generally limit the ability to substitute enrichment
for uranium. In the past, enrichers offered a wide range of tails assay, much like volume
flexibilities on uranium contracts. Currently, enrichers are offering tails assay ranging from 0.25
to 0.3%, thus over time, as old enrichment contracts expire, the average tails assay will move to
this range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, two reactors were connected to the electricity grid, one in India and one in China.
India&#146;s Tarapur-3 entered commercial operation in August of 2006, while China&#146;s Tianwan-1 is
expected to begin commercial operation in spring 2007. There were eight reactor closures in 2006,
four in the UK, two in Bulgaria, and one each in Slovakia and Spain. There were also nine power
uprates. The net result was a 525 megawatt electric (MWe) increase in nuclear capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Uranium Supply</FONT><BR>
World uranium supply comes from primary mine production and a number of secondary sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Mine Production</I><BR>
We estimate world mine production in 2006 was about 103&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,
down 5% from 108&nbsp;million pounds in 2005, largely due to a variety of operating difficulties
experienced at a few large production centres. We expect world production to increase to 117
million pounds in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is expected that with higher uranium prices, new mines will continue to start up, but the
lead-time before they enter commercial production may be lengthy depending on the region. As a
result, primary supply cannot significantly increase in the near-term. The level of increase in
primary mine production is dependent on a number of factors, including:
</DIV>


<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strength of uranium prices,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the efficiency of regulatory regimes in various regions,</TD>
</TR>

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

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

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currency exchange rates in producer countries compared to the US dollar,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices for other mineral commodities produced in association with uranium (i.e. byproduct or co-product producers), and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the quality and size of the ore reserve.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o35357o3535702.gif" alt="(PIE CHART)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Secondary Sources</I><BR>
Secondary sources of supply consist of surplus US and Russian military materials, excess commercial
inventory and recycled products. Recycled products include reprocessed uranium, mixed oxide fuel
and re-enriched tails material. Some utilities use reprocessed uranium and mixed oxide fuel from
used reactor fuel. In recent years, another source of supply has been re-enriched depleted uranium
tails generated using excess enrichment capacity. We estimate that these recycled products will
account for about 7% of world requirements over the next 10&nbsp;years. With the exception of recycled
material, secondary supplies are finite. Currently, most recycled products are a high-cost fuel
alternative and are used by utilities in only a few countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One of the largest sources of secondary supply is the uranium derived from Russian highly enriched
uranium (HEU). As a result of the 1993 HEU agreement between the US and Russia to reduce the number
of nuclear weapons, additional supplies of uranium have been available to the market. Under the
20-year agreement, weapons-grade HEU is blended down in Russia to low enriched uranium capable of
being used in western world nuclear power plants. Uranium derived from Russian HEU could meet about
7% of world demand over the next 10&nbsp;years based on the current Russian HEU commercial agreement,
which expires in 2013. In parallel, the US has made some of its military inventories available to
the market, in quantities much smaller than those derived from the Russian HEU agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Another source of potential supply is excess inventory held by the US Department of Energy. We
expect about 4% of world demand through 2016 will be met from this source of supply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Historically, the other large source of secondary supply has been excess inventories. Prior to
1985, uranium mine production exceeded reactor requirements due, in large part, to government
incentive programs that
</DIV>
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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">anticipated rapid growth of nuclear generated electricity. The result was a buildup of large
inventories, both in the commercial and government sectors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 1985, uranium consumption has exceeded mine production by increasingly wide margins, with a
large part of the difference being made up by draw down of excess inventories. The company believes
that most of these excess inventories have been consumed. In recent years, there has been evidence
of this trend reversing, with some utilities purchasing uranium to build strategic inventories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, even with new mines currently under development, such as Cigar Lake and
Inkai, this shortfall between demand and production is not expected to change significantly. The
production response is expected to remain challenged, while demand is expected to continue growing
due to better reactor operations, reactor uprates, life extensions and the construction of new
units. However, there are a number of potential new mines and planned mine expansions that are
expected to help meet this shortfall, but the timing and production rates are uncertain at this
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With 2006 uranium production less than 60% of uranium requirements, secondary supplies (such as
recycling and blended down HEU) continue to bridge the gap between production and requirements and
this is expected to continue in the near future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uranium Markets</B><BR>
Utilities secure most of their uranium requirements (80% to 90% in recent years) by entering
into long-term contracts with uranium suppliers. These contracts usually provide for deliveries to
begin two to five years after contracts are finalized. In awarding contracts, utilities consider
the commercial terms offered, including price, and the producer&#146;s record of performance and uranium
reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a number of pricing formulas, including fixed prices adjusted by inflation indices,
reference prices (generally spot price indicators, but also long-term reference prices) and annual
price negotiations. Many contracts also contain floor prices, ceiling prices and other negotiated
provisions that affect the amount ultimately paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities acquire the remainder of their uranium requirements through spot purchases from producers
and traders. Spot market purchases are those that call for delivery within one year. Traders and
investors or hedge funds are active in the market and generally source their uranium from
organizations holding excess inventory, including utilities, producers and governments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Uranium Spot Market</FONT><BR>
The industry average spot price (TradeTech and Ux) on December&nbsp;31, 2006 was $72.00 (US)&nbsp;per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, almost double the $36.38 (US)&nbsp;on December&nbsp;31, 2005. Spot market volume
reported for 2006 was 33&nbsp;million pounds. This compares to 36&nbsp;million pounds for 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discretionary purchases, or purchases not for immediate consumption, hit a record level in 2006
accounting for about 73% of spot market volume. There were continued increases in inventory
building by utilities, trader positioning and investment and hedge fund participation. It is
expected that spot market demand will remain strong in 2007 while supply remains tight, adding
upward pressure to the price.
</DIV>



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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Long-Term Uranium Market</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average long-term price (TradeTech and Ux) on December&nbsp;31, 2006 was $72.00 (US)&nbsp;per
pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, up almost 100% from $36.13 (US)&nbsp;at December&nbsp;31, 2005.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate long-term contracting in 2006 to have been in excess of 200&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, slightly less than the 240&nbsp;million pounds contracted in 2005, but well
above historic levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect long-term contracting activity in 2007 will remain quite strong as utilities attempt to
mitigate the risk of potential future supply shortfalls by securing long-term contracts with
reliable primary suppliers. Currently, we estimate that approximately 200&nbsp;million pounds will be
contracted in the long-term market in 2007.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o35357o3535703.gif" alt="(BAR GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Business &#151; Key Performance Drivers</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major factors that drive Cameco&#146;s uranium business results are:
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices &#151; spot and long-term,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volume &#151; sales, production and purchases,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs &#151; production and purchases, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the relationship between the US and Canadian dollars.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


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

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

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Prices &#151; Spot/Long-Term</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Background</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While Cameco generally has not sold uranium in the spot market, about 60% of the company&#146;s uranium
is sold under its long-term contracts at prices that reference the spot market price near the time
of delivery. The remaining 40% is sold at fixed prices escalated by an inflation index. Uranium
market price indicators are quoted by the industry in US dollars per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium contract terms generally reflect market conditions at the time the contract is negotiated.
Historically, after a contract negotiation was completed, deliveries under that contract typically
did not begin for up to three years. For example, a contract that was signed in 2001, when the spot
price averaged less than $9.00 (US), could have started deliveries in 2004 and could continue
through to 2008. As a result, many of the contracts in our current portfolio reflect market
conditions when uranium prices were significantly lower. For example, 2003 was the first year that
the spot price averaged over $11.00 (US)&nbsp;since the 1995-1997 period. Before that they were much
lower, and only exceeded $11.00 (US)&nbsp;on a sustained basis in 1988 and earlier. To the extent
contracts have fixed or low ceiling prices, they will yield prices lower than current market
prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, Cameco&#146;s average realized price for uranium sales in 2006 was $20.62 (US)&nbsp;per pound of
uranium compared to an average spot price of $49.60 (US)&nbsp;and average long-term price of $49.90
(US). In 2006, the benefit of improved spot prices was also partially offset by a less favourable
foreign exchange rate. Our average realized selling price rose by 34% in US dollars but only 23% in
Canadian dollars over 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As in previous years, we are continually in the market signing new contracts. Generally, our
current portfolio reflects a 60/40 mix of market-related and fixed pricing (escalated by inflation)
mechanisms. In general, most new offers include price mechanisms that are more focused on
market-related pricing. Consequently, we expect this ratio to change over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the current market environment of rapidly increasing uranium prices, this strategy has allowed
Cameco to add increasingly favourable contracts to its portfolio while maintaining sensitivity to
future price movements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Uranium Price Sensitivity 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, a $1.00 (US)&nbsp;per pound change in the uranium spot price from $85.00 (US)&nbsp;per pound would
change revenue by $6&nbsp;million (Cdn) and net earnings by $3&nbsp;million (Cdn). This sensitivity is based
on an expected effective exchange rate of $1.00 (US)&nbsp;being equivalent to about $1.19 (Cdn) as a
result of our currency hedge program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Volume &#151; Sales, Production and Purchases</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sales Volume</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, Cameco delivered 36.1&nbsp;million pounds of uranium, representing a 6% increase from 2005
deliveries of 34.2&nbsp;million pounds. The higher delivery volumes were in response to strong market
demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, for revenue purposes in 2006, Cameco reported sales of 32.2&nbsp;million pounds due to the
accounting for product loans it has in place. During 2006, Cameco entered into standby product loan
agreements with two of our customers. The loans allow Cameco to borrow up to 5.6&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2006 to 2008, with repayment in 2008 and
2009. Of the material available under
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the loan, up to 1.4&nbsp;million kgU can be borrowed in the form of uranium hexafluoride
(UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>). Any borrowings will be secured by letters of credit and be settled in kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2006, Cameco had not borrowed any material under the standby loan agreements.
However, regardless of whether any material is borrowed, we defer revenue recognition from sales to
the counterparties of the standby product loan agreements, up to the limit of the loans (5.6
million pounds). This is in accordance with accounting standards. Cameco will recognize the
deferred revenue and associated costs when the loan agreements are terminated, or if drawn upon,
when the loans are repaid and that portion of the facility is terminated. Accordingly, for the year
2006, we have deferred revenue of $80&nbsp;million and the associated costs on sales of 4.0&nbsp;million
pounds. The gross profit on the deferred sales was $15&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the reported sales volume and associated revenue may be affected by changes to product
loan arrangements. In 2007, we expect uranium deliveries to total 33&nbsp;million pounds. However, the
reported sales volume for revenue purposes depends upon the product loan arrangements. We may
terminate a portion or all of the product loan arrangements in 2007. To the extent we terminate the
product loan arrangements, revenue that was deferred on up to 4&nbsp;million pounds in 2006 would be
recognized in 2007. If the product loan facilities remain in place unchanged, we would be required
to defer revenue on an additional 1.6&nbsp;million pounds in 2007, regardless if any amount is drawn on
the loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco sells more uranium than it produces from its mines and meets its contractual delivery
commitments through a combination of mine production, long-term purchase arrangements, spot
purchases and inventory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Production Volume</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Uranium Operations</U>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Cameco&#146;s share of production</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(million lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007 Planned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006 Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005 Actual</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch/Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</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>&nbsp;</TD>
    <TD align="right"><B>21.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.2</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">McArthur River/Key Lake
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of production of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at McArthur River/Key Lake in
Saskatchewan was 13.1&nbsp;million pounds for 2006. Ten days prior to year-end, the operations achieved
the licensed annual production limit of 18.7&nbsp;million pounds (100% basis). Cameco&#146;s share of
production for 2007 is expected to be 13.1&nbsp;million pounds for the full year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2006, unionized employees at the McArthur River and Key Lake operations ratified a new
four-year agreement that Cameco and the United Steelworkers of America (USW)&nbsp;had negotiated. The
new collective agreement will expire December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, progress on freeze-hole drilling for two future mining zones improved by year
end to near targeted rates. However drilling progress for 2006 was lower than targeted due to
technical challenges
</DIV>

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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with drilling through frozen ground, additional time required to address operational challenges
such as improvements to the drill setups, and earlier staffing challenges associated with getting a
sufficient number of experienced drillers given the high levels of activity in the exploration
diamond drilling industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, we encountered mill process difficulties associated with higher levels of concrete
dilution. We have installed sand filters in the mill to improve the clarity of the uranium
solution. In addition, further mill process changes are planned for implementation in 2007. We are
confident that with these changes, the Key Lake mill will be able to process this ore with high
concentrations of concrete at target mill production rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increased concrete concentrations result from the mining process at McArthur River. Once a
raise has been bored through the ore zone, it is backfilled with concrete. After all the rows of
raises are complete in a chamber, equipment is removed from the area and the chamber is backfilled
with concrete. A new chamber is excavated to allow for the next area to be mined and the cycle is
repeated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to maximize mining ore recovery the cylindrical raises are deliberately overlapped.
Therefore, as we mine ore that is adjacent to previously mined out raises backfilled with concrete,
we experience higher concentrations of concrete in the mined ore and resulting uranium ore slurry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, we have applied to increase the annual licensed production capacity at both
the McArthur River mine and the Key Lake mill to 22&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
(compared to the current 18.7&nbsp;million pounds). This application has been undergoing a screening
level environmental assessment (EA)&nbsp;as required by the Canadian Environmental Assessment Act with
the Canadian Nuclear Safety Commission (CNSC)&nbsp;as the responsible authority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC has focused on an evaluation of the longer-term environmental impact of low levels of
selenium and molybdenum in the Key Lake mill&#146;s effluent and the concentration of these substances
in the downstream receiving environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has proposed a three-phase action plan to further reduce selenium and molybdenum discharges
in the mill effluent, which was subsequently accepted by the CNSC staff. While we believe that the
current level of control protects the environment and is consistent with past EAs of the Key Lake
operation, we also recognize that improvements can be made to further reduce levels of these two
metals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At a commission level hearing in January&nbsp;2007, the CNSC considered a proposed licence condition for
the Key Lake mill to implement this plan. We expect a CNSC decision shortly and the first phase of
the plan to be in place later in 2007. Reducing the current level of these metals discharged to the
environment is expected to help advance the EA to increase the annual licensed production limit at
the McArthur River mine and the Key Lake mill. While we cannot predict the outcome of this
assessment, we expect that the parallel work on effluent reduction will advance consideration of
the proposal. We remain confident that we can incrementally increase production levels with minimal
environmental effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to obtaining approval for the EA, we need to transition to new mining zones at McArthur
River and to implement various mill process modifications at Key Lake in order to sustain increased
production levels. Mine planning, development and freeze hole drilling for the McArthur River
transition is ongoing. A revitalization pre-feasibility assessment for the Key Lake mill was
initiated in October&nbsp;2006. The mill began production in 1983 and was built as a world-class
facility. Revitalization of Key Lake will include upgrading circuits to new technology for
simplified operation and increased production capacity.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reinvesting in this mill will help maintain our leadership position in uranium production for many
years into the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, work also progressed on the planning of a boxhole boring mining method, which we
anticipate using for production from upper zone 4 beginning in 2012. This zone is south of the
current zone 2 workings and the Pollock (main)&nbsp;shaft. We completed the mine plan for the boxhole
boring test area for development in 2007 to 2008 and placed an order for a boxhole borer for
delivery in early 2008. Long-term conceptual planning for resources north of the Pollock shaft was
carried out and development of a tunnel for future access and drilling is progressing as planned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Refer to the section titled &#147;Uranium Exploration&#148; in this MD&#038;A for information on exploration
programs near McArthur River.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Rabbit Lake
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake, located in Saskatchewan, produced 5.1&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in
2006. Production in 2006 was lower than 2005 as a result of lower than expected ore grades
encountered at Eagle Point underground operations. In 2007, we are expecting to mine areas with
higher grades relative to 2006. The outlook for 2007 production is 5.5&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, the Rabbit Lake operation returned the mined out A-zone open pit to the surrounding
Wollaston Lake and completed a mill project that reduces the concentration of uranium in the
operation&#146;s effluent discharge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similar to previous years, the underground diamond-drilling reserve replacement program was
successful in 2006. Over 69 kilometres of drilling was completed with excellent results. At the end
of 2006, total proven and probable reserves are estimated at 737,000 tonnes at 1.2%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 19.1&nbsp;million pounds in areas that are currently being mined and in a
new zone that is in close proximity to a newly producing mining area. We now anticipate that the
Eagle Point mine life will continue through to 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, we have been working on an EA to process a little over one-half of the
future uranium production from Cigar Lake ore at the Rabbit Lake mill beginning in the third year
of Cigar Lake production, depending on the production rampup. The draft EA study report was
submitted to regulatory agencies for review in November&nbsp;2006. We held a meeting with regulatory
reviewers in February&nbsp;2007 and are now preparing responses to their initial comments and questions.
Rabbit Lake began operation in 1975 and is Saskatchewan&#146;s longest operating uranium operation.
Given we expect to extend the life of this facility by processing a portion of Cigar Lake&#146;s ore, we
will begin a revitalization assessment of the mill in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Smith Ranch-Highland and Crow Butte
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland and Crow Butte in situ leach (ISL)&nbsp;mines, located in Wyoming and Nebraska
respectively, produced a record 2.7&nbsp;million pounds in 2006, up from our original target of 2.4
million pounds. Smith Ranch-Highland produced 2.0&nbsp;million pounds of our ISL production in 2006,
which is the highest production achieved in the history of ISL mining in the US.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Uranium Projects</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco began construction of the Cigar Lake mine on January&nbsp;1, 2005. On October&nbsp;23, 2006, Cameco
reported that a rock fall causing a water inflow had flooded the underground development.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously announced, Cameco intends to complete a technical report for Cigar Lake that meets
requirements under Canadian Securities Administrators&#146; National Instrument 43-101. In the course of
preparing that report, the company finalized material information which was news released on March
18, 2007. More detailed information will be available in the technical report that Cameco plans to
file with SEDAR before the end of March&nbsp;2007. The information contained in news release issued on
March&nbsp;18, 2007 is discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is proceeding with a five-phase plan to restore the underground workings at Cigar Lake and
complete construction. Each phase requires regulatory approval which has already been received for
the work under way in phase one, other than drilling dewatering holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of additional capital costs to develop Cigar Lake, including mill modifications at
Rabbit Lake and McClean Lake (where the uranium will be processed), is currently estimated at $274
million. Adding this new cost estimate to the $234&nbsp;million that Cameco has already spent on Cigar
Lake construction brings Cameco&#146;s share of total construction cost to develop the project to about
$508&nbsp;million. The increase from the last estimate of $330&nbsp;million, provided on April&nbsp;30, 2006, is
primarily due to site costs during the extended construction period, higher contractor rates driven
by the high level of construction activity in western Canada, increased energy costs and several
scope additions. Two significant scope additions are increased dewatering capacity and optimized
mine plans to freeze more underground areas such as the access tunnels to the production level. In
addition to the $234&nbsp;million of historic construction costs noted above, Cameco&#146;s investment in
Cigar Lake as of December&nbsp;31, 2006 included $378&nbsp;million for expenditures related to test mining,
infrastructure development and capitalized interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, Cameco&#146;s share of remediation expenses are expected to total $46
million, of which $5&nbsp;million was expensed in 2006. In 2007, Cameco anticipates its share of
remediation costs will be $32&nbsp;million that will be expensed and reduce pre-tax earnings
accordingly. In 2008, Cameco expects its pre-tax earnings to be reduced by $9&nbsp;million of
remediation expenses for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Forecast Cigar Lake Costs </B>(Cameco&#146;s share)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>
</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="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Prior</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Capital costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>construction</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>costs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</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">441</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mills</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</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>&nbsp;</TD>
    <TD align="right"><B>234</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>74</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>104</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>80</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>508</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Remediation expenses</B><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Future costs are in constant 2007 dollars.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is making good progress on the first phase of remediation. The first phase involves
drilling holes down to the source of the inflow and to a nearby tunnel where reinforcement may be
needed, pumping concrete through the drill holes, sealing off the inflow with grout and drilling
dewatering holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of March&nbsp;16, 2007, 13 of the 14 drill holes planned for reinforcing and sealing off the water
inflow area are complete. Concrete is required in two locations underground &#151; one near the
rockfall to seal off the inflow area and another in a nearby tunnel to provide reinforcement. More
than 1,000 cubic metres of
</DIV>

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">concrete have been poured through drill holes into the reinforcement area. The concrete mixture is
designed to harden under water and is being poured in successive layers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco now expects to complete the work necessary to seal off the water inflow in the third quarter
of 2007 after spending additional time learning the best way to work with concrete in the water
underground. This timeline assumes that the current pace of drilling is maintained, and the
concrete solidifies as planned to provide reinforcement and prevent or reduce water inflow
sufficiently to enable mine dewatering. The integrity of the plug will not be known until
dewatering is under way<I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has applied to the regulators for approval to drill an additional four, larger-diameter,
holes that would be used to dewater the mine. Cameco has secured access to all drilling equipment
required for the remediation work. We will also be making the appropriate application for
relicensing since the current Cigar Lake construction licence expires at the end of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The subsequent four phases of remediation and construction are:
</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="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><B>Phase 2</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dewatering the underground development, verifying the water inflow
has been sufficiently sealed, and initiating the installation of
surface freezing infrastructure &#151; expected to be completed by the
end of the third quarter 2007.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><B>Phase 3</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Completing any additional remedial work identified in phase two
such as determining if additional reinforcement is required in
higher risk areas &#151; expected by the end of 2007.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><B>Phase 4</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Completing underground rehabilitation that includes securing areas
to prevent ground fall or water inflow, re-establishing mine
ventilation, installing pumping capacity and re-establishing the
ore freezing program &#151; expected to be completed by the summer of
2008.</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="middle"><DIV style="margin-left:0px; text-indent:-0px"><B>Phase 5</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Resuming construction activities that will lead to scheduled
completion of the mine-targeted for 2010.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While these phases are under way, the area around the flooded second shaft will be frozen after the
installation of underground freeze pipes from a nearby tunnel. This is anticipated to be completed
by the summer of 2008. Shaft sinking will continue with completion scheduled for 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has hired internationally qualified independent experts to investigate the two water inflow
incidents at the Cigar Lake project and provide corrective action recommendations. The company will
be carefully reviewing the final reports to identify opportunities for improvement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After construction is complete, Cameco estimates production startup in 2010, ramping up to the
company&#146;s share of full production of about 9&nbsp;million pounds in just over two years. This is
subject to regulatory approval and the remediation being completed in a timely fashion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following a review of the reserves and resources at Cigar Lake, Cameco&#146;s share of proven reserves
remains unchanged at 113.2&nbsp;million pounds. However, a small amount (Cameco&#146;s share is 2.6&nbsp;million
pounds) of probable reserves have been reclassified as indicated resources due to a change in the
cut-off grade to 5.9% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Additional work is required on the inferred
resources to determine if they can be reclassified to a higher category.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cigar Lake Reserves and Resources at March&nbsp;16, 2007</B>
</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="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"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s Share</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(millions)</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proven reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indicated resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inferred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes:
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports reserves and resources separately. The amount of reported resources does
not include those amounts identified as reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s share is 50.025% of total.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Total pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for reserves are contained pounds before mill
recovery of 98.5 % has been applied.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and as to
whether they can be mined legally or economically. It cannot be assumed that all or any part
of the inferred resources will ever be upgraded to a higher category.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves have been estimated at a minimum mineralized thickness of 2.5m and a
cut-off grade of 5.9 % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>applied to the mineral resource block model.
Indicated mineral resources have been estimated at a cut-off grade of 1.2 %
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>and minimum mineralized interval of 2.5m. Inferred mineral
resources have been estimated at a cut-off grade of 5.9 % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>The geological model employed for Cigar Lake involves geological interpretations on
section and plan derived from core drill hole information.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">7</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves have been estimated assuming an allowance of 0.5 m of dilution above
and below the deposit, plus 5% external dilution and 5% backfill dilution at 0%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">8</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves have been estimated based on 90% mining recovery. No allowance for
mining recovery is included in mineral resources.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">9</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves and mineral resources were estimated based on the use of the jet
boring mining method combined with block freezing of the orebody. Jet boring produces an ore
slurry with initial processing consisting of crushing and grinding underground, leaching at
the McClean Lake mill and yellowcake production split between the McClean Lake and Rabbit lake
mills. Mining rate assumed to vary between 80 and 140 t/d and mill production rate of 18
million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>per year based on 98.5 % mill recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">10</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves and resources were estimated using a two-dimensional block model.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">11</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium
price of $38.50 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For the purpose of estimating
mineral reserves in accordance with US Securities Commission Industry Guide 7, a uranium price
of $32.30 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>was used. Estimated mineral reserves are almost
identical at either price because of the insensitivity of the mineral reserves to the cut-off
grade over the range of these two prices.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">12</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of
$0.91 US=$1.00 Cdn.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">13</TD>
    <TD>&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-political, marketing or other
issues are not expected to materially affect the above estimate of mineral reserves and
resources.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">14</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic
viability.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At a mill recovery rate of 98.5%, Cameco anticipates that its share of proven reserves will
produce 111.5&nbsp;million recoverable pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 14.8&nbsp;years of
production. The first five years of planned production are as follows:
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Cameco&#146;s share of Cigar Lake production</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2014</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.0</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake will produce less than Cameco&#146;s share of full production of 9&nbsp;million pounds in the
early and late years resulting in an average total recovery of 7.5&nbsp;million pounds annually over the
reserve life.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above discussion regarding Cigar Lake should take into consideration the following risk
factors:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake is a challenging deposit to develop and mine. These challenges include
control of groundwater, weak ground formations, and radiation protection. The sandstone
overlying the basement rocks contains significant water at hydrostatic pressure. Freezing
the ground is expected to result in several enhancements to the ground conditions,
including: (1)&nbsp;minimizing the risk of water inflows from saturated rock above the
unconformity; (2)&nbsp;reducing radiation exposure from radon dissolved in the ground water; and
(3)&nbsp;increasing rock stability. However, freezing will only reduce, not eliminate, these
challenges. There is also the possibility of a water inflow during the drilling of holes to
freeze the ground. Therefore, the risk of water inflows at Cigar Lake remains. The
consequences of another water inflow will depend upon the magnitude, location and timing of
any such event, but could include a significant delay in Cigar Lake&#146;s remediation,
development or production, a material increase in costs, a loss of mineral reserves or
require Cameco to give notice to many of its customers that it is declaring an interruption
in planned uranium supply. Such consequences could have a material adverse impact on
Cameco. Water inflows are generally not insurable.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake&#146;s remediation and production schedules are based upon certain assumptions
regarding the condition of the underground infrastructure at the mine. The condition of
this underground infrastructure, however, will not be known until the mine is dewatered. If
the underground infrastructure has been impaired, this could adversely impact our schedules
and cost estimates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The outcome of each phase of remediation will impact the schedule of each subsequent
phase of remediation and the planned commencement of production in 2010. For example, if
the plug is not successful in securing the inflow area, then ground freezing, already
incorporated in the remediation plan, will be utilized to secure the inflow area. If this
situation occurs, there could be a delay in the remediation schedule and the commencement
of production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Remediation and production schedules will be impacted by regulatory approvals. We have
not yet received regulatory approval to drill four drill holes for dewatering the mine
during the first phase of the remediation plan. This approval is required to move forward
with our planned dewatering strategy. We believe that each phase of remediation falls
within the scope of the environment assessment of the Cigar Lake project. If regulatory
authorities do not agree, this could impact our remediation and production schedules. In
addition, working with the regulatory authorities to receive approvals for additional
corrective actions which may result from current inflow investigations may impact our
remediation and production schedules. Readers are cautioned that conclusions, projections
and estimates set out in the section above under the heading &#147;Cigar Lake&#148; are subject to
the qualifications, assumptions and exclusions which are detailed in the technical report.
To fully understand the summary information set out above, the technical report that will
be filed on SEDAR should be read in its entirety.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The scientific and technical information in this news release was prepared under the supervision
of:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, a professional geoscientist employed by Cameco as director, mineral
resources management.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Barry W. Schmitke, a professional engineer employed by Cameco as the general manager of
the Cigar Lake project.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The individuals noted above are qualified persons for the purpose of National Instrument 43-101.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Inkai</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Inkai ISL project in Kazakhstan, there are two production areas currently in development
(blocks 1 and 2). At block 1, construction is under way for the commercial processing facility. In
2007, we expect to complete construction and begin commissioning the commercial facility, subject
to regulatory approvals. We expect startup of production in late 2007 with commercial production to
follow in 2008 after a rampup period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At block 2, the test mine produced about 0.8&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> during 2006.
Production from the expanded facility started in the second quarter of 2006. Assuming that
resources are converted to reserves this year, we would apply for a mining licence in 2007 for
block 2. Commercial development of block 2 could start in 2008. As previously reported, production
from blocks 1 and 2 is expected to total 5.2&nbsp;million pounds per year by 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost to bring Inkai to commercial production (100% basis) is now projected to be about
$200&nbsp;million (US). The capital expenditures for Inkai in 2007 are expected to total $90&nbsp;million
(US). The production obtained from the Inkai test mine is being sold and proceeds from the sales
are used to fund the construction and operation of the project. Including the recoveries related to
these sales, the net cost of development at Inkai is expected to be about $95&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai will be subject to taxes in Kazakhstan at statutory rates fixed at the signing of the
Resource Use Contract in 2000. Inkai will also be subject to Excess Profits Tax. Excess profits
tax becomes payable when the internal rate of return of the project (as defined in the applicable
tax code) exceeds 20%. Excess profits tax is levied at rates scaled from 4% to 30%, depending on
the internal rate of return. The excess profits tax rate is applied to pre-tax net income less
income tax. Inkai will not pay excess profits tax in 2007. The timing of excess profits tax in the
future, after Inkai reaches commercial production will be dependent on the internal rate of return
of the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Purchase Volumes</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has purchase commitments for uranium products and services from various sources. Most
of these purchase commitments are in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. At the end of 2006, these purchase
commitments totalled 51&nbsp;million pounds uranium equivalent from 2007 to 2013. Of this, 46&nbsp;million
pounds are from exercising options under our agreement to purchase uranium from dismantled Russian
weapons (the Russian HEU commercial agreement). At December&nbsp;31, 2006, these purchase commitments
totalled $598&nbsp;million (US). Refer to note 24 in the notes to consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Costs</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s cost of supply is influenced by its mix of produced mine material and uranium purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production costs at our Saskatchewan uranium mines, our largest source of production, are primarily
fixed, with almost one-third attributable to labour. The largest variable operating cost is
production supplies (25%), followed by maintenance materials (10%). Another large component of
production costs is contracted services which is 23% of the total. Contracted services include
items such as mining, maintenance, air charters, security and ground freight. These four components
make up 90% of the production costs at our Saskatchewan uranium mines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium mine production costs are driven mostly by the complexity of the operation. Unit costs of
production are driven primarily by the grade and size of the reserves. McArthur River is the
world&#146;s largest, high-grade uranium mine. Its ore grade averages 21% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
which means it can produce more than 18
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">million pounds per year by extracting only 100 to 120 tonnes of ore per day. While Rabbit Lake&#146;s
average ore grade of 1% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is much lower, it compares favourably to other
operating mines in the world where ore grades are generally below 0.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ISL extraction methods can make even lower-grade orebodies commercially attractive. Worldwide, ISL
mines typically recover uranium from orebodies with an average grade in the range of 0.1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Cameco&#146;s cost of supply is influenced only modestly by the two US ISL
operations. In 2006, US ISL production accounted for about 13% of the company&#146;s primary output.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchased product also affects Cameco&#146;s cost of supply. Most of Cameco&#146;s purchase commitments are
under long-term, fixed-price arrangements reflecting prices significantly lower than the current
published spot and long-term prices. These purchase commitments totalled $599&nbsp;million (US)&nbsp;at
December&nbsp;31, 2006. Refer to note 24 in the notes to the consolidated financial statements. A
significant portion of these purchased pounds will be delivered into existing sales contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Foreign Exchange</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The relationship between the Canadian and US dollars affects financial results of the uranium
business as well as the fuel services business. For that reason, the effect on both businesses will
be discussed in this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of uranium and fuel services are routinely denominated in US dollars while production costs
are largely denominated in Canadian dollars. We attempt to provide some protection against exchange
rate fluctuations by planned hedging activity designed to smooth volatility. Hedging activities
partly shelter our uranium and fuel services revenues against declines in the US dollar in the
shorter term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has a natural hedge against US currency fluctuations as a portion of its annual cash
outlays, including purchases of uranium and fuel services, is denominated in US dollars. The
influence on earnings from purchased material in inventory is likely to be dispersed over several
fiscal periods and is more difficult to identify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At each balance sheet date, Cameco calculates the mark-to-market value of all foreign exchange
contracts with that value representing the gain or loss that would have occurred if the contracts
had been closed at that point in time. We account for foreign exchange contracts that meet certain
defined criteria (specified by generally accepted accounting principles) using hedge accounting.
Under hedge accounting, mark-to-market gains or losses are included in earnings only at the point
in time that the contract is designated for use. In all other circumstances, mark-to-market gains
or losses are reported in earnings as they occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2006, the Canadian/US dollar exchange rate was $1.17, unchanged from December&nbsp;31,
2005. Over the course of the year, the exchange rate averaged $1.13.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2006, we had foreign currency contracts of $1,237&nbsp;million (US)&nbsp;and EUR 58&nbsp;million
that were accounted for using hedge accounting and foreign currency contracts of $127&nbsp;million (US)
that did not meet the criteria for hedge accounting. The foreign currency contracts are scheduled
for use as follows:
</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$&nbsp;millions (US)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EUR millions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US currency contracts have an average effective exchange rate of $1.17 (Cdn) per $1.00 (US),
which reflects the original foreign exchange spot prices at the time contracts were entered into
and includes net deferred gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2006, the mark-to-market loss on all foreign exchange contracts designated as
hedges was $34&nbsp;million compared to a $37&nbsp;million gain at December&nbsp;31, 2005. For those contracts not
designated as hedges, the mark-to-market loss of $2&nbsp;million has been included in earnings for 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Timing differences between the maturity dates and designation dates on previously closed hedge
contracts may result in deferred revenue or deferred charges. At December&nbsp;31, 2006, net deferred
gains totalled $26&nbsp;million. The schedule for net deferred gains to be released to earnings, by
year, is as follows:
</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="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deferred Gains (Charges)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$&nbsp;millions (Cdn<FONT style="font-variant: SMALL-CAPS">)</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, most of the net inflows of US dollars were hedged with currency derivatives. Net inflows
represent uranium and fuel services sales less US dollar cash expenses and US dollar product
purchases. For the uranium and fuel services businesses in 2006, the effective exchange rate, after
allowing for hedging, was about $1.20 compared to $1.30 in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, every one-cent increase/decrease in the US to Canadian dollar exchange rate would result
in a corresponding increase/decrease in net earnings of about $6&nbsp;million (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s overall objective is to build on and leverage our competitive advantage in uranium.
In doing so, we strive to meet three major goals:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain one of the low-cost producers,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand our market position, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase supply flexibility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a number of key strategies the company uses to achieve these goals. We strive to maintain
our low-cost position by adding economically attractive reserves and improving our margins. We look
to expand our low-cost reserves through acquisition, exploration around existing operations and by
identifying geological regions that will provide the next tier of low-cost production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We improve our margins by optimizing production to yield the highest rate of return, gaining cost
efficiencies through quality and business process improvements, and pursuing fundamental
productivity gains through technological development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We seek to grow our market position by acquisition, seeking to accelerate production from existing
operations, and participating in new uranium opportunities at exploration and development stages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To increase our supply flexibility, we are building a geographically diverse production base. This
includes accelerating the production at Inkai, bringing Cigar Lake into production, and continuing
to pursue a global exploration program. This program identifies the most prospective regions and
maximizes options to access and/or control land positions for future business advantage. To ensure
we have adequate production, we
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">identify the optimal resource mix (i.e. different types of deposits such as unconformity versus in
situ leach), and replace reserves through exploration and acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given Cameco&#146;s leadership role in the uranium market, the company wants to successfully maximize
uranium market growth. Our goals in this regard are to:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand market position,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>optimize price realization over time, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve supply flexibility.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To grow our market position, we build on our customer relationships and expand the range of
services available to customers while maintaining the company&#146;s reputation as a reliable supplier.
In addition, we maintain participation in secondary supplies including, enhancing our relationship
with Russia, influencing the timing of sales of secondary supplies to the market, and using market
intelligence to achieve early notice of new supply sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A key element for Cameco is our contracting strategy, which is influenced by the supply and demand
outlook for uranium. Since mid-2003, the supply side has experienced significant impacts that
caused uranium prices to rise rapidly. This upward trend has been due, in large part, to the
realization by market participants that excess secondary supplies will not contribute as much to
future uranium supply as they had previously expected. Consequently, a greater volume of new
primary mine production will be needed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rise in prices has triggered predictable supply side responses. The most notable is the
increase in companies exploring for new uranium deposits and the construction of new mines and the
proposed expansion of existing ones. However, given the low prices of the last two decades, very
little exploration was undertaken on a global basis, and relatively little investment was made in
advancing new uranium projects. Producers were operating at close to full capacity to minimize unit
costs. Undeveloped deposits, identified in previous exploration cycles, were mostly uneconomic or
located in jurisdictions with political challenges. With higher prices, existing projects and newly
discovered deposits will be developed, but the lead time before they enter commercial production
may be lengthy depending on the region. Consequently, the primary supply industry cannot
significantly increase supply in the near-term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Future market prices will depend on a number of supply and demand factors, the more notable ones
being:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional production from the successful expansion of existing production, startup
of mines currently under construction and development of existing deposits yet to be
developed,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the success of exploration programs in identifying new commercial uranium deposits
that can be developed in a reasonable period of time,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange rate in various producer country currencies relative to the US dollar,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing and extent of expansion of uranium produced as a byproduct or co-product
of other commodities, particularly in Australia and South Africa,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of existing and possible new secondary materials, such as blended down
uranium from military stock including dismantled weapons,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the manner in which investment funds liquidate their holdings,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ultimate sales by the US Department of Energy (DOE),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent enrichment services are substituted for natural uranium feed, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the growth rate of nuclear power.</TD>
</TR>

</TABLE>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given the uncertainty surrounding the foregoing supply/demand factors and the impact on price, we
believe it is prudent to continue to target a mix of market-related and fixed price mechanisms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As we have discussed in the past, our contracting objective is to secure a solid base of earnings
and cash flow to allow us to maintain our core asset base and pursue growth opportunities over the
long-term. Our contracting strategy focuses on reducing the volatility in our future earnings and
cash flow, while providing both protection against decreases in market price and retaining exposure
to future market price increases. This is a balanced approach, which we believe delivers the best
value to our shareholders over the long-term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our current portfolio reflects a 60/40 mix of market-related and fixed pricing (escalated by
inflation) mechanisms. Currently, our contracting is more focused on market-related pricing.
Consequently, we expect this ratio to change over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall strategy will continue to focus on achieving longer contract terms of up to 10&nbsp;years or
more, floor prices that provide downside protection, and retaining an adequate level of upside
potential. In general, most new offers include price mechanisms with an 80% market-related and 20%
fixed component. The fixed-price component generally is equal to or higher than the industry
long-term price indicator at the time of offer and is adjusted by inflation. The market-related
component will include a floor price (escalated by inflation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has a variety of supply sources including primary production, firm commitments for long-term
purchases, inventories of six months forward sales (or equivalent to about 17&nbsp;million pounds,
including working inventory) and uranium from opportunistic purchases in the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capability to Deliver Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will continue to enhance its capabilities in a number of areas to execute our
strategies and deliver on our goals to remain one of the low-cost producers, protect and expand our
market position and increase supply flexibility. We will achieve these goals by:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transitioning successfully from current mining areas to new ones,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advancing other mining methods and technologies,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proceeding with revitalization plans for our milling operations,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining timely regulatory approvals under an increasingly stringent regulatory regime,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securing adequate human resources to replace an aging workforce, including ensuring
skilled tradespeople continue to be available,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring capital is readily available over the longer term given our expansion plans,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>allocating adequate resources to exploration, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and acting upon opportunities that we expect to add value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">transition to new mining areas</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling exploration at McArthur River has identified four ore zones (zones 1 to 4).
Currently, only zone 2 is being mined. Zone 2 is divided into four panels (panels 1, 2, 3 and 5).
</DIV>

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</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o35357o3535704.gif" alt="(MINE)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of the four ore zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As extraction of zone 2 (panels 1, 2, and 3) progresses, we expect to place zone 1, zone 2 (panel
5) and the lower mining area of zone 4 into production by 2009, subject to regulatory approval. We
plan to continue using the raiseboring method to extract ore in these zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All tunnels have been developed for zone 1 and we do not expect any technical issues. At zone 2
(panel 5) and lower zone 4, freeze hole drilling and tunnel construction commenced in 2006. Through
much of 2006, freeze-hole drilling advanced at a slower than expected rate due to technical
challenges with drilling through frozen ground, additional time required to address operational
challenges. For example, we made improvements to the drill setups, and addressed earlier staffing
challenges associated with getting sufficient experienced drillers given the high levels of
activity in the exploration diamond drilling industry. We have modified our freeze-hole drilling
technique and equipment and have since achieved our scheduled target drilling rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Mining Methods </FONT><BR>
Currently, McArthur River uses raiseboring to extract ore from the mine. As we expected from the
start of mining, other mining methods will be used to maintain or expand production. In 2005, we
determined that the boxhole boring method would be better suited for the upper zone 4 at McArthur
River, because it would allow development from a preferred location. Production from this zone is
scheduled to begin in 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Until Cameco has fully developed and tested the boxhole boring method, there is uncertainty in the
estimated productivity. Cameco plans to develop and test the boxhole boring method over the next
four years. In 2006, we completed the mine plan for the boxhole boring test area and placed an
order for a boxhole borer for delivery in early 2008. Mine development for the test area is planned
to take place during 2007 and 2008. During this time, we will continue to further develop detailed
plans for this mining method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Cigar Lake, we plan to use the jet boring method, which has been examined through extensive test
mining programs. Overall, the test mine programs were considered highly successful with all initial
objectives fulfilled. However, as the jet boring mining method is new to the uranium mining
industry, the potential for technical challenges exist. We are confident that our engineers will be
able to solve the challenges that may arise during the initial rampup period.
</DIV>


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</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Revitalization of Mills </FONT><BR>
The Key Lake and Rabbit Lake mills have been in operation for 24 and 32&nbsp;years respectively. We plan
to renew both these mills to help maintain our leadership position in uranium production. A
revitalization pre-feasibility assessment for the Key Lake mill was kicked off in October&nbsp;2006. We
are targeting to complete the final feasibility study in early 2008. A revitalization assessment of
the Rabbit Lake mill will begin in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Regulatory Approval</FONT><BR>
Cameco&#146;s growth plans depend on regulatory approvals such as environmental assessments, and
obtaining construction and operating licences in various jurisdictions including Canada,
Kazakhstan, and the US. The timing for approvals can be impacted by various factors such as, the
regulator&#146;s assessment of current performance, the comprehensiveness of the documentation submitted
to support the application, assessment of the significance of any anticipated incremental impacts,
the number of industry approval applications being assessed at any given time by the regulator,
changing regulatory standards and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expends significant financial and managerial resources to comply with laws and regulations.
We seek to find solutions that best reduce or eliminate our environmental impacts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Human Resources</FONT><BR>
Cameco&#146;s workforce reflects the national demographics where a significant number of the eligible
workforce is nearing retirement age. Approximately 27% of the workforce at our Saskatchewan uranium
mines was age 50 or older at December&nbsp;31, 2006. Cameco&#146;s challenge is to compete for the limited
number of people entering the workforce to replace retiring employees. We have developed a
long-term people strategy that includes workforce planning to meet this challenge. Another
challenge we have is securing skilled tradespeople. Cameco is examining various options to
accelerate our extensive apprenticeship programs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Ready Access to Capital</FONT><BR>
Cameco has an ambitious plan to grow in the nuclear energy industry. Opportunities to invest are
unpredictable and often capital intensive. We intend to maintain financial flexibility to pursue
opportunities as they arise. For that reason, we maintain a conservative financial structure with a
target of no more than 25% net debt to total capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Exploration Programs </FONT><BR>
Cameco continues to pursue a focused exploration program to identify additional uranium reserves
for the future to maintain the company&#146;s position as the world&#146;s largest uranium producer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco retained an exploration program and its expertise during the depressed market. As uranium
prices have risen we have increased our investment in exploration to achieve our goal of expanding
our reserve base to grow our uranium market leadership position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We plan to invest about $45&nbsp;million in uranium exploration during 2007. This is up 29% compared to
the $32&nbsp;million invested in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on our exploration activities, see the section titled &#147;Uranium Exploration&#148; in
this MD&#038;A.
</DIV>


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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uranium Business Results</B><BR>
Cameco&#146;s uranium business consists of the McArthur River, Key Lake and Rabbit Lake mine and
mill operations in Saskatchewan, two ISL mines in the US, the Inkai ISL test mine in Kazakhstan,
the Cigar Lake development project in Saskatchewan and uranium exploration projects located
primarily in Canada and Australia.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Uranium Business Highlights</FONT>
</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="64%">&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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>2006</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>2005</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><FONT style="font-variant: SMALL-CAPS"><B>% Change</B></FONT></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>803</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>237</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">($US/</FONT>lb<FONT style="font-variant: SMALL-CAPS">)</FONT></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.62</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24.72</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs) <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>32.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred sales volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.0</B></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">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Excludes $69&nbsp;million in earnings related to the gain on sale of Energy Resources
of Australia Ltd shares for the year ended December&nbsp;31, 2005.<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Total delivered volumes for 2006 was 36.2&nbsp;million pounds. Revenue on 4.0&nbsp;million
pounds was deferred due to standby product loans.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, we reported that Cameco had entered into standby product loan agreements with two of
our customers. The loans allow Cameco to borrow up to 5.6&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
equivalent over the period 2006 to 2008, with repayment in 2008 and 2009. Of the material available
under the loan, up to 1.4&nbsp;million kgU can be borrowed in the form of uranium hexafluoride
(UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>). Any borrowings will be secured by letters of credit and be settled in kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2006, Cameco had not borrowed any material under the standby loan agreements.
However, regardless of whether any material is borrowed, we defer revenue recognition from sales to
the counterparties of the standby product loan agreements, up to the limit of the loans (5.6
million pounds). This is in accordance with accounting standards. Cameco will recognize the
deferred revenue and associated costs when the loan agreements are terminated, or if drawn upon,
when the loans are repaid and that portion of the facility is terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accordingly, in 2006, Cameco has deferred revenue of $80&nbsp;million and the associated costs on sales
of 4.0&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The gross profit on the deferred sales was $15
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The timing of cash receipts on the deferred revenue is the same as on any other sale and is
unaffected by the accounting treatment for the revenue. As a result, cash flows are not impacted by
the deferrals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Standby fees associated with the loan facilities are reflected in the &#147;Interest and Other&#148; expense
item on the Consolidated Statement of Earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our reported revenue and costs for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> discussed throughout this MD&#038;A have
been reduced to reflect the required deferrals. Similarly, the average realized price for
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> has been adjusted.
</DIV>


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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Revenue</FONT><BR>
Compared to 2005, revenue from our uranium business rose in 2006 by 16% to $803&nbsp;million due to a
33% increase in the realized selling price (in US dollars) partially offset by a 6% decline in
reported sales volume. The decline is a function of the deferred sales described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The average realized price in Canadian dollars, increased by only 23% due to the stronger Canadian
dollar relative to the US dollar. The increase in the average realized price was the result of
higher prices under fixed-price contracts and a higher uranium spot price, which averaged $49.60
(US)&nbsp;per pound in 2006 compared to $28.67 (US)&nbsp;in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cost of Products and Services Sold</FONT><BR>
For 2006, the cost of products and services sold was $472&nbsp;million compared to $429&nbsp;million in 2005,
reflecting increases in the cost of purchased uranium and in the proportion of sales commitments
met with purchased material. In 2006, purchased material represented about 45% of sales compared to
35% in 2005. On a per unit basis, the cost of product sold was about 16% higher than in the
previous year due to the foregoing factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Depreciation, Depletion and Reclamation</FONT><BR>
In 2006, depreciation, depletion and reclamation (DD&#038;R) charges were $94&nbsp;million compared to $102
million in 2005, due to the higher proportion of sales of purchased uranium. On a per unit basis,
DD&#038;R costs were about 5% lower than in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Gross Profit</FONT><BR>
In 2006, our gross profit from the uranium business amounted to $237&nbsp;million compared to $159
million in 2005, an increase of 49%. This was attributable to the 23% increase in the realized
price for uranium and was partially offset by higher unit costs for purchased uranium. Our earnings
before taxes from the uranium business improved to $181&nbsp;million from $134&nbsp;million last year, while
the profit margin rose to 30% from 23% in 2005 again due to the higher realized selling price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2007 Outlook for Uranium</B><BR>
In 2007, the reported sales volume and associated revenue may be affected by changes to
product loan arrangements. Total uranium deliveries amounted to 36&nbsp;million pounds in 2006, while
reported sales volume was 32&nbsp;million pounds due to the accounting for the product loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, we expect uranium deliveries to total 33&nbsp;million pounds. However, the reported sales
volume for revenue purposes depends upon the product loan arrangements. We may terminate a portion
or all of the product loan arrangements in 2007. To the extent we terminate the product loan
arrangements, revenue that was deferred on up to 4&nbsp;million pounds in 2006 would be recognized in
2007. If the product loan facilities remain in place unchanged, we would be required to defer
revenue on an additional 1.6&nbsp;million pounds in 2007, regardless if any amount is drawn on the
loans. Assuming the product loans remain in place, we would expect our reported revenues to be
about 45% greater than in 2006 due to an increase in our realized price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Excluding the impact of any deferrals related to the product loans, we would expect our uranium
revenue for 2007 to increase by about 50% due primarily to an increase in the realized price. Our
average realized uranium price is anticipated to improve due to higher expected prices under our
current contracts relative to 2006.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unit cost of product sold is projected to increase by about 20% as a result of increased costs
for purchased material, higher royalty costs due to an increase in the realized price, the impact
of tiered royalty charges and increased production costs expected to be incurred in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As mentioned in the 2006 fourth quarter report, we have included supply interruption language in
our contracts, which provides Cameco with the right to reduce, defer or cancel volumes on a
pro-rata basis if we experience a shortfall in planned production or deliveries of purchases under
the highly enriched uranium agreement. This language protects about three-quarters of currently
contracted volumes, and this percentage will rise as old contracts expire. All contracts contain
standard force majeure language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The baseload contracts put in place to support the development of Cigar Lake also contain supply
interruption language, which allows Cameco to reduce, defer or cancel deliveries in the event of
any delay or shortfall in Cigar Lake production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since the Cigar Lake water inflow, we have been in discussions with our customers to address the
production delay at the mine and its possible effect on uranium deliveries. Our immediate focus is
on customers who will be impacted with uranium deliveries in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the case of the Cigar Lake baseload contracts containing deliveries in 2007, we plan to defer
the volumes to the end of the various contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the remainder of the contracts that are impacted by the supply interruption language in 2007,
we plan to defer the portion of deliveries impacted by this language for a five to seven-year
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contract specific decisions will be made in consultation with each of our customers. We appreciate
their understanding and support.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco expects its pre-tax earnings will be reduced by $32&nbsp;million of remediation expenses
for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of uranium production for 2007 is projected to increase slightly to 21.0&nbsp;million
pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from 20.9&nbsp;million in 2006. These quantities do not include
Inkai as the operation is not yet in commercial production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco did not pay tiered royalties in 2006 and prior years due to the availability of prescribed
capital allowances that reduce uranium sales subject to tiered royalty. Cameco expects its capital
allowances to be fully exhausted during 2007 and, therefore, expects to pay tiered royalties in
2007. We currently estimate that tiered royalties will reduce net earnings by approximately $10
million in 2007. We will be eligible for additional capital allowances once Cigar Lake commences
production at which time we do not expect to be required to pay tiered royalties until the
additional allowances are fully exhausted. The following is an example of how tiered royalties are
estimated.
</DIV>


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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Calculation of Tiered Royalties </FONT><BR>
(2006 rates; index value to determine rates for 2007 not available until April, 2007)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Assumptions:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>based on 100,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>sold, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no capital allowance are available</TD>
</TR>

</TABLE>
</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="52%">&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 nowrap align="left"><B>Sales Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tier 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tier 2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Tier 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Realized ($ Cdn)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Royalty</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Royalty</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Royalty</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total Tiered Royalty</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$25.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">56,080</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$35.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">113,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">43,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">13,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">169,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$45.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">173,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">83,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">319,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$55.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">233,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">123,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">113,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">469,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$65.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">293,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">163,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">163,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">619,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$75.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">353,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">203,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">213,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">769,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$85.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">413,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">243,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">263,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">919,430</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>6% x (Sales Price &#151; $16.16) x 100,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>4% x (Sales Price &#151; $24.24) x 100,000 pounds&nbsp;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>5% x (Sales Price &#151; $32.33) x 100,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The outlook for 2007 financial results for the uranium business segment do not include all the
expected adjustments for the Cigar Lake water inflow incident as they are being finalized. Also the
outlook is based on the following key assumptions:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no significant changes in our estimates for sales volumes, costs, purchases and prices,
as discussed above,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no disruption of supply from our mines or third-party sources, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a US/Canadian dollar spot exchange rate of $1.16.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Uranium Exploration</B><BR>
A significant part of our future production base is expected to result from our global
exploration activities. We have maintained an active exploration program even during the bottom of
the uranium price cycle, reflecting our long-term commitment to the industry. Over the past five
years we have significantly increased our investment in exploration programs. We invested about $32
million in uranium exploration during 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have skilled and experienced exploration staff with more than 80 professionals searching for the
next generation of economic deposits. Our land holdings are substantial, with approximately 4.8
million hectares (11.8&nbsp;million acres) of Cameco and partner-operated land, primarily in Canada,
Australia, the US, Mongolia and Africa. Our activities include both brownfields and greenfields
prospects and we monitor potential acquisition targets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns a range of participating interests in its exploration lands, and either owns or has the
right to earn a majority interest in most of the company&#146;s projects. At year-end 2006, Cameco
operated approximately 75% of its exploration projects, including joint ventures. The majority of
Cameco&#146;s exploration projects are early to middle stage, on which indications of economic grades or
quantities of uranium have not yet been identified. The nature of mineral exploration is such that
discovery of economic deposits on new projects is uncertain and can take many years.
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">2006 Exploration Results</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Brownfield Exploration</I></B><BR>
Brownfield exploration refers to uranium exploration activity undertaken near existing operations
and advanced projects. In 2006, we made progress on several projects. We continue our drilling
programs intended to add resources at the McArthur River and Rabbit Lake operations, which could
extend the mine life at both locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, the underground diamond-drilling reserve replacement program was successful in
2006, with over 69 kilometres of drilling being completed with excellent results. At the end of
2006, total proven and probable reserves are estimated at 737,000 tonnes at 1.2%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 19.1&nbsp;million pounds in areas that are currently being mined and in a
new zone that is in close proximity to a newly producing mining area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, both the Millennium and Collins Creek deposits were advanced in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Regional Exploration</I></B><BR>
The Centennial discovery on the Virgin River project was extended with several new mineralized
holes, confirming the significance of this new mineralized region.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s continuing expansion of uranium exploration activities, our land holdings were
increased significantly, either directly or under option, with new projects in Nunavut, the
Northwest Territories, and Mongolia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also in March&nbsp;2007, Cameco signed additional non-binding memorandums of understanding (MOU)&nbsp;with
Joint Stock Company Techsnabexport (Tenex), a leading state-owned Russian nuclear company, to
explore in Russia and Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Building on the MOU signed in November&nbsp;2006, Cameco and Tenex have further developed terms on which
they would co-operate on joint uranium exploration projects in Russia and Canada and, if warranted,
engage in development and production of uranium deposits that are found. Cameco and Tenex have also
identified priority projects for possible future joint exploration activities in Russia and Canada
that would be disclosed when agreements are finalized. Cameco anticipates that binding agreements
will be signed in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Junior Exploration Companies</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Since the recovery of the world uranium market, and corresponding higher prices for uranium, the
competitive environment for uranium exploration has changed. There are more than 400 uranium
exploration companies listed on stock exchanges and most of these are actively funding new
exploration programs in Canada and other regions. In the newly active sector, Cameco maintains an
ongoing dialogue with numerous companies, with the objective of positioning the company for future
participation in areas with promising results, and leveraging Cameco&#146;s recognized position in the
sustainable development of uranium resources worldwide. Cameco&#146;s approach to future resource
replacement is to combine its own exploration activities with partnerships, joint ventures, or
equity holdings in other companies with assets that meet the company&#146;s investment criteria.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2006, Cameco owned a 21.6% interest in UEX Corporation, a TSX listed junior
exploration company formed in 2002 from a combination of exploration assets previously held by
Cameco and Pioneer Metals Corporation. Cameco has, as long as it maintains a 20% or higher interest
in UEX, certain rights related to financing, and marketing production from future uranium deposits.
As well, Cameco
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">has the right to mill uranium produced from properties it contributed to UEX at the time of its
formation in 2002.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, Cameco completed its acquisition of a 19.5% interest in UNOR Inc. (formerly Hornby Bay
Exploration Ltd.). Cameco purchased 22.9&nbsp;million common shares of UNOR at $0.40 per share through a
private placement for $9.2&nbsp;million. UNOR is a uranium exploration and development company with its
head office in Toronto, Ontario. Its principal properties are 226 mineral claims in northwestern
Nunavut on the Hornby Basin, a geological formation with similar characteristics to the
uranium-rich Athabasca Basin in northern Saskatchewan. The strategic alliance agreement concluded
between Cameco and UNOR includes the following terms:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As long as Cameco continues to hold 10% of UNOR&#146;s outstanding common shares, it will
have the right to nominate one person for election to UNOR&#146;s board of directors, and UNOR
will consult with Cameco on its exploration and development programs;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As long as Cameco continues to hold 16% of UNOR&#146;s outstanding common shares, it will
have the right to participate in any future equity issues, match equity or debt required
for mine development, operate any mine developed on UNOR&#146;s properties and market any
uranium produced; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco and UNOR each have a right of first refusal on each other&#146;s uranium projects in a
specified area of Nunavut and the Northwest Territories.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;26, 2007, Cameco signed a Letter of Intent with Vena Resources to establish a
jointly-owned company to explore and develop Vena&#146;s uranium assets in Peru. Subject to signing
definitive agreements, the new company will begin by initially exploring and developing the
numerous uranium targets held by Vena in southern Per&#250;. Under the terms of the Letter of Intent,
Cameco has the option to invest $10&nbsp;million over the next four years in two stage payments to
obtain up to 50% of MINERGIA SAC, the private company that holds Vena&#146;s uranium landholdings in
Per&#250;. Cameco can increase its stake in MINERGIA to 60% when a feasibility study is completed and to
70% when mine development commences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">2007 Exploration outlook</FONT><BR>
Cameco plans to invest about $45&nbsp;million in uranium exploration during 2007 as part of our
long-term strategy to maintain our leadership position in uranium production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Brownfield Exploration</I></B><BR>
Approximately 28% of the uranium exploration budget will be for brownfield exploration projects in
the Athabasca Basin. We will invest $12.5&nbsp;million on six advanced projects. The largest investment
will be at McArthur River, where $3.8&nbsp;million will be directed towards diamond drilling on the
northern extension of the prolific P2 fault. At the Rabbit Lake operation, surface exploration will
focus on both regional targets and mine-related targets, principally in the vicinity of the Eagle
Point mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Dawn Lake joint venture will continue work on two uranium deposits in 2007. Delineation of the
Collins Creek deposit will continue, with additional drilling and a scoping study to examine
potential mining scenarios. At the original Dawn Lake deposit, a pre-feasibility study on the 11A
Zone will be completed by the second quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration activity at the Cree Zimmer and the Waterbury Lake projects will also increase in 2007.
Priority targets on the Cree Zimmer project, which surrounds the historic Key Lake mining
operation, include the P-Zone and the area on the main Key Lake fault southwest of the former
Gaertner and Deilmann uranium
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deposits. In 2007, exploration on the Waterbury Lake project will be focused east of the Cigar Lake
orebody.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The partners on the Cree Extension joint venture approved the completion of a feasibility study on
the basement rock hosted Millennium deposit in early 2008. Integral to the study will be the
completion of a three-dimensional seismic survey over the deposit area. The survey will define the
unconformity depth. Several shaft pilot holes will be drilled during the year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Regional Exploration</I></B><BR>
The remaining $32.5&nbsp;million of exploration expenditures in 2007 will be allocated among 44 projects
worldwide, the majority of which are at drill target stage. Our largest investment will be in
Saskatchewan, where a $3.3&nbsp;million program will be completed on the Virgin River project as
followup on the Centennial zone mineralization. We will also focus on projects in the Northwest
Territories and Nunavut regions of northern Canada, where Cameco has a large land position. In
addition to our existing land positions in the Northern Territory, Cameco will undertake work on
new land positions in Western Australia and South Australia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, exploration will also take place in the United States, Mongolia, and Africa, where Cameco
is earning an interest in prospective land in Gabon. Cameco continues to evaluate other regions and
projects globally, and we will add to our land position as new prospects are confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>FUEL SERVICES BUSINESS</B><BR>
In 2006, the fuel services business added fuel fabrication services for Candu-type reactors as a
result of our acquisition of Zircatec to our existing businesses of refining and conversion
services. See the following discussion under &#147;Fuel Fabrication.&#148; Refining is an intermediate step
to prepare uranium to be converted into either UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry practice for measuring conversion services is kilograms of uranium (kgU) rather than
pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For example, 66&nbsp;million kgU is equivalent to about 172
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Conversion Demand</B><BR>
World demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services was estimated
to be about 68&nbsp;million kgU in 2006. Western world demand accounted for almost 60&nbsp;million kgU with
the remaining 8&nbsp;million kgU coming from the non-western world (Russia, China and eastern Europe).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, world demand is expected to increase by 35% to about 92&nbsp;million kgU. In
2007, total world conversion services demand is expected to increase by 3%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Conversion Supply</B><BR>
The western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion industry consists of Cameco and three other
significant producers, with an annual conversion capacity of about 46&nbsp;million kgU. In 2005, Cameco
signed a toll-conversion agreement to acquire UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services from one of these
other converters, Springfields Fuels Ltd. (SFL)&nbsp;in Lancashire, United Kingdom. Under the 10-year
agreement, SFL will annually convert a base quantity of 5&nbsp;million kgU to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for Cameco.
This new source, coupled with our Canadian UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, will account for almost 40% of the
western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, supplies are available from secondary sources including excess western inventories,
Russian sales in the form of low enriched uranium, Russian re-enriched depleted tails, and Russian
and US uranium
</DIV>
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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">derived from dismantling nuclear weapons. Russia supplies most of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion
requirements of the former Soviet Union and eastern Europe in the form of low enriched uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Conversion Markets</B><BR>
Utilities contract about 90% of their UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services through long-term
contracts, purchasing the remainder on the spot market. Cameco is the only commercial supplier in
the world of conversion for natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> customers. In addition to the Canadian
requirements, Cameco also exports UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> to South Korea for its Candu reactors and to the
US and Japan for use as blanket fuel in boiling water reactors. Cameco also sells conversion
services packaged with U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> as a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Spot/Long-Term Conversion Market</FONT><BR>
Spot market UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion prices remained steady during 2006. Spot prices increased
slightly for North American conversion services and 8% for European conversion services
year-over-year. Outlined below are the industry average spot market prices (TradeTech and Ux) for
North American and European conversion services.
</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="64%">&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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/05</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Average spot market price ($US/kgU)</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#183; North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#183; Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined below are the industry average long-term prices (TradeTech and Ux) for North American and
European conversion services.
</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="64%">&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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/05</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Average long-term price ($US/kgU)</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#183; North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#183; Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry does not publish UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Conversion Business &#151; Key Performance Drivers</B><br>
The major factors that drive Cameco&#146;s conversion business results are:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices &#151; spot and long-term,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volume &#151; sales, production and purchases,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs &#151; production and purchases, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the relationship between the US and Canadian dollars.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Prices &#151; Spot/Long-Term</FONT><BR>
Cameco sells its conversion services directly to utilities located in many parts of the world,
primarily through long-term contracts. Conversion services are priced in US dollars per kgU. The
majority of conversion sales are at fixed prices adjusted for inflation. In 2006, most of our
conversion sales were made under long-term contracts negotiated in a low price environment and
therefore, we did not benefit from the current elevated UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion spot prices
during the year.
</DIV>


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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Going forward, the majority of our contract commitments, totalling more than 75&nbsp;million kgU over
more than 10&nbsp;years, are at fixed prices adjusted for inflation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continue to sign new long-term contracts with fixed prices that generally reflect long-term
prices at the time of the contract award. Like uranium sales, we begin delivery of conversion
services up to four years after the agreement has been finalized. Therefore, in the coming years,
Cameco&#146;s contract portfolio will benefit from higher fixed-price contracts signed in the more
recent higher priced environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Volumes &#151; Sales, Production, Purchases</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt"><I>Sales Volume</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Cameco sold 18.5&nbsp;million kgU of fuel services in 2006, up 11% from the 16.6&nbsp;million kgU in 2005. We
expect conversion sales volume to total about 20.2&nbsp;million kgU in 2007, up 9% from 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Production Volume</I><BR>
At our Port Hope conversion facility, we produced 12.5&nbsp;million kgU in 2006 compared to 11.4&nbsp;million
kgU in 2005. The rise reflects increased fluorine generation capacity and other plant improvements
achieved during the year. We anticipate production for 2007 to be 13.8&nbsp;million kgU as
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC has not yet issued the draft scope for the required environmental study for the Vision
2010 project. This project proposes to clean up and modernize the Port Hope conversion facility
site. Design and preliminary engineering for the project have been proceeding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At our Blind River refinery, we produced a record 17.2&nbsp;million kgU in 2006 compared to 15.1&nbsp;million
kgU for 2005. The increase was due to using the refinery to produce UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> for SFL. We
anticipate annual production for 2007 to be about 15.8&nbsp;million kgU to meet both Port Hope and SFL
requirements. The CNSC issued Blind River a new 5-year operating licence in late February.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In mid December&nbsp;2006, we received CNSC approval of the EA for the addition of pollution abatement
equipment to the incinerator at our Blind River operation. This equipment is required to meet new
Canadian standards for incinerator emissions that came into force in January&nbsp;2007. The installation
of the equipment has begun. The Blind River refinery needs an amendment to its operating licence in
order to use this new equipment, which is subject to CNSC approval. We anticipate that the
incinerator will be ready to commission late in the first quarter and start receiving material
early in the second quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The draft EA study report for the proposed increase in the Blind River licensed production capacity
from 18 to 24&nbsp;million kgU per year was filed with the CNSC for review late in the fourth quarter of
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Purchase Volume</I><BR>
Cameco also has purchase commitments, which primarily reflect the conversion component of the low
enriched uranium from Russian HEU, re-enriched tails product and beginning in 2006, the company&#146;s
agreement to purchase SFL&#146;s conversion services for a 10-year period. Cameco&#146;s UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion purchase commitments at December&nbsp;31, 2006 total about 66&nbsp;million kgU, most as conversion
services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Costs</FONT><BR>
Cameco&#146;s mix of production and purchases influences its cost of sales. Operating costs are
primarily fixed with about 45% attributable to labour. The largest variable operating cost is for
anhydrous hydrogen fluoride, followed by energy (gas and electricity).
</DIV>


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</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of Cameco&#146;s UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion purchase commitments are under long-term,
fixed-price arrangements reflecting prices lower than current spot prices. These purchase
commitments totalled $406&nbsp;million (US)&nbsp;at December&nbsp;31, 2006. Refer to note 24 in the notes to the
financial statements. A significant portion of these purchases has been committed under existing
sales contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Foreign Exchange </FONT><BR>
The majority of the company&#146;s conversion services are sold in the US and sales are denominated in
US dollars, while production costs are incurred in Canada and denominated in Canadian dollars. A
discussion about Cameco&#146;s hedging program can be found in the uranium business section under the
heading &#147;Foreign Exchange.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Fabrication</B><BR>
Cameco acquired a 100% interest in Zircatec in early 2006. Zircatec&#146;s primary business is
manufacturing nuclear fuel bundles for sale to companies that generate electricity from Candu
reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Port Hope, Ontario, Zircatec operates a facility that is licensed to handle uranium materials.
The plant presses uranium dioxide powder into pellets that are loaded into tubes and then assembled
into fuel bundles for Candu utility customers. These bundles are ready to insert into the reactor
core as fuel to generate clean electricity. Zircatec supplies these fuel bundles to Candu-style
reactors, with sales to BPLP and BALP currently representing a substantial portion of its business.
The plant&#146;s annual capacity is approximately 1,200 tonnes uranium as finished fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Cobourg, Ontario, Zircatec also operates a facility where the primary product is zirconium
tubing, an integral part of fuel bundles used by nuclear reactors. The plant also manufactures
various Candu reactor components and monitoring equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services Strategies</B><BR>
Cameco&#146;s objective is to build on and leverage its competitive advantage in fuel services. In
doing so, we strive to meet three major goals to:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain one of the low-cost producers,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand market position, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase supply flexibility.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To achieve these goals, the company&#146;s strategies are to:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>improve its margins,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensure adequate production, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grow its market position.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We plan to improve our margins through quality and business process improvements and by pursuing
fundamental productivity gains through technological development. We will ensure adequate
production through extending and/or expanding production from current toll conversion arrangements
or pursuing opportunities to build capacity. To grow market position, we intend to expand or build
new capacity. We will limit risk and capital expense by selectively pursuing partnering
opportunities with other nuclear fuel cycle participants.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Capability to Deliver Results</B><br>
Cameco will execute our strategies and deliver on our goals by ensuring:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>community relations at Port Hope continue to strengthen,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adequate human resources are available to replace an aging workforce,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital is available over the longer term given our expansion plans, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>adequate resources are allocated to maintain and grow our fuel services business.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Community Relations </FONT><BR>
We have significantly increased our community outreach program in Port Hope through the
implementation of a series of ongoing community liaison forums, community newsletters, newspaper
advertising, open houses and a Port Hope dedicated website (camecoporthope.com). The response from
the community has been very positive with excellent attendance at our forums and open houses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Human Resources</FONT><BR>
As with our uranium business, we need to ensure we have adequate human resources to replace the
aging fuel services workforce. At December&nbsp;31, 2006, about 35% of the conversion services workforce
was age 50 or older. We have developed a long-term people strategy that includes workforce planning
to meet that challenge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Ready Access to Capital</FONT><BR>
Cameco has an ambitious plan to grow in the nuclear energy industry. Opportunities to invest are
unpredictable and often capital intensive. We intend to maintain financial flexibility to pursue
opportunities as they arise. For that reason, we maintain a conservative financial structure with a
target of no more than 25% net debt to total capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Adequate Resources</FONT><BR>
Cameco believes it has the appropriate capabilities in place to maintain its low-cost status,
protect and grow its market position and improve its supply flexibility. We intend to remain
competitive in the longer term and retain the flexibility to quickly take advantage of future new
market opportunities. Cameco constantly reviews options to grow the conversion business to meet
these longer-term opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services Business Results</B><BR>
In 2006, the fuel services business consisted of refining, conversion services and fuel
fabrication services. In 2005, Cameco&#146;s fuel services business consisted of only refining and
conversion services.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Conversion Highlights</FONT>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>224</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&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">Sales volume (million kgU) <SUP style="font-size: 85%; vertical-align: text-top">1,2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.6</TD>
    <TD>&nbsp;</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">Production volume (million kgU)<SUP style="font-size: 85%; vertical-align: text-top"> 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Kilograms of uranium</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes Zircatec sales and production in 2006</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current results and outlook for fuel services reflect the deferral of revenue and the
associated costs on conversion services deliveries of 1.0&nbsp;million kgU, related to the standby
product loan agreements discussed under the uranium business segment. The effect of the deferral
was a decrease in reported revenue of $9&nbsp;million. Gross profit on the deferred conversion services
deliveries was $1&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As in the case of the deferred uranium revenue, the timing of cash receipts on the deferred revenue
is the same as on any other sale and is unaffected by the accounting treatment for the revenue. As
a result, cash flows are not impacted by the deferral. Cameco will recognize the deferred revenue
and associated costs when the loan agreements are terminated, or if drawn upon, when the loans are
repaid and that portion of the facility is terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Revenue </FONT><BR>
In 2006, revenue from our fuel services business rose by 42% to $224&nbsp;million compared to 2005, as a
result of the inclusion of revenue from Zircatec and a 12% increase in fuel service deliveries. The
timing of deliveries of nuclear products within a calendar year is at the discretion of our
customers. A 1% increase in the average realized selling price contributed marginally to higher
revenues. As noted above, most conversion sales are at fixed prices and have not yet fully
benefited from the significant increase in UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> spot prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cost of Products and Services Sold</FONT><BR>
In 2006, the cost of products and services sold was $180&nbsp;million compared to $120&nbsp;million in 2005,
an increase of 50% due to the inclusion of costs from Zircatec, higher volumes and higher costs for
purchased conversion. In 2006, a greater proportion of our sales commitments was met with purchased
conversion compared to 2005. On a per unit basis, the cost of products and services sold increased
by about 30% over the previous year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Depreciation, Depletion and Reclamation</FONT><BR>
In 2006, DD&#038;R charges were $19&nbsp;million compared to $10&nbsp;million in 2005 due to the inclusion of
charges from Zircatec. The rate of depreciation per unit for fabrication is significantly higher
than for conversion, causing total DD&#038;R charges to nearly double.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Gross Profit</FONT><BR>
In 2006, earnings before taxes from the fuel services business declined to $22&nbsp;million from $25
million in the same period of 2005. The lower profitability was due to the higher cost of purchased
and produced product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services Outlook for 2007</B><BR>
Cameco expects 2007 revenue from the fuel services business to be nearly 20% higher than in
2006 due to an anticipated 10% increase in deliveries and an improvement in the average realized
selling price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fuel services sales volume in 2007 is expected to total 20.2&nbsp;million kgU compared to sales of 18.5
million kgU in 2006. The cost of product sold is expected to increase due to the higher volume. On
a per unit basis, product costs are projected to be similar to 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The outlook for 2007 financial results for the fuel services business segment are based on the
following key assumptions:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no significant changes in our estimates for sales volumes, costs, and prices, as discussed above,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no disruption of supply from our facilities or third-party sources, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a US/Canadian dollar spot exchange rate of $1.16.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services Price Sensitivity Analysis</B><BR>
The majority of fuel services sales are at fixed prices with inflation escalators. In the
short term, Cameco&#146;s financial results for fuel services are relatively insensitive to changes in
the spot price for conversion. Newer fixed-price contracts generally reflect longer-term prices at
the time of contract award. Therefore, in the coming years, our contract portfolio for conversion
services will be positively impacted by these higher fixed-price contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>NUCLEAR ELECTRICITY GENERATION BUSINESS</B><BR>
Cameco has a 31.6% interest in the Bruce Power Limited Partnership (BPLP), which operates the four
Bruce B nuclear reactors and manages the overall site located in southern Ontario. BPLP&#146;s business
is the generation and sale of electricity into the Ontario wholesale market. BPLP&#146;s four B reactors
have a combined net generation capacity of about 3,200 MW, and supply about 15% of Ontario&#146;s
electricity needs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Nuclear Electricity Generation Business Results</B><BR>
These financial results reflect the new partnership structure that was created on October&nbsp;31,
2005 following the division of the Bruce Power site assets between Bruce B operations (BPLP)&nbsp;and
Bruce A operations (Bruce Power A Limited Partnership or BALP). Effective November&nbsp;1, 2005,
Cameco&#146;s 31.6% interest in BPLP included the four Bruce B units and does not include the A units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Immediately following the restructuring, Cameco began to proportionately consolidate its share of
BPLP&#146;s financial results. Our move to this new method of accounting was driven by incremental
changes to the partnership agreement, which resulted in joint control among the three major
partners. Proportionate consolidation is required for investments in jointly controlled entities.
For 2006, our results reflect a four-unit operation. Our financial results for the first 10&nbsp;months
of 2005 reflected a six-unit operation, which was accounted for on an equity basis.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Bruce Power Limited Partnership (100% basis) </I></B><SUP style="font-size: 85%; vertical-align: text-top"><B><I>1</I></B></SUP>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output &#151; terawatt hours (TWh)<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor (%) <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B><I>($&nbsp;millions)</I></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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,242</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs <SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>807</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>701</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">- operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>523</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">- fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>65</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">- supplemental rent <SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>113</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non cash costs (amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>106</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>435</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes <SUP style="font-size: 85%; vertical-align: text-top">5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(33</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>103</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions <SUP style="font-size: 85%; vertical-align: text-top">6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>480</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In 2006, BPLP consists of the four B units, while in 2005 it included six units
(four B and two A units) for the first 10&nbsp;months and four B units for the remainder of the
year.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Capacity factor for a given period represents the amount of electricity actually
produced for sale as a percentage of the amount of electricity the plants are capable of
producing for sale.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net of cost recoveries.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Supplemental rent is about $28.3&nbsp;million per operating reactor for 2006.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Excludes $149&nbsp;million loss recorded on the restructuring of BPLP on October&nbsp;31, 2005.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Distributions in 2005 include $633&nbsp;million due to the Bruce Power restructuring.
Cameco&#146;s share was $200&nbsp;million.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco&#146;s Earnings from BPLP</B>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP&#146;s earnings before taxes (100%)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>388</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco&#146;s share of pre-tax earnings
before adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>122</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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">Pre-tax earnings from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Excludes $149&nbsp;million loss recorded on the restructuring of Bruce Power on
October&nbsp;31, 2005.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Electricity Generation Business Highlights</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Earnings Before Taxes</FONT><BR>
For 2006, BPLP earnings before taxes were $388&nbsp;million compared to $520&nbsp;million (which excludes the
$149&nbsp;million loss recorded on the restructuring of Bruce Power) in 2005.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fewer days lost to planned outages in 2006, combined with substantially fewer forced outages,
contributed to a significantly higher capacity factor and reduced unit operating costs. However,
lower electricity spot prices offset these gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">output</FONT><BR>
For 2006, the BPLP units achieved a capacity factor of 91%, compared with 79% in the same period
last year. These units produced 25.8 TWh during 2006 compared to 30.8 TWh (including 8.2 TWh from
the A units up to October&nbsp;31, 2005) over the same period last year. The decrease primarily reflects
the loss of output from the A units as a result of the restructuring from six to four units in late
2005. The decrease was partially offset by higher output from the B units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">price</FONT><BR>
For 2006, BPLP&#146;s electricity revenue totalled $1,242&nbsp;million, compared to $1,787&nbsp;million in 2005.
During the year, BPLP&#146;s realized price averaged $48 per MWh from a mix of contract and spot sales
compared with $58 per MWh last year. The Ontario electricity spot price averaged about $46 per MWh
during the year, compared to $68 per MWh in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2006, about 51% of BPLP&#146;s output was sold under fixed-price contracts compared to 48% in
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Costs </FONT><BR>
For 2006, operating costs were $807&nbsp;million, compared with $1,202&nbsp;million in 2005. This decrease
primarily reflects the costs of four units in 2006 versus the six units during most of 2005, and
higher costs associated with planned and forced outages in 2005. The operating cost declined to $31
per MWh in 2006 from $39 per MWh in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cash from Operations </FONT><BR>
For 2006, BPLP generated $514&nbsp;million in cash from operations compared to $771&nbsp;million in 2005 due
to significantly weaker spot electricity prices and changes in working capital requirements. Due to
the timing of sales, the accounts receivable balance increased by $32&nbsp;million in the fourth quarter
of 2006, whereas it decreased by $42&nbsp;million in the fourth quarter of 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Capital Expenditures </FONT><BR>
In 2006, capital expenditures were $103&nbsp;million, down from $323&nbsp;million in 2005 principally due to
lower or completed expenditures for new steam generators, low pressure turbines and the new Bruce
Power Support Centre building in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cash Distributions</FONT><BR>
BPLP also distributed $480&nbsp;million to the partners in 2006. Cameco&#146;s share was $152&nbsp;million. The
partners have agreed that all future excess cash will be distributed on a monthly basis and that
separate cash calls will be made for major capital projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>BPLP Outlook Considerations</B><BR>
The results from BPLP are influenced by a number of factors including operating performance, costs
and realized price. The operating performance is affected by planned and unplanned outages. Total
costs are relatively insensitive to output shifts as about 95% of BPLP&#146;s operating costs are fixed
and most of the costs are incurred whether the plant is operating or not. As such, unit costs are
dependent on output and subject to large variability if output changes. Cameco reports BPLP costs
net of recoveries. Realized prices are made up of a mixture of sales under contract at fixed prices
and sales in the Ontario spot electricity market. The
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ontario spot price is dependent on a number of factors such as the supply of and demand for
electricity. The demand for electricity is very sensitive to Ontario weather patterns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">BPLP&#146;s Outlook for 2007</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, capacity factors for the B units are expected to average in the low 90% range similar to
the 91% achieved in 2006. After investing significant capital on refurbishing the B units over the
past few years, we anticipate continuing through 2007 with a significant reduction in time and
expenditure on refurbishment programs, with only one planned outage in the first quarter of 2007.
Unit B6 was shut down on January&nbsp;20, 2007 and is expected back in service early in the second
quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, the average unit cost is expected to rise to $34 per MWh compared to $31 in 2006. Total
costs are expected to rise by 12% in 2007 over 2006. The increase is due primarily to a rise in
staff costs, operating and maintenance costs for heavy water treatment and fuel costs as well as
lower incidental recoveries compared to 2006. In addition, higher amortization expenses are
expected in 2007 reflecting the addition of the new administration building and other capital
projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, we anticipate BPLP&#146;s revenue to be 18% higher than in 2006, almost entirely due to higher
expected realized prices, which are made up of fixed contract prices and Ontario spot market
electricity prices. The spot prices are very sensitive to Ontario weather patterns. The average
realized price was $48 per MWh in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2007 outlook for BPLP assumes the B units will achieve their targeted capacity factor and that
there will be no significant changes in current estimates for costs and prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">2007 BPLP Capital Expenditures (100% Basis)</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s capital expenditure program is expected to total $103&nbsp;million. This includes $55&nbsp;million for
sustaining capital, with the balance for major projects and improvements.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>2007 BPLP Capital Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Bruce B</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Common</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Specific</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total BPLP</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Category</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Major Projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Improvement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sustaining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Capital Plan</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>48</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>103</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expects that funding of these projects will come entirely from BPLP cash flows. However,
available funds will depend on the electricity market prices and the operational performance of the
BPLP reactors.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Electricity Price Sensitivity Analysis</FONT><BR>
For 2007, BPLP has 7 TWh under contract, which would represent about 25% of Bruce B generation at
its planned capacity factor. For 2007, a $1.00 per MWh change in the spot price for electricity in
Ontario would change Cameco&#146;s after-tax earnings from BPLP by about $4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">New Fuel Program</FONT><BR>
As part of its Bruce B power uprate project, BPLP had initiated plans to refuel the B units with
modified fuel containing slightly enriched uranium (SEU)&nbsp;and blended dysprosium uranium beginning
in 2008. Until recently, all four of the B units were operating at 90% of maximum power, based on
an operating limitation imposed by the CNSC. The operating limitation ensures that necessary safety
margins are maintained. The use of the modified fuel is intended to allow the reactors to operate
at designed capacity, while maintaining necessary safety margins. Approval is required from the
CNSC to operate the B units with the modified fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In early 2007, Bruce Power revised its fuel deployment strategy and is now developing plans to load
the modified fuel into the Bruce A reactors prior to loading any fuel into the B reactors, subject
to the finalization of all commercial arrangements and Bruce Power board approvals. This will
effectively delay the power uprate program at Bruce B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the delay of the new fuel program at the B units will result in the inability to restore
power to 100%, Bruce Power has successfully taken other steps to partially restore power ratings at
the B units. In 2004, unit B6 received CNSC approval to operate at 93% on the basis of improved
safety margins attributed to completion of the first phase of a fuel core reordering program. Units
B7 and B8 have since also achieved this power uprate to 93%. Unit B5 is expected to receive this
uprate by 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>GOLD</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Centerra</B><BR>
Cameco owns 52.7% of Centerra, which is listed and publicly traded on the Toronto Stock
Exchange under the symbol CG. We transferred substantially all of our gold assets to Centerra in
2004 as part of our strategy to unlock the value contained in these gold properties. Gold is not a
core business for Cameco. Centerra was created as a vehicle for Cameco to eventually exit the gold
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The geographic focus of Centerra&#146;s exploration, development, and acquisition efforts is in Central
Asia, the former Soviet Union, and other emerging markets. Centerra owns 100% of the Kumtor mine in
the Kyrgyz Republic and a 95% interest in the Boroo mine in Mongolia. Centerra is the operator of
both mines. Centerra also has interests in exploration properties, including a 100% interest in the
Gatsuurt property in Mongolia, 35 kilometres from the Boroo mine, and a 62% joint-venture interest
in the REN property in Nevada.
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Centerra&#146;s growth strategy is to increase its reserve base and expand its current
portfolio of gold mining operations by:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing new reserves at existing mines from in-pit, adjacent and
regional exploration,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advancing late stage exploration properties by additional drill programs,
and feasibility studies as warranted, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actively pursuing selective acquisitions or mergers primarily in Central
Asia, the former Soviet Union and other emerging markets.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra recently issued updated estimates on the reserves and resources at its operating mines. At
Kumtor, 208,000 ounces of reserves were added before accounting for mining of 416,000 contained
ounces in 2006. The reserve grade increased by 20% from 3.8 g/t to 4.7 g/t due to the higher grade
mineralization being delineated in the SB Zone. Measured and indicated resources increased by
approximately 500,000 ounces and inferred resources significantly increased by 1.1&nbsp;million ounces.
Centerra will proceed with a $39&nbsp;million (US)&nbsp;underground exploration and development program at
Kumtor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Boroo, 342,000 contained ounces have been added, which replace reserves mined in 2006. Centerra
will invest $19&nbsp;million (US)&nbsp;to develop a heap leach addition to process approximately 645,000
ounces of contained gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2006, on a 100% project basis, Centerra&#146;s proven and probable reserves totalled
7.0&nbsp;million ounces of contained gold (Cameco&#146;s share is 3.6&nbsp;million ounces).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has an aggressive exploration program to further expand its reserve and resource base and
is actively seeking acquisitions. Cameco believes that Centerra will be successful in its growth
strategy and ultimately add more value to our investment in Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the longer term, Cameco will look for the right opportunity to reduce and ultimately fully
divest of its gold investment. It is not our intention to sell quickly, but rather to encourage
Centerra to grow and gain value for Cameco&#146;s shareholders. The decision whether to divest will also
depend on the need to fund investment opportunities in the nuclear energy business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For further information on Centerra, refer to its annual report and annual information form for
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gold Operating Results</B><BR>
Cameco fully consolidates the results of Centerra&#146;s operations. Cameco adjusts for a 47%
minority interest in Centerra, which reflects that share of earnings attributable to shareholders
other than Cameco.
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Gold Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>414</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>101</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($US/ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>597</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>610,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">781,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>587,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">787,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gold Financial Results</B><BR>
In 2006, revenue from our gold business increased by $2&nbsp;million to $414&nbsp;million compared to
2005. This increase was attributable to higher gold prices, offset by lower production at Kumtor.
The realized price for gold increased to $597 (US)&nbsp;per ounce in 2006 compared to $433 (US)&nbsp;per
ounce in 2005, due to higher spot prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kumtor&#146;s production for the year was 304,000 ounces compared to 501,000 ounces in 2005. This
decrease was primarily due to the pit wall movement that occurred in July&nbsp;2006 and a lower mill
head grade that averaged 2.3 g/t in the period compared to 3.4 g/t in 2005.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Boroo was 283,000 ounces for the year compared to 286,000 ounces in 2005. The average
head grade of ore fed to the mill was 4.3 g/t compared to 4.2 g/t in the same period last year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gross profit margin for gold declined to 24% in 2006 compared to 26% in 2005 due to the higher
cost of labour and consumables, lower head grade at Kumtor and lower recoveries at Kumtor and
Boroo. Partially offsetting the increase in cost of sales was significantly higher realized gold
prices and lower depreciation, depletion, amortization and accretion expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gold Outlook for 2007</B><BR>
Overall, 2007 production, on a 100% basis, is expected to total between 700,000 to 720,000
ounces of gold. At Kumtor, production for 2007 is expected to be about 450,000 to 460,000 ounces of
gold. At Boroo, on a 100% basis, we expect production in the range of 250,000 to 260,000 ounces of
gold in 2007. Gold revenue is expected to increase by about 20% in 2007 over 2006. This outlook for
the gold business is based on the following key assumptions:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Centerra&#146;s forecast production is achieved,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>spot gold price of $600 (US)&nbsp;per ounce, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a US/Canadian dollar spot exchange rate of $1.16.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra expects the current gold industry&#146;s strong fundamentals to continue to exert upward
pressure on price. As such, Centerra currently plans to leave its gold production unhedged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Gold Price Sensitivity Analysis</B><BR>
For 2007, a $25.00 (US)&nbsp;per ounce change in the gold spot price would change Cameco revenue by
about $21&nbsp;million (Cdn), cash flow by about $15&nbsp;million (Cdn) and net earnings by about $8&nbsp;million
(Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Qualified Person</B><BR>
The disclosure in this MD&#038;A of scientific and technical information regarding Centerra&#146;s gold
properties, including reserve and resource estimates and the description of the geology, was
prepared by or under the supervision of the following qualified person:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ian Atkinson, a certified professional geologist, and employed by Centerra as vice-president
exploration (Kumtor and Boroo). He is a qualified person for the purpose of National Instrument
43-101.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2006 FOURTH QUARTER CONSOLIDATED RESULTS</B>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Financial Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>ended Dec 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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">Revenue <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(86</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted and diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings <SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In 2006, revenue from Bruce Power Limited Partnership (BPLP)&nbsp;was proportionately
consolidated. In 2005, consolidated revenue included Cameco&#146;s proportionate share of BPLP revenue
following the restructuring of the partnership as of October&nbsp;31, 2005. Prior to that date, we
accounted for BPLP using the equity accounting method.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>After working capital changes.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for 2006 have been adjusted to exclude a $73&nbsp;million ($0.19 per share
diluted) recovery of future income taxes related to reductions in federal and provincial income tax
rates and adjusted to exclude a $29&nbsp;million gain ($0.08 per share diluted) on sale of our interest
in the Fort &#224; la Corne joint venture. Net earnings for the quarter and year ended December&nbsp;31, 2005
have been adjusted to exclude $69&nbsp;million ($0.19 per share diluted) in net earnings related to the
gain on sale of Energy Resources of Australia Ltd shares as well as $62&nbsp;million ($0.17 per share
diluted) in net loss related to the restructuring of the Bruce Power Limited Partnership. Adjusted
net earnings is a non-GAAP measure used to provide a representative comparison of the financial
results.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2006, our net earnings were $40&nbsp;million ($0.11 per
share diluted), $43&nbsp;million lower than the net earnings of $83&nbsp;million ($0.23 per share diluted)
recorded in 2005. The decrease was due to lower earnings in the electricity and gold businesses,
and a $20&nbsp;million (pre-tax) charge at Cigar Lake. As highlighted in our third quarter report, we
are required to write down the value of assets lost in the Cigar Lake inflow. The write down
results in a $15&nbsp;million (pre-tax) charge in the fourth quarter of 2006. In addition, we expensed
$5&nbsp;million (pre-tax) in costs related to remediation activities at the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2006, our total costs for administration, exploration, interest and other
were $62&nbsp;million, $6&nbsp;million higher than in the same period of 2005. Administration costs were $14
million higher due largely to increased costs of $4&nbsp;million at Centerra Gold Inc (Cameco&#146;s 53%
owned subsidiary), information systems and process enhancements ($3&nbsp;million), Sarbanes Oxley
compliance ($2&nbsp;million), business development ($1&nbsp;million) and higher workforce related costs ($1
million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration expenditures were $3&nbsp;million lower, at $15&nbsp;million, with uranium exploration
expenditures down $2&nbsp;million at $7&nbsp;million (focused in Saskatchewan, Australia and Nunavut). Gold
exploration expenditures at Centerra were down $1&nbsp;million from the fourth quarter of 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Interest and other charges declined by $5&nbsp;million due to higher interest income on higher cash
balances ($7&nbsp;million) and foreign exchange gains ($3&nbsp;million) partially offset by mark to market
losses on foreign exchange contracts that are not designated as hedges ($5&nbsp;million).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2006, we recorded a $9&nbsp;million net recovery of income taxes. During the
quarter, Centerra recorded $10&nbsp;million in recoveries related mainly to losses at its Kumtor
operation. The portion of our income taxable in Canada was relatively low in the quarter due to the
Cigar Lake remediation charges and lower earnings from BPLP. Our tax rate varies from the Canadian
statutory tax rate primarily due to differences between Canadian tax rates and rates applicable to
subsidiaries in other countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Earnings from operations decreased to $36&nbsp;million in the fourth quarter of 2006, from $59&nbsp;million
in the fourth quarter of 2005. The aggregate gross profit margin increased in the fourth quarter to
23% from 22% in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on the fourth quarter of 2006, refer to Cameco&#146;s news release dated February
6, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2005-2006 QUARTERLY CONSOLIDATED FINANCIAL HIGHLIGHTS</B>
</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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q4</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q2</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Q1</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">542</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</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">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted &#038; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following points are intended to assist the reader in analysing the trends in the quarterly
financial highlights for 2006:
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue of $512&nbsp;million in the fourth quarter of 2006 was 42%
higher than in the third quarter due to higher sales volumes and
improved prices in the uranium and fuel services businesses.
Revenue is driven by timing of deliveries in our uranium and fuel
services businesses, and has tended to be higher in the fourth
quarter. However in 2006, the deliveries were more heavily
weighted in the first quarter of the year.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings do not trend directly with revenue because past
results are significantly influenced by results from BPLP. Prior
to November&nbsp;1, 2005, the equity method of accounting was applied
to the investment in BPLP and thus no BPLP revenue or costs were
recorded. On November&nbsp;1, 2005, Cameco moved to proportionate
consolidation of BPLP&#146;s financial results. For 2006, we have
included our share of revenue, expenses and cash flow from the
Bruce B reactors. The adjustment in our accounting method for BPLP
does not change the reporting of our net earnings.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash from operations tends to fluctuate largely due to the timing
of deliveries and product purchases in the uranium production and
fuel services businesses.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>

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

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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2006 CONSOLIDATED RESULTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Earnings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Earnings</B><BR>
In 2006, Cameco recorded a non-cash recovery of $73&nbsp;million of future income taxes related to
reductions in federal and provincial income tax rates. Also in 2006, Cameco recorded a $29&nbsp;million
after-tax gain on the sale of our interest in the Fort &#224; la Corne joint venture. Consolidated
earnings in the following discussion are adjusted to exclude these items for period-to-period
comparisons of the financial results. Adjusted net earnings is a non-GAAP measure that should be
considered supplemental in nature and not a substitute for related financial information prepared
in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2006, our net earnings were $376&nbsp;million ($1.02 per share diluted). Our adjusted net earnings
were $274&nbsp;million ($0.75 per share diluted and adjusted), $66&nbsp;million higher than the adjusted net
earnings of $208&nbsp;million ($0.58 per share diluted) recorded in 2005 due to improved results in the
uranium and gold businesses. These improvements were partially offset by lower earnings from BPLP,
charges related to the Cigar Lake water inflow and higher administration expenses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The improvement in the uranium business was due to a higher realized price, the result of both the
significant increase in the spot price for uranium and higher realized prices under fixed-price
contracts. In the gold business, an increase in the realized price more than offset the impact of
reduced production caused by the movement of the pit wall at Kumtor. In 2006, our earnings from
BPLP declined in comparison to 2005 due to a 32% decrease in the average Ontario electricity spot
price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Earnings from operations increased to $335&nbsp;million in 2006 from $121&nbsp;million in 2005. The aggregate
gross profit margin increased in 2006 to 28% from 23% in 2005 due to higher realized prices for
uranium and gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Corporate Expenses</B><br>
<FONT style="font-variant: SMALL-CAPS">Administration</FONT><br>
In 2006, administration costs were $143&nbsp;million, an increase of $33&nbsp;million due largely to an $11
million increase in costs at Centerra, related to stock-based compensation and business
development. In addition, Cameco recorded increased expenses for stock compensation primarily
attributable to increased share prices ($4&nbsp;million) and incurred higher charges for Sarbanes-Oxley
compliance ($7&nbsp;million), business process enhancements ($5&nbsp;million) and higher workforce related
costs ($4&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Interest and Other</FONT><BR>
In 2006, interest and other costs declined by $16&nbsp;million compared to 2005 due primarily to higher
interest income on cash balances ($22&nbsp;million) partially offset by higher gross interest costs ($5
million) related mainly to the proportionate consolidation of BPLP. Refer to note 13 in the notes
to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Income Taxes</FONT><BR>
In 2006, we recorded a net tax recovery of $69&nbsp;million compared to an expense of $30&nbsp;million for
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, the government of Saskatchewan amended the provincial income tax laws to provide for a 5%
reduction in the general corporate income tax rate. The provincial tax rate is declining from 17%
to 12% over a three-year period commencing July&nbsp;1, 2006. Also in 2006, the federal government
introduced amendments to the Canadian Income Tax Act that provide for a 2% reduction in the general
corporate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">income tax rate. The federal tax rate will decline from its previous level of 21% to 19% over a
three-year period commencing in 2008. Amendments were also introduced to eliminate the corporate
surtax, which effectively will decrease the federal income tax rate by 1%, starting in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Canadian accounting rules, the cumulative effect of a change in income tax legislation on
future income tax assets and liabilities is included in a company&#146;s financial statements in the
period of substantive enactment. Accordingly, Cameco reduced its balance sheet provision for future
income taxes and recognized a non-cash income tax adjustment of $73&nbsp;million ($0.19 per share
diluted) in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, confirmation was received with respect to the deductibility of the Saskatchewan
provincial resource surcharge for the years prior to 2001. As a result, a $17&nbsp;million reduction of
future taxes was recorded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our effective tax rate decreased to 6% in 2006 from 20% in 2005 due to a lower proportion of total
income being taxable in Canada. The effective rate for 2006 excludes the $73&nbsp;million recovery
related to the change in tax rates and the $17&nbsp;million recovery due to the deductibility of the
resource surcharges. The effective rate for 2005 is based on adjusted net earnings and also
excludes $10&nbsp;million in recoveries related to the deductibility of the resource surcharges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Income tax expense also includes capital taxes of approximately $2&nbsp;million and $6&nbsp;million in 2006
and 2005 respectively. The amount reported in 2005 also included large corporations tax which was
eliminated effective January&nbsp;1, 2006. Refer to note 16 in the notes to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Operating Activities</FONT><BR>
In 2006, Cameco generated record cash from operations of $418&nbsp;million compared to the previous
record of $278&nbsp;million in 2005. The increase of $140&nbsp;million reflects higher revenue compared to
2005 and the proportionate consolidation of BPLP results in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Investing Activities</FONT><BR>
In 2006, Cameco used $527&nbsp;million in its investing activities, an increase of $548&nbsp;million compared
to the prior year when the investing activities generated positive cash flow of $21&nbsp;million. In
2005, Cameco collected $302&nbsp;million as a result of the restructuring of BPLP ($200&nbsp;million) and the
sale of its shares in ERA ($102&nbsp;million). Excluding these inflows, the net increase in cash used in
investing activities in 2006 over 2005 was $247&nbsp;million and was largely attributable to the
acquisition of Zircatec ($84&nbsp;million), higher development charges at Cigar Lake ($37&nbsp;million) and
Inkai ($19&nbsp;million) as well as greater capital expenditures by Centerra ($81&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2006, investing activities included $29&nbsp;million for sustaining capital at McArthur River/Key
Lake, $120&nbsp;million in development costs at Cigar Lake and $31&nbsp;million in capitalized interest
charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Financing Activities</FONT><BR>
In 2006, Cameco used $182&nbsp;million in its financing activities. In January&nbsp;2006, Cameco redeemed
$150&nbsp;million in debentures. In 2006, the company paid a record total of $53&nbsp;million in dividends,
up from $40&nbsp;million in 2005.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Balance Sheet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cash</FONT><BR>
At December&nbsp;31, 2006, our consolidated cash balance totalled $334&nbsp;million with Centerra holding
about $217&nbsp;million of this amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Inventories</FONT><BR>
Compared to the end of 2005, our product inventories increased by $17&nbsp;million to $416&nbsp;million. The
increase in the inventory value was attributable to higher unit costs due primarily to higher unit
costs for uranium, which were largely offset by a 20% decline in the quantity of uranium inventory.
The average cost of our uranium and conversion services has risen due primarily to an increase in
the cost of purchased material. Refer to note 4 in the notes to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Debt</FONT><BR>
At December&nbsp;31, 2006, our total debt was $705&nbsp;million, representing a decrease of $154&nbsp;million
compared to December&nbsp;31, 2005. Included in the December&nbsp;31, 2006 balance was $198&nbsp;million, which
represents our proportionate share of BPLP&#146;s capital lease obligation. At December&nbsp;31, 2006, our
consolidated net debt to capitalization ratio was 12%, up from 9% at the end of 2005. In 2006, we
used cash on hand to redeem a total of $150&nbsp;million in debentures. Refer to note 7 in the notes to
the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Investments</FONT><BR>
Cameco has a number of investments in publicly traded entities. The following table illustrates the
book and market values for its more significant holdings.
</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="64%">&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 nowrap align="right" colspan="2"><B>Book Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Market Value<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Investment ($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Dec 31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Dec 31/06</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Dec. 31/05</B></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">Centerra Gold Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,069</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UEX Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UNOR Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>471</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,738</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,236</B></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>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Market value is calculated as the number of shares outstanding multiplied by the
closing share price as quoted on the TSX on December&nbsp;31, 2005 and December&nbsp;31, 2006.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Off-Balance Sheet Arrangements</FONT><BR>
In the normal course of operations, Cameco enters into certain transactions which are not required
to be recorded on its balance sheet. These activities include the issuing of financial assurances,
derivative instruments and long-term product purchase contracts. These arrangements are discussed
in the following sections of this MD&#038;A and the notes to the financial statements:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Assurances:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nuclear Electricity Business,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidity and Capital Resources,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks and Risk Management and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes 7, 8, 19 and 25 of the Consolidated Financial Statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivative Instruments:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium Business,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

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

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

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks and Risk Management,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Critical Accounting Estimates and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Note 25 of the Consolidated Financial Statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-term Product Purchase Contracts</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium Business,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidity and Capital Resources and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Note 24 of the Consolidated Financial Statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSOLIDATED OUTLOOK FOR 2007</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco expects consolidated revenue to grow by about 25% over 2006 due to higher revenue
from uranium and fuel services. In the uranium business, we expect revenue to increase by
approximately 45% due to stronger average realized prices under our contracts relative to 2006.
This projection for the uranium business does not include all the expected adjustments for the
Cigar Lake water inflow incident as they are being finalized and assumes that the product loan
arrangements in place remain unchanged. We may consider terminating a portion or all of the product
loans. Excluding the impact of any deferrals related to the product loans, we anticipate uranium
revenue to increase by about 50% in 2007 primarily due to higher realized prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also anticipate that revenue from the fuel services business will be about 20% higher than in
2006 due to an anticipated 10% increase in deliveries and an increase in the average realized
selling price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, we anticipate BPLP revenue to be 18% higher than in 2006, almost entirely due to higher
expected realized prices. This outlook for BPLP assumes the B units will achieve a targeted
capacity factor in the low 90% range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, we expect gold production (100% basis) to increase to 700,000 to 720,000 ounces from
587,000 ounces in 2006. Gold revenue is expected to increase by about 20% in 2007 over 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The financial outlook noted above for the company is based on the following key assumptions:
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no significant changes in our estimates for sales volumes, purchases and prices, as
discussed above,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no disruption of supply from our facilities or third-party sources, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a US/Canadian dollar spot exchange rate of $1.16.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administration costs are projected to be about 10% greater than in 2006. The increase reflects
higher charges for operations related regulatory compliance, business development and costs to
maintain the workforce. Exploration costs are expected to be about $72&nbsp;million in 2007. Of this,
$45&nbsp;million is targeted for uranium, a 41% increase over 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, the effective tax rate is expected to be in the range of 15% to 20%. Our expected tax
rate varies from the Canadian statutory tax rate primarily due to differences between Canadian tax
rates and rates applicable to subsidiaries in other countries. This range is based on the projected
distribution of income among the various tax jurisdictions being weighted less heavily toward
foreign subsidiaries compared to 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, we expect total capital expenditures, including the gold business, to increase by 25% to
$577&nbsp;million.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital expenditures are classified as growth or sustaining. Growth capital is defined as capital
spent to bring on incremental production plus business development initiatives. The remainder is
classified as sustaining capital. For growth projects, total expenditures are projected to be $256
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect sustaining capital expenditures to be higher in 2007 than in 2006 due to revitalization
programs at Key Lake and Rabbit Lake, and well field expansions at the US ISL operations.
Sustaining capital expenditures will also increase at fuel services to improve production processes
and meet new regulatory requirements.
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Capital Expenditures</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><I>(Cameco&#146;s share in $ millions)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006 Actual</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Growth Capital</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>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</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:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gold<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</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"><B>Total Growth</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>256</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>261</B></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" style="background: #cceeff">

<TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sustaining
Capital</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:30px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISL</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bruce Power (BPLP)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gold<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Sustaining</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>286</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>168</B></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">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>460</B></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>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 100% of Centerra&#146;s expenditures.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>LIQUIDITY AND CAPITAL RESOURCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Overview</B><BR>
Financial liquidity represents the company&#146;s ability to fund future operating activities and
investments. Some important measures of liquidity are summarized in the table below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, Cameco arranged for standby product loan facilities with two Cameco customers that allow
Cameco to borrow up to 5,560,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2006
to 2008, with repayment in 2008 and 2009. Cameco also extended its revolving credit facility by one
year to be available until November&nbsp;30, 2011.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Liquidity Indicators</B>
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2003</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2002</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by
operations ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>418</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by
operations/net
debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>113</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt*/total
capitalization (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Total debt less cash and cash equivalents based on consolidated amounts.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Indicators Defined</B><BR>
Cash provided by operations reflects the net cash flow generated by operating activities after
consideration for changes in working capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash provided by operations to net debt indicates the company&#146;s ability to meet debt obligations
from internally generated funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net debt to total capitalization measures the company&#146;s use of financial leverage. A lower
percentage means less reliance upon debt as a source of financing. Although debt is a lower cost
form of financing compared to equity, a lower percentage of debt also represents lower repayment
obligations. At December&nbsp;31, 2006, the consolidated cash balance totalled $334&nbsp;million with
Centerra holding about $217&nbsp;million of this amount for its own use.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Credit Ratings</B><BR>
The following table provides Cameco&#146;s third party ratings for our commercial paper, senior
debt and convertible debentures, as of December&nbsp;31, 2006:
</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="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B><I>Security</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><I>DBRS</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><I>S&#038;P</I></B></TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</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">Commercial Paper
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">R-1 (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A-1 (low)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Unsecured Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB&#043;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Convertible Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">BBB (high)</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Rated</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>



<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating is
A-2.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Debt</B><BR>
In addition to cash from operations, debt is used to provide liquidity. Cameco has sufficient
borrowing capacity to meet its current requirements with access to about $750&nbsp;million in unsecured
lines of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial lenders have provided a $500&nbsp;million five-year unsecured revolving credit facility,
available until November&nbsp;30, 2011. Upon mutual agreement the facility can be extended for an
additional year. In addition to direct borrowings under the facility, up to $100&nbsp;million can be
used for the issuance of letters of credit and, to the extent necessary, up to $400&nbsp;million may be
allocated to provide liquidity support for the company&#146;s commercial paper program. The facility
ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2006, there were no amounts
outstanding under this credit facility.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco may borrow directly from investors by issuing up to $400&nbsp;million in commercial paper. At
December&nbsp;31, 2006, there were no amounts outstanding under the commercial paper program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Various financial institutions have entered into agreements to provide Cameco up to approximately
$250&nbsp;million in short-term borrowing and letters of credit facilities. These arrangements are
predominantly used to fulfill regulatory requirements to provide financial assurance for future
decommissioning and reclamation of our operating sites. At December&nbsp;31, 2006, outstanding letters
of credit amounted to $213&nbsp;million under these facilities. Cameco has established separate letter
of credit facilities to support standby product loan facilities, as described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has operated within the investment-grade segment (high-credit quality) of the market when
obtaining credit. The cost, terms and conditions under which financing is available vary over time.
While future access to credit cannot be assured, it was readily available in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Product Loan Facilities</B><BR>
Cameco has arranged for standby product loan facilities with two of its customers. The
arrangements, which were finalized in June and July of 2006, allow Cameco to borrow up to 5.6
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2006 to 2008 with repayment in
2008 and 2009. Of this material, up to 1.4&nbsp;million kgU can be borrowed in the form of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. Under the loan facilities, standby fees of 0.5% to 2.25% are payable based on the
market value of the facilities, and interest is payable on the market value of any amounts drawn at
rates ranging from 4.0% to 5.0%. Any borrowings will be secured by letters of credit and are
repayable in kind.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Revenue from future deliveries to these counterparties (up to the limit of the loan facilities)
will be deferred until the loan arrangements have been terminated, or if drawn upon, when the loans
are repaid and that portion of the facility is terminated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The market value of the facilities is based on the quoted market price of the products at December
31, 2006 and was approximately $416&nbsp;million (US). As at December&nbsp;31, 2006, the company did not have
any loan amounts outstanding under the facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has established $300&nbsp;million (US)&nbsp;of letter of credit facilities maturing in 2010 to support
these standby product loan facilities. At December&nbsp;31, 2006, there were no amounts outstanding
under these letter of credit facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Debentures</B><BR>
Cameco&#146;s senior unsecured debentures consist of $300&nbsp;million of debentures that bear interest
at the rate of 4.7% per annum and which mature September&nbsp;16, 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Convertible Debentures</B><BR>
Cameco has $230&nbsp;million outstanding in convertible debentures. The debentures bear interest at
5% per annum, mature on October&nbsp;1, 2013, and at the holder&#146;s option are convertible into common
shares of Cameco. The debentures are redeemable by the company beginning October&nbsp;1, 2008 at a
redemption price of par plus accrued interest. Refer to note 7 in the notes to consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Debt Covenants</B><BR>
Cameco is bound by certain covenants in its general credit facilities. The financially related
covenants place restrictions on total debt, including guarantees, and set minimum levels for net
worth. As of December&nbsp;31,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2006, Cameco met these financial covenants and does not expect its operating and investment
activities in 2007 to be constrained by them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Cash Obligations</B>
</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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="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 nowrap align="center" colspan="3">Due in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Due in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Due in</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Due</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Less Than</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">1 &#151; 3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">4 &#151; 5</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">After</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ million)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">1 Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">5 Yrs</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>727</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>207</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>373</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconditional product
purchase obligations
<SUP style="font-size: 85%; vertical-align: text-top">2,3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,171</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">281</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual cash
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,478</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Includes the amortized value of the conversion option associated with the
convertible debentures. Refer to note 7 in the notes to the consolidated financial statements.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Denominated in US dollars. Converted to Canadian dollars at the December&nbsp;31, 2006 rate
of $1.1653.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Virtually all of Cameco&#146;s product purchase obligations are under long-term,
fixed-price arrangements.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Commercial Commitments</B><BR>
Commercial commitments at December&nbsp;31, 2006 decreased to $297&nbsp;million from $463&nbsp;million at
December&nbsp;31, 2005. Our obligations to provide financial guarantees supporting BPLP decreased by
$100&nbsp;million, Kumtor Gold Company purchase commitments decreased by $72&nbsp;million and standby letters
of credit increased by $6&nbsp;million to the end. At December&nbsp;31, 2006, commercial commitments included
standby letters of credit of $213&nbsp;million and financial guarantees for BPLP of $84&nbsp;million.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31, 2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total amounts</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>committed</B></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 Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>213</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP guarantees <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>84</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total commercial commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>297</B></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>





<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The standby letters of credit maturing in 2007 were issued with a one-year term
and will be automatically renewed on a year-by-year basis until the underlying obligations are
resolved. These obligations are primarily the decommissioning and reclamation of Cameco&#146;s mining
and conversion facilities. As such, the letters of credit are expected to remain outstanding well
into the future.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2006, Cameco&#146;s total commitment for financial assurances given on
behalf of BPLP was estimated to be $84&nbsp;million. Refer to note 19 in the notes to consolidated
financial statements.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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

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





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2004-2006 CONSOLIDATED FINANCIAL HIGHLIGHTS</B>
</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="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the Years Ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ millions except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2005</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2004</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,832</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>335</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.07</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.02</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>274</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>418</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,140</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,773</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,052</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term financial liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,582</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,306</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.20</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.10</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>


<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for 2006 have been adjusted to exclude a $73&nbsp;million ($0.19 per
share diluted) recovery of future income taxes related to reductions in federal and provincial
income tax rates and adjusted to exclude a $29&nbsp;million gain ($0.08 per share diluted) on sale of
our interest in the Fort &#224; la Corne joint venture. Net earnings for 2005 have been adjusted to
exclude $69&nbsp;million ($0.19 per share diluted) in net earnings related to the gain on sale of Energy
Resources of Australia Ltd shares as well as $62&nbsp;million ($0.17 per share diluted) in net loss
related to the restructuring of the Bruce Power Limited Partnership. Adjusted net earnings is a
non-GAAP measure used to provide a representative comparison of the financial results.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following points are intended to assist the reader in analyzing the trends in the annual
financial highlights for the years 2004 through 2006.
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue has trended higher over the three-year period, rising by 75% over 2004 to a
record $1,832&nbsp;million in 2006. Approximately half of this increase was related to the
electricity business where the restructuring undertaken late in 2005 required a change in
accounting, from equity method to proportionate consolidation. In 2006, we reported
electricity revenues of $408&nbsp;million.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue has also been influenced by improved prices in the uranium and gold businesses.
Our realized price for uranium concentrates has increased consistently over the three-year
period, averaging $24.72 (Cdn) per pound in 2006 compared to $17.97 (Cdn) per pound for
2004, a 38% improvement. We have also seen consistent improvement in the price for gold,
where our average realized price has risen by 50% during the period due to higher spot
prices. In addition, revenues in our fuel services business have risen by 55% due to
increased volumes and realized prices as well as the acquisition of Zircatec in early 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings from operations have also trended higher during the period but the rise has
been tempered by higher costs for product sold, higher administration charges and greater
investment in exploration. The increase in the cost of sales was attributable to higher
costs for purchased uranium and conversion services, driven by rising spot prices. Our
administration costs have risen significantly over the three-year period due to
establishing Centerra as a separate publicly traded company, higher stock compensation
expenses and higher costs for regulatory compliance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings have not trended with revenue due to two main reasons. First, our results
are significantly influenced by operating results from Bruce Power. Until November&nbsp;1, 2005,
we used the equity method to account for the investment in Bruce Power and therefore no
revenue was recorded prior to that time. Second, our earnings have been influenced by
unusual, one-time items</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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

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

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>over the past three years. In 2004, we recorded a gain of $94&nbsp;million (after tax) on the
restructuring of our gold business. In 2005, there were two unusual items: 1) the disposition
of our investment in ERA which resulted in a gain of $69&nbsp;million (after tax), and 2) the
restructuring of the BPLP partnership which resulted in an after-tax loss of $62&nbsp;million. In
2006, we recorded income tax recoveries of $73&nbsp;million as the result of changes in tax
legislation and we recognized a gain of $29&nbsp;million (after tax) on the sale of our interest
in the Fort &#224; la Corne joint venture.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Excluding the adjustments noted above, net earnings have increased by 50% in 2006 over
the $183&nbsp;million recorded in 2004. The 14% increase to $208&nbsp;million in 2005 from 2004 was
attributable to improved results in the uranium business as well as stronger performance at
BPLP. The improvement in the uranium business was due to a higher realized price, which was
related mainly to the significant increase in the spot price for uranium. Earnings from
BPLP benefited from a 23% increase in realized price due to higher spot prices in Ontario.
The improvement in net earnings from 2005 to 2006 was due largely to improved results in
our uranium and gold businesses. The higher earnings were partially offset by reduced
earnings from BPLP as well as higher charges for administration and the recognition of
remediation costs at Cigar Lake. The improvement in the uranium profits was due to the
higher average realized price, which was mainly the result of higher prices under
fixed-price contracts and a higher uranium spot price. The gold business also benefited
from higher realized prices with the spot price averaging $602 (US)&nbsp;per ounce in 2006, an
increase of 35% over 2005. The earnings from BPLP declined due to a $10 per MWh (17%)
decrease in the average realized price to $48.00 per MWh as a result of lower electricity
spot prices.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2006, Cameco generated record cash from operations of $418&nbsp;million compared to $278
million in 2005. This increase of $140&nbsp;million was mainly attributable to higher revenues
and the proportionate consolidation of BPLP results in 2006. Cash from operations of $278
million in 2005 represented an increase of $50&nbsp;million compared to the $228&nbsp;million
recorded in 2004. This increase was mainly due to higher revenues in the uranium and gold
businesses compared to 2004.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The major components of Cameco&#146;s long-term financial liabilities are long-term debt,
future income taxes and the provision for reclamation. In 2006, Cameco&#146;s total long-term
financial liabilities declined to $1,582&nbsp;million from $1,687&nbsp;million at the end of 2005 due
to a $154&nbsp;million decrease in long-term debt, and a $133&nbsp;million reduction in future income
taxes due largely to changes in Canadian tax rates. These reductions were partially offset
by an increase in other liabilities related to revenue deferrals under our product loan
arrangements and higher liabilities for reclamation at our fuel services facilities in
Ontario.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the end of 2006, Cameco&#146;s total assets amounted to $5,140&nbsp;million, an increase of
$367&nbsp;million over the previous year. Most of the change was due to the increased investment
in property, plant and equipment related to the acquisition of Zircatec and development
expenditures for Cigar Lake, Inkai and gold.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OUTSTANDING SHARE DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At March&nbsp;12, 2007, there were 352.4&nbsp;million common shares and one Class&nbsp;B share outstanding. In
addition, there were 7.3&nbsp;million stock options outstanding with exercise prices ranging from $3.13
to $41.00 per share. Cameco also has convertible debentures in the amount of $230&nbsp;million
outstanding. This issue may be converted into a total of 21.2&nbsp;million common shares at a conversion
price of $10.83 per share. The
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">debentures are redeemable by Cameco beginning on October&nbsp;1, 2008 at a redemption price of par plus
accrued interest. At current share prices, we expect existing holders to convert to equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>RESERVES AND RESOURCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Securities Administrators&#146; National Instrument 43-101 requires mining companies to
disclose reserves and resources using the subcategories of proven reserves, probable reserves,
measured resources, indicated resources and inferred resources. Cameco reports reserves and
resources separately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports all its mineral reserves as a quantity of contained ore supporting the mining plans
and includes an estimate of the metallurgical recovery for each of its properties. Metallurgical
recovery is a term used in the mining industry to indicate the proportion of valuable material
physically recovered by the metallurgical extraction process. The estimated recoverable amount of a
commodity is obtained by multiplying the reserves &#147;Content&#148; by the &#147;Estimated Metallurgical
Recovery Percentage&#148;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Reserves</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium reserves as at December&nbsp;31, 2006 on a property
basis and Cameco&#146;s share.
</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="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROVEN</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROBABLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>TOTAL RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&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"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></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 nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Recovery %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="47">(tonnes in thousands; pounds in millions)</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">901.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,851.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,851.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">65.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">935.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,213.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,694.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63,727.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,421.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">810.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/
Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,874.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,874.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">736.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,832.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,832.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">853.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">853.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">676.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,143.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,820.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">ISL</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,680.1</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">476.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,193.2</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">306.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,873.3</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">782.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513.0</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><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&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="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&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="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&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="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Notes:
</DIV>




<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports reserves and resources separately.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Cigar Lake reserves are current as at March&nbsp;16, 2007.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Mill recovery factors must be applied in order to obtain the expected amounts of recovered pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral Reserves incorporate allowances for dilution and mining losses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5</TD>
    <TD>&nbsp;</TD>
    <TD>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISL &#151; In situ leaching.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>Reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Cameco&#146;s normal data verification procedures have been employed in connection with the reserve estimations for each property, unless otherwise set out in this MD&#038;A.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">7</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium price of $38.50 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For the purpose of estimating mineral reserves in accordance with US Securities Commission Industry Guide 7, a uranium price of $32.30 (US)/lb
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. Estimated mineral reserves are identical at either price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">8</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of $0.91 US=$1.00 Cdn.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">9</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise set out in this MD&#038;A, environmental, permitting, legal, title, taxation, socio-political, marketing or other issues are not expected to materially affect the above estimates of mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">10</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above reserves, Cameco has contractually committed supplies, including
supplies under the HEU Commercial Agreement, of approximately 51&nbsp;million pounds of uranium from
January&nbsp;1, 2007 until the end of 2013.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Measured and Indicated Resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cautionary Note to Investors concerning estimates of Measured and Indicated Resources</FONT><BR>
This section uses the terms &#147;measured resources&#148; and &#147;indicated resources&#148;. US investors are
advised that while those terms are recognized and required by Canadian securities regulatory
authorities, the US Securities and Exchange Commission does not recognize them. Investors are
cautioned not to assume that any part or all of the mineral deposit in these categories will ever
be converted into proven or probable reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium measured and indicated resources as at December&nbsp;31,
2006 on a property basis and Cameco&#146;s share.
</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="12%">&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>
    <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: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>MEASURED</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>MEASURED AND INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&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 nowrap align="left"><B>RESOURCES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&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 nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cameco&#146;s</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(lbs</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>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(lbs</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>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(lbs</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mining</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="42">(tonnes in thousands; pounds in millions)</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">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,475.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,540.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP&#038;UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,013.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,153.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,166.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">829.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,042.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,042.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">446.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/ Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,008.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,923.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,932.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,073.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,245.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,318.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,635.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,406.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</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>
    <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>
    <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>
    <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>
    <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>
    <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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,392.8</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">27.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,237.3</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">116.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,630.1</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">143.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.5</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: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="font-size: 3pt; margin-top: 12pt; width: 18%; border-top: 1px solid #000000">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes:
</DIV>


<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%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco reports reserves and resources separately. The amount of reported resources does not include those amounts identified as reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake resources are current as at March&nbsp;16, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISL &#151; In situ leaching.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the resource estimations for each property, unless otherwise set out in this MD&#038;A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->

</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Inferred Resources</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cautionary Note to Investors concerning estimates of Inferred Resources</FONT><BR>
This section uses the term &#147;inferred resources&#148;. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the US Securities and
Exchange Commission does not recognize it. &#147;Inferred resources&#148; have a great amount of uncertainty
as to their existence and great amount of uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an inferred resource will ever be upgraded to a higher
category. Under Canadian securities regulations, estimates of inferred resources may not form the
basis of feasibility or pre-feasibility studies. Investors are cautioned not to assume that part
or all of an inferred resource exists or is economically or legally mineable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium inferred resources as at December&nbsp;31, 2006 on a
property basis and Cameco&#146;s share.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>INFERRED RESOURCES<BR>
(100% basis)</B>
</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="40%">&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>Cameco&#146;s</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 nowrap align="center" colspan="2"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mining</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>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>PROPERTY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">(tonnes in thousands; pounds in millions)</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">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,802.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#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">Gas Hills-Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">587.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253,918.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">584.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">618.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,333.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISL</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>
    <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>
    <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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,348.7</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">516.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316.1</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: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes:
</DIV>


<DIV style="margin-top: 6pt">
<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%" nowrap align="left">1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco reports reserves and resources separately. The amount of reported resources does not include those amounts identified as reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake inferred resources are current as at March&nbsp;16, 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISL &#151; In situ leaching.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the resource
estimations for each property, unless otherwise set out in this MD&#038;A.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It cannot be assumed
that all or any part of the inferred resources will ever be upgraded to a higher category.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Reserves Reconciliation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium reserves reflects the changes in
reserves during 2006. The 2006 additions and deletions result from additional information provided
by mining and milling, analysis of drilling results, change in mining plans, re-estimation and
reclassification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were only modest changes in reserves in 2006 as outlined in the table below. The more
noteworthy of these changes are:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At McArthur River, 19&nbsp;million pounds were upgraded from probable reserves to proven
reserves following a review of the mining plan for a portion of zone 2.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, 13.5&nbsp;million pounds of reserves were added as a result of underground
drilling and increased confidence in the geological interpretation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Cigar Lake, 2.6&nbsp;million pounds of probable reserves were converted to indicated
resources following a revision of the cut-off grade.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Reserves<BR>
(in thousands of pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</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="52%">&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 nowrap align="center" colspan="2">December 31,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">2006</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" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Throughput <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Addition (Deletion)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2006</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>Reserves &#151; Proven</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,222</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(897</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">597</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,515</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">782</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,211</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,211</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,799</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,226</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,750</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,405</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(711</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,390</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,458</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>
    <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"><B>Total Proven Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,940</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,539</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>
    <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"><!-- 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves &#151; Probable</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,625</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,625</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,013</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,684</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,663</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,412</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,524</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,863</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,462</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,462</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,317</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,317</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>
    <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 Probable
Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,297</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>
    <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"><B>Total Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,660</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,836</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>
    <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>

<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notes:
</DIV>


<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><SUP>1</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Corresponds to millfeed. The discrepancy between the 2006 mill feed and Cameco&#146;s share of 2006 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
produced is due to mill recovery, mill inventory and the processing of low-grade material.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><SUP>2</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of information provided by mining
and milling, and subsequent re-classification of reserves or resources, as applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Resources Reconciliation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium resources reflects the changes in
resources during 2006. The 2006 additions and deletions result from additional information provided
by mining and milling, analysis of drilling results, property acquisitions, change in mining plans,
re-estimation and reclassification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were only modest changes in resources in 2006 as outlined in the table below. The more
noteworthy of these changes are:
</DIV>


<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At McArthur River, measured resources increased by 3.4&nbsp;million pounds due to reclassification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, 5.3&nbsp;million pounds of resources were converted to reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Millennium, resources decreased as a result of additional drilling.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Cigar Lake, the increase in resources is due to a change in the cut-off.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources<BR>
(in thousands of pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</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="64%">&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 nowrap align="center" colspan="2">Addition (Deletion)<SUP style="font-size: 85%; vertical-align: text-top">1</sup></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" style="border-bottom: 1px solid #000000">December 31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2006</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>Resources &#151; Measured</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</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">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346</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">3,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,427</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millenium</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,493</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">4,493</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585</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">585</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</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">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</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">304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</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">138</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>
    <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 Measured Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,029</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,751</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>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources-Indicated</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</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">3,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,100</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">8,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,436</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">7,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</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">2,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</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">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,521</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,516</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,136</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">5,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,483</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,303</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">6,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,341</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">2,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,322</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,960</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">6,960</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</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">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192</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">192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085</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">4,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,984</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">4,984</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>
    <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 Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,528</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,781</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>
    <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"><B>Total Measured &#038;
Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,806</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,532</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>
    <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>

<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><SUP>1</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results
of information provided by mining and milling, and subsequent re-classification of reserves or
resources, as applicable.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources<BR>
(in thousands of pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>) (Continued)</B>
</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="64%">&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 nowrap align="center" colspan="2">2006</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" style="border-bottom: 1px solid #000000">December 31, 2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Addition (Deletion) <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">December 31, 2006</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>Resources &#151; Inferred</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,105</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">59,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,083</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">10,083</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845</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">845</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,977</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,793</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">160,793</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,151</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">66,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(629</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">966</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">966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508</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">508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,033</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,912</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">4,912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</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">184</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</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">365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">896</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">896</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>
    <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 Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(297</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,021</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>
    <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>

<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>

<DIV style="margin-top: 6pt">
<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"><SUP>1</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of
information provided by mining and milling, and subsequent re-classification of reserves or resources, as
applicable.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>QUALIFIED PERSONS</B><BR>
The disclosure in this MD&#038;A of scientific and technical information regarding Cameco&#146;s uranium
properties, including reserve and resource estimates and the description of the geology, was
prepared and verified by or under the supervision of the following individuals, who are qualified
persons for the purposes of National Instrument 43-101:
</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="75%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Qualified Persons</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Properties</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" 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">Doug
Beattie, Chief Mine Engineer, Engineering and Projects, Cameco<BR>
Chuck Edwards, Director, Engineering and Projects, Cameco<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dawn Lake<br>
Key Lake<br>
Millennium<br>
Rabbit Lake</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cameron Chapman, Technical Superintendent, McArthur River, Cameco<BR>
Chuck Edwards, Director, Engineering and Projects, Cameco<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco<BR>
Gary Haywood, General Manager, McArthur River, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McArthur River</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Doug McIlveen, Cigar Lake Chief Geologist, Cameco<BR>
Barry Schmitke, Cigar Lake General Manager, Cameco<BR>Alain G. Mainville, Director, Mineral Resources Management, Cameco<BR>
Chuck Edwards, Director, Engineering and Projects, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cigar Lake</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dave Crawford, Manager, Project Development, PRI<BR>
Chuck Foldenauer, Smith-Ranch Highland Mine Manager, PRI<BR>
Steve Lundsford, Sr. Evaluation Geologist, PRI
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Crow Butte<br>
Gas Hills &#151; Peach<br>
North Butte/Brown Ranch<br>
Northwest Unit<br>
Reynolds Ranch<br>
Ruby Ranch<br>
Ruth<br>
Shirley Basin<br>
Smith Ranch-Highland</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dave Crawford, Manager, Project Development, PRI<BR>
Steve Magnuson, VP, Engineering &#038; Development, PRI<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Inkai</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The qualified persons as a group, beneficially own, directly or indirectly, less than 1% of
the issued and outstanding common shares of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>RISKS AND RISK MANAGEMENT</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco attempts to mitigate risks that may affect its future performance through a systematic
process of identifying, assessing, reporting and managing risks of corporate significance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management and the board, both separately and together, discuss the principal risks of our
businesses, particularly during the strategic planning and budgeting processes. The board sets
policies for the implementation of systems to manage and monitor identifiable risks. The
nominating, corporate governance and risk committee is responsible for the oversight of risk
management. Management has developed and implemented an enterprise risk management system that
reports quarterly to this committee and annually to the board. This enhances the directors&#146;
understanding of the principal business risks facing Cameco and improves the company&#146;s risk
management systems. The reserves oversight committee oversees the estimation of our reserves and
the risks inherent in this estimation. In addition, the audit committee monitors
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">certain financial risks and the safety, health and environment committee reviews systems and
performance related to safety, health and environmental risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following discusses our approach to managing our most significant risks that may affect our
future performance. Also, see the discussion of the company&#146;s risk factors contained in Cameco&#146;s
annual information form and that are likely to influence investors&#146; decisions to purchase or sell
our securities. The annual information form is filed on SEDAR at sedar.com and available on the
company&#146;s website at cameco.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Business Risks</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Regulatory Approval and Expediency</FONT><BR>
Regulators must approve the construction, startup, continued operation, including any significant
changes, and decommissioning of most of Cameco&#146;s facilities. These facilities are subject to
numerous laws and regulations regarding safety and environmental matters, including the management
of hazardous wastes and materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant economic value is dependent on our ability to obtain and renew the licences and other
approvals necessary to operate. Failure to obtain regulatory approvals or failure to obtain them in
a timely manner would result in project delays or modifications, leading to higher costs. In the
extreme, a project may be suspended or terminated, which would negatively impact future earnings
and cash flow. For example, periodically we are required to apply for licence renewals or seek
amendments to existing licences for many of our uranium and fuel services operations and a failure
to obtain these would have a significant impact on our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>McArthur River/Key Lake</I><BR>
In November&nbsp;2004, we submitted an EA for an increase in the annual licensed capacity at McArthur
River and Key Lake to 22&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year from 18.7&nbsp;million
pounds. Currently, the CNSC is considering the appropriate process to complete its review of the
potential impacts associated with this proposed expansion. Specifically, the CNSC is considering
the significance of the local impact of the accumulation of trace elements in the effluent. Cameco
has developed a three phase action plan that modifies the effluent treatment process to reduce
concentrations of selenium and molybdenum discharged to the environment. At a commission level
hearing in January&nbsp;2007, the CNSC subsequently considered a proposed licence condition for the Key
Lake mill to implement this plan and we expect their decision shortly. The first phase of the plan
will be in place later in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reducing the current level of these metals discharged to the environment is expected to help
advance the EA to increase the annual licensed production limit at the McArthur River mine and Key
Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to obtaining approval for the EA, we need to transition to new mining zones at McArthur
River and to implement various mill process modifications at Key Lake in order to sustain increased
production levels. Mine planning, development and freeze hole drilling for the McArthur River
transition is ongoing. A revitalization pre-feasibility assessment for the Key Lake mill was
initiated in October&nbsp;2006. Revitalization of Key Lake will include upgrading circuits to new
technology for simplified operation and increased production capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If EA approval is received and we successfully make the transition to new mining areas as well as
advance our mill revitalization program, we expect it will take about two years to ramp up
production to a sustained
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">planned production rate of approximately 21&nbsp;million pounds per year. This production rate may
change as we gain experience in ramping up production at this operation. Our share of the planned
annual production increase of 2.3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is 1.6&nbsp;million pounds.
The financial impact of not receiving the licence is the loss of potential sales revenue and
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, we applied for licence renewals for all three fuel services facilities. Each of the
existing five-year licences expires in early 2007. New five-year licences for all three sites were
received on February&nbsp;26, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Key Lake/Rabbit Lake Tailings Management Facilities</I><BR>
At the Key Lake mill, tailings are deposited in the Deilmann tailings management facility (TMF).
Currently approved capacity of the Deilmann TMF is sufficient to operate at current production
rates for approximately 10&nbsp;years, assuming only minor storage capacity losses due to sloughing from
the pit walls.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has initiated the necessary work to achieve regulatory approval for a final higher tailings
elevation that will be sufficient to hold all tailings generated from processing of McArthur River
reserves. This higher final tailings elevation was incorporated conceptually in the EA process
which granted approval to develop the McArthur River mine, but the detailed technical analysis to
support formal regulatory acceptance of the expansion has not yet been completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, the existing approved tailings capacity at the Rabbit Lake TMF is sufficient to
store tailings from the processing of Eagle Point ore until the end of 2010. Approval for a higher
tailings elevation would be required to continue milling beyond that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake ore will be processed at Areva&#146;s McClean Lake mill into a uranium solution. Under the
Rabbit Lake Toll Milling agreement, about 57% of the uranium solution will be shipped to the Rabbit
Lake mill and further processed into U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. This process will generate
tailings at Rabbit Lake. Although there was sufficient capacity for Cigar Lake tailings in the
Rabbit Lake TMF when the Rabbit Lake toll-milling agreement was originally signed, unanticipated
ongoing production from the Eagle Point mine has consumed some of the existing tailings capacity
planned for Cigar Lake tailings. Cameco has determined that the Rabbit Lake TMF will require
expansion and is working with the regulators to determine what regulatory approvals are required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to receive regulatory approval for TMF expansion at Key Lake and Rabbit Lake could
constrain uranium production. The financial impact is the loss of uranium sales revenue and
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Zircatec</I><BR>
Zircatec has signed an agreement covering all of the fuel manufacturing requirements for the Bruce
B and A reactors until the initial term of the lease expires in 2018. Under the arrangement,
Zircatec will manufacture UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>provided by Cameco into finished nuclear fuel bundles for
the Bruce A and B units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce Power A Limited Partnership (BALP)&nbsp;is also pursuing the use of SEU as part of its
refurbishment project for the two Bruce A units. Cameco is working with BALP, Zircatec and others
in SEU development. Cameco expects BALP&#146;s use of SEU will not significantly reduce natural
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services sold to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are planning to modify Zircatec&#146;s Port Hope plant to produce fuel bundles containing SEU,
subject to reaching agreement with BALP. Zircatec has commenced the process to obtain regulatory
approval from the CNSC to produce these fuel bundles. The CNSC carried out a new review of the
licence application under
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Canadian Environmental Assessment Agency (CEAA)&nbsp;and concluded, contrary to a past decision,
that a new screening level EA was required to support the licence amendment. The licence renewal
hearings are proceeding on the basis of a renewal of the existing licence. We expect to apply for
an amendment to the licence once the EA has been approved. The draft scope of the EA has been
issued for public comment. This will be followed by the formal issuing of the scope and completion
of the EA. The schedule for this process will be determined by the CNSC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Blind River Refinery</I><BR>
At our refinery in Blind River, Ontario, we received CNSC approval of the EA for the addition of
pollution abatement equipment to the incinerator in mid December&nbsp;2006. This equipment is required
to meet new Canadian standards for incinerator emissions that came into force in January&nbsp;2007. The
installation of the equipment has begun. The Blind River refinery needs an amendment to its
operating licence in order to use this new equipment, which is subject to CNSC approval. We
anticipate that the incinerator will be ready to commission late in the first quarter of 2007 and
start receipt of material in the second quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To support our agreement with SFL, we have also applied to expand the capacity of the Blind River
refinery from 18 to 24&nbsp;million kgU per year. The draft EA study report for the proposed increase in
the Blind River licensed production was filed with the CNSC for review. If we do not receive
approval for the licence capacity expansion at Blind River, it would result in reduced production
either at our Port Hope conversion facility or the SFL facility. The combined production from the
two facilities would be limited to between 15&nbsp;million and 16&nbsp;million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Cigar Lake</I><BR>
Cameco will be making the appropriate application for relicensing as the current Cigar Lake licence
expires at the end of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Inkai</I><BR>
At the Inkai project, there are two production areas currently in development (blocks 1 and 2). In
2005, the regulatory authorities approved the EA and design plan for a commercial processing
facility in block 1 and we began construction. In 2007, we expect to complete and begin
commissioning the commercial facility, subject to regulatory approvals. We expect commercial
production in 2008. Assuming that resources are converted to reserves this year, we would apply for
a mining licence in 2007 for block 2. Commercial development of block 2 could start in 2008.
Production from block 1 and 2 is expected to total 5.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>by
2010. If these approvals are not received in a timely fashion, we could face a delay in commencing
operations, which would result in the loss of sales and revenue. Cameco&#146;s share of production from
Inkai, at full production, is expected to be 3.1&nbsp;million pounds annually. Through its experience in
constructing and operating the test mine, Cameco is familiar with the statutory, regulatory and
procedural framework governing new mining projects in Kazakhstan and based upon its experience to
date, Cameco believes that all permits and approvals required for operation of the new ISL mine
will be obtained in a timely fashion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Other</I><BR>
Cameco expends significant financial and managerial resources to comply with laws and regulations.
A standards and policy department was established in 2005 to enhance the integration of the safety,
health and environmental management systems. During 2005, we adopted a new safety, health and
environment policy which moves us beyond compliance to a leadership role.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Environmental Regulations</FONT><BR>
Environmental regulation affects nearly all aspects of Cameco&#146;s operations, imposing very strict
standards and controls. Regulation is becoming more stringent in Canada and the US. For example,
changes to our operational processes are increasingly subject to regulatory approval, which may in
turn result in delays due to the longer and more complex regulatory review and approval processes.
These increasing requirements are expected to result in higher administration costs and capital
expenditures for compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changes to environmental regulation could impose further requirements on companies involved in the
nuclear fuel cycle. Such changes could include more stringent regulation on emissions and water
quality standards, and on property decommissioning and reclamation. These changes could affect
Cameco&#146;s operational costs, or future decommissioning costs, or lower production levels, negatively
impacting future earnings and cash flow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One example of a regulatory change that impacted our costs was the requirement to reduce the
concentrations of molybdenum and selenium in the effluent released from Cameco&#146;s Northern
Saskatchewan operations. Currently, the CNSC has focused on an evaluation of the longer-term
environmental impact in downstream receiving environments. For example, at the Key Lake mill,
Cameco has proposed an action plan to further reduce selenium and molybdenum discharges in the mill
effluent. In December&nbsp;2006, we finalized this action plan in consultation with the CNSC. At a
public hearing in January&nbsp;2007, the CNSC considered a proposed licence condition for the Key Lake
mill to implement this plan. We expect a CNSC decision later in the first quarter of 2007 and the
first phase of the plan to be in place later in 2007. The cost of implementing this action plan is
being estimated and will be disclosed when finalized. We have initiated plans to decrease these
elements at our other Northern Saskatchewan operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to reduce its environmental impacts as one way to mitigate risks from changes in
environmental regulations. For example, at the Port Hope conversion facility, emissions of fluoride
from the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant stack were reduced by about 60% from 2002 to 2006. This reduction was
achieved through the installation of new equipment and changes to operating procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The historical trend toward stricter environmental regulation is likely to continue. Cameco is
investing more capital to improve technical processes in order to lessen our environmental impact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Going forward, since regulatory requirements change frequently and are subject to changing
interpretations and may be enforced in varying degrees in practice, we are unable to predict the
ultimate cost of compliance with these requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Limited Number of Customers</FONT><BR>
The nuclear industry is highly consolidated. As a result, Cameco relies on a relatively small
number of customers that purchase a significant portion of the company&#146;s uranium concentrates and
conversion services. BPLP also relies on a number of major customers for its sales and Zircatec has
a significant portion of its sales committed to BPLP and Bruce A Limited Partnership. The loss of
any of these large customers, or the reduction in product purchases by these customers, could have
a material adverse effect on Cameco&#146;s financial condition, liquidity and results of operations.
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Uranium and Conversion Services</I><BR>
For the period 2007 through 2009, our five largest customers are anticipated to account for about
45% of our contracted supply of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For the period 2007 through 2009, our
five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion customers are anticipated to account for approximately 35%
of our contracted supply of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. Cameco is currently the only
commercial supplier of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for use in Canadian Candu heavy water reactors with sales to
its largest customer, Ontario Power Generation Inc., accounting for approximately 37% of the
company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales in 2006. For 2006, one customer of Cameco&#146;s uranium and conversion
services amounted to $64&nbsp;million or 7% of our combined revenue from those businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have worked hard to build long-term, trusting relationships with our customers. In addition,
Cameco continues to implement a strategy that focuses on achieving longer contract terms. Today,
new contracts tend to reflect delivery terms up to 10&nbsp;years or more. Taking our legacy contracts
into account, our current contract portfolio for uranium and conversion services has contract terms
averaging about six years. Cameco has never had a customer default while it was under contract to
purchase uranium or conversion services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While there are a small number of buyers for uranium and conversion services, there are also a
small number of suppliers. As such, customers have limited opportunity to exclude major producers
from their contracting activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, we estimate world production was 103&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Seven
producers including Cameco provided 80% of this production. Cameco accounted for about 20% of world
production in 2006. World production for 2005 totalled 108&nbsp;million pounds. The 5% decrease in
production in 2006 from 2005 was due largely to a variety of operating difficulties experienced at
a few large production centres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are four significant producers of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services in the western world.
Cameco manages almost 40% of the production capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Zircatec</I><BR>
Sales to BPLP and BALP represent a significant portion of Zircatec&#146;s sales. There are two suppliers
of Candu fuel bundles and Cameco owns one of them. The capacity of the two producers currently
exceeds demand, but neither producer alone can supply all of the demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Bruce Power (BPLP)</I><BR>
BPLP also relies on some major customers for its electricity sales. During 2005, electricity
revenue from one customer of BPLP represented about 16% of BPLP&#146;s total revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Ontario, during periods of peak demand there is a shortage of electrical generation capacity and
BPLP is well positioned as a baseload supplier and has the capacity to supply about 15% of
Ontario&#146;s electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Reserve Estimates</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our uranium reserves are the foundation of the company and fundamental to our success. Uranium
reserves and resources are estimated on a number of variables and assumptions, including geological
interpretation, commodity prices and operating and capital costs. If our reserves or resource
estimates are inaccurate or reduced in the future, it could have an adverse impact on our future
cash flows and earnings. For example, if there are fewer reserves at any site, our future earnings
would decrease from reduced sales and higher depreciation costs. Depreciation of mine assets is
generally calculated over the mine life. A decrease in
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">actual reserves could decrease the mine life, which would result in increased depreciation expenses
over the same period of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mine life at McArthur River is not at risk as it has about 20&nbsp;years of reserves at the current
production level. At Rabbit Lake, the current reserves will sustain mill production until 2011. We
are seeking to extend the mine life at both operations by conducting exploration drilling near the
mine and have been successful in the past.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates production startup in 2010, ramping up to the company&#146;s share of full production
of about 9&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in just over two years. As of March&nbsp;16, 2007,
Cameco&#146;s share of proven reserves at Cigar Lake was 113.2&nbsp;million pounds. At a mill recovery rate
of 98.5%, Cameco anticipates that its share of proven reserves will produce 111.5&nbsp;million
recoverable pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over 14.8&nbsp;years of production. Cigar Lake will
produce less than Cameco&#146;s share of full production of 9&nbsp;million pounds in the early and late years
resulting in an average total recovery of 7.5&nbsp;million pounds annually over the reserve life.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is expected to start commercial production in 2008. We expect Inkai to ramp up to full
production of 5.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year by 2010. At the end of 2006,
Inkai had 114&nbsp;million pounds of proven and probable reserves. Cameco&#146;s share of production and
reserves is 60%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Centerra&#146;s Kumtor gold mine, the existing reserves of the Kumtor mine, Sarytor Deposit and the
Southwest Zone should support gold production activities in excess of seven years. Mill and heap
leach production from Boroo over the next seven years is expected to include ore from the Boroo and
Gatsuurt deposits. The combined Boroo and Gatsuurt reserves represent seven years of total
operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserve estimates are based on our knowledge, mining experience and analysis of drilling results.
We estimate reserves and disclose them in a manner that conforms to industry practices and
applicable regulations including National Instrument 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we believe the reserve and resource estimates included are well established and reflect
management&#146;s best estimates, by their nature reserve and resource estimates are imprecise and
depend upon, among other things, to a certain extent, geological and statistical inferences which
may ultimately prove inaccurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed under this section, &#147;Reserves Estimates&#148;, was
prepared and verified by or under the supervision of the following individuals, who are qualified
persons for the purposes of National Instrument 43-101:
</DIV>


<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Kumtor and Boroo</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ian Atkinson, a certified professional geologist, and employed by Centerra as
VP, Exploration.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McArthur River:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameron Chapman, Technical Superintendent, McArthur River, Cameco,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, Director, Engineering and Projects, Cameco,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, Director, Mineral Resources Management, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco Gary Haywood, Mine Manager, McArthur River, Cameco.</TD>
</TR>

</TABLE>
</DIV>


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<DIV style="margin-top: 6pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doug McIlveen, Cigar Lake Chief Geologist, Cameco,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Barry Schmitke, Cigar Lake General Manager, Cameco,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville, Director, Mineral Resources Management, Cameco, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, Director, Engineering and Projects, Cameco.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Labour Relations</FONT><BR>
Cameco has unionized employees at its McArthur River mine, Key Lake mill and Port Hope conversion
and fuel manufacturing facilities. In November&nbsp;2006, unionized employees at the McArthur River and
Key Lake operations ratified a new four-year agreement that Cameco and the United Steelworkers of
America (USW)&nbsp;had negotiated. The new collective agreement will expire December&nbsp;31, 2009. The
collective agreements covering the unionized employees at Zircatec and the Port Hope conversion
facility expire on June&nbsp;1, 2007 and June&nbsp;30, 2007 respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has 3,700 employees and most of them are unionized. The Power Workers&#146; Union&#146;s, representing
2,500 employees, have signed a three year collective agreement. The agreement extends until
December&nbsp;31, 2009. The Society of Energy Professionals&#146; collective agreement, which began January
1, 2005, expires December&nbsp;31, 2009. Under the 2005 restructuring agreements, all employees remain
with BPLP and all employee costs are apportioned between BPLP and BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine is unionized and all of Centerra&#146;s national employees in the Kyrgyz Republic are
subject to a collective agreement between the Kumtor Operating Company (KOC)&nbsp;and the Trade Union
Committee (TUC). Throughout 2006, Centerra and the TUC were in negotiations to extend the
collective agreement. A new collective agreement was agreed to for a two-year period ending
December&nbsp;31, 2008. Despite a 5-day work stoppage, relationships between Centerra, the TUC and the
workforce are positive. The primary issue during the negotiations was Centerra&#146;s compliance with a
Parliamentary Decree that significantly increased wage rates for site based employees. Centerra
believes that the Investment Agreement with The Kyrgyz Republic exempts Kumtor from the Decree. In
the interests of maintaining good operations and relationships with the workforce, Centerra is
complying with the Decree under protest and has submitted the issue to International Arbitration
for resolution and recovery of the additional costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We cannot predict at this time whether we will be able to reach new collective agreements with our
unionized employees without a work stoppage. Any lengthy work disruptions could affect our earnings
adversely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Counterparty Risk</FONT><BR>
In addition, Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose
the company to the risk of non-payment. We manage this risk by monitoring the credit worthiness of
its customers and seeking pre-payment or other forms of payment security from customers with an
unacceptable level of credit risk. As of December&nbsp;31, 2006, about 6% of Cameco&#146;s forecast revenue
under contract, for the period 2007 to 2009, is with customers whose creditworthiness does not meet
Cameco&#146;s standards for unsecured payment terms. As well, Cameco&#146;s purchase of uranium product and
conversion services, such as under the HEU Commercial Agreement and Springfields toll-conversion
agreement, exposes the company to the risk of the supplier&#146;s failure to fulfill its delivery
commitment.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">product Prices</FONT><BR>
As a significant producer and supplier of uranium, nuclear fuel processing, gold and electricity,
Cameco bears significant exposure to changes in prices for these products. A substantial downturn
in prices will negatively affect the company&#146;s net earnings and operating cash flows. Prices for
our products are volatile and are influenced by numerous factors beyond the company&#146;s control, such
as supply and demand fundamentals, geopolitical events and, in the case of electricity prices,
weather.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Uranium</I><BR>
Uranium spot prices have mostly been in a downturn since the company was formed in 1988. Beginning
mid-2003, the uranium price increased rapidly, primarily as a result of market participants
recognizing that secondary supplies would contribute less to future supply than anticipated. The
following graph shows the month-end uranium spot prices since 1988 in current (i.e. non-inflation
adjusted) dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o35357o3535705.gif" alt="(LINE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Historically, deliveries under new contracts typically did not begin for one to three years after
the contract was signed. As a result, many of the contracts in our current portfolio reflect market
conditions when uranium prices were significantly lower. Cameco&#146;s current contract portfolio has
limited sensitivity to further increases in the spot price over the next three years. For
information on Cameco&#146;s sensitivity to spot prices in 2007, see &#147;Uranium Price Sensitivity 2007&#148; in
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracting objective is to secure a solid base of earnings and cash flow to allow us to
maintain our core asset base and pursue growth opportunities over the long-term. Our contracting
strategy focuses on reducing the volatility in our future earnings and cash flow, while providing
both protection against decreases in market price and retaining exposure to future market price
increases. This is a balanced approach, which we believe delivers the best value to our
shareholders over the long-term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our current portfolio reflects a 60/40 mix of market-related and fixed pricing (escalated by
inflation) mechanisms. Currently, our contracting is more focused on market-related pricing.
Consequently, we expect this ratio to change over time.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall strategy will continue to focus on achieving longer contract terms of up to 10&nbsp;years or
more, floor prices that provide downside protection, and retaining an adequate level of upside
potential. In general, most new offers include price mechanisms with an 80% market-related and 20%
fixed component. The fixed-price component generally is equal to or higher than the industry
long-term price indicator at the time of offer and is adjusted by inflation. The market-related
component will include a floor price (escalated by inflation).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on uranium contracting, see &#147;Uranium Strategies&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Conversion Services</I><BR>
The majority of our conversion sales are at fixed prices with inflation escalators. In the short
term, Cameco&#146;s financial results are relatively insensitive to changes in the spot price for
conversion. The newer fixed-price contracts generally reflect longer-term prices at the time of
contract award. Therefore, in the coming years, our contract portfolio will be positively impacted
by higher fixed-price contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Bruce Power</I><BR>
Similarly, BPLP reduces price volatility by committing sales under fixed price contracts. BPLP has
7 TWh sold under fixed-price contracts for 2007. This would represent about 25% of Bruce B&#146;s
generation at its planned capacity factor. A $1.00 per MWh change in the spot price for electricity
in Ontario would change Cameco&#146;s after-tax earnings from BPLP by about $4&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the BPLP restructuring agreement provides for a floor price of $45.00 per MWh
(escalated by inflation) for the electricity sold into the spot market. The floor price extends to
2019<I>. </I>The floor price has a true-up mechanism, which is settled on a monthly basis with a
contingent support payment. The aggregate of contingent support payments is tracked, so that if in
the following year(s), the market price exceeds the floor price, BPLP would have to pay back the
difference between the market and floor price, up to a value not exceeding the current contingent
support payment balance. If a repayment is made, this amount is then subtracted from the contingent
support payment balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Gold</I><BR>
Centerra is totally exposed to the fluctuations in the spot market for gold. Centerra currently
plans to leave its gold production unhedged due to the strong industry fundamentals which it
expects to continue to put upward pressure on price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The average spot price for gold increased to $602 (US)&nbsp;per ounce in 2006 compared to $444 (US)&nbsp;per
ounce in 2005. For 2007, a $25.00 (US)&nbsp;per ounce change in the gold spot price would change Cameco
revenue by about $21&nbsp;million (Cdn), cash flow by about $15&nbsp;million (Cdn) and net earnings by about
$8&nbsp;million (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Foreign Exchange Risk</FONT><BR>
Cameco sells most of its uranium and conversion services in US dollars while most of its uranium
and conversion services are produced in Canada. As such, these revenues are denominated mostly in
US dollars, while production costs are denominated primarily in Canadian dollars. As a result,
Cameco&#146;s earnings are negatively affected by a strengthening Canadian dollar. At December&nbsp;31, 2006
the Canadian/US dollar exchange rate was $1.17, unchanged from December&nbsp;31, 2005. Over the course
of the year, the exchange rate averaged $1.13 compared to an average rate of $1.21 in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We attempt to provide some protection against exchange rate fluctuations by planned hedging
activity designed to smooth volatility. Hedging activities partly shelter our uranium and fuel
services revenues
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">against declines in the US dollar in the shorter term. Cameco also has a natural hedge against US
currency fluctuations as a portion of its annual cash outlays, including purchases of uranium and
fuel services, is denominated in US dollars. The influence on earnings from purchased material in
inventory is likely to be dispersed over several fiscal periods and is more difficult to identify.<BR>
For more information on our foreign currency hedging program, see the &#147;Foreign Exchange&#148; section
under &#147;Uranium Business&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our foreign currency hedging program in 2006 provided an incremental $53&nbsp;million in Canadian dollar
revenue. After deducting carrying charges and income taxes, this resulted in an additional $36
million of net earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, every one-cent increase/decrease in the US to Canadian dollar exchange rate would result
in a corresponding increase/decrease in net earnings of about $6&nbsp;million (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Political Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Political Instability Risk</FONT><BR>
Cameco&#146;s Inkai project is located in the Republic of Kazakhstan. All of Centerra&#146;s current gold
production and reserves are derived from assets located in the Kyrgyz Republic and Mongolia. All
three countries are developing countries that have experienced political and economic difficulties
in recent years. Cameco&#146;s operations and assets are subject to potential risks from actions by
governmental authorities or internal unrest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Losses due to political instability could have an adverse impact on Cameco&#146;s future cash flows,
earnings, results of operations and financial condition. The company has made an assessment of the
political risk associated with each of its foreign investments and has purchased political risk
insurance to partially mitigate losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In analyzing political risk in the Kyrgyz Republic, Mongolia and the Republic of Kazakhstan, we
have made reference to the Index of Economic Freedom. The Heritage Foundation, a US research and
educational institute in partnership with the Wall Street Journal, publish the Index of Economic
Freedom. The report is an in-depth analysis of 50 independent variables that contribute most
directly to economic freedom and prosperity. The index measures factors such as corruption, trade
barriers, fiscal burden of governments, rule of law and health, safety, environment and labour
regulations in 161 countries. Cameco believes this analysis helps to quantify political risk in
developing countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Kyrgyz Republic</I><BR>
The 2007 Index of Economic Freedom categorizes the Kyrgyz Republic as &#147;Mostly Unfree,&#148; with a rank
of 79 out of 161 surveyed countries. Its overall score is three percentage points lower than last
year, partially reflecting new quantitative methods used in the report. The Kyrgyz Republic is
ranked 12th out of 30 countries in the Asia&#151;Pacific region, and its overall score is equal to the
regional average. The Kyrgyz Republic has opened most of its economy to foreign investment and has
adopted guarantees, consistent with international standards, against expropriation or
nationalization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To mitigate risk, when Cameco restructured its gold assets into Centerra, Kyrgyzaltyn, a Kyrgyz
joint stock company whose shares are 100% owned by the government of the Kyrgyz Republic, agreed to
retain an ownership interest and, today, owns about 16% of Centerra. The president of Kyrgyzaltyn
is currently a member of Centerra&#146;s board of directors. The agreement, at the time the Kumtor
restructuring closed, also
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provides that, until June&nbsp;22, 2009, Kyrgyzaltyn will maintain ownership of at least 5% of the
outstanding common shares, as long as the Kyrgyz government continues to control Kyrgyzaltyn.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, the Kyrgyz Republic went through a major change in its political life. On February&nbsp;28,
2005, the 105 member two-chamber parliament ceased to exist and was replaced by a one-chamber
parliament with 75 seats. The new one-chamber parliament has broader constitutional powers, with
certain powers being transferred to it by the president. These changes were made pursuant to
constitutional referendums which were conducted in 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The political situation in the Kyrgyz Republic continues to evolve. The Kyrgyz President has gained
substantial constitutional powers through constitutional amendments introduced at the end of 2006.
The government resigned on December&nbsp;19, 2006. A new prime minister was appointed on February&nbsp;1,
2007 and the new structure of the government has been approved by Parliament. Additionally, a
Cabinet was formed. Centerra continues its efforts to establish a closer relationship with local
communities to ensure broad-based regional support for its operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kumtor&#146;s high profile in the Kyrgyz Republic continues to attract attention from government
agencies and discussion by parliamentarians. In mid December, the mine department and some support
services personnel had begun an illegal work stoppage at the Kumtor mine site. At the centre of the
labour dispute was a Government amendment of the existing regulation with regard to the high
altitude premium for the Kumtor mine site that had the effect of an increase in salaries for
national employees. Centerra has taken the position that it is entitled under the stabilization
provision of its Investment Agreement with the Government not to be subject to this amendment and,
as previously disclosed, has therefore commenced international arbitration. In November, the
Government had asked Centerra to postpone the arbitration and formed a special Government
commission to review this issue. The day after the illegal work stoppage commenced, the Government
commission instructed Centerra that it did not intend to change its position that the amendment
applies to Kumtor and for Centerra to comply with its decision. In order to mitigate its losses and
potential losses for the Kyrgyz Republic, Centerra made the decision to make the payments required
by the amendment under protest and to immediately pursue damages in arbitration. As a result, the
illegal work stoppage at the Kumtor Mine ended and operations returned to normal. Pending the final
decision in arbitration, the increased labour costs of complying with the amendment will be about
$7&nbsp;million (US)&nbsp;in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the long-term relationship between the Government of the Kyrgyz Republic and Cameco as
original founders of Centerra, the newly appointed Prime Minister invited Cameco to conduct
discussions regarding a number of issues concerning Kumtor. Cameco and Centerra are meeting with
the new government to discuss these issues. The positive resolution of these issues would help to
provide a stable and favourable operational environment for Kumtor and an improved investment
climate in the Kyrgyz Republic. If the issues between Cameco and the Kyrgyz Republic are not
resolved to their mutual satisfaction, the risks to Cameco&#146;s investment in Centerra may increase
significantly. We are uncertain if an agreement can be reached to resolve the issues with the
Kyrgyz government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2005, protesters, in an action related to the 1998 cyanide spill, illegally blocked access
to the Kumtor mine alleging, among other things, a lack of compensation from the Government. In
response to the roadblock, the Government created a State Committee to inquire into various aspects
of the Kumtor operations and the consequences of the spill. Based on the inquiries of the State
Committee, the Government issued a decree in September&nbsp;2005, requesting that certain government
agencies enter into negotiations with Kumtor Operating Company (KOC)&nbsp;and ask that KOC provide new
funds to compensate local residents.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Throughout these negotiations Kumtor Gold Company&#146;s (KGC)&nbsp;position continued to be that the
settlement agreement previously entered into with the Government in 1998 was a final settlement of
all claims and that any new compensation was the responsibility of the Government. On November&nbsp;14,
2005, there was a further illegal roadblock by protesters that blocked access to the mine. This
roadblock was lifted on November&nbsp;21, 2005 after further negotiations among the protesters, the
Government and KGC. As a result of these negotiations, the Government acknowledged its
responsibility for any new compensation relating to the spill. To assist the Government in
fulfilling its responsibilities in December&nbsp;2006, KGC agreed to make interest free advances of $4.4
million to the Government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an agreement dated December&nbsp;7, 2006 between the Government, KGC, Centerra and
Kyrgyzaltyn, KGC has advanced a total of $3&nbsp;million with the final instalment of $1.4&nbsp;million due
in 2007. This money has been distributed to members of the local communities by a committee created
by the Government to administer the distribution of compensation. One half of the loan ($2.2
million) is repayable no later than 2010 and is secured by shares of Centerra owned by Kyrgyzaltyn
and the other half of the loan ($2.2&nbsp;million) is forgivable if there is no event of default,
pursuant to the Investment Agreement between KGC, Centerra and the Government of the Kyrgyz
Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Mongolia</I><BR>
The 2007 Index of Economic Freedom categorizes Mongolia as &#147;Moderately Free.&#148; with a rank of 78 out
of 161 surveyed countries. Its overall score is 3.1&nbsp;percentage points lower than last year,
partially reflecting the new quantitative methods used in the analysis. Mongolia is ranked 11th out
of 30 countries in the Asia&#151;Pacific region, and its overall score is slightly higher than the
regional average.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2000, the Mongolian People&#146;s Revolutionary Party (&#147;MPRP&#148;) won a strong majority in the Mongolian
legislature. It continued many of the reform policies and focused on social welfare and public
order priorities. In the June&nbsp;2004 election, the MPRP lost its majority but regained it in January
2005 when several members of the coalition government joined the MPRP to form a coalition cabinet.
Presidential elections were held in May&nbsp;2005, and Mr.&nbsp;Enkhbayar from the MPRP was elected in the
first round of voting. In late 2005, the coalition cabinet dissolved, and in early 2006, the
government was reformed and is now dominated by members of the MPRP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;8, 2006, the Mongolian parliament enacted a new Minerals Law, which became effective on
August&nbsp;26, 2006. The amendments introduced a new definition of strategic mineral deposits. Mineral
deposits that have a potential impact on national security, economic and social development, or
deposits that have a potential of producing above 5% of the country&#146;s GDP may be designated as
deposits of strategic importance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amendments provide that the state may take up to a 50% interest in the exploitation of a
mineral deposit of strategic importance where state funded exploration was used to determine proven
reserves. The percentage of the state share would be determined by an agreement made with the
license holder on exploitation of the deposit, considering the amount of investment made by the
state.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mongolia could also take up to a 34% interest in an investment to be made by a license holder in a
mineral deposit of strategic importance where reserves were determined through funding sources
other than the state budget.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the new Minerals Law, a company operating under the laws of Mongolia, holding a mining
license for a mineral deposit of strategic importance, is required to sell no less than 10% of its
shares through the Mongolian Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new Minerals Law contains a new single-rate royalty for all metals of 5%. This doubles the 2.5%
rate that had applied to hard-rock gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new Minerals Law also contemplates new investment agreements (formerly referred to as stability
agreements) with respect to mineral properties. Agreements relating to investments in excess of
$100&nbsp;million (US)&nbsp;must be ratified by the Mongolian parliament. Investment agreements provide
increased protection to investors making large, long-term commitments. Projects involving an
investment of $50 to $100&nbsp;million (US)&nbsp;will have 10-year terms; $100 to $300&nbsp;million (US)&nbsp;projects
will have 15-year terms; and projects involving more than $300&nbsp;million (US)&nbsp;will have 30-year
terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While it is still early to make a definitive assessment, the new Minerals Law appears likely to
have a negative impact on the investment climate for the mining industry, especially foreign
investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new Government of Mongolia has imposed a windfall profits tax of 68% when gold reaches $500
(US)&nbsp;per ounce. The new windfall profits tax will not have an impact on Centerra&#146;s Boroo project,
which is protected by a stability agreement with the Government of Mongolia. The stability
agreement, which is in effect until July&nbsp;2013, provides that Boroo is liable only for taxes at
agreed rates in effect when the agreement was entered into.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new law was passed by Mongolian parliament on May&nbsp;14, 2006 with little advance warning and
therefore took the industry by surprise. Since the passing of the law, Centerra, with both national
and international investors, has strongly indicated its opposition to the proposed tax. Centerra
will continue to advocate for the new tax to be repealed and for the adoption of tax and minerals
laws that will encourage foreign investment in the minerals sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is continuing to analyse the impact of the law on the proposed development of the Gatsuurt
project, which is not currently protected by a stability agreement. As previously announced,
Centerra completed a feasibility study on the Gatsuurt deposit in late 2005. Current plans provide
for the investment in Mongolia of about $75&nbsp;million (US)&nbsp;over the next three years to develop the
deposit, including the capital required to modify the existing Boroo facility to process Gatsuurt
ore. As a result of the decision to impose a windfall profits tax, Centerra anticipates that it may
suspend further development of the deposit until a stability agreement acceptable to Centerra has
been signed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra continues its negotiations regarding its Boroo stability agreement and Gatsuurt investment
agreement with the Mongolian Government amid strong nationalistic sentiment in the country. The
Ministry of Finance has alleged certain tax-related violations by Centerra and notified it on
January&nbsp;15, 2007 that the Boroo stability agreement will be terminated unless the alleged
violations are resolved within 120&nbsp;days. Centerra has responded that in all cases it has either
remedied the alleged violations or strongly disputes that a violation exists. On February&nbsp;13, 2007,
Centerra received a reply from the Minister of Finance reiterating the allegations. Centerra
believes that this dispute will be resolved through negotiations with the government. The
termination of the Stability Agreement, however, could result in the government taking up to a 50%
interest in the project, subject the Centerra subsidiary to the new windfall profits tax and would
subject it to generally applicable tax rates.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Mongolian Parliament continues to debate the recent changes to mining legislation and the
applicability of windfall profit tax as well as state participation in various mining projects. The
government has acknowledged that the windfall tax will not apply to the Boroo project; however, it
is reluctant to afford similar protection with respect to the windfall tax and other changes to
Centerra&#146;s Gatsuurt project.<BR>
Centerra has a history of cooperative relations with the Mongolian government and believes that the
strength of this relationship will facilitate discussion on an investment agreement for the
Gatsuurt project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To partially mitigate losses, Centerra continues to purchase political risk insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Kazakhstan</I><BR>
The 2007 Index of Economic Freedom categorizes Kazakhstan as &#147;Moderately Free.&#148; with a rank of 75
out of 161 surveyed countries. Its overall score is 0.8&nbsp;percentage points lower than last year,
partially reflecting the new quantitative methods used in the analysis. Kazakhstan is ranked 10th
out of 30 countries in the Asia&#151;Pacific region, and its overall score is slightly higher than the
regional average. To mitigate risk at our Inkai project, we formed a strategic alliance, through a
joint venture, with KazAtomProm, a state-owned entity of the Kazakhstan. Cameco has agreed to
provide funding of up to $100&nbsp;million (US)&nbsp;to the Joint Venture Inkai for project development. We
have also agreed to invest at least $4&nbsp;million (US)&nbsp;over the next four years on sustainable
development activities. To date, the Kazakhstan government has supported the project. In the event
of a dispute arising at our foreign operations at Inkai, the dispute will be submitted to
international arbitration. Cameco also continues to purchase political risk insurance to partially
mitigate losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra practise the principles of sustainable development &#151; to be a leader in business
ethics, workplace safety, environmental protection and community economic development. As a result,
we believe our commitment to sustainable development will further enhance our goal of becoming a
partner of choice for governments and state-owned enterprises where we operate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Restructuring of Ontario&#146;s Electricity Industry</FONT><BR>
Through Cameco&#146;s investment in BPLP, we are exposed to various business risks associated with the
generation and marketing of electricity. In Ontario, political risk results from uncertainty over
the future direction of government energy policies. BPLP sells electricity into the wholesale spot
market and the contract market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Ontario, the retail and wholesale power markets were deregulated in May&nbsp;2002. Due to a number of
factors, including weather, electricity spot prices climbed to an average of $83.00 per MWh in
September&nbsp;2002 compared to an average price before deregulation of about $38.00 per MWh. In
response, the Ontario government abandoned the deregulation of the retail electricity market and
froze retail (but not wholesale) market prices at $43.00 per MWh for smaller consumers. In April
2004, a new pricing plan was implemented which fixed the first 750 kWh of consumption at $47.00 per
MWh and monthly consumption above that level at $55.00 per MWh. More recently, the government has
moved to gradually introduce the &#147;true cost&#148; of electricity into the retail market using an annual
adjustment mechanism.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To mitigate price increases, the government has caused its provincially owned utility OPG to
provide fixed rates for large industrial electricity users to allow them a transition to a market
rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, the government set an average price of $45.00 per MWh on the output of OPG&#146;s regulated
assets, which include OPG&#146;s baseload nuclear and large hydro plants. The new prices took effect on
April&nbsp;1, 2005 and will stay in place until the Ontario Energy Board sets new prices, no earlier
than March&nbsp;31, 2008. The
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">government also set a new price limit of $47.00 per MWh on most of the output from OPG&#146;s
unregulated assets, which include 85% of OPG&#146;s coal fired and smaller hydro operations that are not
included in its regulated assets. The price limit was to act as a transitional measure from April
1, 2005 to April&nbsp;30, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2006, the Ontario government extended the transition rate for OPG&#146;s unregulated assets
for three years (2006 to 2008). The rate per MWh will be $46.00, $47.00 and $48.00 in each of the
three years. We expect this action may depress the wholesale contract market, which remains
unregulated. BPLP sells all of its production into the wholesale contract and spot markets. Given
the constant struggle between encouraging new supplies of electricity and providing low electricity
costs to users, uncertainty for Ontario electricity generators continues.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP engages in risk management activities, including trading of electricity and related contracts
to mitigate these risks. BPLP receives a reliable stream of revenue from fixed-price contracts.
Approximately 51% of BPLP&#146;s output was sold under fixed-price contracts in 2006. BPLP also sells
electricity on the open spot market. Prices are determined by bids from suppliers and buyers that
reflect changes in supply and demand by the hour. In addition, the Bruce Power restructuring
agreement provides for a floor price of $45.00 per MWh (escalated by inflation) for the electricity
sold by the Bruce B reactors into the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, the Ontario Power Authority (OPA)&nbsp;held two power auctions and helped to facilitate a third
to help promote liquidity in the Ontario electricity market. In the third auction, Natural Gas
Exchange (NGX)&nbsp;took on overall responsibility and will continue to do so in the future. BPLP
participated in all three auctions, selling 10.3 TWh at an average price of $74.07. The auctions
represent one of a number of initiatives the OPA is co-ordinating to help develop the electricity
market in Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk that the Ontario government could regulate the wholesale market in the future. This
would limit the upside potential for BPLP&#146;s revenue. Given the shortage of generating capacity in
Ontario, the need to attract new investment and recent market structure changes made by the
government, we believe the risk that the wholesale market will be regulated is low. Ontario
imported 6.2 TWh in 2006 down from the 11 TWh imported during 2005. The IESO is responsible for
managing Ontario&#146;s bulk electricity system and operating the wholesale electricity market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Ontario set a new all-time record for electricity demand of 27,005 MW on August&nbsp;1, 2006,
the province&#146;s total demand for electricity decreased slightly in 2006. Ontarians consumed a total
of 151 TWh, a decrease of nearly 4% from 2005. The decrease was primarily due to moderate weather.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Operational Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Overview</FONT><BR>
Cameco&#146;s businesses are subject to a number of operational risks and hazards, including
environmental pollution, accidents or spills; industrial and transportation accidents; fires;
blockades or other acts of social or political activism; changes in the regulatory environment;
impact of non-compliance with laws and regulations; natural phenomena; encountering unusual or
unexpected geological conditions; and technological failure of mining methods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also contract for the transport of our uranium and uranium products to refining, conversion,
fuel manufacturing, enrichment facilities and nuclear facilities in North America and Europe, as
well as processing facilities in Kazakhstan, which exposes the company to transportation risks. The
potential risk is
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">damage to the environment from a transportation incident, which results in a spill of product. We
may be held liable as owner of the product. This could damage our reputation, which could make it
more difficult to ship our products.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we maintain insurance to cover some of these risks and hazards in amounts we believe to be
reasonable, this insurance may not provide adequate coverage in all circumstances.<BR>
<FONT style="font-variant: SMALL-CAPS">Engineering and Technical </FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Water Inflow</I><BR>
Due to the unique geological conditions of the deposits at McArthur River and Cigar Lake, some
technical challenges exist, including the potential inflow of water into a mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2003, a rockfall that resulted in a water inflow into the McArthur mine suspended mining
for nearly three months. Similar difficulties could result in lower uranium production levels. (See
Cameco&#146;s 2003 annual report for more information).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2006, a rockfall causing a water inflow at Cigar Lake flooded the underground
development. Cameco&#146;s share of additional capital costs to develop Cigar Lake, including mill
modifications at Rabbit Lake and McClean Lake (where the uranium will be processed), is currently
estimated at $274&nbsp;million. Adding this new cost estimate to the $234&nbsp;million that Cameco has
already spent on Cigar Lake construction brings Cameco&#146;s share of total construction cost to
develop the project to about $508&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, Cameco&#146;s share of remediation expenses are expected to total $46
million, of which $5&nbsp;million was expensed in 2006. In 2007, Cameco anticipates its share of
remediation costs will be $32&nbsp;million, which will be expensed and reduce pre-tax earnings
accordingly. In 2008, Cameco expects its pre-tax earnings to be reduced by $9&nbsp;million of
remediation expenses for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After construction is complete, Cameco estimates production startup in 2010, ramping up to the
company&#146;s share of full production of about 9&nbsp;million pounds in just over two years. This is
subject to regulatory approval and the remediation being completed in a timely fashion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The baseload contracts put in place to support the development of Cigar Lake also contain supply
interruption language, which allows Cameco to reduce, defer or cancel deliveries in the event of
any delay or shortfall in Cigar Lake production. Since the Cigar Lake water inflow, we have been in
discussions with our customers to address the production delay at the mine and its possible effect
on uranium deliveries. In the case of the Cigar Lake baseload contracts containing deliveries in
2007, we plan to defer the volumes to the end of the various contracts. For the remainder of the
contracts that are impacted by the supply interruption language in 2007, we plan to defer the
portion of deliveries impacted by this language for a five to seven-year period. The full impact to
net earnings is currently not known<B>.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has operational controls in place to reduce this risk including detailed procedural training
for employees, equipment inspections and testing, weekly ground control inspections by our site
engineers, and a program of quarterly rock mechanics reviews. The quarterly reviews include annual
formal audits of ground control practices and geotechnical aspects of current and planned mining
and a mid-year ground control review by our corporate rock mechanics engineer as well as
third-party ground control inspections by engineering consultants twice per year, such that a
third-party or corporate review takes place every quarter. This water inflow risk may not be fully
insurable.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Jet Boring Mining Method</I><BR>
At Cigar Lake, the major technical factors influencing the mining method selection include ground
stability, control of groundwater, radiation exposure, and ore handling and storage. Various
studies on ground conditioning and non-entry mining methods were conducted. A test mine program
which ran three campaigns, resulted in the selection and validation of the jet boring mining
method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall test mine program was considered successful with all initial objectives fulfilled.
However, as the jet boring mining method is new to the uranium mining industry, the potential for
unforeseeable technical challenges exist. We are confident that our engineers will be able to solve
the challenges that may arise during the initial rampup period, but failure to do so would have a
significant impact on Cameco. We could experience a delay in production startup, which would result
in the delay of sales and revenue. Costs would likely rise as we examined solutions to deal with
the technical challenges. Given that we cannot foresee what these solutions might be, we cannot
predict the costs at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Transition to New Mining Areas at McArthur River</I><BR>
We are currently mining in zone 2 (panels 1, 2, and 3) at the McArthur River mine and will continue
to mine exclusively in zone 2 (panels 1, 2 and 3) through 2007 and 2008. In 2009, we will
transition to panel 5 of zone 2 and bring lower zone 4 into operation. Zone 1 will also begin
production in 2009. All production from these zones will continue to come from our mining method of
raiseboring.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o35357o3535706.gif" alt="(MCARTHUR RIVER MINE)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of the four ore zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All tunnels have been developed for zone 1 and we do not expect any technical issues. At zone 2
(panel 5) and lower zone 4, freeze hole drilling and tunnel construction commenced in 2006. Through
much of 2006, freeze-hole drilling advanced at a slower than expected rate due to technical
challenges with drilling through frozen ground, additional time required to address operational
challenges such as improvements to the drill setups, and earlier staffing challenges associated
with getting sufficient experienced drillers given the high levels of activity in the exploration
diamond drilling industry. We have modified our freeze-hole drilling technique and equipment and
have since achieved our scheduled target drilling rates. If progress on freeze-hole drilling and
tunnel development is delayed, it would be difficult to expedite the process and future production
from these zones would likely be postponed. We have good experience with freeze hole drilling and
tunnel development and do not expect any significant further challenges or delays. Failure to
successfully transition to new zones could delay production and could result in a loss of sales.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Boxhole Boring Mining Method</I><BR>
Work also progressed on the planning of a boxhole boring mining method, which we anticipate using
for production from upper zone 4 beginning in 2012. Boxhole boring is used to excavate an orebody
where there is limited or no access from above. The machine is set up on the lower level, and a
raise is bored upward into the orebody. The ore and rock are carried by gravity down the hole, and
are deflected away from the machine. Boxhole boring is a mining development technique used around
the world; however it would be a first in uranium mining and as a production method. We have
experience with boxhole boring as we have conducted trials and tested the boxhole method at Rabbit
Lake and Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Technical challenges associated with this mining method include reaming through frozen ground,
raise stability (thawing from reaming and backfill), controlling raise deviation, reaming through
backfilled raises and control of radiation exposure. Accordingly, we have scheduled a long
lead-time for implementation to ensure the technical challenges are understood and prevented. Until
Cameco has fully developed and tested the boxhole boring method at McArthur River, there is
uncertainty in the estimated productivity. A dedicated &#147;Mining Methods Development&#148; team has been
assembled at McArthur River to develop the boxhole method and capital equipment, including a
boxhole raise drill that has already been ordered. We have confidence our engineers will be able to
successfully implement this mining method at McArthur River. Failure to do so would delay
production from this zone and could result in a loss of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Kumtor Highwall Ground Movement</I><BR>
The current pit design is a response to the pit wall failure in 2002 at the Kumtor mine, also
referred to as the &#147;highwall ground movement,&#148; which resulted in the temporary suspension of
operations. While some ground movement is common, this was a significant and unexpected movement,
which affected the pit wall over a vertical distance of 280 metres and caused one fatality.
Although mine production resumed seven days later in an area away from the pit wall failure, the
highwall ground movement led to a considerable shortfall in 2002 gold production because a
high-grade zone was rendered temporarily inaccessible to mining. As of December&nbsp;31, 2004, the
entire area affected by the highwall ground movement had been mined out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, some movement in the southeast wall of the Kumtor open pit was detected by the
monitoring system. A crack was also discovered at the crest of the wall. The affected area of the
southeast wall extends over a face length of about 300 metres and a wall height of about 200
metres. This area has now been mined out. In February&nbsp;2006, additional minor movement was detected.
Remedial recommendations of Centerra&#146;s geotechnical consultants have been implemented. Kumtor will
continue to closely monitor the southeast wall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2006, a pit wall ground movement occurred along the northeast wall at its Kumtor mine site.
Kumtor&#146;s extensive slope monitoring system was effective, enabling safe advance evacuation of the
mining area. The movement occurred above the higher-grade stockwork area that was planned to be
mined beginning late in 2006 and continuing into 2007. While the stockwork area was not covered,
safety concerns identified by engineering analysis undertaken after the event required a new mining
sequence, which deferred production from this area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, gold production for 2006 was reduced and total cash costs were higher. Gold reserves
are not affected as a result of the rockslide as the wall movement lies entirely within the
ultimate pit design.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Reclamation and Decommissioning</FONT><BR>
The company plans for the closure, reclamation and decommissioning of its operating sites.
Decommissioning and reclamation costs may increase over time due to increasingly stringent
regulatory requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodically, Cameco re-estimates its total decommissioning and reclamation costs, based on current
operations to date, for its operating assets. At the end of 2006, the total estimate was $313
million, which is the undiscounted value of the obligation. Most of these expenditures are
typically incurred at the end of the useful lives of the operations to which they relate and,
therefore, only a very small percentage of total estimated decommissioning and reclamation costs
are expected to be incurred over the next five years. At the end of 2006, Cameco&#146;s accounting
provision for future reclamation costs totalled $228&nbsp;million, which represents the present value of
the $313&nbsp;million mentioned above. See note 8 to the consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco typically provides letters of credit (LOC)&nbsp;to provide financial assurances, where required,
for decommissioning and reclamation costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 2001, all Cameco&#146;s North American operations have had in place LOCs providing financial
assurance, which are aligned with preliminary plans for site-wide decommissioning. Beginning in
1996, the company has conducted regulatory-required reviews of its decommissioning plans for all
Canadian sites. These periodic reviews are done on a five-year basis, or at the time of an
amendment to or renewal of an operating licence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s LOCs totalled $213&nbsp;million at the end of 2006. As part of the upcoming licence renewals
for our operations, we will be reassessing our decommissioning estimates which are expected to
result in the need for additional LOCs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco currently has firm revised decommissioning estimates for our Port Hope, Blind River and
Zircatec operations. These estimates have resulted in an increase of about $100&nbsp;million over prior
estimates and are reflected in the 2006 accounting provision for future reclamation costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Safety, Health and Environment</FONT><BR>
Cameco is subject to the normal worker health, safety and environmental risks associated with all
mining and chemical processing. In addition, our workforce faces other risks associated with
radiation related to uranium mining and milling, and fuel services operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the last few years Cameco has been implementing a QMS that recently also integrates our
environmental management and health and safety management systems. Most of Cameco&#146;s uranium
facilities are ISO 14001 certified or in the process of developing the program and obtaining
certification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monitoring and reporting programs for environmental, health and safety performance in all our
operations are in place, to ensure that environmental and regulatory standards are met. For 2006,
we invested about $40&nbsp;million for environmental monitoring, protection, assessment and safety and
health programs. Inspections, assessments and audits are also designed to provide reasonable
assurances of our performance to management. Contingency plans are in place for a timely response
to an environmental event.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Electricity Business</FONT><BR>
The capacity factor is directly related to the operating performance of BPLP&#146;s generating assets.
The capacity factor for a given period represents the amount of electricity actually produced for
sale as a percentage of the amount of electricity the plants are capable of producing for sale.
BPLP&#146;s anticipated contribution to Cameco&#146;s financial results in a given year could be
significantly impacted if the aggregate capacity factor is less than expected due to planned
outages extending significantly beyond their scheduled periods or if there are unplanned outages
for an extended period of time. The impact of lower capacity factor is reduced electricity sales
and revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, estimated capacity for the four B units were expected to average in the low 90% range. The
actual capacity factor for 2006 was 91%. In 2005, we expected Bruce Power&#146;s average capacity factor
for all six units to be 85% compared to the 80% that was ultimately achieved. This reduction in
capacity factor is equivalent to about 2 TWh, which could have been sold by Bruce Power. Reduced
generation capacity may cause electricity prices to rise, which can partially offset the loss in
sales volume.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce Power manages this risk through preventive maintenance to improve overall equipment
reliability, by adopting more efficient operational processes and by improving employee performance
at all levels. In 2007, BPLP plans to invest $55&nbsp;million in sustaining capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>DISCLOSURE CONTROLS AND PROCEDURES</B><BR>
As of December&nbsp;31, 2006, we evaluated our disclosure controls and procedures as defined in the
rules under the US Securities and Exchange Commission and the Canadian Securities Administrators.
This evaluation was carried out under the supervision and participation of management, including
the president and chief executive officer and the chief financial officer. Based on that
evaluation, the president and chief executive officer and chief financial officer concluded that
the design and operation of these disclosure controls and procedures were effective. No significant
changes were made in our internal controls over financial reporting during the year ended December
31, 2006, that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting, expect for as follows: On May&nbsp;1, 2006, the second
implementation phase of an enterprise resource planning application became operational at Cameco&#146;s
Canadian operations, including the plant maintenance, purchasing, materials management, accounts
payable and project systems modules. The first phase, completed as of January&nbsp;1, 2003, included
human resources, payroll and finance modules. Cameco believes that certain changes made to the
company&#146;s internal control structure, in connection with this implementation, strengthened its
internal control structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CRITICAL ACCOUNTING ESTIMATES</B><BR>
Cameco prepares its financial statements in accordance with Canadian GAAP. In doing so, management
is required to make various estimates and judgments in determining the reported amounts of assets
and liabilities, revenues and expenses for each year presented, and in the disclosure of
commitments and contingencies. Management bases its estimates and judgments on its own experience,
guidelines established by the Canadian Institute of Mining, Metallurgy and Petroleum and various
other factors believed to be reasonable under the circumstances. Management believes the following
critical accounting estimates reflect its more significant judgments used in the preparation of the
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depreciation and depletion on property, plant and equipment is primarily calculated using the unit
of production method. This method allocates the cost of an asset to each period based on current
period production as a portion of total lifetime production or a portion of estimated recoverable
ore reserves. Estimates of lifetime production and amounts of recoverable reserves are subject to
judgment and
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">significant change over time. If actual reserves prove to be significantly different than the
estimates, there could be a material impact on the amounts of depreciation and depletion charged to
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant decommissioning and reclamation activities are often not undertaken until substantial
completion of the useful lives of the productive assets. Regulatory requirements and alternatives
with respect to these activities are subject to change over time. A significant change to either
the estimated costs or recoverable reserves may result in a material change in the amount charged
to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco assesses the carrying values of property, plant and equipment, and goodwill annually or more
frequently if warranted by a change in circumstances. If it is determined that carrying values of
assets or goodwill cannot be recovered, the unrecoverable amounts are written off against current
earnings. Recoverability is dependent upon assumptions and judgments regarding future prices, costs
of production, sustaining capital requirements and economically recoverable ore reserves. A
material change in assumptions may significantly impact the potential impairment of these assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses derivative financial and commodity instruments to reduce exposure to fluctuations in
foreign currency exchange rates, interest rates and commodity prices. As long as these instruments
are effective, they have the effect of offsetting future changes in these underlying rates and
prices. Future earnings may be adversely impacted should these instruments become ineffective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates in a number of tax jurisdictions and is therefore required to estimate its income
taxes in each of these tax jurisdictions in preparing its consolidated financial statements. In
calculating the income taxes, consideration is given to factors such as tax rates in the different
jurisdictions, non-deductible expenses, valuation allowances, changes in tax laws and management&#146;s
expectations of future results. Cameco estimates future income taxes based on temporary differences
between the income and losses reported in its consolidated financial statements and its taxable
income and losses as determined under the applicable tax laws. The tax effect of these temporary
differences is recorded as future tax assets or liabilities in the consolidated financial
statements. The calculation of income taxes requires the use of judgment and estimates. If these
judgments and estimates prove to be inaccurate, future earnings may be materially impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION</B><BR>
Statements contained in this MD&#038;A, which are not historical facts, are forward-looking statements
that involve risks, uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. Factors that could
cause such differences, without limiting the generality of the following, include: the impact of
the sales volume of fuel fabrication services, uranium, conversion services, electricity generated
and gold; volatility and sensitivity to market prices for uranium, conversion services, electricity
in Ontario and gold; competition; the impact of change in foreign currency exchange rates and
interest rates; imprecision in capital cost, production decommissioning, reclamation, reserve and
tax estimates; environmental and safety risks including increased regulatory burdens and long-term
waste disposal; unexpected geological or hydrological conditions; adverse mining conditions;
political risks arising from operating in certain developing countries; terrorism; sabotage; a
possible deterioration in political support for nuclear energy; changes in government regulations
and policies, including tax and trade laws and policies; demand for nuclear power; replacement of
production; failure to obtain or maintain necessary permits and approvals from government
authorities; legislative and regulatory initiatives regarding deregulation, regulation or
restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations;
natural phenomena including inclement weather conditions, fire, flood, underground floods,
earthquakes, pitwall failure and cave-ins; ability to maintain and further
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /Folio -->
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">improve positive labour relations; strikes or lockouts; operating performance, disruption in the
operation of, and life of the company&#146;s and customers&#146; facilities; decrease in electrical
production due to planned outages extending beyond their scheduled periods or unplanned outages;
success of planned development projects; and other development and operating risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco believes that the assumptions inherent in the forward-looking statements are
reasonable, undue reliance should not be placed on these statements, which only apply as of the
date of this report. Cameco disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>ADDITIONAL INFORMATION</B><BR>
Additional information related to the company including Cameco&#146;s annual information form is
available at sedar.com and cameco.com.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->90<!-- /Folio -->
</DIV>


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
